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Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 682.48 Td (Item 1A.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 667.48 Td (Item 1B.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 652.48 Td (Item 2.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 637.48 Td (Item 3.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 622.48 Td (Item 4.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 287.85 607.48 Td (PARTII) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 594.48 Td (Item 5.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 569.48 Td (Item 6.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 554.48 Td (Item 7.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 539.48 Td (Item 7A.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 524.48 Td (Item 8.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 509.48 Td (Item 9.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 494.48 Td (Item 9A.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 479.48 Td (Item 9B.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 285.90 464.48 Td (PARTIII) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 451.48 Td (Item 10.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 436.48 Td (Item 1) Tj ET Q q 0 0 0 rg BT 79.94 436.48 Td (1.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 421.48 Td (Item 12.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 396.48 Td (Item 13.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 381.48 Td (Item 14.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 286.30 366.48 Td (PARTIV) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 353.48 Td (Item 15.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 310.48 Td (EX-21.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 309.42 Td (List of Subsidiaries) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 295.48 Td (EX-23.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 294.42 Td (Consent) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 280.48 Td (EX-23.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 279.42 Td (Consent) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 265.48 Td (EX-31.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 264.42 Td (Certification) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 250.48 Td (EX-31.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 249.42 Td (Certification) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 235.48 Td (EX-32.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 234.42 Td (Certification of CEO & CFO pursuant to Section 906) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 206.48 Td (EX-101) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 205.42 Td (Instance Document) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 191.48 Td (EX-101) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 190.42 Td (Schema Document) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 176.48 Td (EX-101) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 175.42 Td (Calculation Linkbase Document) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 161.48 Td (EX-101) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 160.42 Td (Labels Linkbase Document) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 146.48 Td (EX-101) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 145.42 Td (Presentation Linkbase Document) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 131.48 Td (EX-101) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 130.42 Td (Definition Linkbase Document) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 696.42 Td (Business) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.00 697.32 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 681.42 Td (Risk Factors) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.00 682.32 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 666.42 Td (Unresolved Staf) Tj ET Q q 0 0 0 rg BT 178.53 666.42 Td (f Comments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 667.32 Td (24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 651.42 Td (Properties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 652.32 Td (25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 636.42 Td (Legal Proceedings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 637.32 Td (30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 621.42 Td (Mine Safety Disclosures) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 622.32 Td (30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 593.42 Td (Market for Registrant) Tj ET Q q 0 0 0 rg BT 203.42 593.42 Td (s Common Equity) Tj ET Q q 0 0 0 rg BT 275.55 593.42 Td (, Related Stockholder Matters and Issuer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 583.42 Td (Purchases of Equity Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 594.32 Td (31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 568.42 Td (Selected Financial Data) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 569.32 Td (36) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 553.42 Td (Management) Tj ET Q q 0 0 0 rg BT 168.98 553.42 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 238.15 553.42 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 554.32 Td (37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 538.42 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 0 rg BT 278.40 538.42 Td (About Market Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 539.32 Td (60) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 523.42 Td (Financial Statements and Supplementary Data) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 524.32 Td (61) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 508.42 Td (Changes in and Disagreements with ) Tj ET Q q 0 0 0 rg BT 259.81 508.42 Td (Accountants on ) Tj ET Q q 0 0 0 rg BT 324.24 508.42 Td (Accounting and Financial Disclosure) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 509.32 Td (93) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 493.42 Td (Controls and Procedures) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 494.32 Td (93) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 478.42 Td (Other Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 479.32 Td (93) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 450.42 Td (Directors, Executive Of) Tj ET Q q 0 0 0 rg BT 209.06 450.42 Td (ficers and Corporate Governance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 451.32 Td (94) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 435.42 Td (ExecutiveCompensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 436.32 Td (94) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 420.42 Td (Security Ownership of Certain Beneficial Owners and Management and Related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 410.42 Td (Stockholder Matters) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 421.32 Td (94) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 395.42 Td (Certain Relationships and Related ) Tj ET Q q 0 0 0 rg BT 252.68 395.42 Td (T) Tj ET Q q 0 0 0 rg BT 258.43 395.42 Td (ransactions, and Director Independence) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 396.32 Td (94) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 380.42 Td (Principal ) Tj ET Q q 0 0 0 rg BT 152.05 380.42 Td (Accountant Fees and Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 381.32 Td (94) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 352.42 Td (Exhibits, Financial Statement Schedules) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 353.32 Td (95) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 324.48 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 83.93 324.48 Td (TURES) Tj ET Q endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 289.80 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 295.17 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 309.26 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 315.75 742.25 Td (I) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Special Note Regarding Forward-Looking Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 686.75 Td (This ) Tj ET Q q 0 0 0 rg BT 87.73 686.75 Td (Annual Report on Form 10-K includes certain statements that may be deemed forward-looking statements within the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 674.75 Td (meaning of Section 27A) Tj ET Q q 0 0 0 rg BT 146.93 674.75 Td ( of the Securities ) Tj ET Q q 0 0 0 rg BT 216.36 674.75 Td (Act of 1933, as amended, and Section 21E of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 497.94 674.75 Td (Act of 1934, as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 662.75 Td (amended. Such forward-looking statements relate to, without limitation, potential future sales of assets, economic conditions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 650.75 Td (that may impact our operations, our future leverage and financial position, our future capital expenditures, future distributions, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 638.75 Td (other developments and trends in the commercial real estate industry and our business strategy) Tj ET Q q 0 0 0 rg BT 427.85 638.75 Td (. Forward-looking statements are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 626.75 Td (generally identifiable by the use of the words may) Tj ET Q q 0 0 0 rg BT 254.28 626.75 Td (, will, should, expect, could, intend, plan, anticipate, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 614.75 Td (estimate, believe, continue, predict, potential or the negative of these words or other comparable terminology) Tj ET Q q 0 0 0 rg BT 532.75 614.75 Td (. ) Tj ET Q q 0 0 0 rg BT 537.57 614.75 Td (These ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 602.75 Td (statements are not guarantees of future performance, and involve certain risks, uncertainties and assumptions that are dif) Tj ET Q q 0 0 0 rg BT 531.31 602.75 Td (ficult ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 590.75 Td (to predict.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 566.75 Td (The forward-looking statements in this Form10-K are based on our current expectations, plans, estimates, assumptions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 554.75 Td (and beliefs that involve numerous risks and uncertainties. ) Tj ET Q q 0 0 0 rg BT 281.89 554.75 Td (Assumptions relating to the foregoing involve judgments with respect ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 542.75 Td (to, among other things, future economic, competitive and market conditions and future business decisions, all of which are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 530.75 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 530.75 Td (ficult or impossible to predict accurately and many of which are beyond our control. ) Tj ET Q q 0 0 0 rg BT 399.99 530.75 Td (Any of the assumptions underlying ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 518.75 Td (forward-looking statements could prove to be inaccurate. ) Tj ET Q q 0 0 0 rg BT 280.85 518.75 Td (T) Tj ET Q q 0 0 0 rg BT 286.26 518.75 Td (o the extent that our assumptions dif) Tj ET Q q 0 0 0 rg BT 431.61 518.75 Td (fer from actual results, our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 506.75 Td (ability to meet such forward-looking statements, including our ability to generate positive cash flow from operations, provide ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 494.75 Td (distributions to our stockholders and maintain the value of the real estate properties in which we hold an interest, may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 482.75 Td (significantly hindered.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 458.75 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 520.10 458.75 Td (All ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 446.75 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 485.26 446.75 Td (fer materially from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 434.75 Td (the expectations expressed in this Form10-K may increase with the passage of time. In light of the significant uncertainties ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 422.75 Td (inherent in the forward-looking statements in this Form10-K, the inclusion of such forward-looking statements should not be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 410.75 Td (regarded as a representation by us or any other person that the objectives and plans set forth in this Form10-K will be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 398.75 Td (achieved. Please see Item1A. Risk Factors for a discussion of some of the risks and uncertainties that could cause actual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 386.75 Td (results to dif) Tj ET Q q 0 0 0 rg BT 99.81 386.75 Td (fer materially from those presented in certain forward-looking statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 364.25 Td (Item1.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 79.99 364.25 Td (Business) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (General Description of Business and Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 316.25 Td (Hines Real Estate Investment ) Tj ET Q q 0 0 0 rg BT 188.34 316.25 Td (T) Tj ET Q q 0 0 0 rg BT 194.10 316.25 Td (rust, Inc., a Maryland corporation \(Hines REIT\), was formed by Hines Interests Limited ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 304.25 Td (Partnership \(Hines\) on ) Tj ET Q q 0 0 0 rg BT 151.36 304.25 Td (August5, 2003, primarily for the purpose of engaging in the business of owning interests in real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 292.25 Td (estate. Hines REIT) Tj ET Q q 0 0 0 rg BT 125.63 292.25 Td ( has invested primarily in institutional-quality of) Tj ET Q q 0 0 0 rg BT 319.31 292.25 Td (fice properties located throughout the United States. ) Tj ET Q q 0 0 0 rg BT 529.80 292.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 280.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 280.25 Td (, we owned direct and indirect investments in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.70 280.25 Td (51) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.70 280.25 Td ( properties. ) Tj ET Q q 0 0 0 rg BT 370.00 280.25 Td (These properties consisted of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.41 280.25 Td (37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.41 280.25 Td ( U.S. of) Tj ET Q q 0 0 0 rg BT 530.35 280.25 Td (fice ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 268.25 Td (properties, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.99 268.25 Td (one) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.42 268.25 Td ( industrial property in Dallas, ) Tj ET Q q 0 0 0 rg BT 229.22 268.25 Td (T) Tj ET Q q 0 0 0 rg BT 234.63 268.25 Td (exas, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.40 268.25 Td (one) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.84 268.25 Td ( industrial property in Brazil and a portfolio of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.40 268.25 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.40 268.25 Td ( grocery-anchored ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 256.25 Td (shopping centers located in five states primarily in the southeastern United States \(the Grocery-Anchored Portfolio\). ) Tj ET Q q 0 0 0 rg BT 526.34 256.25 Td (These ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 244.25 Td (properties contain, in the aggregate, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.78 244.25 Td (24.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.67 244.25 Td (square feet of leasable space. Hines REIT) Tj ET Q q 0 0 0 rg BT 413.86 244.25 Td ( is structured as an umbrella ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 232.25 Td (partnership real estate investment trust, or UPREIT) Tj ET Q q 0 0 0 rg BT 254.48 232.25 Td (, and substantially all of Hines REIT) Tj ET Q q 0 0 0 rg BT 403.62 232.25 Td (s current and future business is and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 220.25 Td (will be conducted through Hines REIT) Tj ET Q q 0 0 0 rg BT 205.06 220.25 Td ( Properties, L.P) Tj ET Q q 0 0 0 rg BT 266.17 220.25 Td (. \(the Operating Partnership\). ) Tj ET Q q 0 0 0 rg BT 394.28 220.25 Td (W) Tj ET Q q 0 0 0 rg BT 402.92 220.25 Td (e refer to Hines REIT) Tj ET Q q 0 0 0 rg BT 488.80 220.25 Td (, the Operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 208.25 Td (Partnership and its wholly-owned subsidiaries as the Company) Tj ET Q q 0 0 0 rg BT 305.14 208.25 Td (, and the use of we, our) Tj ET Q q 0 0 0 rg BT 415.80 208.25 Td (, us or similar pronouns in this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 196.25 Td (annual report refers to Hines REIT) Tj ET Q q 0 0 0 rg BT 188.94 196.25 Td ( or the Company as required by the context in which such pronoun is used.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 172.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 172.25 Td (e made investments directly through entities wholly-owned by the Operating Partnership, or indirectly through other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 160.25 Td (entities, such as through our investment in Hines USCore Of) Tj ET Q q 0 0 0 rg BT 295.06 160.25 Td (fice Fund LP) Tj ET Q q 0 0 0 rg BT 346.91 160.25 Td ( \(the Core Fund\) in whichwe own a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.70 160.25 Td (27.1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.53 160.25 Td ( non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 148.25 Td (managing general partner interest as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.27 148.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.85 148.25 Td (. ) Tj ET Q q 0 0 0 rg BT 291.67 148.25 Td (The Core Fund is a partnership or) Tj ET Q q 0 0 0 rg BT 426.46 148.25 Td (ganized in ) Tj ET Q q 0 0 0 rg BT 469.78 148.25 Td (August 2003 by Hines ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 136.25 Td (to invest in existing core of) Tj ET Q q 0 0 0 rg BT 167.84 136.25 Td (fice properties in the United States that Hines believes are desirable long-term core holdings. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 124.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 124.25 Td (e also own a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.84 124.25 Td (70%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.17 124.25 Td ( interest in the Grocery-Anchored Portfolio indirectly through a joint venture with ) Tj ET Q q 0 0 0 rg BT 459.46 124.25 Td (W) Tj ET Q q 0 0 0 rg BT 468.10 124.25 Td (eingarten Realty ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 112.25 Td (Investors and we owned a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.36 112.25 Td (50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.69 112.25 Td ( interest in Distribution Park Rio \(sold on January 31, 2013, see Item 7. Management) Tj ET Q q 0 0 0 rg BT 517.69 112.25 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 100.25 Td (Discussion and ) Tj ET Q q 0 0 0 rg BT 112.78 100.25 Td (Analysis of Financial Condition and Results of Operations Executive Summary for further information\), an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 88.25 Td (industrial property in Rio de Janeiro, Brazil, indirectly through a joint venture with a Hines af) Tj ET Q q 0 0 0 rg BT 424.45 88.25 Td (filiate. In total, we acquired ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 76.25 Td (interests in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.10 76.25 Td (63) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.10 76.25 Td ( properties since our inception and have sold our interests in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.10 76.25 Td (15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.10 76.25 Td ( of those properties as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.18 76.25 Td (March28, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.78 76.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 742.10 Td (e have raised capital for our real estate investments through public of) Tj ET Q q 0 0 0 rg BT 352.75 742.10 Td (ferings of our common shares. In total, we have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (raised approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.64 730.10 Td ($2.6 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.75 730.10 Td ( through our public of) Tj ET Q q 0 0 0 rg BT 270.33 730.10 Td (ferings since June 2004. ) Tj ET Q q 0 0 0 rg BT 369.30 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 377.93 730.10 Td (e commenced a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.62 730.10 Td ($150.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.51 730.10 Td ( of) Tj ET Q q 0 0 0 rg BT 512.16 730.10 Td (fering of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (shares of our common stock under our dividend reinvestment plan on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.21 718.10 Td (July1, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.38 718.10 Td (, which closed on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.87 718.10 Td (June30, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.70 718.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (immediately prior to the commencement of our new ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.04 706.10 Td ($300.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.94 706.10 Td ( of) Tj ET Q q 0 0 0 rg BT 330.59 706.10 Td (fering of shares of our common stock under our dividend ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (reinvestment plan on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.37 694.10 Td (July1, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.54 694.10 Td (.) Tj ET Q q 0 0 0 rg BT 192.86 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 201.49 694.10 Td (e refer to both of) Tj ET Q q 0 0 0 rg BT 268.51 694.10 Td (ferings of shares under our dividend reinvestment plan collectively ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (asthe DRP) Tj ET Q q 0 0 0 rg BT 101.57 682.10 Td ( Of) Tj ET Q q 0 0 0 rg BT 114.44 682.10 Td (fering. From inception of the DRP) Tj ET Q q 0 0 0 rg BT 258.76 682.10 Td ( Of) Tj ET Q q 0 0 0 rg BT 271.64 682.10 Td (fering through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.62 682.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.21 682.10 Td (, Hines REIT) Tj ET Q q 0 0 0 rg BT 463.07 682.10 Td ( had received gross ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 670.10 Td (fering proceeds of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.39 670.10 Td ($126.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.29 670.10 Td ( from the sale of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.32 670.10 Td (14.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.21 670.10 Td ( shares through the DRP) Tj ET Q q 0 0 0 rg BT 406.61 670.10 Td ( Of) Tj ET Q q 0 0 0 rg BT 419.48 670.10 Td (fering.Based on market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (conditions and other considerations, the Company does not currently expect to commence any future of) Tj ET Q q 0 0 0 rg BT 463.87 658.10 Td (ferings other than those ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (related to shares issued under its dividend reinvestment plan. On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.27 646.10 Td (January1, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.87 646.10 Td (, Hines REIT) Tj ET Q q 0 0 0 rg BT 429.74 646.10 Td ( received gross of) Tj ET Q q 0 0 0 rg BT 500.36 646.10 Td (fering ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (proceeds of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.87 634.10 Td ($1) Tj ET Q q 0 0 0 rg BT 108.50 634.10 Td (1.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.39 634.10 Td ( from the sale of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.42 634.10 Td (1.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.31 634.10 Td ( shares through the DRP) Tj ET Q q 0 0 0 rg BT 361.71 634.10 Td ( Of) Tj ET Q q 0 0 0 rg BT 374.58 634.10 Td (fering.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 610.10 Td (e have no employees. Our business is managed by Hines ) Tj ET Q q 0 0 0 rg BT 305.20 610.10 Td (Advisors Limited Partnership \(the Advisor\), an af) Tj ET Q q 0 0 0 rg BT 513.02 610.10 Td (filiate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (Hines, under the terms and conditions of an advisory agreement between us and our ) Tj ET Q q 0 0 0 rg BT 387.41 598.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 419.08 598.10 Td (. ) Tj ET Q q 0 0 0 rg BT 423.53 598.10 Td (As compensation for these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (services, we pay our ) Tj ET Q q 0 0 0 rg BT 133.58 586.10 Td (Advisor certain fees, including asset management, acquisition and debt financing fees and we reimburse ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (certain of the ) Tj ET Q q 0 0 0 rg BT 104.70 574.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 137.29 574.10 Td () Tj ET Q q 0 0 0 rg BT 140.07 574.10 Td (s expenses in accordance with the advisory agreement. Hines or af) Tj ET Q q 0 0 0 rg BT 405.62 574.10 Td (filiates of Hines manage the leasing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (and operations of most of the properties in which we invest and we pay Hines property management and leasing fees in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (connection with these services. Hines is owned and controlled by Gerald D. Hines and his son Jef) Tj ET Q q 0 0 0 rg BT 440.28 550.10 Td (frey C. Hines, the Chairman ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (of our board of directors. Hines and its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.46 538.10 Td (3,300) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.96 538.10 Td (employees have over ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.37 538.10 Td (50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.37 538.10 Td (years of experience in the areas of investment selection, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (underwriting, due diligence, portfolio management, asset management, property management, leasing, disposition, finance, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (accounting and investor relations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 490.10 Td (Our of) Tj ET Q q 0 0 0 rg BT 94.20 490.10 Td (fice is located at 2800 Post Oak Boulevard, Suite5000, Houston, ) Tj ET Q q 0 0 0 rg BT 356.76 490.10 Td (T) Tj ET Q q 0 0 0 rg BT 362.17 490.10 Td (exas 77056-61) Tj ET Q q 0 0 0 rg BT 420.40 490.10 Td (18. Our telephone number is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (1-888-220-6121. Our web site is www) Tj ET Q q 0 0 0 rg BT 203.77 478.10 Td (.hinessecurities.com. ) Tj ET Q q 0 0 0 rg BT 289.68 478.10 Td (The information on our website is not incorporated by reference ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (into this report.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (Primary Investment Objectives) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 418.10 Td (Our primary investment objectives are:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 394.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 394.10 Td (to preserve invested capital;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 379.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 379.10 Td (to invest in a diversified portfolio of of) Tj ET Q q 0 0 0 rg BT 259.62 379.10 Td (fice properties;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 364.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 364.10 Td (to pay regular cash dividends;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 349.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 349.10 Td (to achieve appreciation of our assets over the long term;and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 334.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 334.10 Td (to remain qualified as a real estate investment trust, or REIT) Tj ET Q q 0 0 0 rg BT 349.00 334.10 Td (, for federal income tax purposes.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (Investment Policies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 286.10 Td (e have invested primarily in institutional-quality of) Tj ET Q q 0 0 0 rg BT 280.30 286.10 Td (fice properties located throughout the United States. Our principal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (tar) Tj ET Q q 0 0 0 rg BT 60.37 274.10 Td (geted assets were of) Tj ET Q q 0 0 0 rg BT 140.43 274.10 Td (fice properties with quality construction, desirable locations and quality tenants. ) Tj ET Q q 0 0 0 rg BT 462.94 274.10 Td (These types of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (properties are generally located in central business districts or suburban markets of major metropolitan cities. In addition, we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (have invested in other real estate investments including properties outside of the United States and non-of) Tj ET Q q 0 0 0 rg BT 472.76 250.10 Td (fice properties. ) Tj ET Q q 0 0 0 rg BT 535.05 250.10 Td (W) Tj ET Q q 0 0 0 rg BT 543.69 250.10 Td (e ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (believe that a diversified portfolio of such properties can generate stable cash flow and capital appreciation potential if the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 226.10 Td (fice portfolio is well-selected and well-diversified in number and location of properties, and the of) Tj ET Q q 0 0 0 rg BT 450.89 226.10 Td (fice properties are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (consistently well-managed.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (Financing Strategy and Policies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 166.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 166.10 Td (e have and may continue to use debt financing from time to time for property improvements, lease inducements, tenant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (improvements, redemptions and other working capital needs. Our portfolio was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.48 154.10 Td (49%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.81 154.10 Td ( leveraged as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.33 154.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.92 154.10 Td (, with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (97.8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.83 142.10 Td (of our debt in the form of fixed-rate mortgage loans \(some of which are ef) Tj ET Q q 0 0 0 rg BT 374.71 142.10 Td (fectively fixed through the use of interest rate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (swaps\). ) Tj ET Q q 0 0 0 rg BT 82.59 130.10 Td (This leverage percentage is calculated using the estimated market value of our real estate investments \(including our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (pro rata share of real estate assets and related debt owned through our investments in other entities such as the Core Fund\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (Distribution Objectives) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 70.10 Td (In order to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 183.34 70.10 Td ( for federal income tax purposes, we must distribute at least 90% of our taxable income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (\(excluding capital gains\) to our stockholders. ) Tj ET Q q 0 0 0 rg BT 232.83 58.10 Td (W) Tj ET Q q 0 0 0 rg BT 241.46 58.10 Td (e intend, although we are not legally obligated, to continue to make regular ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (quarterly 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 482.77 46.10 Td ( status unless our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (results of operations, our general financial condition, general economic conditions or other factors inhibit us from doing so. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Distributions are authorized at the discretion of our board of directors, which is directed, in substantial part, by its obligation to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (cause us to comply with the REIT) Tj ET Q q 0 0 0 rg BT 185.90 718.10 Td ( requirements of the Internal Revenue Code of 1986, as amended \(the Code\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 694.10 Td (e declare distributions to our stockholders as of daily record dates and aggregate and pay such distributions quarterly) Tj ET Q q 0 0 0 rg BT 542.79 694.10 Td (. For ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.69 682.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.28 682.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.28 682.10 Td (201) Tj ET Q q 0 0 0 rg BT 212.91 682.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.91 682.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.34 682.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.34 682.10 Td (, we declared distributions equal, in the aggregate, to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.16 682.10 Td ($0.51) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.66 682.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.66 682.10 Td ($0.50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.16 682.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td ($0.55) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 670.10 Td ( per share, respectively) Tj ET Q q 0 0 0 rg BT 164.03 670.10 Td (.Beginning July 1, 2010, the annual distribution rate was decreased from $0.00165699 to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td ($0.00138082) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.50 658.10 Td ( per share, per day) Tj ET Q q 0 0 0 rg BT 175.42 658.10 Td (, which represented a change in the annualized distribution rate from 6% to 5% \(based on our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (prior primary of) Tj ET Q q 0 0 0 rg BT 114.24 646.10 Td (fering price of $10.08 per share\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (W) Tj ET Q q 0 0 0 rg BT 77.04 622.10 Td (ith the authorization of our board of directors, we continued to declare distributions in the amount of $0.00138082 per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (share, per day through March 31, 2013, which represents an annual distribution rate of 6.6%, based on our estimated share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (value of $7.61, determined on November 29, 2012 \(assuming the current distribution rate is maintained for a twelve-month ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (period\). ) Tj ET Q q 0 0 0 rg BT 85.83 586.10 Td (As a result of the new estimated share value ef) Tj ET Q q 0 0 0 rg BT 271.96 586.10 Td (fective November 29, 2012, participants in our dividend reinvestment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (plan began acquiring shares at $7.61 per share for distributions declared for the fourth quarter of 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.42 574.10 Td ( Please see Item 5. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (Market for Registrant) Tj ET Q q 0 0 0 rg BT 139.42 562.10 Td (s Common Equity) Tj ET Q q 0 0 0 rg BT 211.55 562.10 Td (, Related Stockholder Matters and Issuer Purchases of Equity Securities for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (information concerning the determination of our estimated share value.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td (W) Tj ET Q q 0 0 0 rg BT 77.04 526.10 Td (ith respect to the $0.00138082 per share, per day distributions declared for July 201) Tj ET Q q 0 0 0 rg BT 411.31 526.10 Td (1 through March 2013, $0.00041425 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (of the per share, per day distributions were or will be designated by us as special distributions which represent a return of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (portion of the stockholders) Tj ET Q q 0 0 0 rg BT 160.07 502.10 Td ( invested capital and, as such, reduce their remaining investment in us. ) Tj ET Q q 0 0 0 rg BT 444.53 502.10 Td (The special distributions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (were or will be funded with a portion of the proceeds from sales of investment property) Tj ET Q q 0 0 0 rg BT 399.53 490.10 Td (. ) Tj ET Q q 0 0 0 rg BT 404.35 490.10 Td (The above designation of a portion of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (the distributions as special distributions does not impact the tax treatment of the distributions to our stockholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.54 478.10 Td ( ) Tj ET Q q 0 0 0 rg BT 508.36 478.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.04 466.10 Td (70%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.37 466.10 Td ( of our distributions was or will be paid from funds generated by our operations. See Item 7. Management) Tj ET Q q 0 0 0 rg BT 539.88 466.10 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (Discussion and ) Tj ET Q q 0 0 0 rg BT 112.78 454.10 Td (Analysis of Financial Condition and Results of Operations Subsequent Events for information concerning ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (distributions declared for ) Tj ET Q q 0 0 0 rg BT 152.48 442.10 Td (April 2013 and a special distribution declared by our board of directors.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 418.10 Td (In addition, for the period from July 1, 201) Tj ET Q q 0 0 0 rg BT 239.26 418.10 Td (1 through December 31, 2012, our ) Tj ET Q q 0 0 0 rg BT 379.24 418.10 Td (Advisor waived a portion of its monthly cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (asset management fee such that the fee was reduced from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.12 406.10 Td (0.0625%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.95 406.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.73 406.10 Td (0.0417%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.56 406.10 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.39 406.10 Td (0.75%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.22 406.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 406.10 Td (0.50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.83 406.10 Td ( on an annual basis\) of the net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (equity capital we have invested in real estate investments as of the end of each month.) Tj ET Q q 0 0 0 rg BT 398.77 394.10 Td (As a result of the waiver of these fees, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (cash flow from operations that would have been paid to the ) Tj ET Q q 0 0 0 rg BT 289.10 382.10 Td (Advisor was available to pay distributions to stockholders.) Tj ET Q q 0 0 0 rg BT 528.33 382.10 Td (This fee ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (waiver was not a deferral and accordingly) Tj ET Q q 0 0 0 rg BT 217.05 370.10 Td (, these fees will not be paid to the ) Tj ET Q q 0 0 0 rg BT 353.13 370.10 Td (Advisor in cash at any time in the future. For the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (period from July 1, 201) Tj ET Q q 0 0 0 rg BT 143.78 358.10 Td (1 through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.89 358.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.48 358.10 Td (, this waiver totaled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.84 358.10 Td ($7.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.74 358.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.75 334.10 Td (ax Status) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 310.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 310.10 Td (e elected to be taxed as a REIT) Tj ET Q q 0 0 0 rg BT 200.56 310.10 Td ( under Sections856 through 860 of the Code, beginning with our taxable year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (December31, 2004. In addition, the Core Fund has invested in properties through other entities that have elected to be taxed as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 71.52 286.10 Td (s. Our management believes that we and the applicable entities in the Core Fund are or) Tj ET Q q 0 0 0 rg BT 418.45 286.10 Td (ganized and operate, and intend to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (continue operating, in such a manner as to qualify for treatment as REIT) Tj ET Q q 0 0 0 rg BT 338.93 274.10 Td (s. ) Tj ET Q q 0 0 0 rg BT 347.27 274.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 396.61 274.10 Td (, no provision has been made for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (U.S.federal income taxes for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.37 262.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.95 262.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.95 262.10 Td (201) Tj ET Q q 0 0 0 rg BT 332.58 262.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.58 262.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.02 262.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.02 262.10 Td ( in the accompanying consolidated financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (Competition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 202.10 Td (Numerous real estate companies, real estate investment trusts and U.S.institutional and foreign investors compete with us ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (in obtaining creditworthy tenants to occupy our properties. Many of these entities have significant financial and other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (resources, including operating experience, allowing them to compete ef) Tj ET Q q 0 0 0 rg BT 335.83 178.10 Td (fectively with us. Principal factors of competition in our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (primary business of owning of) Tj ET Q q 0 0 0 rg BT 172.03 166.10 Td (fice properties are the quality of properties, leasing terms \(including rent and other char) Tj ET Q q 0 0 0 rg BT 521.71 166.10 Td (ges and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (allowances for inducements and tenant improvements\), the quality and breadth of tenant services provided, and reputation as an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (owner and operator of quality of) Tj ET Q q 0 0 0 rg BT 179.50 142.10 Td (fice properties in the relevant market. ) Tj ET Q q 0 0 0 rg BT 331.38 142.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 381.28 142.10 Td (, our ability to compete depends upon, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (among other factors, trends of the global, national and local economies, investment alternatives, financial condition and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (operating results of current and prospective tenants, availability and cost of capital, taxes, governmental regulations, legislation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (and demographic trends.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 82.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 82.10 Td (e believe Hines) Tj ET Q q 0 0 0 rg BT 140.87 82.10 Td ( extensive real estate experience and depth and breadth of its or) Tj ET Q q 0 0 0 rg BT 394.19 82.10 Td (ganization of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.17 82.10 Td (3,300) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.67 82.10 Td (employees located in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (72) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 70.10 Td ( cities across the United States and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.35 70.10 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.35 70.10 Td ( foreign countries allows it to more ef) Tj ET Q q 0 0 0 rg BT 361.96 70.10 Td (fectively operate our real estate assets. However) Tj ET Q q 0 0 0 rg BT 554.53 70.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (competition may result in lower occupancy or rental rates or increase the level of inducements we of) Tj ET Q q 0 0 0 rg BT 451.89 58.10 Td (fer to tenants.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Customers) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 718.25 Td (e are dependent upon the ability of current tenants to pay their contractual rent amounts as the rents become due. No ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (tenant represented more than 10% of our consolidated rental revenue for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.18 706.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.77 706.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (A) Tj ET Q q 0 0 0 rg BT 56.48 682.25 Td (vailable Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 658.25 Td (Stockholders may obtain copies of our filings with the U.S. Securities and Exchange Commission \(SEC\), free of char) Tj ET Q q 0 0 0 rg BT 546.60 658.25 Td (ge ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (from the website maintained by the SEC at www) Tj ET Q q 0 0 0 rg BT 245.42 646.25 Td (.sec.gov or from our website at www) Tj ET Q q 0 0 0 rg BT 393.07 646.25 Td (.hinessecurities.com. Our filings will be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (available on our website as soon as reasonably practicable after we electronically file such materials with the SEC. However) Tj ET Q q 0 0 0 rg BT 547.47 634.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (the information from our website is not incorporated by reference into this report.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 599.25 Td (Item1A.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 92.21 599.25 Td (Risk Factors) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 575.25 Td (Y) Tj ET Q q 0 0 0 rg BT 72.64 575.25 Td (ou should car) Tj ET Q q 0 0 0 rg BT 127.27 575.25 Td (efully r) Tj ET Q q 0 0 0 rg BT 155.50 575.25 Td (ead and consider the risks described below together with all other information in this r) Tj ET Q q 0 0 0 rg BT 503.44 575.25 Td (eport. If ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 563.25 Td (certain of the following risks actually occur) Tj ET Q q 0 0 0 rg BT 223.87 563.25 Td (, our r) Tj ET Q q 0 0 0 rg BT 248.78 563.25 Td (esults of operations and ability to pay distributions would likely suffer ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 551.25 Td (materially) Tj ET Q q 0 0 0 rg BT 90.55 551.25 Td (, or could be eliminated entir) Tj ET Q q 0 0 0 rg BT 206.83 551.25 Td (ely) Tj ET Q q 0 0 0 rg BT 217.93 551.25 Td (. ) Tj ET Q q 0 0 0 rg BT 222.75 551.25 Td (As a r) Tj ET Q q 0 0 0 rg BT 246.27 551.25 Td (esult, the value of our common shar) Tj ET Q q 0 0 0 rg BT 389.49 551.25 Td (es may decline, and our stockholders ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 539.25 Td (could lose all or part of the money they paid to buy our common shar) Tj ET Q q 0 0 0 rg BT 327.37 539.25 Td (es.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 515.25 Td (Investment Risks) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 491.25 Td (There is currently no public market for our common shares, and we do not presently intend to list our common shares on ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 479.25 Td (a stock exchange. Therefore, it will likely be dif) Tj ET Q q 0 0 0 rg BT 253.79 479.25 Td (ficult for stockholders to sell their shares and, if they are able to sell their ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 467.25 Td (shares, they will likely sell them at a substantial discount. The estimated per-share value of our common shares has been ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 455.25 Td (established at an amount that is less than the price stockholders paid for their shares in our prior public of) Tj ET Q q 0 0 0 rg BT 496.94 455.25 Td (ferings and ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 443.25 Td (may be further adjusted in the future.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 419.25 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 421.88 419.25 Td (W) Tj ET Q q 0 0 0 rg BT 430.52 419.25 Td (e currently have no plans to list ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 407.25 Td (our shares on a national securities exchange or over) Tj ET Q q 0 0 0 rg BT 256.39 407.25 Td (-the-counter market, or to include our shares for quotation on any national ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 395.25 Td (securities market. ) Tj ET Q q 0 0 0 rg BT 122.48 395.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 172.38 395.25 Td (, our charter contains restrictions on the ownership and transfer of our shares, and these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 383.25 Td (restrictions may inhibit the ability of our stockholders to sell their shares. ) Tj ET Q q 0 0 0 rg BT 345.04 383.25 Td (W) Tj ET Q q 0 0 0 rg BT 353.68 383.25 Td (e have a share redemption program, but it is limited ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 371.25 Td (in terms of the amount of shares that may be redeemed and is currently only open to requests made in connection with the death ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 359.25 Td (or disability \(as defined in the Code\) of a stockholder) Tj ET Q q 0 0 0 rg BT 263.00 359.25 Td (. Our board of directors may further limit, suspend or terminate our share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 347.25 Td (redemption program upon 30days' written notice, in the form of a current report on Form 8-K filed with the U.S. Securities and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 335.25 Td (Exchange Commission \(SEC\) and made available on our website \(www) Tj ET Q q 0 0 0 rg BT 346.77 335.25 Td (.hinessecurities.com\). It may be dif) Tj ET Q q 0 0 0 rg BT 487.38 335.25 Td (ficult for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 323.25 Td (stockholders to sell their shares promptly or at all. If stockholders are able to sell their shares, they may only be able to sell ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 311.25 Td (them at a substantial discount from the price they paid. ) Tj ET Q q 0 0 0 rg BT 271.70 311.25 Td (This may be the result, in part, of the fact that the amount of funds ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 299.25 Td (available for investment from our prior public of) Tj ET Q q 0 0 0 rg BT 244.48 299.25 Td (ferings were reduced by funds used to pay certain up-front fees and expenses. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 287.25 Td (Unless our aggregate 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 549.71 287.25 Td (, it ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 275.25 Td (is unlikely that stockholders will be able to sell their shares, whether pursuant to our share redemption program or otherwise, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 263.25 Td (without incurring a substantial loss. ) Tj ET Q q 0 0 0 rg BT 194.61 263.25 Td (Y) Tj ET Q q 0 0 0 rg BT 200.83 263.25 Td (ou may also experience substantial losses in connection with a liquidation event or if we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 251.25 Td (dispose of our assets. ) Tj ET Q q 0 0 0 rg BT 137.31 251.25 Td (W) Tj ET Q q 0 0 0 rg BT 145.95 251.25 Td (e cannot assure stockholders that their shares will ever appreciate in value to equal the price they paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 239.25 Td (for their shares. ) Tj ET Q q 0 0 0 rg BT 114.79 239.25 Td (Thus, stockholders should consider our common shares as illiquid and a long-term investment and should be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 227.25 Td (prepared to hold their shares for an indefinite length of time. Further) Tj ET Q q 0 0 0 rg BT 323.40 227.25 Td (, declining real estate fundamentals have had a significant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 215.25 Td (negative impact on values of commercial real estate investments.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 310.18 215.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.68 215.25 Td (On November 29, 2012, the Company's board of directors ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 203.25 Td (established a new estimated value per) Tj ET Q q 0 0 0 rg BT 200.58 203.25 Td (-share and a new per) Tj ET Q q 0 0 0 rg BT 283.11 203.25 Td (-share redemption price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.40 203.25 Td ($7.61) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.90 203.25 Td (, which reflects a reduction from the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 191.25 Td (prior estimated per share value and redemption prices of $7.78 \(established in May 201) Tj ET Q q 0 0 0 rg BT 398.97 191.25 Td (1\) and $9.15 \(established in March ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 179.25 Td (2009\) and a reduction from the of) Tj ET Q q 0 0 0 rg BT 184.78 179.25 Td (fering price of primary shares in our most recent public of) Tj ET Q q 0 0 0 rg BT 416.74 179.25 Td (fering of $10.08. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 155.25 Td (As previously disclosed in our Current Reports on Form 8-K, approximately 30% of distributions that were declared ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 143.25 Td (for the quarters ended December 31, 2012 and March 31, 2013 were designated by us as a special distribution which represents ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 131.25 Td (a return of a portion of our stockholders' invested capital and, as such, reduced their remaining investment in Hines REIT) Tj ET Q q 0 0 0 rg BT 534.53 131.25 Td (. For ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 119.25 Td (each of the quarters ended December 31, 2012 and March 31, 2013, the portion of the distribution that was designated as a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 107.25 Td (special distribution was equal to $0.03 per share. In addition, as described further in Item 7 Management's Discussion and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 95.25 Td (Analysis of Results of Operations and Financial Condition - Subsequent Events, on March 25, 2013, with the authorization of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 83.25 Td (our board of directors, we declared a special distribution of $0.80 per share to be paid on ) Tj ET Q q 0 0 0 rg BT 406.83 83.25 Td (April 30, 2013 to all stockholders of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 71.25 Td (record as of ) Tj ET Q q 0 0 0 rg BT 99.15 71.25 Td (April 2, 2013. ) Tj ET Q q 0 0 0 rg BT 157.57 71.25 Td (The combination of this special distribution of $.80 per share with the $.03 per share special ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 59.25 Td (distributions for each of the quarters ended December 31, 2012 and March 31, 2013 results in total special distributions of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 47.25 Td ($0.86 per share since our last announcement of an estimated value per share in November 2012. ) Tj ET Q q 0 0 0 rg BT 436.36 47.25 Td (These special distributions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (reduce the estimated value per share of our common stock of $7.61 that was determined on November 29, 2012, resulting in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (new estimated value per share of $6.75, ef) Tj ET Q q 0 0 0 rg BT 218.92 730.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 248.07 730.10 Td (April 2, 2013.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (It is important to note that the prior estimated per share value of $7.61 per share was based on estimates of the value of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (real estate investments, cash and other assets and debt and other liabilities as of September 30, 2012 and that no subsequent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (valuation has been undertaken by us. For a discussion of the methodology pursuant to which the prior estimated value per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (share was determined by our board of directors, please see Item 5 Market for Registrant's Common Equity) Tj ET Q q 0 0 0 rg BT 475.20 670.10 Td (, Related Stockholder ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (Matters and Issuer Purchases of Equity Securities - Market Information. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td (The new estimated value per share of $6.75 has been calculated as of a moment in time, and has only been updated to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (reflect the reduction that will result from the payment of the aggregate $0.86 of special distributions described above. ) Tj ET Q q 0 0 0 rg BT 524.02 622.10 Td (Although ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (the value of our common shares will fluctuate over time as a result of, among other things, developments related to individual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (assets, changes in the real estate and capital markets, additional sales of assets, the distribution of sales proceeds to our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (stockholders and changes in corporate policies such as our dividend level relative to earnings, we do not undertake to update ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (the estimated value per share on a regular basis. ) Tj ET Q q 0 0 0 rg BT 243.26 574.10 Td (As a result, stockholders should not rely on the estimated value per share as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (being an accurate measure of the then-current value of shares of our common stock in making a decision to buy or sell shares of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (our common stock, including whether to reinvest distributions by participating in the dividend reinvestment plan and whether ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (to request redemption pursuant to our share redemption program. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 514.10 Td (The actual value of shares that we redeem under our share redemption program may be substantially less than what we ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 502.10 Td (pay) Tj ET Q q 0 0 0 rg BT 73.07 502.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 478.10 Td (Under our share redemption program, shares may be redeemed at a price that is equal to or less than the estimated value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (per share of our common stock, as determined by our board of directors. ) Tj ET Q q 0 0 0 rg BT 341.67 466.10 Td (The estimated value per share was calculated as of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (moment in time, and the value of our shares will fluctuate over time as a result of, among other things, the sale of real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (properties and distribution of the sale proceeds, developments related to individual assets and changes in the real estate and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (capital markets. In addition, we have and may continue to fund distributions to our stockholders with a portion of the proceeds ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (from sales of our investment property) Tj ET Q q 0 0 0 rg BT 200.15 418.10 Td (. For these reasons, the estimated value per share may not accurately represent the current ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (value of our assets per share of our common stock at any particular time and may be higher or lower than the actual value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (our assets per share at such time. ) Tj ET Q q 0 0 0 rg BT 183.30 394.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 232.63 394.10 Td (, when we redeem shares of our common stock at a price that is equal to or less ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (than the estimated value per share, the actual value of the shares that we redeem may be less, which would cause the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (redemption to be dilutive to our remaining stockholders.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 346.10 Td (Our share redemption program was suspended from November 2009 until March 2013, except with respect to requests ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 334.10 Td (made in connection with the death or disability of a stockholder) Tj ET Q q 0 0 0 rg BT 320.13 334.10 Td (.The suspension has been lifted, but our board of ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 322.10 Td (directors may suspend or terminate the program at any time, in its sole discretion.Stockholders' ability to have their ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 310.10 Td (shares redeemed is subject to additionallimitations under our share redemption program, and if they are able to have ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 298.10 Td (their shares redeemed, it may be at a price that is less than the price they paid for the shares and the then-current market ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 286.10 Td (value of the shares. The funds available for redemption will generally be limited to the amount of proceeds received from ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 274.10 Td (the Company's dividend reinvestment plan in the prior quarter) Tj ET Q q 0 0 0 rg BT 315.69 274.10 Td (. However) Tj ET Q q 0 0 0 rg BT 356.80 274.10 Td (, the Company's board of directors may approve ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 262.10 Td (requests for redemptions in excess of this amount, as long as the total amount redeemed does not exceed the amount ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 250.10 Td (required to redeem 10% of the Company's shares outstanding as of the same date in the prior calendar year) Tj ET Q q 0 0 0 rg BT 501.24 250.10 Td (. Cash used to ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 238.10 Td (fund redemptions may reduce our liquidity) Tj ET Q q 0 0 0 rg BT 234.47 238.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 214.10 Td (Stockholders should understand that our share redemption program contains significant restrictions.In addition, subject to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (the conditions and limitations described in the share redemption program, only shares that have been held by a stockholder for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (at least one year since the date of their acquisition, and were \(i\) purchased directly from us, \(ii\) received through a non-cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (transaction, not in the secondary market and \(iii\) purchased from another stockholder prior to January 1) Tj ET Q q 0 0 0 rg BT 463.94 178.10 Td (1, 2009 are eligible for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (redemption. Subject to the restrictions and limitations of our share redemption program, we expect to redeem shares to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (extent our board of directors determines we have suf) Tj ET Q q 0 0 0 rg BT 260.30 154.10 Td (ficient available cash to do so.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 130.10 Td (The funds available for redemption will generally be limited to the amount of proceeds received from the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (dividend reinvestment plan in the prior quarter) Tj ET Q q 0 0 0 rg BT 236.06 118.10 Td (. However) Tj ET Q q 0 0 0 rg BT 277.31 118.10 Td (, the Company's board of directors may approve requests for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (redemptions in excess of this amount, as long as the total amount redeemed does not exceed the amount required to redeem ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (10% of the Company's shares outstanding as of the same date in the prior calendar year) Tj ET Q q 0 0 0 rg BT 398.64 94.10 Td (. Cash used to fund redemptions reduces ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (our liquidity available to fund our cash needs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 58.10 Td (Our board of directors reserves the right to further amend, suspend or terminate the share redemption program at any time ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (in its discretion upon 30 days' notice, in the form of a current report on Form 8-K filed with the SEC and made available on our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (website.Our board of directors may change the redemption price from time to time upon 30 days' notice based on our then-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (current estimated net asset value at the time of the adjustment and such other factors as it deems appropriate, including, but not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (limited to, the then-current of) Tj ET Q q 0 0 0 rg BT 167.84 718.10 Td (fering price of our shares \(if any\), our then-current dividend reinvestment plan price and general ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (market conditions. ) Tj ET Q q 0 0 0 rg BT 126.75 706.10 Td (The methodology used in determining the redemption price is subject to a number of limitations and to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (number of assumptions and estimates which may not be accurate or complete. ) Tj ET Q q 0 0 0 rg BT 364.45 694.10 Td (The redemption price may not be indicative of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (the price our stockholders would receive if our shares were actively traded, if we were liquidated or if they otherwise sold their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (shares. ) Tj ET Q q 0 0 0 rg BT 79.81 670.10 Td (Therefore, stockholders should not assume that they will be able to sell all or any portion of their shares back to us ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (pursuant to our share redemption program or at a price that reflects the then-current market value of the shares.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 634.10 Td (Due to the risks involved in the ownership of real estate, there is no guarantee of any return on an investment in our ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 622.10 Td (shares, and stockholders may lose some or all of their investment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td (By owning our shares, stockholders are subjected to significant risks associated with owning and operating real estate. ) Tj ET Q q 0 0 0 rg BT 543.53 598.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (performance of an investment in Hines REIT) Tj ET Q q 0 0 0 rg BT 230.32 586.10 Td ( is subject to such risks, including:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 562.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 562.10 Td (changes in the general economic climate;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 550.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 550.10 Td (changes in local conditions such as an oversupply of space or reduction in demand for real estate;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 538.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 538.10 Td (changes in interest rates and the availability of financing;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 526.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 526.10 Td (changes in property level operating expenses due to inflation or otherwise;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 514.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 514.10 Td (changes in laws and governmental regulations, including those governing real estate usage, zoning and taxes; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 502.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 502.10 Td (changes to existing environmental regulation to address, among other things, climate change; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 490.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 490.10 Td (changes due to factors that are generally outside of our control, such as terrorist attacks and international ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 478.10 Td (instability) Tj ET Q q 0 0 0 rg BT 143.35 478.10 Td (, natural disasters and acts of God, over) Tj ET Q q 0 0 0 rg BT 301.16 478.10 Td (-building, adverse national, state or local changes in applicable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 466.10 Td (tax, environmental or zoning lawsand a taking of any of the properties which we own or in which we otherwise ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 454.10 Td (have interests by eminent domain.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 427.10 Td (In addition, during various cycles, the commercial real estate market has experienced a substantial influx of capital from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (investors which, when combined with significant competition for real estate, may have resulted in inflated purchase prices for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (such assets.) Tj ET Q q 0 0 0 rg BT 101.48 403.10 Td (W) Tj ET Q q 0 0 0 rg BT 110.12 403.10 Td (e and the Core Fund have purchased assets in such environments, and therefore, we are subject to the risks that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (the value of our assets may not appreciate or may decrease significantly below the amount we paid for such assets if the real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (estate market ceases to attract the same level of capital investment in the future as it attracted when we invested in such assets, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (or if the number of companies seeking to acquire such assets decreases.If any of these circumstances occur or the values of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (our investments are otherwise negatively af) Tj ET Q q 0 0 0 rg BT 223.93 355.10 Td (fected, the value of an investment in our shares may likewise decrease, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (stockholders could lose some or all of their investment.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 319.10 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 319.10 Td (e have invested a significant percentage of our total current investments in the Core Fund. Because of our current Core ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 307.10 Td (Fund investments, it is likely that Hines af) Tj ET Q q 0 0 0 rg BT 233.28 307.10 Td (filiates will retain significant control over a significant percentage of our ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 295.10 Td (investments even if our independent directors remove our ) Tj ET Q q 0 0 0 rg BT 297.51 295.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 328.62 295.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 271.10 Td (While a majority of our independent directors may remove our ) Tj ET Q q 0 0 0 rg BT 321.25 271.10 Td (Advisor upon 60days' written notice, our independent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (directors cannot unilaterally remove the managing general partner of the Core Fund, which is also an af) Tj ET Q q 0 0 0 rg BT 463.84 259.10 Td (filiate of Hines. ) Tj ET Q q 0 0 0 rg BT 528.64 259.10 Td (W) Tj ET Q q 0 0 0 rg BT 537.28 259.10 Td (e ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td (have substantial investments in the Core Fund. Because of our current Core Fund investments and because our ability to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 235.10 Td (remove the managing general partner of the Core Fund is limited, it is likely that an af) Tj ET Q q 0 0 0 rg BT 394.44 235.10 Td (filiate of Hines will maintain a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 223.10 Td (substantial degree of control over a significant percentage of our investments despite the removal of our ) Tj ET Q q 0 0 0 rg BT 467.64 223.10 Td (Advisor by our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 211.10 Td (independent directors. In addition, our ability to redeem any investment we hold in the Core Fund is limited. Please see -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 199.10 Td (Business and Real Estate Risks- Our ability to redeem all or a portion of our investment in the Core Fund is subject to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 187.10 Td (significant restrictions for more information regarding our ability to redeem any investments in the Core Fund.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 163.10 Td (Many of the fees we pay were not determined on an arm's-length basis and therefore may not be on the same terms we ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 151.10 Td (could achieve from a third party) Tj ET Q q 0 0 0 rg BT 191.12 151.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 127.10 Td (The compensation paid to our ) Tj ET Q q 0 0 0 rg BT 189.36 127.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 221.18 127.10 Td (, property manager and other af) Tj ET Q q 0 0 0 rg BT 347.06 127.10 Td (filiates of Hines for services they provide us was not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 115.10 Td (determined on an arm's-length basis. ) Tj ET Q q 0 0 0 rg BT 198.43 115.10 Td (All service agreements, contracts or arrangements between or among Hines and its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 103.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 103.10 Td (filiates, including the ) Tj ET Q q 0 0 0 rg BT 144.24 103.10 Td (Advisor and us, were not negotiated at arm's-length. Such agreements include the advisory agreement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 91.10 Td (we entered into with the ) Tj ET Q q 0 0 0 rg BT 148.58 91.10 Td (Advisor \(the Advisory ) Tj ET Q q 0 0 0 rg BT 244.96 91.10 Td (Agreement\) and the property management and leasing agreements we entered ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 79.10 Td (into with Hines. ) Tj ET Q q 0 0 0 rg BT 116.48 79.10 Td (W) Tj ET Q q 0 0 0 rg BT 125.12 79.10 Td (e cannot assure our stockholders that a third party unaf) Tj ET Q q 0 0 0 rg BT 344.04 79.10 Td (filiated with Hines would not be able and willing to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 67.10 Td (provide such services to us at a lower price.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (7) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 742.25 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 742.25 Td (e will pay substantial compensation to Hines, the ) Tj ET Q q 0 0 0 rg BT 270.41 742.25 Td (Advisor and their af) Tj ET Q q 0 0 0 rg BT 352.74 742.25 Td (filiates, which may be increased or decreased by ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 730.25 Td (our independent directors.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.25 Td (Subject to limitations in our charter) Tj ET Q q 0 0 0 rg BT 209.51 706.25 Td (, the fees, compensation, income, expense reimbursements, interests and other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (payments payable to Hines, the ) Tj ET Q q 0 0 0 rg BT 177.19 694.25 Td (Advisor and their af) Tj ET Q q 0 0 0 rg BT 257.27 694.25 Td (filiates may increase or decrease if such increase or decrease is approved by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (our independent directors.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 658.25 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 658.25 Td (e may pay the ) Tj ET Q q 0 0 0 rg BT 125.65 658.25 Td (Advisor a fee on any line of credit made available to us, whether or not we utilize all or any portion of ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 646.25 Td (such line of credit.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 622.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 622.25 Td (e may pay the ) Tj ET Q q 0 0 0 rg BT 134.40 622.25 Td (Advisor a debt financing fee equal to 1.0% of the amount obtained under any property loan or made ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (available under any other debt financing obtained by us. ) Tj ET Q q 0 0 0 rg BT 276.97 610.25 Td (W) Tj ET Q q 0 0 0 rg BT 286.01 610.25 Td (ith respect to a line of credit obtained by us, we may pay the debt ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (financing fee on the aggregate amount available to us under the line of credit, irrespective of whether any amounts are drawn ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (down under such line of credit. Because of this, the ) Tj ET Q q 0 0 0 rg BT 257.17 586.25 Td (Advisor will have a conflict in determining when to obtain a line of credit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (and the amount to be made available thereunder) Tj ET Q q 0 0 0 rg BT 241.31 574.25 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 550.25 Td (Hines REIT's interest in the Operating Partnership will be diluted by the Participation Interest in the Operating ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 538.25 Td (Partnership held by HALP) Tj ET Q q 0 0 0 rg BT 168.91 538.25 Td ( ) Tj ET Q q 0 0 0 rg BT 171.04 538.25 Td (Associates Limited Partnership and an interest in Hines REIT may be diluted if we issue ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 526.25 Td (additional shares.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 502.25 Td (Hines REIT) Tj ET Q q 0 0 0 rg BT 115.87 502.25 Td ( owned a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.46 502.25 Td (94.7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.29 502.25 Td ( general partner interest in the Operating Partnership as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.66 502.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.24 502.25 Td (. Hines 2005 ) Tj ET Q q 0 0 0 rg BT 546.39 502.25 Td (VS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (I LP) Tj ET Q q 0 0 0 rg BT 66.39 490.25 Td (, an af) Tj ET Q q 0 0 0 rg BT 90.92 490.25 Td (filiate of Hines, owned a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.00 490.25 Td (0.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.83 490.25 Td ( interest in the Operating Partnership as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.45 490.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.03 490.25 Td (. In addition, another ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 478.25 Td (filiate of Hines, HALP) Tj ET Q q 0 0 0 rg BT 148.31 478.25 Td ( ) Tj ET Q q 0 0 0 rg BT 150.26 478.25 Td (Associates Limited Partnership \(HALP\) owned a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.98 478.25 Td (4.8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.81 478.25 Td ( limited partnership interest in the Operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (Partnership as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.71 466.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.29 466.25 Td (, which is a profits interest \(the Participation Interest\). ) Tj ET Q q 0 0 0 rg BT 428.04 466.25 Td (The Participation Interest will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (increase to the extent leverage is used because the use of leverage will allow us to acquire more assets. Each increase in this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (interest will dilute our stockholders' indirect investment in the Operating Partnership and, accordingly) Tj ET Q q 0 0 0 rg BT 456.88 442.25 Td (, reduce the amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (distributions that would otherwise be payable to our stockholders in the future.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 406.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.90 406.25 Td (, stockholders do not have preemptive rights to acquire any shares issued by us in the future. ) Tj ET Q q 0 0 0 rg BT 489.58 406.25 Td (Therefore, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (stockholders may experience dilution of their equity investment if we:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 370.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 370.25 Td (sell shares in our public of) Tj ET Q q 0 0 0 rg BT 209.63 370.25 Td (ferings, including those issued pursuant to the dividend reinvestment plan and shares ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 358.25 Td (issued to our of) Tj ET Q q 0 0 0 rg BT 165.76 358.25 Td (ficers and directors or employees of the ) Tj ET Q q 0 0 0 rg BT 325.98 358.25 Td (Advisor and its af) Tj ET Q q 0 0 0 rg BT 397.17 358.25 Td (filiates under our Employee and Director ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 346.25 Td (Incentive Share Plan;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 334.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 334.25 Td (sell or issue securities that are convertible into shares, such as interests in the Operating Partnership;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 322.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 322.25 Td (issue shares in a private of) Tj ET Q q 0 0 0 rg BT 209.62 322.25 Td (fering;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 310.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 310.25 Td (issue common shares to the ) Tj ET Q q 0 0 0 rg BT 215.93 310.25 Td (Advisor or af) Tj ET Q q 0 0 0 rg BT 269.07 310.25 Td (filiates in lieu of cash fees;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 298.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 298.25 Td (issue common shares upon the exercise of options granted, if any) Tj ET Q q 0 0 0 rg BT 364.12 298.25 Td (, to our independent directors, or employees of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 286.25 Td (the Company or the ) Tj ET Q q 0 0 0 rg BT 185.10 286.25 Td (Advisor;or) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 274.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 274.25 Td (issue shares to sellers of properties acquired by us in connection with an exchange of partnership units from the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 262.25 Td (Operating Partnership.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 238.25 Td (The redemption of interests in the Operating Partnership held by Hines and its af) Tj ET Q q 0 0 0 rg BT 393.57 238.25 Td (filiates \(including the Participation ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 226.25 Td (Interest\) as required in our ) Tj ET Q q 0 0 0 rg BT 172.81 226.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 211.05 226.25 Td (Agreement may discourage a takeover attempt if our ) Tj ET Q q 0 0 0 rg BT 428.99 226.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 467.23 226.25 Td (Agreement would be ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 214.25 Td (terminated in connection therewith.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 190.25 Td (In the event of a mer) Tj ET Q q 0 0 0 rg BT 150.84 190.25 Td (ger in which we are not the surviving entity) Tj ET Q q 0 0 0 rg BT 324.59 190.25 Td (, and pursuant to which our ) Tj ET Q q 0 0 0 rg BT 435.96 190.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 475.13 190.25 Td (Agreement is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (terminated under certain circumstances, Hines and its af) Tj ET Q q 0 0 0 rg BT 274.17 178.25 Td (filiates may require the Operating Partnership to purchase all or a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (portion of the Participation Interest and interest in the Operating Partnership that they hold at any time thereafter for cash, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (our shares, as determined by the seller) Tj ET Q q 0 0 0 rg BT 202.45 154.25 Td (. ) Tj ET Q q 0 0 0 rg BT 207.27 154.25 Td (The Participation Interest increases on a monthly basis and, as the percentage interest in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (the Operating Partnership attributable to this interest increases, these rights may deter transactions that could result in a mer) Tj ET Q q 0 0 0 rg BT 544.39 142.25 Td (ger ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (in which we are not the survivor) Tj ET Q q 0 0 0 rg BT 178.86 130.25 Td (. ) Tj ET Q q 0 0 0 rg BT 183.68 130.25 Td (This deterrence may limit the opportunity for stockholders to receive a premium for their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (common shares that might otherwise exist if an investor attempted to acquire us through a mer) Tj ET Q q 0 0 0 rg BT 427.78 118.25 Td (ger) Tj ET Q q 0 0 0 rg BT 440.00 118.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (8) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 742.25 Td (Hines' ability to cause the Operating Partnership to purchase the Participation Interest and any OP) Tj ET Q q 0 0 0 rg BT 468.66 742.25 Td ( Units it and its ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 730.25 Td (af) Tj ET Q q 0 0 0 rg BT 67.15 730.25 Td (filiates hold in connection with the termination of the ) Tj ET Q q 0 0 0 rg BT 289.31 730.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 327.54 730.25 Td (Agreement may deter us from terminating the ) Tj ET Q q 0 0 0 rg BT 518.01 730.25 Td (Advisory ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 718.25 Td (Agreement.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 694.25 Td (Under our ) Tj ET Q q 0 0 0 rg BT 110.77 694.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 149.94 694.25 Td (Agreement, if we are not advised by an entity af) Tj ET Q q 0 0 0 rg BT 342.46 694.25 Td (filiated with Hines, Hines or its af) Tj ET Q q 0 0 0 rg BT 478.09 694.25 Td (filiates may cause ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (the Operating Partnership to purchase some or all of the Participation Interest or OP) Tj ET Q q 0 0 0 rg BT 385.37 682.25 Td (Units then held by such entities. ) Tj ET Q q 0 0 0 rg BT 518.51 682.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (purchase price will be based on the net asset value of the Operating Partnership and payable in cash, or our shares, as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (determined by the seller) Tj ET Q q 0 0 0 rg BT 145.80 658.25 Td (. If the termination of the ) Tj ET Q q 0 0 0 rg BT 248.27 658.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 287.44 658.25 Td (Agreement would result in the Company not being advised by an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 646.25 Td (filiate of Hines, and if the amount necessary to purchase Hines' interest in the Operating Partnership is substantial, these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (rights could discourage or deter us from terminating the ) Tj ET Q q 0 0 0 rg BT 275.22 634.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 314.39 634.25 Td (Agreement under circumstances in which we would ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (otherwise do so.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 598.25 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 598.25 Td (e may issue preferred shares or separate classes or series of common shares, which issuance could adversely af) Tj ET Q q 0 0 0 rg BT 523.62 598.25 Td (fect the ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 586.25 Td (holders of our common shares.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 562.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 562.25 Td (e may issue, without stockholder approval, preferred shares or a class or series of common shares with rights that could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (adversely af) Tj ET Q q 0 0 0 rg BT 98.40 550.25 Td (fect our holders of the common shares. Upon the af) Tj ET Q q 0 0 0 rg BT 303.72 550.25 Td (firmative vote of a majority of our directors \(including in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (case of preferred shares, a majority of our independent directors\), our charter authorizes our board of directors \(without any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (further action by our stockholders\) to issue preferred shares or common shares in one or more class or series, and to fix the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (voting rights \(subject to certain limitations\), liquidation preferences, dividend rates, conversion rights, redemption rights and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (terms, including sinking fund provisions, and certain other rights and preferences with respect to such class or series of shares. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (If we ever create and issue preferred shares with a dividend preference over common shares, payment of any dividend ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (preferences of outstanding preferred shares would reduce the amount of funds available for the payment of distributions on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (common shares. Further) Tj ET Q q 0 0 0 rg BT 146.52 466.25 Td (, holders of preferred shares are normally entitled to receive a preference payment in the event we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (liquidate, dissolve or wind up before any payment is made to the common stockholders, likely reducing the amount common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (stockholders would otherwise receive upon such an occurrence. ) Tj ET Q q 0 0 0 rg BT 307.23 442.25 Td (W) Tj ET Q q 0 0 0 rg BT 315.86 442.25 Td (e could also designate and issue shares in a class or series of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (common shares with similar rights. In addition, under certain circumstances, the issuance of preferred shares or a separate class ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (or series of common shares may render more dif) Tj ET Q q 0 0 0 rg BT 243.64 418.25 Td (ficult or tend to discourage:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 394.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 394.25 Td (a mer) Tj ET Q q 0 0 0 rg BT 126.30 394.25 Td (ger) Tj ET Q q 0 0 0 rg BT 138.67 394.25 Td (, of) Tj ET Q q 0 0 0 rg BT 151.82 394.25 Td (fer or proxy contest;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 382.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 382.25 Td (the assumption of control by a holder of a lar) Tj ET Q q 0 0 0 rg BT 284.05 382.25 Td (ge block of our securities; and/or) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 370.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 370.25 Td (the removal of incumbent management.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 343.25 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 343.25 Td (e are not registered as an investment company under the Investment Company ) Tj ET Q q 0 0 0 rg BT 391.78 343.25 Td (Act of 1940, and therefore we will not be ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 331.25 Td (subject to the requirements imposed on an investment company by such ) Tj ET Q q 0 0 0 rg BT 355.58 331.25 Td (Act. Similarly) Tj ET Q q 0 0 0 rg BT 411.88 331.25 Td (, the Core Fund is not registered as ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 319.25 Td (an investment company) Tj ET Q q 0 0 0 rg BT 155.85 319.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 295.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 295.25 Td (e are not, and the Core Fund is not, registered as an investment company under the Investment Company ) Tj ET Q q 0 0 0 rg BT 506.53 295.25 Td (Act of 1940 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 283.25 Td (\(the Investment Company ) Tj ET Q q 0 0 0 rg BT 160.25 283.25 Td (Act\). Investment companies subject to this act are required to comply with a variety of substantive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 271.25 Td (requirements, such as requirements relating to:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 247.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 247.25 Td (limitations on the capital structure of the entity;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 235.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 235.25 Td (restrictions on certain investments;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 223.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 223.25 Td (prohibitions on transactions with af) Tj ET Q q 0 0 0 rg BT 245.46 223.25 Td (filiated entities;and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 211.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 211.25 Td (public reporting disclosures, record keeping, voting procedures, proxy disclosure and similar corporate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 199.25 Td (governance rules and regulations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 175.25 Td (Many of these requirements are intended to provide benefits or protections to security holders of investment companies. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 163.25 Td (Because we do not expect to be subject to these requirements, our stockholders will not be entitled to these benefits or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 151.25 Td (protections.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 127.25 Td (In order to operate in a manner to avoid being required to register as an investment company) Tj ET Q q 0 0 0 rg BT 437.78 127.25 Td (, we may be unable to sell ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 115.25 Td (assets we would otherwise want to sell or we may need to sell assets we would otherwise wish to retain. In addition, we may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 103.25 Td (also have to for) Tj ET Q q 0 0 0 rg BT 111.74 103.25 Td (go opportunities to acquire interests in companies or entities that we would otherwise want to acquire. ) Tj ET Q q 0 0 0 rg BT 522.29 103.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 91.25 Td (operations of the Core Fund may likewise be limited in order for the Core Fund to avoid being required to register as an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 79.25 Td (investment company) Tj ET Q q 0 0 0 rg BT 132.39 79.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (9) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 742.25 Td (If Hines REIT) Tj ET Q q 0 0 0 rg BT 118.09 742.25 Td (, the Operating Partnership or the Core Fund is required to register as an investment company under the ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 730.25 Td (Investment Company ) Tj ET Q q 0 0 0 rg BT 148.63 730.25 Td (Act, the additional expenses and operational limitations associated with such registration may ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 718.25 Td (reduce our stockholders' investment return or impair our ability to conduct our business as planned.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 694.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 694.25 Td (e do not expect to operate as an investment company under the Investment Company ) Tj ET Q q 0 0 0 rg BT 427.09 694.25 Td (Act. However) Tj ET Q q 0 0 0 rg BT 482.78 694.25 Td (, the analysis ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (relating to whether a company qualifies as an investment company can involve technical and complex rules and regulations. If ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (we own assets that qualify as investment securities as such term is defined under this ) Tj ET Q q 0 0 0 rg BT 400.19 670.25 Td (Act, and the value of such assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (exceeds 40% of the value of our total assets, we could be deemed to be an investment company) Tj ET Q q 0 0 0 rg BT 430.89 658.25 Td (. It is possible that many of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (interests in real estate may be held through other entities, and some or all of these interests in other entities could be deemed to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (be investment securities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 610.25 Td (If we held investment securities and the value of these securities exceeded 40% of the value of our total assets, we may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (required to register as an investment company) Tj ET Q q 0 0 0 rg BT 233.74 598.25 Td (. Investment companies are subject to a variety of substantial requirements that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (could significantly impact our operations. Please see -) Tj ET Q q 0 0 0 rg BT 272.81 586.25 Td (W) Tj ET Q q 0 0 0 rg BT 281.45 586.25 Td (e are not registered as an investment company under the Investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 90.83 574.25 Td (Act of 1940 and therefore we will not be subject to the requirements imposed on an investment company by such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (Act. Similarly) Tj ET Q q 0 0 0 rg BT 106.01 562.25 Td (, the Core Fund is not registered as an investment company above. ) Tj ET Q q 0 0 0 rg BT 378.54 562.25 Td (The costs and expenses we would incur to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (register and operate as an investment company) Tj ET Q q 0 0 0 rg BT 236.50 550.25 Td (, as well as the limitations placed on our operations, could have a material ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (adverse impact on our operations and the investment return on our shares.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 514.25 Td (If we were required to register as an investment company) Tj ET Q q 0 0 0 rg BT 296.98 514.25 Td (, but failed to do so, we would be prohibited from engaging in our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (business, criminal and civil actions could be brought against us, some of our contracts might be unenforceable unless a court ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (were to direct enforcement, and a court could appoint a receiver to take control of us and liquidate our business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 466.25 Td (Our investment in the Core Fund is subject to the risks described in this risk factor) Tj ET Q q 0 0 0 rg BT 397.27 466.25 Td (, as the Core Fund will need to operate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (in a manner to avoid qualifying as an investment company as well. If the Core Fund is required to register as an investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (company) Tj ET Q q 0 0 0 rg BT 86.01 442.25 Td (, the extra costs and expenses and limitations on operations resulting from such as described above could adversely ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (impact the Core Fund's operations, which would indirectly reduce the return on our shares and that registration also could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (adversely af) Tj ET Q q 0 0 0 rg BT 98.40 418.25 Td (fect our status as an investment company) Tj ET Q q 0 0 0 rg BT 262.15 418.25 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 394.25 Td (If our assets are deemed to be plan assets under the Employee Retirement Income Security ) Tj ET Q q 0 0 0 rg BT 433.89 394.25 Td (Act of 1974, as amended ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 382.25 Td (\(ERISA\), the ) Tj ET Q q 0 0 0 rg BT 125.03 382.25 Td (Advisor and we may be exposed to liabilities under T) Tj ET Q q 0 0 0 rg BT 341.04 382.25 Td (itleI of ERISA) Tj ET Q q 0 0 0 rg BT 402.45 382.25 Td ( and the Code.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 358.25 Td (In some circumstances where an ERISA) Tj ET Q q 0 0 0 rg BT 228.79 358.25 Td ( plan holds an interest in an entity) Tj ET Q q 0 0 0 rg BT 363.39 358.25 Td (, the assets of the entire entity are deemed to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (ERISA) Tj ET Q q 0 0 0 rg BT 78.34 346.25 Td ( plan assets unless an exception applies. ) Tj ET Q q 0 0 0 rg BT 240.34 346.25 Td (This is known as the look-through rule. Under those circumstances, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (obligations and other responsibilities of plan sponsors, plan fiduciaries and plan administrators, and of parties in interest and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (disqualified persons, under ) Tj ET Q q 0 0 0 rg BT 160.35 322.25 Td (T) Tj ET Q q 0 0 0 rg BT 166.11 322.25 Td (itleI of ERISA) Tj ET Q q 0 0 0 rg BT 226.38 322.25 Td ( and Section4975 of the Code, as applicable, may be applicable, and there may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (liability under these and other provisions of ERISA) Tj ET Q q 0 0 0 rg BT 255.25 310.25 Td ( and the Code. If the ) Tj ET Q q 0 0 0 rg BT 338.84 310.25 Td (Advisor or we are exposed to liability under ERISA) Tj ET Q q 0 0 0 rg BT 546.02 310.25 Td ( or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (the Code, our performance and results of operations could be adversely af) Tj ET Q q 0 0 0 rg BT 345.27 298.25 Td (fected. Prior to making a further investment in us ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (through our dividend reinvestment plan, stockholders should consult with their legal and other advisors concerning the impact ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (of ERISA) Tj ET Q q 0 0 0 rg BT 89.17 274.25 Td ( and the Code on such stockholders' investment and our performance.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 250.25 Td (There are special considerations that apply to pension or profit sharing trusts or individual retirement accounts \(IRAs\) ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 238.25 Td (investing in our common stock.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 214.25 Td (If stockholders have invested the assets of an IRA, pension, profit sharing, 401\(k\), Keogh or other qualified retirement plan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (or plan to further invest through our dividend reinvestment plan, they should satisfy themselves that:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 178.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 178.25 Td (their investment is consistent with their fiduciary obligations under ERISA) Tj ET Q q 0 0 0 rg BT 376.12 178.25 Td ( and the Code;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 166.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 166.25 Td (their investment is made in accordance with the documents and instruments governing their plan or IRA, including their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 154.25 Td (plan's investment policy;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 142.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 142.25 Td (their investment satisfies the prudence and diversification requirements of Sections 404\(a\)\(1\)\(B\) and 404\(a\)\(1\)\(C\) of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 130.25 Td (ERISA;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 118.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 118.25 Td (their investment will not impair the liquidity of the plan or IRA;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 106.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 106.25 Td (their investment will not produce unrelated business taxable income for the plan or IRA;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 94.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 94.25 Td (they will be able to value the assets of the plan annually in accordance with ERISA) Tj ET Q q 0 0 0 rg BT 409.40 94.25 Td ( requirements;and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 82.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 82.25 Td (their investment will not constitute a prohibited transaction under Section406 of ERISA) Tj ET Q q 0 0 0 rg BT 430.27 82.25 Td ( or Section4975 of the Code.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (10) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 742.25 Td (The ownership limit in our charter may discourage a takeover attempt.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (Our charter provides that no holder of shares, other than Hines, af) Tj ET Q q 0 0 0 rg BT 330.79 718.25 Td (filiates of Hines or any other person to whom our board ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (of directors grants an exemption, may directly or indirectly own more than 9.9% in value of the aggregate of our outstanding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (shares or more than 9.9% of the number or value, whichever is more restrictive, of the outstanding shares of any class or series ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (of our outstanding securities. ) Tj ET Q q 0 0 0 rg BT 168.41 682.25 Td (This ownership limit may deter tender of) Tj ET Q q 0 0 0 rg BT 332.08 682.25 Td (fers for our outstanding shares, which of) Tj ET Q q 0 0 0 rg BT 493.80 682.25 Td (fers may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (attractive to our stockholders, and thus may limit the opportunity for stockholders to receive a premium for their shares that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (might otherwise exist if an investor attempted to assemble a block of common shares in excess of 9.9% in value of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (aggregate of our outstanding shares or more than 9.9% of the number or value, whichever is more restrictive, of the outstanding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (shares of any class or series or otherwise to ef) Tj ET Q q 0 0 0 rg BT 233.37 634.25 Td (fect a change of control in us.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 610.25 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 610.25 Td (e will not be af) Tj ET Q q 0 0 0 rg BT 127.52 610.25 Td (forded the protection of the Maryland General Corporation Law relating to business combinations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 586.25 Td (Provisions of the Maryland General Corporation Law prohibit business combinations unless prior approval of the board of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (directors is obtained before the person seeking the combination became an interested stockholder) Tj ET Q q 0 0 0 rg BT 438.35 574.25 Td (, with:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 550.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 550.25 Td (any person who beneficially owns 10% or more of the voting power of our outstanding voting stock \(an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 538.25 Td (interested stockholder\);) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 526.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 526.25 Td (any of our af) Tj ET Q q 0 0 0 rg BT 155.19 526.25 Td (filiates who, at any time within the two-year period prior to the date in question, was the beneficial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 514.25 Td (owner of 10% or more of the voting power of our outstanding shares \(also an interested stockholder\);or) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 502.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 502.25 Td (an af) Tj ET Q q 0 0 0 rg BT 123.53 502.25 Td (filiate of an interested stockholder) Tj ET Q q 0 0 0 rg BT 259.59 502.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 478.25 Td (These prohibitions are intended to prevent a change of control by interested stockholders who do not have the support of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (our board of directors. Because our charter contains limitations on ownership of 9.9% or more of our common shares by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (stockholder other than Hines or an af) Tj ET Q q 0 0 0 rg BT 198.11 454.25 Td (filiate of Hines, we opted out of the business combinations statute in our charter) Tj ET Q q 0 0 0 rg BT 517.48 454.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (Therefore, we will not be af) Tj ET Q q 0 0 0 rg BT 161.44 442.25 Td (forded the protections of this statute and, accordingly) Tj ET Q q 0 0 0 rg BT 374.06 442.25 Td (, there is no guarantee that the ownership ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (limitations in our charter will provide the same measure of protection as the business combinations statute and prevent an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (undesired change of control by an interested stockholder) Tj ET Q q 0 0 0 rg BT 275.76 418.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (Business and Real Estate Risks) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 370.25 Td (Geographic concentration of our portfolio may make us particularly susceptible to adverse economic developments in the ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 358.25 Td (real estate markets of those areas.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 334.25 Td (In the event that we have a concentration of real estate investments in a particular geographic area, our operating results ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (and ability to make distributions are likely to be impacted by economic changes af) Tj ET Q q 0 0 0 rg BT 379.44 322.25 Td (fecting the real estate markets in that area. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (An investment in the Company will be subject to greater risk to the extent that we lack a geographically diversified portfolio of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (properties.For example, based on our pro-rata share of the estimated aggregate value of the real estate investments in which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (we owned interests as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.81 286.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.39 286.25 Td (, approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.65 286.25 Td (14%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.98 286.25 Td ( of our portfolio consists of properties located in Los ) Tj ET Q q 0 0 0 rg BT 525.72 286.25 Td (Angeles, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (1) Tj ET Q q 0 0 0 rg BT 54.63 274.25 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.96 274.25 Td ( of our portfolio consists of properties located in Dallas, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.30 274.25 Td (1) Tj ET Q q 0 0 0 rg BT 298.93 274.25 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.26 274.25 Td ( of our portfolio consists of properties located in Seattle, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.26 274.25 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.59 274.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (of our portfolio consists of properties located in Houston, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.12 262.25 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.45 262.25 Td ( of our portfolio consists of properties located in Chicago. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (Consequently) Tj ET Q q 0 0 0 rg BT 104.35 250.25 Td (, our financial condition and ability to make distributions could be materially and adversely af) Tj ET Q q 0 0 0 rg BT 479.89 250.25 Td (fected by any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (significant adverse developments in those markets. Please see Item2. Properties Market Concentration and Industry ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (Concentration.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 202.25 Td (Industry concentration of our tenants may make us particularly susceptible to adverse economic developments in these ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 190.25 Td (industries.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 166.25 Td (In the event we have a concentration of tenants in a particular industry) Tj ET Q q 0 0 0 rg BT 348.91 166.25 Td (, our operating results and ability to make ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (distributions may be adversely af) Tj ET Q q 0 0 0 rg BT 182.56 154.25 Td (fected by unfavorable developments in these industries and we will be subject to a greater risk ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (to the extent that our tenants are not diversified by industry) Tj ET Q q 0 0 0 rg BT 285.96 142.25 Td (.For example, based on our pro rata share of space leased to tenants ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.66 130.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.24 130.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.24 130.25 Td (17%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.57 130.25 Td ( of our space is leased to tenants in the legal industry) Tj ET Q q 0 0 0 rg BT 384.26 130.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.26 130.25 Td (13%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.59 130.25 Td ( is leased to tenants in the finance and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (insurance industries, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.70 118.25 Td (1) Tj ET Q q 0 0 0 rg BT 139.33 118.25 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.66 118.25 Td ( is leased to tenants in the manufacturing industry and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.94 118.25 Td (1) Tj ET Q q 0 0 0 rg BT 375.57 118.25 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.90 118.25 Td ( is leased to tenants in the information and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (technology industries.Please see Item7. Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 342.57 106.25 Td (Analysis of Financial Condition and Results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (Operations Economic Update.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.15 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 31.60 Td (1) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 742.25 Td (From time to time, distributions we paid to our stockholders were partially funded with advances, borrowings or waivers ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 730.25 Td (of fees from our ) Tj ET Q q 0 0 0 rg BT 127.51 730.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 158.63 730.25 Td (. ) Tj ET Q q 0 0 0 rg BT 163.45 730.25 Td (W) Tj ET Q q 0 0 0 rg BT 171.60 730.25 Td (e may use similar advances, borrowings, deferrals or waivers of fees from our ) Tj ET Q q 0 0 0 rg BT 493.17 730.25 Td (Advisor or ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 718.25 Td (af) Tj ET Q q 0 0 0 rg BT 67.15 718.25 Td (filiates, or other sources in the future to fund distributions to our stockholders. ) Tj ET Q q 0 0 0 rg BT 393.42 718.25 Td (W) Tj ET Q q 0 0 0 rg BT 401.57 718.25 Td (e cannot assure stockholders that in ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 706.25 Td (the future we will be able to achieve cash flows necessary to repay such advances or borrowings and pay distributions at ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 694.25 Td (our current per-share amounts, or to maintain distributions at any particular level, if at all.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 670.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 670.25 Td (e cannot assure stockholders that we will be able to continue paying distributions to our stockholders at our current per) Tj ET Q q 0 0 0 rg BT 551.59 670.25 Td (-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (share amounts, or that the distributions we pay will not decrease or be eliminated in the future. ) Tj ET Q q 0 0 0 rg BT 430.18 658.25 Td (As a result of market conditions, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (beginning July 1, 2010, the annual distribution rate was decreased from $0.00165699 to $0.00138082 per share, per day) Tj ET Q q 0 0 0 rg BT 529.24 646.25 Td (, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (represented a change in the annualized distribution rate from 6% to 5% \(based on our prior primary public of) Tj ET Q q 0 0 0 rg BT 485.79 634.25 Td (fering price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td ($10.08 per share\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 598.25 Td (W) Tj ET Q q 0 0 0 rg BT 77.04 598.25 Td (ith the authorization of our board of directors, we continued to declare distributions in the amount of $0.00138082 per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (share, per day through March 31, 2013, which represents an annualized distribution rate of 6.6% \(based on the estimated share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.99 574.25 Td ($7.61) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.49 574.25 Td ( per share and assuming the current distribution is maintained for a twelve month period\).) Tj ET Q q 0 0 0 rg BT 470.82 574.25 Td (W) Tj ET Q q 0 0 0 rg BT 479.86 574.25 Td (ith respect to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td ($0.00138082 per share per day distributions declared from July 1, 201) Tj ET Q q 0 0 0 rg BT 330.68 562.25 Td (1 through March 31, 2013, $0.00041425, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (approximately 30%, of the per share, per day distributions were designated by us as special distributions which represent a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (return of a portion of the stockholders' invested capital and, as such, reduce their remaining investment in Hines REIT) Tj ET Q q 0 0 0 rg BT 521.48 538.25 Td (.) Tj ET Q q 0 0 0 rg BT 528.80 538.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (special distributions were or will be funded with a portion of the proceeds from sales of investment property) Tj ET Q q 0 0 0 rg BT 482.29 526.25 Td (.) Tj ET Q q 0 0 0 rg BT 489.61 526.25 Td (The above ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (designation of a portion of the distributions as special distributions does not impact the tax treatment of the distributions to our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (stockholders. ) Tj ET Q q 0 0 0 rg BT 107.87 502.25 Td (The remaining 70% of these distributions was or will be paid from funds generated by our operations. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (addition, as noted above and described further in Item 7. Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 401.44 490.25 Td (Analysis of Results of Operations and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (Financial Condition Subsequent Events, on March 25, 2013, with the authorization of our board of directors, we declared a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (distribution of $0.80 per share to be paid on ) Tj ET Q q 0 0 0 rg BT 227.19 466.25 Td (April 30, 2013 to all stockholders of record as of ) Tj ET Q q 0 0 0 rg BT 424.10 466.25 Td (April 2, 2013. Further) Tj ET Q q 0 0 0 rg BT 514.24 466.25 Td (, with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (authorization of our board of directors, we declared distributions for the month of ) Tj ET Q q 0 0 0 rg BT 378.24 454.25 Td (April 2013 in an amount equal to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td ($0.00073973 per share, per day) Tj ET Q q 0 0 0 rg BT 175.42 442.25 Td (, which reflects a reduction from the $0.00138082 per share, per day rate that was declared ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (between July 1, 2010 and March 31, 2013.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 406.25 Td (In our initial quarters of operations, funds generated by our operations were insuf) Tj ET Q q 0 0 0 rg BT 393.00 406.25 Td (ficient to fund our distributions to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (stockholders and minority interests. ) Tj ET Q q 0 0 0 rg BT 194.70 394.25 Td (As a result, our ) Tj ET Q q 0 0 0 rg BT 257.75 394.25 Td (Advisor advanced funds to us to enable us to partially fund our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (distributions, and our ) Tj ET Q q 0 0 0 rg BT 137.22 382.25 Td (Advisor deferred, and in some cases for) Tj ET Q q 0 0 0 rg BT 296.15 382.25 Td (gave, the reimbursement of such advances.In addition, for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (period from July 1, 201) Tj ET Q q 0 0 0 rg BT 143.78 370.25 Td (1 through December 31, 2012, our ) Tj ET Q q 0 0 0 rg BT 283.75 370.25 Td (Advisor agreed to waive a portion of its monthly cash asset ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (management fee such that the fee was reduced from 0.0625% to 0.0417% \(0.75% to 0.50% on an annual basis\) of the net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (equity capital we had invested in real estate investments as of the end of each month.) Tj ET Q q 0 0 0 rg BT 394.34 346.25 Td (As a result of the waiver of these fees, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (cash flow from operations that would have been paid to the ) Tj ET Q q 0 0 0 rg BT 289.10 334.25 Td (Advisor was available to pay distributions to stockholders.) Tj ET Q q 0 0 0 rg BT 528.33 334.25 Td (This fee ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (waiver was not a deferral and accordingly) Tj ET Q q 0 0 0 rg BT 217.05 322.25 Td (, these fees will not be paid to the ) Tj ET Q q 0 0 0 rg BT 353.13 322.25 Td (Advisor in cash at any time in the future. ) Tj ET Q q 0 0 0 rg BT 519.02 322.25 Td (W) Tj ET Q q 0 0 0 rg BT 527.66 322.25 Td (e did ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (not receive any advances from our ) Tj ET Q q 0 0 0 rg BT 189.94 310.25 Td (Advisor after June 30, 2006, and, other than with respect to amounts previously for) Tj ET Q q 0 0 0 rg BT 522.47 310.25 Td (given as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (of December 31, 2006, we had reimbursed our ) Tj ET Q q 0 0 0 rg BT 238.28 298.25 Td (Advisor for these advances. Our ) Tj ET Q q 0 0 0 rg BT 369.35 298.25 Td (Advisor is under no obligation to advance funds ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (to us in the future or to defer or waive fees in order to support our distributions. Please see Management's Discussion and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (Analysis of Financial Condition and Results of Operations- Financial Condition, Liquidity and Capital Resources- Cash Flows ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (from Financing ) Tj ET Q q 0 0 0 rg BT 113.88 262.25 Td (Activities - Distributions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 238.25 Td (If our ) Tj ET Q q 0 0 0 rg BT 92.44 238.25 Td (Advisor or its af) Tj ET Q q 0 0 0 rg BT 157.53 238.25 Td (filiates do not determine to advance funds to cover our expenses or defer or waive fees in the future, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (our ability to pay distributions to our stockholders could be adversely af) Tj ET Q q 0 0 0 rg BT 337.82 226.25 Td (fected, and we may be unable to pay distributions to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (our stockholders, or such distributions could decrease significantly) Tj ET Q q 0 0 0 rg BT 316.51 214.25 Td (. In addition, our ) Tj ET Q q 0 0 0 rg BT 385.40 214.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 417.22 214.25 Td (, banks or other financing sources ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (may make loans or advances to us in order to allow us to pay future distributions to our stockholders. ) Tj ET Q q 0 0 0 rg BT 456.96 202.25 Td (The ultimate repayment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (of this liability could adversely impact our ability to pay distributions in future periods, decrease the amount of cash we have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (available for operations and new investments and potentially adversely impact the value of our shares. In addition, our ) Tj ET Q q 0 0 0 rg BT 525.42 178.25 Td (Advisor ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (or af) Tj ET Q q 0 0 0 rg BT 68.42 166.25 Td (filiates could choose to receive shares of our common stock or interests in the operating partnership in lieu of cash fees to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (which they are entitled, and the issuance of such securities may dilute the interest of our stockholders.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 130.25 Td (If we sell a significant amount of our investments, it may adversely impact our ability to pay regular distributions to our ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 118.25 Td (stockholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 94.25 Td (As noted above, we have sold certain of our investments and have distributed a portion of the sales proceeds to our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (stockholders as a special distribution that represents a return of our stockholders' invested capital. If we dispose of a significant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (amount of our investments, then such dispositions also will reduce the aggregate cash flow generated by our properties and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (may adversely impact our ability to maintain the payment of regular distributions to our stockholders. ) Tj ET Q q 0 0 0 rg BT 458.80 58.25 Td (As noted above, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td ($0.00073973 per share, per day distribution rate declared for ) Tj ET Q q 0 0 0 rg BT 294.64 742.10 Td (April 2013 reflects a reduction from the $0.00138082 per share, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (per day rate that was declared between July 1, 2010 and March 31, 2013.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 706.10 Td (e may need to incur borrowings that would otherwise not be incurred to meet REIT minimum distribution requirements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (In order to maintain our qualification as a REIT) Tj ET Q q 0 0 0 rg BT 258.31 682.10 Td (, we are required to distribute to our stockholders at least 90% of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (annual ordinary taxable income. In addition, we will be subject to a 4% nondeductible excise tax on the amount, if any) Tj ET Q q 0 0 0 rg BT 523.93 670.10 Td (, by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (which certain distributions paid \(or deemed paid\) by us with respect to any calendar year are less than the sum of \(i\)85% of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (ordinary income for that year) Tj ET Q q 0 0 0 rg BT 166.77 646.10 Td (, \(ii\)95% of our capital gain net income for that year and \(iii\)100% of our undistributed taxable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (income from prior years.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 610.10 Td (e expect our income, if any) Tj ET Q q 0 0 0 rg BT 184.83 610.10 Td (, to consist almost solely of our share of the Operating Partnership's income, and the cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (available for the payment of distributions by us to our stockholders will consist of our share of cash distributions made by the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (Operating Partnership. ) Tj ET Q q 0 0 0 rg BT 142.48 586.10 Td (As the general partner of the Operating Partnership, we will determine the amount of any distributions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (made by the Operating Partnership. However) Tj ET Q q 0 0 0 rg BT 230.65 574.10 Td (, we must consider a number of factors in making such distributions, including:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 550.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 550.10 Td (the amount of the cash available for distribution;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 538.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 538.10 Td (the impact of such distribution on other partners of the Operating Partnership;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 526.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 526.10 Td (the Operating Partnership's financial condition;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 514.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 514.10 Td (the Operating Partnership's capital expenditure requirements and reserves therefor;and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 502.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 502.10 Td (the annual distribution requirements contained in the Code necessary to qualify and maintain our qualification as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 490.10 Td (a REIT) Tj ET Q q 0 0 0 rg BT 132.41 490.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 466.10 Td (Dif) Tj ET Q q 0 0 0 rg BT 81.15 466.10 Td (ferences in timing between the actual receipt of income and actual payment of deductible expenses and the inclusion of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (such income and deduction of such expenses when determining our taxable income, as well as the ef) Tj ET Q q 0 0 0 rg BT 452.19 454.10 Td (fect of nondeductible ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (capital expenditures, the creation of reserves, the use of cash to purchase shares under our share redemption program or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (required debt amortization payments, could result in our having taxable income that exceeds cash available for distribution.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 406.10 Td (In view of the foregoing, we may be unable to meet the REIT) Tj ET Q q 0 0 0 rg BT 314.13 406.10 Td ( minimum distribution requirements and/or avoid the 4% ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (excise tax described above. In certain cases, we may decide to borrow funds in order to meet the REIT) Tj ET Q q 0 0 0 rg BT 460.22 394.10 Td ( minimum distribution ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (and/or avoid the 4% excise tax even if our management believes that the then prevailing market conditions generally are not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (favorable for such borrowings or that such borrowings would not be advisable in the absence of such tax considerations.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 346.10 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 346.10 Td (e are subject to risks as the result of joint ownership of real estate with other Hines programs and third parties.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 322.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 322.10 Td (e have invested in properties and assets jointly with other Hines programs and with other third parties. Joint ownership ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (of properties, under certain circumstances, may involve risks not otherwise present with other methods of owing real estate. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (Examples of these risks include:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 274.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 274.10 Td (the possibility that our partners or co-investors might become insolvent or bankrupt;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 262.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 262.10 Td (that such partners or co-investors might have economic or other business interests or goals that are inconsistent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 250.10 Td (with our business interests or goals, including inconsistent goals relating to the sale of properties held in the joint ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 238.10 Td (venture or the timing of the termination and liquidation of the venture;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 226.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 226.10 Td (the possibility that we may incur liabilities as the result of actions taken by our partner or co-investor;or) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 214.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 214.10 Td (that such partners or co-investors may be in controlling positions and/or may be in a position to take actions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 202.10 Td (contrary to our instructions or requests or contrary to our policies or objectives, including our policy with respect ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 190.10 Td (to qualifying and maintaining our qualification as a REIT) Tj ET Q q 0 0 0 rg BT 333.20 190.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 166.10 Td (Actions by a co-venturer) Tj ET Q q 0 0 0 rg BT 166.73 166.10 Td (, co-tenant or partner may result in subjecting the assets of the joint venture to unexpected ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (liabilities. Under joint venture arrangements, neither co-venturer may have the power to control the venture, and under certain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (circumstances, an impasse could result and this impasse could have an adverse impact on the operations and profitability of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (joint venture.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 106.10 Td (If we have a right of first refusal or buy/sell right to buy out a co-venturer or partner) Tj ET Q q 0 0 0 rg BT 403.87 106.10 Td (, we may be unable to finance such a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (buy-out if it becomes exercisable or we are required to purchase such interest at a time when it would not otherwise be in our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (best interest to do so. If our interest is subject to a buy/sell right, we may not have suf) Tj ET Q q 0 0 0 rg BT 391.97 82.10 Td (ficient cash, available borrowing capacity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (or other capital resources to allow us to elect to purchase an interest of a co-venturer subject to the buy/sell right, in which case ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (we may be forced to sell our interest as the result of the exercise of such right when we would otherwise prefer to keep our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (interest. Finally) Tj ET Q q 0 0 0 rg BT 112.12 46.10 Td (, we may not be able to sell our interest in a joint venture if we desire to exit the venture for any reason or if our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (interest is likewise subject to a right of first refusal of our co-venturer or partner) Tj ET Q q 0 0 0 rg BT 369.49 742.10 Td (, our ability to sell such interest may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (adversely impacted by such right. Joint ownership arrangements with Hines af) Tj ET Q q 0 0 0 rg BT 363.35 730.10 Td (filiates may also entail conflicts of interest.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 706.10 Td (e are dif) Tj ET Q q 0 0 0 rg BT 100.85 706.10 Td (ferent in some respects from other programs sponsored by Hines, and therefore the past performance of such ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 694.10 Td (programs may not be indicative of our future results.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 670.10 Td (e are one of only two publicly-of) Tj ET Q q 0 0 0 rg BT 208.08 670.10 Td (fered real estate investment programs sponsored by Hines and Hines' first REIT) Tj ET Q q 0 0 0 rg BT 526.55 670.10 Td (. Hines' ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (previous programs and investments were conducted through privately-held entities not subject to either the up-front ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (commissions, fees or expenses associated with our public of) Tj ET Q q 0 0 0 rg BT 290.60 646.10 Td (ferings or all of the laws and regulations that govern us, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (reporting requirements under the federal securities laws, and tax and other regulations applicable to REIT) Tj ET Q q 0 0 0 rg BT 471.65 634.10 Td (s. ) Tj ET Q q 0 0 0 rg BT 479.99 634.10 Td (A) Tj ET Q q 0 0 0 rg BT 486.66 634.10 Td ( significant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (portion of Hines' other programs and investments also involve development projects. ) Tj ET Q q 0 0 0 rg BT 391.73 622.10 Td (Although we are not prohibited from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (participating in development projects, we currently do not expect to participate in development activities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td (The past performance of other programs sponsored by Hines may not be indicative of our future results and we may not be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (able to successfully operate our business and implement our investment strategy) Tj ET Q q 0 0 0 rg BT 370.38 574.10 Td (, which may be dif) Tj ET Q q 0 0 0 rg BT 444.90 574.10 Td (ferent in a number of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (respects from the operations previously conducted by Hines. Stockholders should not rely on the past performance of other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (programs or investments sponsored by Hines to predict or as an indication of our future performance.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 526.10 Td (Our indirect investments were made consistently with the investment objectives and policies described in this report and ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 514.10 Td (are, therefore, subject to similar business and real estate risks. The Core Fund, which has investment objectives and ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 502.10 Td (policies similar to ours, is subject to many of the same business and real estate risks as we are.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 478.10 Td (For example, the Core Fund:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 454.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 454.10 Td (will be af) Tj ET Q q 0 0 0 rg BT 141.58 454.10 Td (fected by general economic and regulatory factors it cannot control or predict;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 442.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 442.10 Td (depends on its tenants for its revenue and relies on certain significant tenants;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 430.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 430.10 Td (may not have funding or capital resources for future tenant improvements;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 418.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 418.10 Td (also operates in a competitive business with competitors who have significant financial resources and operational ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 406.10 Td (flexibility;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 394.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 394.10 Td (will make illiquid investments and be subject to general economic and regulatory factors, including environmental ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 382.10 Td (laws, which it cannot control or predict;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 370.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 370.10 Td (will be subject to property taxes and operating expenses that may increase;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 358.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 358.10 Td (is subject to risks associated with terrorism, uninsured losses and high insurance costs;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 346.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 346.10 Td (is also dependent upon Hines and its key employees for its success;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 334.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 334.10 Td (is subject to risks as a result of joint ownership of real estate with Hines and other Hines programs or third parties; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 322.10 Td (and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 310.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 310.10 Td (uses borrowings and leverage which may result in foreclosures and unexpected debt-service requirements and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 298.10 Td (indirectly negatively af) Tj ET Q q 0 0 0 rg BT 196.56 298.10 Td (fect our ability to pay dividends to our stockholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 274.10 Td (T) Tj ET Q q 0 0 0 rg BT 73.41 274.10 Td (o the extent the operations and ability of the Core Fund, or any other entity through which we indirectly invest in real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (estate, to make distributions is adversely af) Tj ET Q q 0 0 0 rg BT 222.28 262.10 Td (fected by any of these risks, our operations and ability to pay distributions to our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (stockholders will be adversely af) Tj ET Q q 0 0 0 rg BT 181.45 250.10 Td (fected.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 226.10 Td (Our ability to redeem all or a portion of our investment in the Core Fund is subject to significant restrictions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 202.10 Td (The Core Fund will attempt to redeem up to 10% of its outstanding interests during any calendar year) Tj ET Q q 0 0 0 rg BT 473.89 202.10 Td (, provided that the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (Core Fund will not redeem any interests if the managing general partner determines that such redemption would result in any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 72.04 178.10 Td ( in which the Core Fund has an interest ceasing to qualify as a domestically controlled REIT) Tj ET Q q 0 0 0 rg BT 441.21 178.10 Td ( for U.S. income tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 92.50 166.10 Td (As a result of restrictions, we may not be able to exit the Core Fund or liquidate all or a portion of our interest in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (Core Fund. Please see the risk factor captioned -If the Core Fund is forced to sell its assets in order to satisfy mandatory ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (redemption requirements, our investments in the Core Fund may be materially adversely af) Tj ET Q q 0 0 0 rg BT 414.44 142.10 Td (fected below) Tj ET Q q 0 0 0 rg BT 469.59 142.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 118.10 Td (If the Core Fund is forced to sell its assets in order to satisfy mandatory redemption requirements, our investments in the ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 106.10 Td (Core Fund may be materially adversely af) Tj ET Q q 0 0 0 rg BT 231.57 106.10 Td (fected.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 82.10 Td (The Core Fund co-owns several buildings together with certain independent pension plans and funds \(the Institutional Co-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (Investors\) that are advised by General Motors Investment Management Corporation Inc. \(the Institutional Co-Investor ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (Advisor\). Each entity formed to hold these buildings is required to redeem the interests held by the Institutional Co-Investors ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (in such entity at dates ranging from May 10, 2012 to May 1, 2019. ) Tj ET Q q 0 0 0 rg BT 318.02 46.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 367.92 46.10 Td (, the Institutional Co-Investor ) Tj ET Q q 0 0 0 rg BT 488.18 46.10 Td (Advisor is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (entitled to co-investment rights for real estate assets in which the Core Fund invests. For each asset in which Institutional Co-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Investors acquire interests pursuant to the Institutional Co-Investor ) Tj ET Q q 0 0 0 rg BT 319.39 730.10 Td (Advisor's co-investment rights, the Core Fund will establish ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (a three-year period \(except for Hines NY) Tj ET Q q 0 0 0 rg BT 213.99 718.10 Td ( Core Of) Tj ET Q q 0 0 0 rg BT 248.80 718.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 266.11 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 271.87 718.10 Td (rust, which has a one-year period\) ending no later than the twelfth ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (anniversary of the date the asset is acquired during which the entity through which those Institutional Co-Investors co-invest in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (such asset will redeem such Institutional Co-Investors' interests in such entity) Tj ET Q q 0 0 0 rg BT 359.43 694.10 Td (, unless the Institutional Co-Investors elect to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (extend such period. ) Tj ET Q q 0 0 0 rg BT 130.35 682.10 Td (The Institutional Co-Investor ) Tj ET Q q 0 0 0 rg BT 248.95 682.10 Td (Advisor also has certain buy/sell rights in entities in which the Institutional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (Co-Investors have co-invested with the Core Fund.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (In addition, certain limited partnerships established by Ideenkapital Financial Engineering ) Tj ET Q q 0 0 0 rg BT 430.40 646.10 Td (AG and af) Tj ET Q q 0 0 0 rg BT 471.87 646.10 Td (filiated entities under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (the laws of Germany own interests in Hines US Core Of) Tj ET Q q 0 0 0 rg BT 275.33 634.10 Td (fice Properties LP) Tj ET Q q 0 0 0 rg BT 347.16 634.10 Td ( \(US Core Properties\), a subsidiary of the Core ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (Fund through which it owns a majority of its investments. Each such entity \(IK Fund\) has the right to require US Core ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (Properties to redeem all or a portion of its interest in US Core Properties as of certain dates ranging from December 31, 2014 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (through December 31, 2017. ) Tj ET Q q 0 0 0 rg BT 167.01 598.10 Td (The Core Fund is obligated to provide US Core Properties with suf) Tj ET Q q 0 0 0 rg BT 434.85 598.10 Td (ficient funds to fulfill US Core ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (Properties' obligations in respect of the IK Fund redemption rights described above, to the extent suf) Tj ET Q q 0 0 0 rg BT 451.53 586.10 Td (ficient funds are not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (otherwise available to US Core Properties.) Tj ET Q BT /F2 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 cannot assure our stockholders that the Core Fund will have capital available on favorable terms or at all to fund the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (redemption of such interests. If the Core Fund is not able to raise additional capital to meet such mandatory redemption ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (requirements, the Core Fund may be required to sell assets that it would otherwise elect to retain or sell assets or otherwise ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (raise capital on less than favorable terms or at a time when it would not otherwise do so. If the Core Fund is forced to sell any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (of its assets under such circumstances, the disposition of such assets could materially adversely impact the Core Fund's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (operations and ability to make distributions to us and, consequently) Tj ET Q q 0 0 0 rg BT 319.31 490.10 Td (, our investment in the Core Fund.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 466.10 Td (e could be responsible for all liabilities of limited partnership joint ventures in which we invest as the general partner) Tj ET Q q 0 0 0 rg BT 548.01 466.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 442.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 442.10 Td (e have a general partner interest in some of our joint ventures. ) Tj ET Q q 0 0 0 rg BT 326.27 442.10 Td (As a general partner) Tj ET Q q 0 0 0 rg BT 406.66 442.10 Td (, we could be liable for all the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (liabilities of such partnership. ) Tj ET Q q 0 0 0 rg BT 170.81 430.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 220.71 430.10 Td (, our interest in the Core Fund is in the form of a non-managing general partner ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (interest. ) Tj ET Q q 0 0 0 rg BT 83.88 418.10 Td (As a non-managing general partner) Tj ET Q q 0 0 0 rg BT 224.54 418.10 Td (, we are potentially liable for all liabilities of the partnership without having the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (same rights of management or control over the operation of the partnership as the managing general partner) Tj ET Q q 0 0 0 rg BT 479.85 406.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 382.10 Td (Therefore, we may be held responsible for all of the liabilities of an entity in which we do not have full management rights ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (or control, and our liability may far exceed the amount or value of investment we initially made or then had in the partnership.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 346.10 Td (Our use of borrowings to partially fund improvements on properties could result in foreclosures and unexpected debt ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 334.10 Td (service expenses upon refinancing, both of which could have an adverse impact on our operations and cash flow) Tj ET Q q 0 0 0 rg BT 521.98 334.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 310.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 310.10 Td (e intend to rely in part on borrowings under any credit facilities and other external sources of financing to fund capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (expenditures and other items. ) Tj ET Q q 0 0 0 rg BT 169.69 298.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 219.03 298.10 Td (, we are subject to the risk that our cash flow will not be suf) Tj ET Q q 0 0 0 rg BT 457.95 298.10 Td (ficient to cover required ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (debt service payments and that we will be unable to meet other covenants or requirements in the credit agreement.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 262.10 Td (If we cannot meet our required debt obligations, the property or properties subject to indebtedness could be foreclosed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (upon by) Tj ET Q q 0 0 0 rg BT 81.85 250.10 Td (, or otherwise transferred to, our lender) Tj ET Q q 0 0 0 rg BT 238.06 250.10 Td (, with a consequent loss of income and asset value to the Company) Tj ET Q q 0 0 0 rg BT 504.85 250.10 Td (. For tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (purposes, a foreclosure of any of our properties would be treated as a sale of the property for a purchase price equal to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (outstanding balance of the debt secured by the mortgage. If the outstanding balance of the debt secured by the mortgage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (exceeds our tax basis in the property) Tj ET Q q 0 0 0 rg BT 195.42 214.10 Td (, we would recognize taxable income on foreclosure, but we may not receive any cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (proceeds. ) Tj ET Q q 0 0 0 rg BT 89.99 202.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 139.89 202.10 Td (, we may be required to refinance our debt subject to lump sum or balloon payment maturities on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (terms less favorable than the original loan or at a time we would otherwise prefer to not refinance such debt. Further) Tj ET Q q 0 0 0 rg BT 514.72 190.10 Td (, certain of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (our debt financing agreements provide the lender with the right to have the properties serving as collateral appraised ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (periodically in order to determine whether the outstanding principal balance exceeds the lender's appraised value of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (collateral.If such an excess exists, we may be required to rebalance by making a partial payment or providing additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (collateral to eliminate the excess.) Tj ET Q q 0 0 0 rg BT 187.45 142.10 Td (A) Tj ET Q q 0 0 0 rg BT 194.12 142.10 Td ( refinancing or rebalancing on such terms or at such times could increase our debt service ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (payments, which would decrease the amount of cash we would have available for operations and distribution payments and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (may cause us to determine to sell one or more properties at a time when we would not otherwise do so.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 94.10 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 94.10 Td (e have acquired and may acquire various financial instruments for purposes of hedging or reducing our risks, which ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 82.10 Td (may be costly and inef) Tj ET Q q 0 0 0 rg BT 150.47 82.10 Td (fective and could reduce our cash available for distribution to our stockholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 58.10 Td (Use of derivative instruments for hedging purposes may present significant risks, including the risk of loss of the amounts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (invested. Defaults by the other party to a hedging transaction can result in losses in the hedging transaction. Hedging activities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (also involve the risk of an imperfect correlation between the hedging instrument and the asset being hedged, which could result ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (in losses both on the hedging transaction and on the instrument being hedged. Use of hedging activities generally may not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (prevent significant losses and could increase our losses. Further) Tj ET Q q 0 0 0 rg BT 304.26 718.10 Td (, hedging transactions may reduce cash available to pay ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (distributions to our stockholders.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 682.10 Td (The failure of any bank in which we deposit our funds could reduce the amount of cash we have available to pay ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 670.10 Td (distributions and make additional investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (The Federal Deposit Insurance Corporation, or FDIC, only insures amounts up to $250,000 per depositor per insured bank. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 634.10 Td (e currently have cash and cash equivalents and restricted cash deposited in certain financial institutions in excess of federally ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (insured levels. If any of the banking institutions in which we have deposited funds ultimately fails, we may lose any amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (our deposits over these amounts. ) Tj ET Q q 0 0 0 rg BT 183.13 610.10 Td (The loss of our deposits could reduce the amount of cash we have available to distribute or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (invest and could result in a decline in the value of an investment in our shares.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 574.10 Td (Our success will be dependent on the performance of Hines as well as key employees of Hines.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 550.10 Td (Our ability to achieve our investment objectives and to pay distributions is dependent upon the performance of Hines and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (its af) Tj ET Q q 0 0 0 rg BT 69.54 538.10 Td (filiates as well as key employees of Hines in the selection of tenants, the determination of any financing arrangements, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (management of our assets and operation of our day-to-day activities. Our board of directors and our ) Tj ET Q q 0 0 0 rg BT 450.71 526.10 Td (Advisor have broad ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (discretion when overseeing and managing our investments, including the determination of whether and when to dispose of an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (investment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 478.10 Td (Our stockholders will have no opportunity to evaluate the terms of transactions or other economic or financial data ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (concerning our investments. ) Tj ET Q q 0 0 0 rg BT 165.35 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 173.98 466.10 Td (e will rely on the management ability of Hines and the oversight of our board of directors as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (well as the management of any entities or ventures in which we have invested. If Hines or its af) Tj ET Q q 0 0 0 rg BT 431.65 454.10 Td (filiates \(or any of their key ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (employees\) suf) Tj ET Q q 0 0 0 rg BT 110.63 442.10 Td (fers or is distracted by adverse financial or operational problems in connection with its operations unrelated to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (us, the ability of Hines and its af) Tj ET Q q 0 0 0 rg BT 179.79 430.10 Td (filiates to allocate time and/or resources to our operations may be adversely af) Tj ET Q q 0 0 0 rg BT 492.28 430.10 Td (fected. If Hines ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (is unable to allocate suf) Tj ET Q q 0 0 0 rg BT 144.23 418.10 Td (ficient resources to oversee and perform our operations for any reason, our results of operations would ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (be adversely impacted. ) Tj ET Q q 0 0 0 rg BT 144.22 406.10 Td (The Core Fund is also managed by an af) Tj ET Q q 0 0 0 rg BT 305.67 406.10 Td (filiate of Hines. Its performance and success is also dependent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (on Hines and the Core Fund is likewise subject to these risks.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 370.10 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 370.10 Td (e operate in a competitive business, and many of our competitors have significant resources and operating flexibility) Tj ET Q q 0 0 0 rg BT 544.83 370.10 Td (, ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 358.10 Td (allowing them to compete ef) Tj ET Q q 0 0 0 rg BT 174.36 358.10 Td (fectively with us.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 334.10 Td (Numerous real estate companies that operate in the markets in which we operate will compete with us in obtaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (creditworthy tenants to occupy properties. Such competition could adversely af) Tj ET Q q 0 0 0 rg BT 366.95 322.10 Td (fect our business. ) Tj ET Q q 0 0 0 rg BT 438.97 322.10 Td (There are numerous real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (companies, real estate investment trusts and U.S.institutional and foreign investors that will compete with us in seeking tenants ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (for properties. Many of these entities have significant financial and other resources, including operating experience, allowing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (them to compete ef) Tj ET Q q 0 0 0 rg BT 126.73 286.10 Td (fectively with us. In addition, our ability to char) Tj ET Q q 0 0 0 rg BT 318.17 286.10 Td (ge premium rental rates to tenants may be negatively ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (impacted. ) Tj ET Q q 0 0 0 rg BT 91.47 274.10 Td (This increased competition may lower our occupancy rates and the rent we may char) Tj ET Q q 0 0 0 rg BT 430.32 274.10 Td (ge tenants.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 250.10 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 250.10 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 /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 238.10 Td (our tenants. Our reliance on single or significant tenants in certain buildings may decrease our ability to lease vacated ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 226.10 Td (space.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 202.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 202.10 Td (e expect that rental income from real property will, directly or indirectly) Tj ET Q q 0 0 0 rg BT 364.76 202.10 Td (, constitute substantially all of our income. ) Tj ET Q q 0 0 0 rg BT 537.60 202.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (inability of a single major tenant or a number of smaller tenants to meet their rental obligations would adversely af) Tj ET Q q 0 0 0 rg BT 508.30 190.10 Td (fect our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 84.25 178.10 Td (Therefore, our financial success is indirectly dependent on the success of the businesses operated by the tenants in our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (properties or in the properties securing mortgages we may own. ) Tj ET Q q 0 0 0 rg BT 307.25 166.10 Td (T) Tj ET Q q 0 0 0 rg BT 312.66 166.10 Td (enants may have the right to terminate their leases upon the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (occurrence of certain customary events of default and, in other circumstances, may not renew their leases or) Tj ET Q q 0 0 0 rg BT 481.64 154.10 Td (, because of market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (conditions, may be able to renew their 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 524.94 142.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (weakening of the financial condition of a significant tenant or a number of smaller tenants and vacancies caused by defaults of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (tenants or the expiration of leases, may adversely af) Tj ET Q q 0 0 0 rg BT 257.24 118.10 Td (fect our operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 94.10 Td (Some of our properties are leased to a single or significant tenant and, accordingly) Tj ET Q q 0 0 0 rg BT 396.69 94.10 Td (, may be suited to the particular or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (unique needs of such tenant. ) Tj ET Q q 0 0 0 rg BT 165.90 82.10 Td (W) Tj ET Q q 0 0 0 rg BT 174.54 82.10 Td (e may have dif) Tj ET Q q 0 0 0 rg BT 233.50 82.10 Td (ficulty replacing such a tenant if the floor plan of the vacant space limits the types ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 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 521.67 58.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 37 0 obj <> endobj 38 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (16) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 742.25 Td (The bankruptcy or insolvency of a major tenant may adversely impact our operations and our ability to pay distributions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (The bankruptcy or insolvency of a significant tenant or a number of smaller tenants may have an adverse impact on our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (income and our ability to pay distributions. Generally) Tj ET Q q 0 0 0 rg BT 263.75 706.25 Td (, under bankruptcy law) Tj ET Q q 0 0 0 rg BT 355.29 706.25 Td (, a debtor tenant has 120days to exercise the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (option of assuming or rejecting the obligations under any unexpired lease for nonresidential real property) Tj ET Q q 0 0 0 rg BT 470.34 694.25 Td (, which period may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (extended once by the bankruptcy court. If the tenant assumes its lease, the tenant must cure all defaults under the lease and may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (be required to provide adequate assurance of its future performance under the lease. If the tenant rejects the lease, we will have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (a claim against the tenant's bankruptcy estate. ) Tj ET Q q 0 0 0 rg BT 234.52 658.25 Td (Although rent owing for the period between filing for bankruptcy and rejection of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (the lease may be af) Tj ET Q q 0 0 0 rg BT 126.45 646.25 Td (forded administrative expense priority and paid in full, pre-bankruptcy arrears and amounts owing under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (remaining term of the lease will be af) Tj ET Q q 0 0 0 rg BT 199.48 634.25 Td (forded general unsecured claim status \(absent collateral securing the claim\). Moreover) Tj ET Q q 0 0 0 rg BT 544.77 634.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (amounts owing under the remaining term of the lease will be capped. Other than equity and subordinated claims, general ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (unsecured claims are the last claims paid in a bankruptcy and therefore funds may not be available to pay such claims in full.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 586.25 Td (Unfavorable changes in economic conditions have adversely impacted occupancy and rental rates and could adversely ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 574.25 Td (impact our results of operations and our ability to pay distributions to our stockholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 550.25 Td (Unfavorable economic conditions have adversely impacted of) Tj ET Q q 0 0 0 rg BT 315.50 550.25 Td (fice building occupancy and rental rates. Further declines in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (occupancy and rental rates in the markets in which we operate may have a material adverse impact on our cash flows, operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (results and carrying value of investment property) Tj ET Q q 0 0 0 rg BT 245.96 526.25 Td (. ) Tj ET Q q 0 0 0 rg BT 250.78 526.25 Td (W) Tj ET Q q 0 0 0 rg BT 259.41 526.25 Td (e have experienced some of these adverse ef) Tj ET Q q 0 0 0 rg BT 436.64 526.25 Td (fects. For example, during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 514.25 Td (, we recorded impairment char) Tj ET Q q 0 0 0 rg BT 192.26 514.25 Td (ges on three of our directly owned investments. ) Tj ET Q q 0 0 0 rg BT 387.03 514.25 Td (The risks that may af) Tj ET Q q 0 0 0 rg BT 471.27 514.25 Td (fect conditions in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (these markets include the following:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 478.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 478.25 Td (changes in the national, regional and local economic climates;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 466.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 466.25 Td (local conditions, such as an oversupply of of) Tj ET Q q 0 0 0 rg BT 282.12 466.25 Td (fice space or a reduction in demand for of) Tj ET Q q 0 0 0 rg BT 449.08 466.25 Td (fice space in the area;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 454.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 454.25 Td (economic downturns which simultaneously af) Tj ET Q q 0 0 0 rg BT 287.67 454.25 Td (fect more than one of our geographical markets; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 442.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 442.25 Td (increased operating costs, if these costs cannot be passed through to tenants.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 418.25 Td (National, regional and local economic climates have been adversely af) Tj ET Q q 0 0 0 rg BT 349.92 418.25 Td (fected by the job losses and subsequent slow job ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (growth experienced in the United States in recent years, which has adversely impacted market rents in the markets in which we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (operate. ) Tj ET Q q 0 0 0 rg BT 86.74 394.25 Td (W) Tj ET Q q 0 0 0 rg BT 95.38 394.25 Td (e could also face challenges related to adequately managing and maintaining our properties, should we experience ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (increased operating costs. ) Tj ET Q q 0 0 0 rg BT 154.97 382.25 Td (As a result, we have experienced and may continue to experience a loss of rental revenues, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (may adversely af) Tj ET Q q 0 0 0 rg BT 118.12 370.25 Td (fect our results of operations and our ability to satisfy our financial obligations and to pay distributions to our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (stockholders. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 334.25 Td (Our investments may be subject to additional impairment provisions based on market and economic conditions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 310.25 Td (On a periodic basis, we assess whether there are any indicators that the value of our real estate properties and other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (investments may be impaired. ) Tj ET Q q 0 0 0 rg BT 172.29 298.25 Td (These assessments have a direct impact on our earnings because recording an impairment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (provision results in an immediate negative non-cash adjustment to earnings. ) Tj ET Q q 0 0 0 rg BT 355.77 286.25 Td (A) Tj ET Q q 0 0 0 rg BT 362.44 286.25 Td ( property's value is impaired only if the estimate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (of the aggregate future cash flows \(undiscounted and without interest char) Tj ET Q q 0 0 0 rg BT 346.39 274.25 Td (ges\) to be generated by the property are less than the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (carrying value of the property) Tj ET Q q 0 0 0 rg BT 168.75 262.25 Td (. In our estimate of cash flows, we consider factors such as expected future operating income, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (trends and prospects, the ef) Tj ET Q q 0 0 0 rg BT 158.95 250.25 Td (fects of demand, competition and other factors. ) Tj ET Q q 0 0 0 rg BT 350.09 250.25 Td (W) Tj ET Q q 0 0 0 rg BT 358.73 250.25 Td (e are required to make subjective assessments as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (to whether there are impairments in the value of our real estate properties and other investments. Ongoing adverse market and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (economic conditions and market volatility continue to make it challenging to value properties and investments owned by us ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (directly and indirectly) Tj ET Q q 0 0 0 rg BT 137.65 214.25 Td (. ) Tj ET Q q 0 0 0 rg BT 142.47 214.25 Td (There may be uncertainty in the valuation, or in the stability of the value of a property) Tj ET Q q 0 0 0 rg BT 485.87 214.25 Td (, that could result ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (in a substantial decrease in the value.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 178.25 Td (For example, during 2012, we recorded impairment changes on three of our directly-owned investments. ) Tj ET Q q 0 0 0 rg BT 489.08 178.25 Td (There can be no ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (assurance that we will not record additional char) Tj ET Q q 0 0 0 rg BT 243.91 166.25 Td (ges in the future related to the impairment of our assets. ) Tj ET Q q 0 0 0 rg BT 468.85 166.25 Td (Any future impairment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 178.92 154.25 Td (fect on our results of operations in the period in which the char) Tj ET Q q 0 0 0 rg BT 430.33 154.25 Td (ge is taken. Please see Note 13 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (of the Notes to the Consolidated Financial Statements in Item 8. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 118.25 Td (Uninsured losses relating to real property may adversely impact the value of our portfolio.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 94.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 94.25 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 481.93 94.25 Td (, there are types of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (losses, generally catastrophic in nature, which are uninsurable, are not economically insurable or are only insurable subject to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (limitations. Examples of such catastrophic events include acts of war or terrorism, earthquakes, floods, hurricanes and pollution ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (or environmental matters. ) Tj ET Q q 0 0 0 rg BT 155.34 58.25 Td (W) Tj ET Q q 0 0 0 rg BT 163.98 58.25 Td (e may not have adequate coverage in the event we or our buildings suf) Tj ET Q q 0 0 0 rg BT 445.64 58.25 Td (fer casualty losses. If we do ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (uninsured losses. ) Tj ET Q q 0 0 0 rg BT 120.28 742.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 170.18 742.10 Td (, we may not have access to capital resources to repair or reconstruct any uninsured damage to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (property) Tj ET Q q 0 0 0 rg BT 83.23 730.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 706.10 Td (e may be unable to obtain desirable types of insurance coverage at a reasonable cost, if at all, and we may be unable to ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 694.10 Td (comply with insurance requirements contained in mortgage or other agreements due to high insurance costs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 670.10 Td (e may not be able either to obtain certain desirable types of insurance coverage, such as terrorism insurance, or to obtain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (such coverage at a reasonable cost in the future, and this risk may inhibit our ability to finance or refinance debt secured by our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (properties. ) Tj ET Q q 0 0 0 rg BT 94.43 646.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 144.34 646.10 Td (, we could default under debt or other agreements if the cost and/or availability of certain types of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (insurance make it impractical or impossible to comply with covenants relating to the insurance we are required to maintain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (under such agreements. In such instances, we may be required to self-insure against certain losses or seek other forms of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (financial assurance.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 586.10 Td (T) Tj ET Q q 0 0 0 rg BT 64.19 586.10 Td (errorist attacks and other acts of violence or war may af) Tj ET Q q 0 0 0 rg BT 294.00 586.10 Td (fect the markets in which we operate, our operations and our ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 574.10 Td (profitability) Tj ET Q q 0 0 0 rg BT 106.96 574.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 550.10 Td (T) Tj ET Q q 0 0 0 rg BT 73.41 550.10 Td (errorist attacks may negatively af) Tj ET Q q 0 0 0 rg BT 206.51 550.10 Td (fect our operations and an investment in our shares. Such attacks or armed conflicts may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (directly impact the value of our properties through damage, destruction, loss or increased security costs. Hines has historically ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (owned and managed of) Tj ET Q q 0 0 0 rg BT 142.84 526.10 Td (fice properties in major metropolitan or suburban areas. ) Tj ET Q q 0 0 0 rg BT 367.86 526.10 Td (W) Tj ET Q q 0 0 0 rg BT 376.50 526.10 Td (e have also invested in such properties. For ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (example, the Core Fund owns interests in properties located in New ) Tj ET Q q 0 0 0 rg BT 323.45 514.10 Td (Y) Tj ET Q q 0 0 0 rg BT 329.67 514.10 Td (ork City and ) Tj ET Q q 0 0 0 rg BT 381.99 514.10 Td (W) Tj ET Q q 0 0 0 rg BT 390.63 514.10 Td (ashington,D.C. ) Tj ET Q q 0 0 0 rg BT 455.72 514.10 Td (W) Tj ET Q q 0 0 0 rg BT 464.36 514.10 Td (e and the Core Fund ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (also own properties in the central business districts of other major metropolitan cities. Insurance risks associated with potential ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (acts of terrorism against of) Tj ET Q q 0 0 0 rg BT 157.01 490.10 Td (fice and other properties in major metropolitan areas could sharply increase the premiums we pay for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (coverage against property and casualty claims. ) Tj ET Q q 0 0 0 rg BT 238.54 478.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 288.44 478.10 Td (, mortgage lenders in some cases have begun to insist that specific ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (coverage against terrorism be purchased by commercial owners as a condition for providing loans. ) Tj ET Q q 0 0 0 rg BT 446.64 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 455.27 466.10 Td (e may not be able to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (obtain insurance against the risk of terrorism because it may not be available or may not be available on terms that are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (economically feasible. ) Tj ET Q q 0 0 0 rg BT 142.28 442.10 Td (W) Tj ET Q q 0 0 0 rg BT 150.92 442.10 Td (e intend to obtain terrorism insurance, but the terrorism insurance that we obtain may not be suf) Tj ET Q q 0 0 0 rg BT 533.69 442.10 Td (ficient ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (to cover loss for damages to our properties as a result of terrorist attacks. In addition, certain losses resulting from these types ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (of events are uninsurable and others may not be covered by our terrorism insurance. ) Tj ET Q q 0 0 0 rg BT 388.32 418.10 Td (T) Tj ET Q q 0 0 0 rg BT 393.73 418.10 Td (errorism insurance may not be available ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (at a reasonable price or at all.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 382.10 Td (The consequences of any armed conflict are unpredictable, and we may not be able to foresee events that could have an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (adverse ef) Tj ET Q q 0 0 0 rg BT 90.63 370.10 Td (fect on our business or our stockholders' investment. More generally) Tj ET Q q 0 0 0 rg BT 363.94 370.10 Td (, any of these events could result in increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (volatility in, or damage to, the United States and worldwide financial markets and economy) Tj ET Q q 0 0 0 rg BT 416.20 358.10 Td (. ) Tj ET Q q 0 0 0 rg BT 421.02 358.10 Td (They also could result in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (continuation of the current economic uncertainty in the United States or abroad. Our revenues will be dependent upon payment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (of rent by tenants, which may be particularly vulnerable to uncertainty in the local economy) Tj ET Q q 0 0 0 rg BT 417.28 334.10 Td (. ) Tj ET Q q 0 0 0 rg BT 421.73 334.10 Td (Adverse economic conditions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (could af) Tj ET Q q 0 0 0 rg BT 82.30 322.10 Td (fect the ability of our tenants to pay rent, which could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 403.66 322.10 Td (fect on our operating results and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (financial condition, as well as our ability to pay distributions to our stockholders.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 286.10 Td (Our operations will be directly af) Tj ET Q q 0 0 0 rg BT 194.65 286.10 Td (fected by general economic and regulatory factors we cannot control or predict.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 262.10 Td (One of the risks of investing in real estate is the possibility that our properties could further decrease in value or will not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (generate income suf) Tj ET Q q 0 0 0 rg BT 130.34 250.10 Td (ficient to meet operating expenses or will generate income and capital appreciation, if any) Tj ET Q q 0 0 0 rg BT 489.54 250.10 Td (, at rates lower ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (than those anticipated or available through investments in comparable real estate or other investments. ) Tj ET Q q 0 0 0 rg BT 461.26 238.10 Td (A) Tj ET Q q 0 0 0 rg BT 467.93 238.10 Td ( significant number of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (the properties in which we own an interest are of) Tj ET Q q 0 0 0 rg BT 245.03 226.10 Td (fice buildings located in major metropolitan or suburban areas. ) Tj ET Q q 0 0 0 rg BT 498.66 226.10 Td (These types of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (properties, and the tenants that lease space in such properties, may be impacted to a greater extent by a national economic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (slowdown or disruption when compared to other types of properties such as residential and retail properties. ) Tj ET Q q 0 0 0 rg BT 484.43 202.10 Td (The following ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (factors may af) Tj ET Q q 0 0 0 rg BT 107.01 190.10 Td (fect income from such properties, our ability to sell properties and yields from investments in properties and are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (generally outside of our control:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 154.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 154.10 Td (conditions in financial markets and general economic conditions;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 142.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 142.10 Td (terrorist attacks and international instability;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 130.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 130.10 Td (natural disasters and acts of God;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 118.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 118.10 Td (the potential ef) Tj ET Q q 0 0 0 rg BT 163.79 118.10 Td (fects, if any) Tj ET Q q 0 0 0 rg BT 210.07 118.10 Td (, of climate change;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 106.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 106.10 Td (over) Tj ET Q q 0 0 0 rg BT 121.57 106.10 Td (-building;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 94.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 94.10 Td (adverse national, state or local changes in applicable tax, environmental or zoning laws;and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 82.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 82.10 Td (a taking of any of our properties by eminent domain.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 41 0 obj <> endobj 42 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (18) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 742.25 Td (Continued disruptions in the global financial markets and uncertain economic conditions could adversely af) Tj ET Q q 0 0 0 rg BT 504.70 742.25 Td (fect ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 730.25 Td (commercial real estate values and our ability to secure debt financing and service future debt obligations, which could ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 718.25 Td (adversely impact our results of operations and our ability to pay distributions to our stockholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 694.25 Td (Despite improved access to capital for some market participants, the capital and credit markets continue to be af) Tj ET Q q 0 0 0 rg BT 515.98 694.25 Td (fected by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (the extreme volatility and disruption of recent years, and the health of the global capital markets remains a concern. ) Tj ET Q q 0 0 0 rg BT 514.37 682.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (banking industry has been experiencing improved earnings, but the relatively low-growth economic environment has caused ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (the markets to question whether financial institutions are truly appropriately capitalized. ) Tj ET Q q 0 0 0 rg BT 404.71 658.25 Td (The downgrade of the U.S. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (government) Tj ET Q q 0 0 0 rg BT 100.54 646.25 Td (s credit rating in 201) Tj ET Q q 0 0 0 rg BT 182.93 646.25 Td (1 has increased these concerns, especially for the lar) Tj ET Q q 0 0 0 rg BT 391.82 646.25 Td (ger banks. Smaller financial institutions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (have continued to work with borrowers to amend and extend existing loans; however) Tj ET Q q 0 0 0 rg BT 390.07 634.25 Td (, as these loans reach maturity) Tj ET Q q 0 0 0 rg BT 509.93 634.25 Td (, there is the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (potential for future credit losses. ) Tj ET Q q 0 0 0 rg BT 182.00 622.25 Td (The FDIC has characterized a substantial number of financial institutions as troubled, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (the threat of more bank closings continues to weigh on the financial markets. Liquidity in the global credit market has been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (reduced by market disruptions, and new lending is expected to remain subdued in the near term. ) Tj ET Q q 0 0 0 rg BT 436.37 598.25 Td (W) Tj ET Q q 0 0 0 rg BT 445.01 598.25 Td (e have relied in part on debt ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (financing to finance our investments. ) Tj ET Q q 0 0 0 rg BT 203.02 586.25 Td (Although we have been successful in our refinancings to date, as a result of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (uncertainties in the credit market, we may not be able to refinance our existing indebtedness or obtain additional debt financing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (on attractive terms. If we are not able to refinance existing indebtedness on attractive terms at its maturity) Tj ET Q q 0 0 0 rg BT 471.98 562.25 Td (, we may be forced to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (dispose of some of our assets. Further disruptions in the financial markets and continued uncertain economic conditions could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (adversely af) Tj ET Q q 0 0 0 rg BT 98.40 538.25 Td (fect the values of our investments and could make it more dif) Tj ET Q q 0 0 0 rg BT 343.43 538.25 Td (ficult to sell any of our investments at attractive prices ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (if we determine to do so. ) Tj ET Q q 0 0 0 rg BT 151.74 526.25 Td (These disruptions in the markets and corresponding economic uncertainty may adversely impact our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (results of operations and our ability to pay distributions to our stockholders and may result in a decrease in the value of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (stockholders' investment. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 478.25 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 478.25 Td (e may have dif) Tj ET Q q 0 0 0 rg BT 126.67 478.25 Td (ficulty selling real estate investments, and our ability to distribute all or a portion of the net proceeds from ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 466.25 Td (such sale to our stockholders may be limited.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 442.25 Td (Equity real estate investments are relatively illiquid. ) Tj ET Q q 0 0 0 rg BT 278.86 442.25 Td (W) Tj ET Q q 0 0 0 rg BT 287.50 442.25 Td (e will have a limited ability to vary our portfolio in response to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (changes in economic or other conditions. ) Tj ET Q q 0 0 0 rg BT 216.72 430.25 Td (W) Tj ET Q q 0 0 0 rg BT 225.36 430.25 Td (e will also have a limited ability to sell assets in order to fund working capital and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (similar capital needs such as share redemptions. ) Tj ET Q q 0 0 0 rg BT 244.20 418.25 Td (W) Tj ET Q q 0 0 0 rg BT 252.84 418.25 Td (e expect to generally hold a property for the long term. ) Tj ET Q q 0 0 0 rg BT 474.25 418.25 Td (When we sell any of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (our properties, we may not realize a gain on such sale or the amount of our taxable gain could exceed the cash proceeds we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (receive from such sale. ) Tj ET Q q 0 0 0 rg BT 144.50 394.25 Td (W) Tj ET Q q 0 0 0 rg BT 153.13 394.25 Td (e may be required to expend funds to correct defects or to make improvements before a property can ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (be sold. ) Tj ET Q q 0 0 0 rg BT 83.43 382.25 Td (W) Tj ET Q q 0 0 0 rg BT 92.07 382.25 Td (e may not have adequate funds available to correct such defects or to make such improvements. ) Tj ET Q q 0 0 0 rg BT 477.02 382.25 Td (W) Tj ET Q q 0 0 0 rg BT 485.66 382.25 Td (e cannot predict ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (the length of time needed to find a willing purchaser and to close the sale of a property) Tj ET Q q 0 0 0 rg BT 396.18 370.25 Td (. Our inability to sell a property when we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (desire to do so may cause us to reduce our selling price for the property) Tj ET Q q 0 0 0 rg BT 335.37 358.25 Td (. ) Tj ET Q q 0 0 0 rg BT 339.82 358.25 Td (Any delay in our receipt of proceeds, or diminishment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (of proceeds, from the sale of a property could adversely impact our ability to pay distributions to our stockholders. Further) Tj ET Q q 0 0 0 rg BT 539.76 346.25 Td (, we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (may not distribute any proceeds from the sale of properties to our stockholders. For example, we may use such proceeds to:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 310.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 310.25 Td (repay debt;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 298.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 298.25 Td (buy out interests of any co-venturers or other partners in any joint venture in which we are a party;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 286.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 286.25 Td (purchase shares under our share redemption program;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 274.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 274.25 Td (fund distributions;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 262.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 262.25 Td (create working capital reserves;or) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 250.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 250.25 Td (make repairs, maintenance, tenant improvements or other capital improvements or expenditures to our other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 238.25 Td (properties.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 214.25 Td (Our ability to sell our properties may also be limited by our need to avoid a 100% penalty tax that is imposed on gain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (recognized by a REIT) Tj ET Q q 0 0 0 rg BT 137.84 202.25 Td ( from the sale of property characterized as dealer property) Tj ET Q q 0 0 0 rg BT 369.01 202.25 Td (. In order to avoid such characterization and to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (take advantage of certain safe harbors under the Code, we may determine to hold our properties for a minimum period of time, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (generally two years.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 154.25 Td (Potential liability as the result of, and the cost of compliance with, environmental matters could adversely af) Tj ET Q q 0 0 0 rg BT 503.25 154.25 Td (fect our ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 142.25 Td (operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 118.25 Td (Under various federal, state and local environmental laws, ordinances and regulations, a current or previous owner or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (operator of real property may be liable for the cost of removal or remediation of hazardous or toxic substances on such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (property) Tj ET Q q 0 0 0 rg BT 83.23 94.25 Td (. Such laws often impose liability whether or not the owner or operator knew of, or was responsible for) Tj ET Q q 0 0 0 rg BT 494.95 94.25 Td (, the presence of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (such hazardous or toxic substances.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 58.25 Td (While we have invested primarily in institutional-quality of) Tj ET Q q 0 0 0 rg BT 305.82 58.25 Td (fice properties, we also have made investments in properties ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (historically used for industrial, manufacturing and commercial purposes. Some of these properties are more likely to contain, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 43 0 obj <> endobj 44 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (19) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (may have contained, under) Tj ET Q q 0 0 0 rg BT 157.55 742.10 Td (ground storage tanks for the storage of petroleum products and other hazardous or toxic substances. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (All of these operations create a potential for the release of petroleum products or other hazardous or toxic substances. Leasing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (properties to tenants that engage in industrial, manufacturing, and commercial activities will cause us to be subject to increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (risk of liabilities under environmental laws and regulations. ) Tj ET Q q 0 0 0 rg BT 290.60 706.10 Td (The presence of hazardous or toxic substances, which may include ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (mold, or the failure to properly remediate these substances, may adversely af) Tj ET Q q 0 0 0 rg BT 357.21 694.10 Td (fect our ability to sell, rent or pledge such property ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (as collateral for future borrowings.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td (Environmental laws, including any changes to existing environmental laws to address climate change, also may impose ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (restrictions on the manner in which properties may be used or businesses may be operated, and these restrictions may require ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (expenditures. Such laws may be amended so as to require compliance with stringent standards which could require us to make ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (unexpected, substantial expenditures. Environmental laws provide for sanctions in the event of noncompliance and may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (enforced by governmental agencies or) Tj ET Q q 0 0 0 rg BT 202.31 610.10 Td (, in certain circumstances, by private parties. ) Tj ET Q q 0 0 0 rg BT 383.17 610.10 Td (W) Tj ET Q q 0 0 0 rg BT 391.81 610.10 Td (e may be potentially liable for such costs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (in connection with the ownership of our properties in the United States. ) Tj ET Q q 0 0 0 rg BT 338.37 598.10 Td (The cost of defending against claims of liability) Tj ET Q q 0 0 0 rg BT 529.06 598.10 Td (, of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (compliance with environmental regulatory requirements or of remediating any contaminated property could be substantial and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (require a material portion of our cash flow) Tj ET Q q 0 0 0 rg BT 219.01 574.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 550.10 Td (All of our properties will be subject to property taxes that may increase in the future, which could adversely af) Tj ET Q q 0 0 0 rg BT 510.48 550.10 Td (fect our ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 538.10 Td (cash flow) Tj ET Q q 0 0 0 rg BT 97.80 538.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 514.10 Td (Our properties are subject to real and personal property taxes that may increase as property tax rates change and as the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (properties are assessed or reassessed by taxing authorities. ) Tj ET Q q 0 0 0 rg BT 285.58 502.10 Td (W) Tj ET Q q 0 0 0 rg BT 294.22 502.10 Td (e anticipate that most of our leases will generally provide that the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (property taxes, or increases therein, are char) Tj ET Q q 0 0 0 rg BT 226.40 490.10 Td (ged to the lessees as an expense related to the properties that they occupy) Tj ET Q q 0 0 0 rg BT 518.70 490.10 Td (. ) Tj ET Q q 0 0 0 rg BT 523.14 490.10 Td (As the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (owner of the properties, however) Tj ET Q q 0 0 0 rg BT 182.05 478.10 Td (, we are ultimately responsible for payment of the taxes to the government. If property taxes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (increase, our tenants may be unable to make the required tax payments, ultimately requiring us to pay the taxes. In addition, we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (will generally be responsible for property taxes related to any vacant space.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 430.10 Td (Our costs associated with complying with the ) Tj ET Q q 0 0 0 rg BT 246.15 430.10 Td (Americans with Disabilities ) Tj ET Q q 0 0 0 rg BT 361.63 430.10 Td (Act may af) Tj ET Q q 0 0 0 rg BT 405.88 430.10 Td (fect cash available for distributions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 406.10 Td (Our properties are generally expected to be subject to the ) Tj ET Q q 0 0 0 rg BT 298.46 406.10 Td (Americans with Disabilities ) Tj ET Q q 0 0 0 rg BT 412.06 406.10 Td (Act of 1990 \(the ADA\). Under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (ADA, all places of public accommodation are required to comply with federal requirements related to access and use by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (disabled persons. ) Tj ET Q q 0 0 0 rg BT 121.20 382.10 Td (The ) Tj ET Q q 0 0 0 rg BT 138.69 382.10 Td (ADA) Tj ET Q q 0 0 0 rg BT 159.80 382.10 Td ( has separate compliance requirements for public accommodations and commercial facilities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (that generally require that buildings and services be made accessible and available to people with disabilities. ) Tj ET Q q 0 0 0 rg BT 489.39 370.10 Td (The ) Tj ET Q q 0 0 0 rg BT 506.89 370.10 Td (ADA's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (requirements could require removal of access barriers and could result in the imposition of injunctive relief, monetary penalties ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (or) Tj ET Q q 0 0 0 rg BT 57.93 346.10 Td (, in some cases, an award of damages. ) Tj ET Q q 0 0 0 rg BT 212.42 346.10 Td (W) Tj ET Q q 0 0 0 rg BT 221.05 346.10 Td (e have attempted to acquire properties that comply with the ) Tj ET Q q 0 0 0 rg BT 460.42 346.10 Td (ADA) Tj ET Q q 0 0 0 rg BT 481.53 346.10 Td ( or place the burden ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (on the seller or other third-party) Tj ET Q q 0 0 0 rg BT 177.36 334.10 Td (, such as a tenant, to ensure compliance with the ) Tj ET Q q 0 0 0 rg BT 372.30 334.10 Td (ADA. However) Tj ET Q q 0 0 0 rg BT 435.22 334.10 Td (, we may not be able to allocate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (responsibilities in this manner) Tj ET Q q 0 0 0 rg BT 169.71 322.10 Td (. If we cannot, our funds used for ) Tj ET Q q 0 0 0 rg BT 304.68 322.10 Td (ADA) Tj ET Q q 0 0 0 rg BT 325.79 322.10 Td ( compliance may af) Tj ET Q q 0 0 0 rg BT 404.18 322.10 Td (fect cash available for distributions and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (the amount of distributions to our stockholders.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 286.10 Td (If we set aside insuf) Tj ET Q q 0 0 0 rg BT 140.49 286.10 Td (ficient working capital reserves, we may be required to defer necessary or desirable property ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 274.10 Td (improvements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 250.10 Td (If we do not establish suf) Tj ET Q q 0 0 0 rg BT 168.63 250.10 Td (ficient reserves for working capital to supply necessary funds for capital improvements or similar ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (expenses, we may be required to defer necessary or desirable improvements to our properties. If we defer such improvements, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (the applicable properties may decline in value, it may be more dif) Tj ET Q q 0 0 0 rg BT 312.50 226.10 Td (ficult for us to attract or retain tenants to such properties or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (the amount of rent we are able to char) Tj ET Q q 0 0 0 rg BT 201.42 214.10 Td (ge at such properties may decrease.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 190.10 Td (Retail properties depend on anchor tenants to attract shoppers and could be adversely af) Tj ET Q q 0 0 0 rg BT 421.88 190.10 Td (fected by the loss of a key anchor ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 178.10 Td (tenant.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 154.10 Td (As with our of) Tj ET Q q 0 0 0 rg BT 125.87 154.10 Td (fice properties, we are subject to the risk that tenants of our retail properties may be unable to make their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (lease payments or may decline to extend a lease upon its expiration. ) Tj ET Q q 0 0 0 rg BT 323.53 142.10 Td (A) Tj ET Q q 0 0 0 rg BT 330.20 142.10 Td ( lease termination by a tenant that occupies a lar) Tj ET Q q 0 0 0 rg BT 522.44 142.10 Td (ge area of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (a retail center \(commonly referred to as an anchor tenant\) could impact leases of other tenants. Other tenants may be entitled to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (modify the terms of their existing leases in the event of a lease termination by an anchor tenant, or the closure of the business of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (an anchor tenant that leaves its space vacant even if the anchor tenant continues to pay rent. ) Tj ET Q q 0 0 0 rg BT 418.19 106.10 Td (Any such modifications or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (conditions could be unfavorable to us as the property owner and could decrease rents or expense recoveries. ) Tj ET Q q 0 0 0 rg BT 483.74 94.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 533.64 94.10 Td (, major ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (tenant closures may result in decreased customer traf) Tj ET Q q 0 0 0 rg BT 261.68 82.10 Td (fic, which could lead to decreased sales at other stores. In the event of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (default by a tenant or anchor store, we may experience delays and costs in enforcing our rights as landlord to recover amounts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (due to us under the terms of our agreements with those parties.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 45 0 obj <> endobj 46 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (20) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 742.25 Td (Our investment policies may change without stockholder approval, which could not only alter the nature of an investment ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 730.25 Td (in our shares but also subject any such investment to new and additional risks.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.25 Td (Except as otherwise provided in our or) Tj ET Q q 0 0 0 rg BT 222.78 706.25 Td (ganizational documents, our investment policies, including our policies with respect ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (to borrowings and dispositions, and the methods of implementing our investment objectives and policies may be altered by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (majority of our directors, including a majority of our independent directors, without the approval of our stockholders. ) Tj ET Q q 0 0 0 rg BT 521.55 682.25 Td (As a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (result, the nature of an investment in our shares could change indirectly without stockholder consent and become subject to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (risks not described in this report.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (Potential Conflicts of Inter) Tj ET Q q 0 0 0 rg BT 163.96 634.25 Td (est Risks) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 610.25 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 610.25 Td (e may compete with other entities af) Tj ET Q q 0 0 0 rg BT 214.73 610.25 Td (filiated with Hines for tenants.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 586.25 Td (Hines and its af) Tj ET Q q 0 0 0 rg BT 130.30 586.25 Td (filiates are not prohibited from engaging, directly or indirectly) Tj ET Q q 0 0 0 rg BT 378.74 586.25 Td (, in any other business or from possessing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (interests in any other business venture or ventures, including businesses and ventures involved in the acquisition, development, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (ownership, management, leasing or sale of real estate projects. Hines or its af) Tj ET Q q 0 0 0 rg BT 358.88 562.25 Td (filiates own and/or manage properties in most if ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (not all geographical areas in which we own interests in real estate assets. ) Tj ET Q q 0 0 0 rg BT 343.05 550.25 Td (Therefore, our properties compete for tenants with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (other properties owned and/or managed by Hines and its af) Tj ET Q q 0 0 0 rg BT 286.14 538.25 Td (filiates. Hines may face conflicts of interest when evaluating tenant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (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 430.83 526.25 Td (filiates and these conflicts of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (interest may have a negative impact on our ability to attract and retain tenants.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 490.25 Td (Employees of the ) Tj ET Q q 0 0 0 rg BT 131.67 490.25 Td (Advisor and Hines will face conflicts of interest relating to time management and allocation of ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 478.25 Td (resources.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 454.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 454.25 Td (e do not have employees. Pursuant to a contract with Hines, the ) Tj ET Q q 0 0 0 rg BT 332.69 454.25 Td (Advisor relies on employees of Hines and its af) Tj ET Q q 0 0 0 rg BT 522.46 454.25 Td (filiates to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (manage and operate our business. Hines is not restricted from acquiring, developing, operating, managing, leasing or selling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (real estate through entities other than us and Hines will continue to be actively involved in real estate operations and activities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (other than our operations and activities. Hines currently controls and/or operates other entities that own properties in many of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (the markets in which we have invested. Hines spends a material amount of time managing these properties and other assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (unrelated to our business. Our business may suf) Tj ET Q q 0 0 0 rg BT 240.90 394.25 Td (fer as a result because we lack the ability to manage it without the time and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (attention of Hines' employees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 358.25 Td (Hines and its af) Tj ET Q q 0 0 0 rg BT 130.30 358.25 Td (filiates are general partners and sponsors of other real estate programs having investment objectives and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (legal and financial obligations similar to ours. Because Hines and its af) Tj ET Q q 0 0 0 rg BT 334.19 346.25 Td (filiates have interests in other real estate programs and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (also engage in other business activities, they may have conflicts of interest in allocating their time and resources among our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (business and these other activities. ) Tj ET Q q 0 0 0 rg BT 189.97 322.25 Td (Also, if Hines suf) Tj ET Q q 0 0 0 rg BT 260.34 322.25 Td (fers financial or operational problems as the result of any of its activities, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (whether or not related to our business, its ability to operate our business could be adversely impacted. During times of intense ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (activity in other programs and ventures, they may devote less time and resources to our business than is necessary or desirable.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 274.25 Td (Hines may face a conflict of interest when determining whether we should dispose of any property we own that is ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 262.25 Td (managed by Hines because Hines may lose fees associated with the management of the property and may earn fees ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 250.25 Td (associated with the disposition of the property) Tj ET Q q 0 0 0 rg BT 246.42 250.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 226.25 Td (Hines manages most of our properties. Because Hines receives significant fees for managing these properties, it may face a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (conflict of interest when determining whether we should sell properties under circumstances where Hines would no longer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (manage the property after the transaction. ) Tj ET Q q 0 0 0 rg BT 218.54 202.25 Td (As a result of this conflict of interest, we may not dispose of properties when it ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (would be in our best interests to do so.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 166.25 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 166.25 Td (e may face conflicts of interest if we sell our properties to af) Tj ET Q q 0 0 0 rg BT 312.49 166.25 Td (filiates.) Tj ET Q BT /F2 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 sold our interest in Distribution Park Rio to an af) Tj ET Q q 0 0 0 rg BT 279.21 142.25 Td (filiate of Hines in January 2013 and may) Tj ET Q q 0 0 0 rg BT 441.57 142.25 Td (, in the future, dispose of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (additional investments through a sale to Hines or its af) Tj ET Q q 0 0 0 rg BT 267.83 130.25 Td (filiates. Hines, its af) Tj ET Q q 0 0 0 rg BT 347.91 130.25 Td (filiates and employees \(including our of) Tj ET Q q 0 0 0 rg BT 507.41 130.25 Td (ficers and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (directors\) may make substantial profits in connection with such transactions. ) Tj ET Q q 0 0 0 rg BT 358.91 118.25 Td (W) Tj ET Q q 0 0 0 rg BT 367.55 118.25 Td (e must follow certain procedures when selling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (assets to Hines and its af) Tj ET Q q 0 0 0 rg BT 148.41 106.25 Td (filiates, including that the sale must be approved by a majority of our independent directors and that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (the sale price must be based on the fair market value of such property \(as determined by an independent expert\). ) Tj ET Q q 0 0 0 rg BT 501.04 94.25 Td (W) Tj ET Q q 0 0 0 rg BT 509.68 94.25 Td (e may owe ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (fiduciary and/or other duties to the purchasing entity in these transactions and conflicts of interest between us and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (purchasing entities could exist in such transactions. ) Tj ET Q q 0 0 0 rg BT 257.55 70.25 Td (These conflicts could result in transactions that are less favorable to us than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (we would receive from a third party) Tj ET Q q 0 0 0 rg BT 193.18 58.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (21) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 742.25 Td (Hines may face conflicts of interest in connection with the management of our day-to-day operations and in the ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 730.25 Td (enforcement of agreements between Hines and its af) Tj ET Q q 0 0 0 rg BT 274.63 730.25 Td (filiates.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.25 Td (Hines and the ) Tj ET Q q 0 0 0 rg BT 124.93 706.25 Td (Advisor manage our day-to-day operations and properties pursuant to property management agreements and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (an advisory agreement. ) Tj ET Q q 0 0 0 rg BT 145.34 694.25 Td (These agreements were not negotiated at arm's length and certain fees payable by us under such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (agreements are paid regardless of our performance. Hines and its af) Tj ET Q q 0 0 0 rg BT 319.98 682.25 Td (filiates may be in a conflict of interest position as to matters ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (relating to these agreements. Examples include the computation of fees and reimbursements under such agreements, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (enforcement and/or termination of the agreements and the priority of payments to third parties as opposed to amounts paid to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 646.25 Td (filiates of Hines. ) Tj ET Q q 0 0 0 rg BT 126.28 646.25 Td (These fees may be higher than fees char) Tj ET Q q 0 0 0 rg BT 286.30 646.25 Td (ged by third parties in an arm's-length transaction as a result of these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (conflicts.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 610.25 Td (Certain of our of) Tj ET Q q 0 0 0 rg BT 128.55 610.25 Td (ficers and directors face conflicts of interest relating to the positions they hold with other entities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 586.25 Td (Certain of our of) Tj ET Q q 0 0 0 rg BT 134.74 586.25 Td (ficers and directors are also of) Tj ET Q q 0 0 0 rg BT 255.34 586.25 Td (ficers and directors of the ) Tj ET Q q 0 0 0 rg BT 359.46 586.25 Td (Advisor and other entities controlled by Hines ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (such as the managing general partner of the Core Fund, the ) Tj ET Q q 0 0 0 rg BT 288.26 574.25 Td (Advisor of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 410.83 574.25 Td (, Inc. or the ) Tj ET Q q 0 0 0 rg BT 458.60 574.25 Td (Adviser to HMS Income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (Fund, Inc. Some of these entities may compete with us for leasing opportunities. ) Tj ET Q q 0 0 0 rg BT 374.20 562.25 Td (These personnel owe fiduciary duties to these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (other entities and their security holders and these duties may from time to time conflict with the fiduciary duties such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (individuals owe to us and our stockholders. For example, conflicts of interest adversely af) Tj ET Q q 0 0 0 rg BT 409.45 538.25 Td (fecting our investment decisions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (could arise in decisions or activities related to:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 502.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 502.25 Td (the allocation of time and resources among us and other entities operated by Hines;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 490.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 490.25 Td (the timing and terms of the investment in or sale of an asset;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 478.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 478.25 Td (the compensation paid to our ) Tj ET Q q 0 0 0 rg BT 222.03 478.25 Td (Advisor;and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 466.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 466.25 Td (our relationship with Hines in the management of our properties.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 442.25 Td (These conflicts of interest may also be impacted by the fact that such individuals may have compensation structures tied to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (the performance of such other entities controlled by Hines and these compensation structures may potentially provide for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (greater remuneration in the event an investment opportunity is presented to a Hines af) Tj ET Q q 0 0 0 rg BT 393.32 418.25 Td (filiate rather than us.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 394.25 Td (Our of) Tj ET Q q 0 0 0 rg BT 86.32 394.25 Td (ficers and directors have limited liability) Tj ET Q q 0 0 0 rg BT 251.77 394.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 370.25 Td (Generally) Tj ET Q q 0 0 0 rg BT 106.77 370.25 Td (, we are obligated under our charter and the bylaws to indemnify our of) Tj ET Q q 0 0 0 rg BT 392.05 370.25 Td (ficers and directors against certain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (liabilities incurred in connection with their services. ) Tj ET Q q 0 0 0 rg BT 260.31 358.25 Td (W) Tj ET Q q 0 0 0 rg BT 268.95 358.25 Td (e have also executed indemnification agreements with each of) Tj ET Q q 0 0 0 rg BT 517.00 358.25 Td (ficer and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (director and agreed to indemnify them for any such liabilities that they incur) Tj ET Q q 0 0 0 rg BT 354.91 346.25 Td (. ) Tj ET Q q 0 0 0 rg BT 359.73 346.25 Td (These indemnification agreements, as well as the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (indemnification provisions in our charter and bylaws, could limit our ability and the ability of our stockholders to ef) Tj ET Q q 0 0 0 rg BT 513.89 334.25 Td (fectively ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (take action against our of) Tj ET Q q 0 0 0 rg BT 150.89 322.25 Td (ficers and directors arising from their service to us. In addition, there could be a potential reduction in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (distributions resulting from our payment of premiums associated with insurance or payments of a defense, settlement or claim.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 286.25 Td (Our UPREIT structure may result in potential conflicts of interest.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 262.25 Td (Persons holding OP) Tj ET Q q 0 0 0 rg BT 147.08 262.25 Td (Units have the right to vote on certain amendments to the ) Tj ET Q q 0 0 0 rg BT 380.92 262.25 Td (Agreement of Limited Partnership of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (Operating Partnership, as well as on certain other matters. Persons holding such voting rights may exercise them in a manner ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (that conflicts with the interests of our stockholders. ) Tj ET Q q 0 0 0 rg BT 256.90 238.25 Td (As general partner of the Operating Partnership, we will be obligated to act ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (in a manner that is in the best interest of all partners of the Operating Partnership. Circumstances may arise in the future when ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (the interests of limited partners in the Operating Partnership may conflict with the interests of our stockholders.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.75 190.25 Td (ax Risks) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 166.25 Td (If we fail to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 181.70 166.25 Td (, our operations and our ability to pay distributions to our stockholders would be adversely ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 154.25 Td (impacted.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 130.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 130.25 Td (e believe we qualify as a REIT) Tj ET Q q 0 0 0 rg BT 199.74 130.25 Td ( under the Code. ) Tj ET Q q 0 0 0 rg BT 267.78 130.25 Td (A) Tj ET Q q 0 0 0 rg BT 274.45 130.25 Td ( REIT) Tj ET Q q 0 0 0 rg BT 298.99 130.25 Td ( generally is not taxed at the corporate level on income it ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (currently distributes to its stockholders. Qualification as a REIT) Tj ET Q q 0 0 0 rg BT 305.60 118.25 Td ( involves the application of highly technical and complex rules ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (for which there are only limited judicial or administrative interpretations. ) Tj ET Q q 0 0 0 rg BT 345.00 106.25 Td (The determination of various factual matters and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (circumstances not entirely within our control may af) Tj ET Q q 0 0 0 rg BT 259.48 94.25 Td (fect our ability to continue to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 448.40 94.25 Td (. In addition, new ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (legislation, regulations, administrative interpretations or court decisions could significantly change the tax laws with respect to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (qualification as a REIT) Tj ET Q q 0 0 0 rg BT 142.84 70.25 Td ( or the federal income tax consequences of such qualification.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 49 0 obj <> endobj 50 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (If we were to fail to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 220.26 742.10 Td ( in any taxable year:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 718.10 Td (we would not be allowed to deduct our distributions to our stockholders when computing our taxable income;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 706.10 Td (we would be subject to federal income tax \(including any applicable alternative minimum tax\) on our taxable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 694.10 Td (income at regular corporate rates;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 682.10 Td (we would be disqualified from being taxed as a REIT) Tj ET Q q 0 0 0 rg BT 317.93 682.10 Td ( for the four taxable years following the year during which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 670.10 Td (qualification was lost, unless entitled to relief under certain statutory provisions;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 658.10 Td (our cash available for distribution would be reduced and we would have less cash to distribute to our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 646.10 Td (stockholders;and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 634.10 Td (we might be required to borrow additional funds or sell some of our assets in order to pay corporate tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 622.10 Td (obligations we may incur as a result of our disqualification.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 598.10 Td (If the Operating Partnership is classified as a publicly traded partnership under the Code, our operations and our ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 586.10 Td (ability to pay distributions to our stockholders could be adversely af) Tj ET Q q 0 0 0 rg BT 336.04 586.10 Td (fected.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 562.10 Td (e believe the Operating Partnership will be treated as a partnership, and not as an association or a publicly traded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (partnership for federal income tax purposes. In this regard, the Code generally classifies publicly traded partnerships \(as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (defined in Section7704 of the Code\) as associations taxable as corporations \(rather than as partnerships\), unless substantially ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (all of their taxable income consists of specified types of passive income. In order to minimize the risk that the Code would ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (classify the Operating Partnership as a publicly traded partnership for tax purposes, we placed certain restrictions on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (transfer and/or redemption of partnership units in the Operating Partnership. However) Tj ET Q q 0 0 0 rg BT 393.67 502.10 Td (, if the Internal Revenue Service \(the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (IRS\) successfully determined that the Operating Partnership should be taxed as a corporation, the Operating Partnership ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (would be required to pay U.S.federal income tax at corporate rates on its net income, its partners would be treated as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (stockholders of the Operating Partnership and distributions to partners would constitute non-deductable distributions in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (computing the Operating Partnership's taxable income. In addition, we could fail to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 455.67 454.10 Td (.Please see If we fail ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 130.35 442.10 Td (, our operations and ability to pay distributions to our stockholders would be adversely impacted above. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (addition, the imposition of a corporate tax on the Operating Partnership would reduce our amount of cash available for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (distribution to our stockholders.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 394.10 Td (Distributions to tax-exempt investors may be classified as unrelated business taxable income.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 370.10 Td (Neither ordinary nor capital gain distributions with respect to our common shares nor gain from the sale of common shares ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (should generally constitute unrelated business taxable income to a tax-exempt investor) Tj ET Q q 0 0 0 rg BT 396.02 358.10 Td (. However) Tj ET Q q 0 0 0 rg BT 437.27 358.10 Td (, there are certain exceptions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (to this rule. In particular:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 322.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 322.10 Td (part of the income and gain recognized by certain qualified employee pension trusts with respect to our common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 310.10 Td (shares may be treated as unrelated business taxable income if our stock is predominately held by qualified ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 298.10 Td (employee pension trusts, we are required to rely on a special look through rule for purposes of meeting one of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 286.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 126.04 286.10 Td ( stock ownership tests, and we are not operated in such a manner as to otherwise avoid treatment of such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 274.10 Td (income or gain as unrelated business taxable income;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 262.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 262.10 Td (part of the income and gain recognized by a tax exempt investor with respect to our common shares would ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 250.10 Td (constitute unrelated business taxable income if such investor incurs debt in order to acquire the common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 238.10 Td (shares;and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 226.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 226.10 Td (part or all of the income or gain recognized with respect to our common shares by social clubs, voluntary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 214.10 Td (employee benefit associations, supplemental unemployment benefit trusts and qualified group legal services plans ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 202.10 Td (which are exempt from federal income taxation under Sections501\(c\)\(7\), \(9\), \(17\), or \(20\)of the Code may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 190.10 Td (treated as unrelated business taxable income.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 166.10 Td (Investors may realize taxable income without receiving cash distributions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 142.10 Td (If stockholders participate in the dividend reinvestment plan, they will be required to take into account, in computing their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (taxable income, ordinary and capital gain distributions allocable to shares they own, even though they receive no cash because ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (such distributions are reinvested. In addition, the dif) Tj ET Q q 0 0 0 rg BT 258.38 118.10 Td (ference between the public of) Tj ET Q q 0 0 0 rg BT 376.47 118.10 Td (fering price of our shares and the amount paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (for shares purchased pursuant to our dividend reinvestment plan may be deemed to be taxable as income to participants in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (plan.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 51 0 obj <> endobj 52 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (23) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 742.25 Td (Foreign investors may be subject to FIRPT) Tj ET Q q 0 0 0 rg BT 236.23 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 242.34 742.25 Td ( tax on sale of common shares if we are unable to qualify as a domestically ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 730.25 Td (controlled REIT) Tj ET Q q 0 0 0 rg BT 130.59 730.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.25 Td (A) Tj ET Q q 0 0 0 rg BT 74.67 706.25 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (principally of U.S.real property interests is generally subject to a tax, known as FIRPT) Tj ET Q q 0 0 0 rg BT 397.73 694.25 Td (A) Tj ET Q q 0 0 0 rg BT 404.40 694.25 Td ( tax, on the gain recognized on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (disposition. Such FIRPT) Tj ET Q q 0 0 0 rg BT 147.83 682.25 Td (A) Tj ET Q q 0 0 0 rg BT 154.50 682.25 Td ( tax does not apply) Tj ET Q q 0 0 0 rg BT 229.39 682.25 Td (, however) Tj ET Q q 0 0 0 rg BT 268.42 682.25 Td (, to the disposition of stock in a REIT) Tj ET Q q 0 0 0 rg BT 418.50 682.25 Td ( if the REIT) Tj ET Q q 0 0 0 rg BT 466.36 682.25 Td ( is domestically ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (controlled. ) Tj ET Q q 0 0 0 rg BT 99.43 670.25 Td (A) Tj ET Q q 0 0 0 rg BT 106.10 670.25 Td ( REIT) Tj ET Q q 0 0 0 rg BT 130.63 670.25 Td ( is domestically controlled if less than 50% of the REIT's capital stock, by value, has been owned directly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (or indirectly by persons who are not qualifying U.S.persons during a continuous five-year period ending on the date of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (disposition or) Tj ET Q q 0 0 0 rg BT 104.33 646.25 Td (, if shorter) Tj ET Q q 0 0 0 rg BT 145.30 646.25 Td (, during the entire period of the REIT's existence.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 622.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 622.25 Td (e cannot assure our stockholders that we will qualify as a domestically controlled REIT) Tj ET Q q 0 0 0 rg BT 434.40 622.25 Td (. If we were to fail to so ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (qualify) Tj ET Q q 0 0 0 rg BT 77.68 610.25 Td (, gains realized by foreign investors on a sale of our common shares would be subject to FIRPT) Tj ET Q q 0 0 0 rg BT 459.01 610.25 Td (A) Tj ET Q q 0 0 0 rg BT 465.68 610.25 Td ( tax, unless our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (common shares were traded on an established securities market and the foreign investor did not at any time during a specified ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (testing period directly or indirectly own more than 5% of the value of our outstanding common shares. Our common shares are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (not currently traded on an established securities market.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 550.25 Td (In certain circumstances, we may be subject to federal and state income taxes as a REIT or other state or local income ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 538.25 Td (taxes, which would reduce our cash available to pay distributions to our stockholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 514.25 Td (Even if we qualify and maintain our status as a REIT) Tj ET Q q 0 0 0 rg BT 279.42 514.25 Td (, we may be subject to federal income taxes or state taxes. For ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (example, if we have net income from a prohibited transaction, such income will be subject to a 100% tax. ) Tj ET Q q 0 0 0 rg BT 483.56 502.25 Td (W) Tj ET Q q 0 0 0 rg BT 492.20 502.25 Td (e may not be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (able to make suf) Tj ET Q q 0 0 0 rg BT 115.63 490.25 Td (ficient distributions to avoid paying federal income tax and/or the 4% excise tax that generally applies to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (income retained by a REIT) Tj ET Q q 0 0 0 rg BT 157.55 478.25 Td (. ) Tj ET Q q 0 0 0 rg BT 162.37 478.25 Td (W) Tj ET Q q 0 0 0 rg BT 171.01 478.25 Td (e may also decide to retain income we earn from the sale or other disposition of our property and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (pay income tax directly on such income. In that event, our stockholders would be treated as if they earned that income and paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (the tax on it directly) Tj ET Q q 0 0 0 rg BT 129.88 454.25 Td (. However) Tj ET Q q 0 0 0 rg BT 171.13 454.25 Td (, stockholders that are tax-exempt, such as charities or qualified pension plans, would have no ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (benefit from their deemed payment of such tax liability) Tj ET Q q 0 0 0 rg BT 270.39 442.25 Td (. ) Tj ET Q q 0 0 0 rg BT 275.21 442.25 Td (W) Tj ET Q q 0 0 0 rg BT 283.85 442.25 Td (e may also be subject to state and local taxes on our income or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (property) Tj ET Q q 0 0 0 rg BT 83.23 430.25 Td (, either directly or at the level of the Operating Partnership or at the level of the other companies through which we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (indirectly own our assets.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 394.25 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 394.25 Td (e have entered, and may continue to enter into certain hedging transactions which may have a potential impact on our ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 382.25 Td (REIT status.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 358.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 358.25 Td (e have entered into hedging transactions with respect to one or more of our assets or liabilities and may continue to enter ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (into similar transactions in the future. Our hedging activities may include entering into interest rate and/or foreign currency ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (swaps, caps, and floors, options to purchase these items, and futures and forward contracts.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 310.25 Td (Thegrossincometests generally exclude any income or gain from a hedging or similar transaction entered into by the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 72.04 298.25 Td ( primarily to manage the risk of interest rate, price changes or currency fluctuations with respect to borrowings made or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (to be made to acquire or carry real estate assets orto manage the risk of currency fluctuations with respect to an item ofincome ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (or gain that would be qualifying income under the 75% or 95% gross income test\(or any property which generates such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (income or gain\), provided we properly identify such hedges and other transactions in the manner required by the Code. ) Tj ET Q q 0 0 0 rg BT 528.29 262.25 Td (T) Tj ET Q q 0 0 0 rg BT 533.70 262.25 Td (o the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (extent that we do not properly identify such transactions as hedges or we hedge with other types of financial instruments, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (hedge other types of indebtedness, the income from those transactions is likely to be treated as non-qualifying income for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (purposes of the gross income tests and may af) Tj ET Q q 0 0 0 rg BT 233.67 226.25 Td (fect our ability to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 375.38 226.25 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 202.25 Td (Dividends payable by REIT) Tj ET Q q 0 0 0 rg BT 171.12 202.25 Td (s do not qualify for the reduced tax rates available for some dividends. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 178.25 Td (The maximum tax rate applicable to income from qualified dividends payable to U.S. stockholders that are individuals, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (trusts or estates is currently 20% \(commencing in 2013\). Dividends payable by REIT) Tj ET Q q 0 0 0 rg BT 390.06 166.25 Td (s, however) Tj ET Q q 0 0 0 rg BT 432.98 166.25 Td (, generally are not eligible for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (the reduced rates. ) Tj ET Q q 0 0 0 rg BT 122.56 154.25 Td (The more favorable rates applicable to regular corporate qualified dividends could cause investors who are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (individuals, trusts or estates to perceive investments in our common shares to be relatively less attractive than investments in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (the stocks of non-REIT) Tj ET Q q 0 0 0 rg BT 143.41 130.25 Td ( corporations that pay dividends, which could adversely af) Tj ET Q q 0 0 0 rg BT 376.78 130.25 Td (fect the value of our common shares.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 106.25 Td (Investments in other REIT) Tj ET Q q 0 0 0 rg BT 168.38 106.25 Td (s and real estate partnerships could subject us to the tax risks associated with the tax status of ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 94.25 Td (such entities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 70.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 70.25 Td (e have invested in the securities of other REIT) Tj ET Q q 0 0 0 rg BT 261.43 70.25 Td (s and real estate partnerships. Such investments are subject to the risk that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (any such REIT) Tj ET Q q 0 0 0 rg BT 109.80 58.25 Td ( or partnership may fail to satisfy the requirements to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 395.38 58.25 Td ( or a partnership, as the case may be, in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (any given taxable year) Tj ET Q q 0 0 0 rg BT 139.68 46.25 Td (. In the case of a REIT) Tj ET Q q 0 0 0 rg BT 229.18 46.25 Td (, such failure would subject such entity to taxation as a corporation. Failure to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 53 0 obj <> endobj 54 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (qualify as a REIT) Tj ET Q q 0 0 0 rg BT 120.63 742.10 Td ( may require such REIT) Tj ET Q q 0 0 0 rg BT 216.53 742.10 Td ( to incur indebtedness to pay its tax liabilities, may reduce its ability to make ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (distributions to us, and may render it ineligible to elect REIT) Tj ET Q q 0 0 0 rg BT 293.38 730.10 Td ( status prior to the fifth taxable year following the year in which it ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (fails to so qualify) Tj ET Q q 0 0 0 rg BT 119.06 718.10 Td (. In the case of a partnership, such failure could subject such partnership to an entity level tax and reduce the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (entity's ability to make distributions to us. In addition, such failures could, depending on the circumstances, jeopardize our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (ability to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 158.40 694.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 670.10 Td (Complying with the REIT requirements may cause us to forego otherwise attractive opportunities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (T) Tj ET Q q 0 0 0 rg BT 73.41 646.10 Td (o qualify as a REIT) Tj ET Q q 0 0 0 rg BT 151.54 646.10 Td ( for U.S.federal income tax purposes, we must continually satisfy tests concerning, among other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (the ownership of shares of our common stock. ) Tj ET Q q 0 0 0 rg BT 237.28 622.10 Td (W) Tj ET Q q 0 0 0 rg BT 245.92 622.10 Td (e may be required to forego otherwise attractive opportunities or make ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (distributions to stockholders at disadvantageous times or when we do not have funds readily available for distribution. ) Tj ET Q q 0 0 0 rg BT 525.28 610.10 Td (Thus, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (compliance with the REIT) Tj ET Q q 0 0 0 rg BT 155.62 598.10 Td ( requirements may hinder our ability to operate solely on the basis of maximizing profits.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 574.10 Td (Complying with the REIT requirements may force us to liquidate otherwise attractive investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 550.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 550.10 Td (e must ensure that at the end of each calendar quarter) Tj ET Q q 0 0 0 rg BT 288.91 550.10 Td (, at least 75% of the value of our assets consists of cash, cash items, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (government securities and qualified REIT) Tj ET Q q 0 0 0 rg BT 217.54 538.10 Td ( real estate assets in order to ensure our qualification as a REIT) Tj ET Q q 0 0 0 rg BT 469.49 538.10 Td (. ) Tj ET Q q 0 0 0 rg BT 474.31 538.10 Td (The remainder of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (investments \(other than governmental securities and qualified real estate assets\) generally cannot include more than 10% of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (outstanding voting securities of any one issuer or more than 10% of the total value of the outstanding securities of any one ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (issuer) Tj ET Q q 0 0 0 rg BT 72.78 502.10 Td (. In addition, in general, no more than 5% of the value of our assets \(other than government securities and qualified real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (estate assets\) can consist of the securities of any one issuer) Tj ET Q q 0 0 0 rg BT 284.53 490.10 Td (, and no more than 25% of the value of our total securities can be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (represented by securities of one or more taxable REIT) Tj ET Q q 0 0 0 rg BT 266.40 478.10 Td ( subsidiaries. If we fail to comply with these requirements at the end of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (any calendar quarter) Tj ET Q q 0 0 0 rg BT 131.22 466.10 Td (, we must correct such failure within 30days after the end of the calendar quarter to avoid losing our REIT) Tj ET Q q 0 0 0 rg BT 558.39 466.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (status and suf) Tj ET Q q 0 0 0 rg BT 104.26 454.10 Td (fering adverse tax consequences. ) Tj ET Q q 0 0 0 rg BT 237.81 454.10 Td (As a result, we may be required to liquidate otherwise attractive investments.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 430.10 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 430.10 Td (e may not be able to avoid paying corporate income tax on gains generated from the disposition of our assets by ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 418.10 Td (distributing such gains to our stockholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 394.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 394.10 Td (e might sell or otherwise dispose of our properties and distribute gains from the dispositions to our stockholders in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (manner intended to generate a dividends paid deduction in order to minimize or avoid corporate income tax that we would ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (otherwise pay on such retained gains. Special rules apply with respect to the dividends paid deduction for amounts distributed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (in liquidation of a REIT) Tj ET Q q 0 0 0 rg BT 145.35 358.10 Td (. ) Tj ET Q q 0 0 0 rg BT 150.17 358.10 Td (The IRS might assert that stockholder distributions associated with the dispositions of our assets are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (liquidating distributions even if we have not formally adopted a plan of liquidation. If the IRS were successful, or if we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (otherwise fail to satisfy the rules applicable to liquidating distributions from REIT) Tj ET Q q 0 0 0 rg BT 378.40 334.10 Td (s, we might not be entitled to a dividends ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (paid deduction for such stockholder distributions and we would be subject to corporate income tax on such gains even if such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (gains were distributed to our stockholders.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 286.10 Td (Legislative or regulatory action could adversely af) Tj ET Q q 0 0 0 rg BT 264.90 286.10 Td (fect us and/or our investors.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 262.10 Td (In recent years, numerous legislative, judicial and administrative changes have been made to the U.S.federal income tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (laws applicable to the qualification and taxation of REIT) Tj ET Q q 0 0 0 rg BT 276.45 250.10 Td (s and to investments in REIT) Tj ET Q q 0 0 0 rg BT 392.13 250.10 Td (s and similar entities. ) Tj ET Q q 0 0 0 rg BT 479.06 250.10 Td (Additional changes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (to tax laws are likely to continue to occur in the future and may be given retroactive or prospective ef) Tj ET Q q 0 0 0 rg BT 454.95 238.10 Td (fect, and we cannot assure ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (our stockholders that any such changes will not adversely af) Tj ET Q q 0 0 0 rg BT 290.59 226.10 Td (fect how we are taxed or the taxation of a stockholder) Tj ET Q q 0 0 0 rg BT 504.95 226.10 Td (. ) Tj ET Q q 0 0 0 rg BT 509.39 226.10 Td (Any such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (changes could have an adverse ef) Tj ET Q q 0 0 0 rg BT 183.36 214.10 Td (fect on us and on an investment in shares of our common stock. ) Tj ET Q q 0 0 0 rg BT 440.35 214.10 Td (W) Tj ET Q q 0 0 0 rg BT 448.99 214.10 Td (e ur) Tj ET Q q 0 0 0 rg BT 464.08 214.10 Td (ge our stockholders to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (consult with their own tax advisors with respect to the status of legislative, regulatory or administrative developments and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (proposals and their potential ef) Tj ET Q q 0 0 0 rg BT 173.67 190.10 Td (fect on an investment in shares of our common stock.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 167.25 Td (Item1B.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.66 167.25 Td (Unresolved Staf) Tj ET Q q 0 0 0 rg BT 157.31 167.25 Td (f Comments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 143.25 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 55 0 obj <> endobj 56 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 20.60 Td (25) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 749.25 Td (Item2.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 79.99 749.25 Td (Properties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 725.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.44 725.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.03 725.25 Td (, we owned direct and indirect investments in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.14 725.25 Td (51) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.14 725.25 Td ( properties. ) Tj ET Q q 0 0 0 rg BT 412.45 725.25 Td (These properties consisted of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.86 725.25 Td (37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.86 725.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (U.S. of) Tj ET Q q 0 0 0 rg BT 78.43 713.25 Td (fice properties, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.90 713.25 Td (one) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.34 713.25 Td ( industrial property in Dallas, ) Tj ET Q q 0 0 0 rg BT 275.14 713.25 Td (T) Tj ET Q q 0 0 0 rg BT 280.55 713.25 Td (exas, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.32 713.25 Td (one) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.75 713.25 Td ( industrial property in Brazil and a portfolio of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.32 713.25 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.32 713.25 Td ( grocery-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (anchored shopping centers located in five states primarily in the southeastern United States. ) Tj ET Q q 0 0 0 rg BT 419.16 701.25 Td (These properties contain, in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (aggregate, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.86 689.25 Td (24.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.75 689.25 Td ( square feet of leasable space, and we believe each property is suitable for its intended purpose. ) Tj ET Q q 0 0 0 rg BT 526.04 689.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 677.25 Td (following tables provide summary information regarding the properties in which we owned interests as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.73 677.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.31 677.25 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 613.75 143.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 613.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 613.75 105.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 613.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 613.75 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 613.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 613.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 613.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 613.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 613.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 613.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 587.75 143.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 587.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 587.75 105.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 587.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 587.75 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 587.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 587.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 587.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 587.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 587.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 587.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 561.75 143.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 561.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 561.75 105.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 561.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 561.75 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 561.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 561.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 561.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 561.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 561.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 561.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 535.75 143.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 535.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 535.75 105.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 535.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 535.75 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 535.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 535.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 535.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 535.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 535.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 535.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 509.75 143.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 509.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 509.75 105.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 509.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 509.75 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 509.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 509.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 509.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 509.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 509.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 509.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 483.75 143.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 483.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 483.75 105.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 483.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 483.75 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 483.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 483.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 483.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 483.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 483.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 483.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 457.75 143.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 457.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 457.75 105.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 457.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 457.75 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 457.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 457.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 457.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 457.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 457.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 457.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 431.75 143.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 431.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 431.75 105.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 431.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 431.75 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 431.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 431.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 431.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 431.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 431.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 431.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 405.75 143.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 405.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 405.75 105.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 405.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 405.75 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 405.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 405.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 405.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 405.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 405.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 405.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 379.75 143.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 379.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 379.75 105.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 379.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 379.75 79.00 -13.00 re f /GS0 gs 0.8 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0.9333333333333333 1 rg /GS0 gs 448.50 167.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 167.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 167.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 141.75 143.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 141.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 141.75 105.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 141.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 141.75 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 141.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 141.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 141.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 141.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 141.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 141.75 55.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 626.75 m 193.5 626.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 626.75 m 197.5 626.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 626.75 m 302.5 626.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 626.75 m 306.5 626.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 626.75 m 385.5 626.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 626.75 m 389.5 626.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 626.75 m 444.5 626.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 626.75 m 448.5 626.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 626.75 m 503.5 626.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 626.75 m 507.5 626.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 626.75 m 562.5 626.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 613.75 m 193.5 613.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 613.75 m 197.5 613.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 613.75 m 302.5 613.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 340.75 m 444.5 340.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 340.75 m 503.5 340.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 299.75 m 193.5 299.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 299.75 m 197.5 299.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 299.75 m 302.5 299.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 271.75 m 193.5 271.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 271.75 m 197.5 271.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 271.75 m 302.5 271.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 630.98 Td (Property) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 200.00 630.98 Td (City) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 319.65 646.98 Td (Date ) Tj ET Q q 0 0 0 rg BT 337.20 646.98 Td (Acquir) Tj ET Q q 0 0 0 rg BT 361.06 646.98 Td (ed/) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 311.45 638.98 Td (Acquisition Cost \(in ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 330.60 630.98 Td (millions\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 401.35 638.98 Td (Leasable) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.00 630.98 Td (Squar) Tj ET Q q 0 0 0 rg BT 416.75 630.98 Td (e Feet) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 462.45 638.98 Td (Per) Tj ET Q q 0 0 0 rg BT 474.29 638.98 Td (cent) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.50 630.98 Td (Leased) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 527.45 646.98 Td (Our) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 519.35 638.98 Td (Effective) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 511.55 630.98 Td (Ownership ) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 551.34 634.61 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 617.98 Td (Directly-owned Properties) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 605.00 Td (321 North Clark) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 605.00 Td (Chicago, Illinois) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 321.25 605.00 Td (4/2006; $247.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 605.00 Td (889,744) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 605.00 Td (79) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 605.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.15 605.00 Td (100%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 592.00 Td (Citymark) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 592.00 Td (Dallas, Texas) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.25 592.00 Td (8/2005; $27.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 592.00 Td (218,926) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 592.00 Td (76) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 592.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.15 592.00 Td (100%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 579.00 Td (4050/4055 Corporate Drive) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 579.00 Td (Dallas, Texas) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.25 579.00 Td (5/2008; $42.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 579.00 Td (643,429) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 579.00 Td (85) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 579.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.15 579.00 Td (100%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 566.00 Td (JPMorgan Chase Tower) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 566.00 Td (Dallas, Texas) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 319.40 566.00 Td (11/2007; $289.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 409.25 566.00 Td (1,253,343) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 566.00 Td (80) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 566.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.15 566.00 Td (100%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 553.00 Td (345 Inverness Drive) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 553.00 Td (Denver, Colorado) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 321.25 553.00 Td (12/2008; $25.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 553.00 Td (175,287) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 553.00 Td (69) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 553.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.15 553.00 Td (100%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 540.00 Td (Arapahoe Business Park) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 540.00 Td (Denver, Colorado) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 321.25 540.00 Td (12/2008; $40.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 540.00 Td (309,450) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 540.00 Td (92) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 540.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.15 540.00 Td (100%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 527.00 Td (Raytheon/DIRECTV Buildings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 527.00 Td (El Segundo, California) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 321.25 527.00 Td (3/2008; $120.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 527.00 Td (550,579) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.30 527.00 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 527.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.15 527.00 Td (100%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 514.00 Td (2100 Powell) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 514.00 Td (Emeryville, California) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 319.25 514.00 Td (12/2006; $144.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 514.00 Td (345,892) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.30 514.00 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 514.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.15 514.00 Td (100%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 501.00 Td (W) Tj ET Q q 0 0 0 rg BT 60.23 501.00 Td (illiams ) Tj ET Q q 0 0 0 rg BT 83.86 501.00 Td (T) Tj ET Q q 0 0 0 rg BT 88.19 501.00 Td (ower) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 104.18 504.63 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 501.00 Td (Houston, Texas) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 321.25 501.00 Td (5/2008; $271.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 409.25 501.00 Td (1,479,764) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 501.00 Td (97) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 501.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.15 501.00 Td (100%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 488.00 Td (2555 Grand) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 488.00 Td (Kansas City, Missouri) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 321.25 488.00 Td (2/2008; $155.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 488.00 Td (595,607) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.30 488.00 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 488.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.15 488.00 Td (100%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 475.00 Td (One Wilshire) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 475.00 Td (Los Angeles, California) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 321.25 475.00 Td (8/2007; $287.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 475.00 Td (661,553) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 475.00 Td (94) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 475.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.15 475.00 Td (100%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 462.00 Td (3 Huntington Quadrangle) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 462.00 Td (Melville, New York) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.25 462.00 Td (7/2007; $87.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 462.00 Td (407,912) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 462.00 Td (80) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 462.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.15 462.00 Td (100%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 449.00 Td (Airport Corporate Center) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 449.00 Td (Miami, Florida) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 321.25 449.00 Td (1/2006; $156.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 409.25 449.00 Td (1,018,428) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 449.00 Td (80) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 449.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.15 449.00 Td (100%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 436.00 Td (Minneapolis Office/Flex Portfolio) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 436.00 Td (Minneapolis, Minnesota) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.25 436.00 Td (9/2007; $87.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 436.00 Td (770,139) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 436.00 Td (78) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 436.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.15 436.00 Td (100%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 423.00 Td (3400 Data Drive) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 423.00 Td (Rancho Cordova, California) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 321.40 423.00 Td (11/2006; $32.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 423.00 Td (149,703) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.30 423.00 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 423.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.15 423.00 Td (100%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 410.00 Td (Daytona Buildings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 410.00 Td (Redmond, Washington) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 321.25 410.00 Td (12/2006; $99.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 410.00 Td (251,313) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.30 410.00 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 410.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.15 410.00 Td (100%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 397.00 Td (Laguna Buildings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 397.00 Td (Redmond, Washington) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 321.40 397.00 Td (1/2007; $118.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 397.00 Td (460,661) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 397.00 Td (89) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 397.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.15 397.00 Td (100%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 384.00 Td (1515 S Street) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 384.00 Td (Sacramento, California) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 321.40 384.00 Td (11/2005; $66.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 384.00 Td (349,740) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.30 384.00 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 384.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.15 384.00 Td (100%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 371.00 Td (1900 and 2000 Alameda) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 371.00 Td (San Mateo, California) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.25 371.00 Td (6/2005; $59.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 371.00 Td (254,145) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 371.00 Td (94) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 371.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.15 371.00 Td (100%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 358.00 Td (Seattle Design Center) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 358.00 Td (Seattle, Washington) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.25 358.00 Td (6/2007; $56.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 358.00 Td (390,684) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 358.00 Td (70) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 358.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.15 358.00 Td (100%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 345.00 Td (5th and Bell) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 345.00 Td (Seattle, Washington) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.25 345.00 Td (6/2007; $72.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 345.00 Td (197,135) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 345.00 Td (38) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 345.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.15 345.00 Td (100%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 331.98 Td (Total for Directly-Owned Properties) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 405.25 332.00 Td (11,373,434) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 332.00 Td (87) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 332.00 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 303.98 Td (Indirectly-owned Properties) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 275.98 Td (Core Fund Properties) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 263.00 Td (One Atlantic Center) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 263.00 Td (Atlanta, Georgia) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 321.25 263.00 Td (7/2006; $305.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 409.25 263.00 Td (1,100,312) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 263.00 Td (91) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 263.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.15 263.00 Td (22%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 250.00 Td (The Carillon Building) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 250.00 Td (Charlotte, North Carolina) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 321.25 250.00 Td (7/2007; $140.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 250.00 Td (473,405) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 250.00 Td (79) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 250.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.15 250.00 Td (22%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 237.00 Td (Charlotte Plaza) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 237.00 Td (Charlotte, North Carolina) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 321.25 237.00 Td (6/2007; $175.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 237.00 Td (625,026) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 237.00 Td (91) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 237.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.15 237.00 Td (22%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 224.00 Td (One North Wacker) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 224.00 Td (Chicago, Illinois) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 321.25 224.00 Td (3/2008; $540.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 409.25 224.00 Td (1,373,754) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 224.00 Td (91) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 224.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.15 224.00 Td (11%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 211.00 Td (333 West Wacker) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 211.00 Td (Chicago, Illinois) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 321.25 211.00 Td (4/2006; $223.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 211.00 Td (857,558) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 211.00 Td (77) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 211.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.15 211.00 Td (18%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 198.00 Td (425 Lexington Avenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 198.00 Td (New York, New York) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 321.25 198.00 Td (8/2003; $358.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 198.00 Td (700,034) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.30 198.00 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 198.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.15 198.00 Td (11%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 185.00 Td (499 Park Avenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 185.00 Td (New York, New York) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 321.25 185.00 Td (8/2003; $153.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 185.00 Td (296,005) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 185.00 Td (91) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 185.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.15 185.00 Td (11%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 172.00 Td (Renaissance Square) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 172.00 Td (Phoenix, Arizona) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 319.25 172.00 Td (12/2007; $270.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 172.00 Td (965,508) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 172.00 Td (74) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 172.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.15 172.00 Td (22%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 159.00 Td (Riverfront Plaza) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 159.00 Td (Richmond, Virginia) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 319.40 159.00 Td (11/2006; $277.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 159.00 Td (951,616) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 159.00 Td (98) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 159.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.15 159.00 Td (22%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 146.00 Td (Douglas Corporate Center) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 146.00 Td (Roseville, California) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.25 146.00 Td (5/2007; $65.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 146.00 Td (214,606) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 146.00 Td (89) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 146.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.15 146.00 Td (18%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 133.00 Td (Wells Fargo Center) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 133.00 Td (Sacramento, California) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 321.25 133.00 Td (5/2007; $224.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 133.00 Td (502,365) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 133.00 Td (82) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 133.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.15 133.00 Td (18%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 120.00 Td (525 B Street) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 120.00 Td (San Diego, California) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 321.40 120.00 Td (8/2005; $116.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 120.00 Td (449,180) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 120.00 Td (78) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 120.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.15 120.00 Td (22%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 57 0 obj <> endobj 58 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 20.60 Td (26) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 726.50 137.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg 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/F2 8.00 Tf ET q 0 0 0 rg BT 307.75 717.75 Td (9/2004; $148.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 717.75 Td (379,328) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 717.75 Td (93) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 717.75 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.65 717.75 Td (22%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 704.75 Td (101 Second Street) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 194.00 704.75 Td (San Francisco, California) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.75 704.75 Td (9/2004; $157.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 704.75 Td (388,370) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 704.75 Td (94) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 704.75 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.65 704.75 Td (22%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 691.75 Td (720 Olive Way) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 194.00 691.75 Td (Seattle, Washington) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 309.75 691.75 Td (1/2006; $83.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 691.75 Td (300,710) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 691.75 Td (86) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 691.75 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.65 691.75 Td (18%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 678.75 Td (1200 19th Street) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 194.00 678.75 Td (Washington, D.C.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 309.75 678.75 Td (8/2003; $69.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 678.75 Td (337,578) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 678.75 Td (86) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 678.75 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.65 678.75 Td (11%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 665.75 Td (Warner Center) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 194.00 665.75 Td (Woodland Hills, California) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.90 665.75 Td (10/2006; $311.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 665.75 Td (808,274) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 665.75 Td (90) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 665.75 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.65 665.75 Td (18%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 652.73 Td (Total for Core Fund Properties) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 652.75 Td (10,723,629) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 652.75 Td (88) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 652.75 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 626.73 Td (Grocery-Anchored Portfolio) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 613.75 Td (Cherokee Plaza) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 194.00 613.75 Td (Atlanta, Georgia) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.20 613.75 Td (1) Tj ET Q q 0 0 0 rg BT 317.90 613.75 Td (1/2008;) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 342.35 617.38 Td ( \(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 613.75 Td (104,060) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.25 613.75 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 613.75 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.65 613.75 Td (70%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 600.75 Td (Bellaire Boulevard Center) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 194.00 600.75 Td (Bellaire, Texas) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.20 600.75 Td (1) Tj ET Q q 0 0 0 rg BT 317.90 600.75 Td (1/2008;) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 342.35 604.38 Td ( \(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 600.75 Td (35,081) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.25 600.75 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 600.75 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.65 600.75 Td (70%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 587.75 Td (Thompson Bridge Commons) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 194.00 587.75 Td (Gainesville, Georgia) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 309.75 587.75 Td (3/2009; $15.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 587.75 Td (92,587) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 587.75 Td (95) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 587.75 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.65 587.75 Td (70%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 574.75 Td (Champions Village) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 194.00 574.75 Td (Houston, Texas) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.20 574.75 Td (1) Tj ET Q q 0 0 0 rg BT 317.90 574.75 Td (1/2008;) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 342.35 578.38 Td ( \(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 574.75 Td (384,400) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 574.75 Td (96) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 574.75 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.65 574.75 Td (70%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 561.75 Td (Kings Crossing) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 194.00 561.75 Td (Kingwood, Texas) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.20 561.75 Td (1) Tj ET Q q 0 0 0 rg BT 317.90 561.75 Td (1/2008;) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 342.35 565.38 Td ( \(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 561.75 Td (126,397) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.25 561.75 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 561.75 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.65 561.75 Td (70%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 548.75 Td (Sandy Plains Exchange) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 194.00 548.75 Td (Marietta, Georgia) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 309.75 548.75 Td (2/2009; $12.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 548.75 Td (72,784) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 548.75 Td (95) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 548.75 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.65 548.75 Td (70%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 535.75 Td (Commons at Dexter Lakes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 194.00 535.75 Td (Memphis, Tennessee) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 313.85 535.75 Td (1) Tj ET Q q 0 0 0 rg BT 317.55 535.75 Td (1/2008; ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 344.00 539.38 Td (\(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 535.75 Td (228,796) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 535.75 Td (87) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 535.75 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.65 535.75 Td (70%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 522.75 Td (Mendenhall Commons) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 194.00 522.75 Td (Memphis, Tennessee) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.20 522.75 Td (1) Tj ET Q q 0 0 0 rg BT 317.90 522.75 Td (1/2008;) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 342.35 526.38 Td ( \(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 522.75 Td (88,108) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 522.75 Td (99) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 522.75 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.65 522.75 Td (70%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 509.75 Td (University Palms Shopping Center) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 194.00 509.75 Td (Oviedo, Florida) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.20 509.75 Td (1) Tj ET Q q 0 0 0 rg BT 317.90 509.75 Td (1/2008;) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 342.35 513.38 Td ( \(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 509.75 Td (99,172) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 509.75 Td (96) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 509.75 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.65 509.75 Td (70%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 496.75 Td (Shoppes at Parkland) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 194.00 496.75 Td (Parkland, Florida) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 309.75 496.75 Td (3/2009; $27.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 496.75 Td (145,543) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 496.75 Td (99) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 496.75 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.65 496.75 Td (70%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 483.75 Td (Oak Park Village) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 194.00 483.75 Td (San Antonio, Texas) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.20 483.75 Td (1) Tj ET Q q 0 0 0 rg BT 317.90 483.75 Td (1/2008;) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 342.35 487.38 Td ( \(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 483.75 Td (64,287) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.25 483.75 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 483.75 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.65 483.75 Td (70%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 470.75 Td (Heritage Station) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 194.00 470.75 Td (Wake Forest, North Carolina) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 309.75 470.75 Td (1/2009; $10.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 470.75 Td (68,641) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 470.75 Td (98) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 470.75 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.65 470.75 Td (70%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 457.73 Td (Total for Grocery-Anchored Portfolio) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.25 457.75 Td (1,509,856) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 457.75 Td (96) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 457.75 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 431.73 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 418.75 Td (Distribution Park Rio ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 123.89 422.38 Td (\(4\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 194.00 418.75 Td (Rio de Janeiro, Brazil) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 306.70 418.75 Td (7/2007: $53.7) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 351.15 422.38 Td (\(5\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 418.75 Td (690,579) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 418.75 Td (94) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 418.75 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.65 418.75 Td (50%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 405.73 Td (Total for All Properties) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 405.75 Td (24,297,498) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 405.75 Td (88) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 405.75 Td (%) Tj ET Q BT /F2 5.20 Tf ET q 0 0 0 rg BT 489.00 409.86 Td (\(6\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.00 378.00 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 378.00 Td (This percentage shows the ef) Tj ET Q q 0 0 0 rg BT 202.89 378.00 Td (fective ownership of the Operating Partnership in the properties listed. On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.70 378.00 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 366.00 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 366.00 Td (, Hines REIT) Tj ET Q q 0 0 0 rg BT 159.87 366.00 Td ( owned a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.46 366.00 Td (94.7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.29 366.00 Td ( interest in the Operating Partnership as its sole general partner) Tj ET Q q 0 0 0 rg BT 475.33 366.00 Td (. ) Tj ET Q q 0 0 0 rg BT 479.78 366.00 Td (Af) Tj ET Q q 0 0 0 rg BT 490.15 366.00 Td (filiates of Hines ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 354.00 Td (owned the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.92 354.00 Td (5.3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.75 354.00 Td ( interest in the Operating Partnership. In addition, we owned an approximate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.55 354.00 Td (27.1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.38 354.00 Td ( non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 342.00 Td (managing general partner interest in the Core Fund as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.26 342.00 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.85 342.00 Td (. ) Tj ET Q q 0 0 0 rg BT 398.67 342.00 Td (The Core Fund does not own 100% of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 330.00 Td (its properties; its ownership interest in its properties ranges from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.50 330.00 Td (40.6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.33 330.00 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.11 330.00 Td (82.8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.94 330.00 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.00 306.00 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 306.00 Td (On March 2013, we sold ) Tj ET Q q 0 0 0 rg BT 188.47 306.00 Td (W) Tj ET Q q 0 0 0 rg BT 197.51 306.00 Td (illiams ) Tj ET Q q 0 0 0 rg BT 227.05 306.00 Td (T) Tj ET Q q 0 0 0 rg BT 232.46 306.00 Td (ower for a net contract sales price of $412.0 million, which we acquired in May ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 294.00 Td (2008 for a net contract purchase price of $271.5 million. ) Tj ET Q q 0 0 0 rg BT 317.58 294.00 Td (W) Tj ET Q q 0 0 0 rg BT 326.22 294.00 Td (e received net proceeds of $) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.10 294.00 Td (228.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.00 294.00 Td ( in relation to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 282.00 Td (this sale.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.00 264.00 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 264.00 Td (These properties were purchased as part of a portfolio that included eight properties for a purchase price of $205.1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 252.00 Td (million.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.00 234.00 Td (\(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 234.00 Td (As of December 31, 2012, we owned a 50% indirect interest in Distribution Park Rio, an industrial property located in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 222.00 Td (Rio de Janeiro, Brazil, through a joint venture with Hines Calpers Brazil \(HCB\), an af) Tj ET Q q 0 0 0 rg BT 439.78 222.00 Td (filiate of Hines. ) Tj ET Q q 0 0 0 rg BT 504.58 222.00 Td (W) Tj ET Q q 0 0 0 rg BT 513.22 222.00 Td (e formed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 210.00 Td (the joint venture in June 2007 with an initial investment of $28.9 million. Subsequent to December 31, 2012, we sold ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 198.00 Td (our 50% indirect interest in Distribution Park Rio. See Item 7. Management) Tj ET Q q 0 0 0 rg BT 395.27 198.00 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 464.44 198.00 Td (Analysis of Financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 186.00 Td (Condition and Results of Operations Executive Summary for further information.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.00 168.00 Td (\(5\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 168.00 Td (This amount was converted from 103.7 million BRL) Tj ET Q q 0 0 0 rg BT 297.16 168.00 Td ( using the currency exchange rate in ef) Tj ET Q q 0 0 0 rg BT 451.62 168.00 Td (fect as of the date of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 156.00 Td (acquisition.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.00 138.00 Td (\(6\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 138.00 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 521.95 138.00 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 126.00 Td (percentage leasedbased on our ef) Tj ET Q q 0 0 0 rg BT 221.47 126.00 Td (fective ownership interest in each property is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.91 126.00 Td (88%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.24 126.00 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 59 0 obj <> endobj 60 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 20.60 Td (27) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 749.25 Td (Lease Expirations) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 725.25 Td (Dir) Tj ET Q q 0 0 0 rg BT 72.52 725.25 Td (ectly-Owned Pr) Tj ET Q q 0 0 0 rg BT 135.18 725.25 Td (operties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 701.25 Td (The following table lists, on an aggregate basis, all of the scheduled lease expirations for each of the years ending ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.58 689.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 689.25 Td ( through December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.28 689.25 Td (2022) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.28 689.25 Td ( and thereafter for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.39 689.25 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.39 689.25 Td ( properties we owned directly as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.40 689.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 677.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 677.25 Td (. ) Tj ET Q q 0 0 0 rg BT 74.82 677.25 Td (The table shows the approximate leasable square feet represented by the applicable lease expirations:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 615.75 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 615.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 615.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 615.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 615.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 615.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 615.75 106.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 585.75 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 585.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 585.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 585.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 585.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 585.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 585.75 106.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 555.75 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 555.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 555.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 555.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 555.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 555.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 555.75 106.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 525.75 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 525.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 525.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 525.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 525.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 525.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 525.75 106.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 495.75 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 495.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 495.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 495.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 495.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 495.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 495.75 106.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 465.75 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 465.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 465.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 465.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 465.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 465.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 465.75 106.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 639.75 m 452.5 639.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 639.75 m 456.5 639.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 639.75 m 562.5 639.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 615.75 m 314.5 615.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 615.75 m 383.5 615.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 615.75 m 452.5 615.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 615.75 m 562.5 615.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 444.15 644.43 Td (Leasable Area) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 620.43 Td (Y) Tj ET Q q 0 0 0 rg BT 59.11 620.43 Td (ear) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 327.35 630.43 Td (Number) Tj ET Q q 0 0 0 rg BT 362.72 630.43 Td ( of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 336.30 620.43 Td (Leases) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 391.25 630.43 Td (Appr) Tj ET Q q 0 0 0 rg BT 413.85 630.43 Td (oximate ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 393.90 620.43 Td (Squar) Tj ET Q q 0 0 0 rg BT 419.84 620.43 Td (e Feet) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 475.20 630.43 Td (Per) Tj ET Q q 0 0 0 rg BT 490.00 630.43 Td (cent of ) Tj ET Q q 0 0 0 rg BT 520.92 630.43 Td (T) Tj ET Q q 0 0 0 rg BT 526.67 630.43 Td (otal ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 478.65 620.43 Td (Leasable ) Tj ET Q q 0 0 0 rg BT 518.38 620.43 Td (Ar) Tj ET Q q 0 0 0 rg BT 529.86 620.43 Td (ea) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 605.42 Td (Vacant) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 605.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 605.42 Td (1,523,608) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 605.42 Td (13.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 605.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 590.42 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 590.42 Td (96) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 590.42 Td (826,379) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 590.42 Td (7.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 590.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 575.42 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 575.42 Td (63) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 575.42 Td (427,496) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 575.42 Td (3.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 575.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 560.42 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 560.42 Td (70) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 560.42 Td (846,907) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 560.42 Td (7.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 560.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 545.42 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 545.42 Td (64) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 545.42 Td (817,460) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 545.42 Td (7.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 545.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 530.42 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 530.42 Td (55) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 530.42 Td (1,194,557) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 530.42 Td (10.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 530.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 515.42 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 515.42 Td (37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 515.42 Td (1,593,904) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 515.42 Td (14.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 515.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 500.42 Td (2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 500.42 Td (19) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 500.42 Td (503,592) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 500.42 Td (4.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 500.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 485.42 Td (2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 485.42 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 485.42 Td (469,429) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 485.42 Td (4.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 485.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 470.42 Td (2021) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 470.42 Td (16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 470.42 Td (783,599) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 470.42 Td (6.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 470.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 455.42 Td (2022) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 455.42 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 455.42 Td (439,352) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 455.42 Td (3.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 455.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 440.42 Td (Thereafter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 440.42 Td (18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 440.42 Td (1,947,151) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 440.42 Td (17.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 440.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 412.25 Td (Indir) Tj ET Q q 0 0 0 rg BT 87.63 412.25 Td (ectly-Owned Pr) Tj ET Q q 0 0 0 rg BT 150.29 412.25 Td (operties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 388.25 Td (The following table lists all of the scheduled lease expirations for each of the years ending December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.35 388.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.35 388.25 Td ( through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 376.25 Td (December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.58 376.25 Td (2022) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 376.25 Td ( and thereafter for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.70 376.25 Td (30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.70 376.25 Td ( properties in which we owned an indirect interest as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.80 376.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.38 376.25 Td (. ) Tj ET Q q 0 0 0 rg BT 535.20 376.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 364.25 Td (table shows the approximate leasable square feet represented by the applicable lease expirations represents a 100% interest in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 352.25 Td (each of the properties:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 290.75 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 290.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 290.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 290.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 290.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 290.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 290.75 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 260.75 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 260.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 260.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 260.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 260.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 260.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 260.75 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 230.75 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 230.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 230.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 230.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 230.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 230.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 230.75 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 200.75 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 200.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 200.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 200.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 200.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 200.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 200.75 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 170.75 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 170.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 170.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 170.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 170.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 170.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 170.75 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 140.75 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 140.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 140.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 140.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 140.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 140.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 140.75 107.00 -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 386.5 314.75 m 451.5 314.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 314.75 m 455.5 314.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 314.75 m 562.5 314.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 290.75 m 313.5 290.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 290.75 m 382.5 290.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 290.75 m 451.5 290.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 290.75 m 562.5 290.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 443.65 319.43 Td (Leasable Area) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 295.43 Td (Year) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 326.35 305.43 Td (Number) Tj ET Q q 0 0 0 rg BT 361.72 305.43 Td ( of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 335.30 295.43 Td (Leases) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 390.25 305.43 Td (Appr) Tj ET Q q 0 0 0 rg BT 412.85 305.43 Td (oximate ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 392.90 295.43 Td (Squar) Tj ET Q q 0 0 0 rg BT 418.84 295.43 Td (e Feet) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 474.70 305.43 Td (Per) Tj ET Q q 0 0 0 rg BT 489.50 305.43 Td (cent of ) Tj ET Q q 0 0 0 rg BT 520.42 305.43 Td (T) Tj ET Q q 0 0 0 rg BT 526.17 305.43 Td (otal ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 478.15 295.43 Td (Leasable ) Tj ET Q q 0 0 0 rg BT 517.88 295.43 Td (Ar) Tj ET Q q 0 0 0 rg BT 529.36 295.43 Td (ea) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 280.42 Td (Vacant) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.50 280.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.65 280.42 Td (1,419,459) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 280.42 Td (11.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 280.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 265.42 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.00 265.42 Td (142) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.65 265.42 Td (1,182,752) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 265.42 Td (9.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 265.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 250.42 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.00 250.42 Td (107) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.65 250.42 Td (1,107,988) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 250.42 Td (8.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 250.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 235.42 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.00 235.42 Td (103) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.65 235.42 Td (1,190,212) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 235.42 Td (9.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 235.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 220.42 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.50 220.42 Td (83) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 220.42 Td (680,489) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 220.42 Td (5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 220.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 205.42 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.00 205.42 Td (108) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.65 205.42 Td (1,144,346) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 205.42 Td (8.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 205.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 190.42 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.50 190.42 Td (42) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.65 190.42 Td (1,261,772) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 190.42 Td (9.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 190.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 175.42 Td (2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.50 175.42 Td (27) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 175.42 Td (672,190) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 175.42 Td (5.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 175.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 160.42 Td (2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.50 160.42 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 160.42 Td (576,268) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 160.42 Td (4.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 160.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 145.42 Td (2021) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.50 145.42 Td (25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 145.42 Td (833,030) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 145.42 Td (6.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 145.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 130.42 Td (2022) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.50 130.42 Td (25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 130.42 Td (957,549) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 130.42 Td (7.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 130.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 115.42 Td (Thereafter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.50 115.42 Td (31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.65 115.42 Td (1,898,009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 115.42 Td (14.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 115.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 61 0 obj <> endobj 62 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 20.60 Td (28) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 65.00 749.10 Td ( ) Tj ET Q q 0 0 0 rg BT 67.32 749.10 Td (All Pr) Tj ET Q q 0 0 0 rg BT 91.11 749.10 Td (operties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 725.10 Td (The following table lists our pro-rata share of the scheduled lease expirations for each of the years ending December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 713.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 713.10 Td ( through December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.69 713.10 Td (2022) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.69 713.10 Td ( and thereafter for all of the properties in which we owned an interest as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.69 713.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 701.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 701.10 Td (. ) Tj ET Q q 0 0 0 rg BT 74.82 701.10 Td (The table shows the approximate leasable square feet represented by the applicable lease expirations:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 647.60 271.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 647.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 647.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 647.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 647.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 647.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 647.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 617.60 271.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 617.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 617.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 617.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 617.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 617.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 617.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 587.60 271.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 587.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 587.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 587.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 587.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 587.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 587.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 557.60 271.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 557.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 557.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 557.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 557.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 557.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 557.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 527.60 271.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 527.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 527.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 527.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 527.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 527.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 527.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 497.60 271.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 497.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 497.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 497.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 497.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 497.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 497.60 95.00 -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 394.5 671.6 m 459.5 671.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 671.6 m 467.5 671.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 671.6 m 562.5 671.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 647.6 m 321.5 647.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 647.6 m 390.5 647.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 647.6 m 459.5 647.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 647.6 m 562.5 647.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 447.65 676.28 Td (Leasable Area) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 652.28 Td (Year) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 334.35 662.28 Td (Number) Tj ET Q q 0 0 0 rg BT 369.72 662.28 Td ( of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 343.30 652.28 Td (Leases) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 398.25 662.28 Td (Appr) Tj ET Q q 0 0 0 rg BT 420.85 662.28 Td (oximate ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 400.90 652.28 Td (Squar) Tj ET Q q 0 0 0 rg BT 426.84 652.28 Td (e Feet) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 480.70 662.28 Td (Per) Tj ET Q q 0 0 0 rg BT 495.50 662.28 Td (cent of ) Tj ET Q q 0 0 0 rg BT 526.42 662.28 Td (T) Tj ET Q q 0 0 0 rg BT 532.17 662.28 Td (otal ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 479.10 652.28 Td (Leasable ) Tj ET Q q 0 0 0 rg BT 518.83 652.28 Td (Ar) Tj ET Q q 0 0 0 rg BT 530.31 652.28 Td (ea ) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 542.24 656.81 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 637.27 Td (Vacant) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.50 637.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 637.27 Td (1,842,653) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 637.27 Td (12.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 637.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 622.27 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.00 622.27 Td (238) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 622.27 Td (1,207,054) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 622.27 Td (8.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 622.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 607.27 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.00 607.27 Td (170) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.15 607.27 Td (779,027) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 607.27 Td (5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 607.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 592.27 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.00 592.27 Td (173) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 592.27 Td (1,159,676) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 592.27 Td (7.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 592.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 577.27 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.00 577.27 Td (147) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 577.27 Td (1,021,737) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 577.27 Td (6.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 577.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 562.27 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.00 562.27 Td (163) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 562.27 Td (1,495,256) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 562.27 Td (10.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 562.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 547.27 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.50 547.27 Td (79) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 547.27 Td (1,900,684) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 547.27 Td (12.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 547.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 532.27 Td (2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.50 532.27 Td (46) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.15 532.27 Td (657,274) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 532.27 Td (4.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 532.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 517.27 Td (2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.50 517.27 Td (34) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.15 517.27 Td (645,162) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 517.27 Td (4.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 517.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 502.27 Td (2021) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.50 502.27 Td (41) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.15 502.27 Td (986,600) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 502.27 Td (6.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 502.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 487.27 Td (2022) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.50 487.27 Td (34) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.15 487.27 Td (698,711) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 487.27 Td (4.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 487.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 472.27 Td (Thereafter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.50 472.27 Td (49) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 472.27 Td (2,362,159) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 472.27 Td (15.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 472.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.00 444.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 444.10 Td (These amounts represent our pro-rata share based on our ef) Tj ET Q q 0 0 0 rg BT 323.67 444.10 Td (fective ownership in each of the properties as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 432.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.58 432.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 63 0 obj <> endobj 64 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 20.60 Td (29) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 749.25 Td (Market Concentration) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 725.25 Td (The following table provides a summary of the market concentration of our portfolio based on the estimated aggregate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (value of our real estate investments \(including our pro rata share of real estate assets through our investments in other entities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (such as the Core Fund\) of each of the properties in which we owned interests as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.41 701.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.99 701.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 644.75 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 644.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 644.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 644.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 644.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 644.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 644.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 614.75 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 614.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 614.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 614.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 614.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 614.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 614.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 584.75 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 584.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 584.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 584.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 584.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 584.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 584.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 554.75 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 554.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 554.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 554.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 554.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 554.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 554.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 524.75 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 524.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 524.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 524.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 524.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 524.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 524.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 494.75 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 494.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 494.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 494.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 494.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 494.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 494.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 464.75 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 464.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 464.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 464.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 464.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 464.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 464.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 434.75 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 434.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 434.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 434.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 434.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 434.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 434.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 404.75 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 404.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 404.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 404.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 404.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 404.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 404.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 374.75 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 374.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 374.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 374.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 374.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 374.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 374.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 344.75 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 344.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 344.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 344.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 344.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 344.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 344.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 314.75 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 314.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 314.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 314.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 314.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 314.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 314.75 113.00 -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 50.5 644.75 m 210.5 644.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 644.75 m 327.5 644.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 644.75 m 444.5 644.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 644.75 m 561.5 644.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 649.43 Td (Market) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 220.65 669.43 Td (Market Concentration: ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 236.40 659.43 Td (Dir) Tj ET Q q 0 0 0 rg BT 250.66 659.43 Td (ectly-Owned ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 248.35 649.43 Td (Pr) Tj ET Q q 0 0 0 rg BT 258.72 649.43 Td (operties) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 337.65 669.43 Td (Market Concentration: ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 349.50 659.43 Td (Indir) Tj ET Q q 0 0 0 rg BT 371.55 659.43 Td (ectly-Owned ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 360.30 649.43 Td (Pr) Tj ET Q q 0 0 0 rg BT 370.67 649.43 Td (operties ) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 407.04 653.96 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.65 659.43 Td (Market Concentration: ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 474.70 649.43 Td (All Pr) Tj ET Q q 0 0 0 rg BT 500.34 649.43 Td (operties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 634.42 Td (Los Angeles, California) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.65 634.42 Td (22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 634.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 634.42 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 634.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.65 634.42 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 634.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 619.42 Td (Dallas, Texas) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.65 619.42 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 619.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 619.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 619.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.65 619.42 Td (11) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 619.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 604.42 Td (Seattle, Washington) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.65 604.42 Td (11) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 604.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 604.42 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 604.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.65 604.42 Td (11) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 604.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 589.42 Td (Houston, Texas) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.65 589.42 Td (16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 589.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 589.42 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 589.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.65 589.42 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 589.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 574.42 Td (Chicago, Illinois) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.65 574.42 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 574.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 574.42 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 574.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.65 574.42 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 574.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 559.42 Td (San Francisco, California) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.65 559.42 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 559.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 559.42 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 559.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 559.42 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 559.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 544.42 Td (Kansas City, Missouri) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.65 544.42 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 544.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 544.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 544.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 544.42 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 544.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 529.42 Td (Miami, Florida) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.65 529.42 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 529.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 529.42 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 529.42 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 529.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 514.42 Td (Sacramento, California) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.65 514.42 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 514.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 514.42 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 514.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 514.42 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 514.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 499.42 Td (New York, New York) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.65 499.42 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 499.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 499.42 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 499.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 499.42 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 499.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 484.42 Td (Minneapolis, Minnesota) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.65 484.42 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 484.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 484.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 484.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 484.42 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 484.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 469.42 Td (Atlanta, Georgia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.65 469.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 469.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 469.42 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 469.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 469.42 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 469.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 454.42 Td (Denver, Colorado) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.65 454.42 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 454.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 454.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 454.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 454.42 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 454.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 439.42 Td (Charlotte, North Carolina) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.65 439.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 439.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 439.42 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 439.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 439.42 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 439.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 424.42 Td (Richmond, Virginia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.65 424.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 424.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 424.42 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 424.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 424.42 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 424.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 409.42 Td (Phoenix, Arizona) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.65 409.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 409.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 409.42 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 409.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 409.42 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 409.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 394.42 Td (Memphis, Tennessee) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.65 394.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 394.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 394.42 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 394.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 394.42 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 394.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 379.42 Td (Rio De Janeiro, Brazil) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.65 379.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 379.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 379.42 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 379.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.00 379.42 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 364.42 Td (San Diego, California) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.65 364.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 364.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 364.42 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 364.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.00 364.42 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 349.42 Td (Washington, D.C.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.65 349.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 349.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 349.42 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 349.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.00 349.42 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 334.42 Td (Orlando, Florida) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.65 334.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 334.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 334.42 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.00 334.42 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 319.42 Td (Raleigh, North Carolina) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.65 319.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 319.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 319.42 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.00 319.42 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 304.42 Td (San Antonio, Texas) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.65 304.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 304.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 304.42 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.00 304.42 Td (*) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 276.25 Td (* Represents less than 1%.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 252.25 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 252.25 Td (These amounts represent the properties in which we owned an indirect interest through our investments in the Core ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 240.25 Td (Fund, the Grocery-Anchored Portfolio and our joint venture in Brazil as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.31 240.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.90 240.25 Td (. ) Tj ET Q q 0 0 0 rg BT 461.72 240.25 Td (These amounts assume ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 228.25 Td (we own a 100% interest in each of the properties.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 65 0 obj <> endobj 66 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 20.60 Td (30) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 749.25 Td (Industry Concentration) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 725.25 Td (The following table provides a summary of the industry concentration of the tenants of the properties in which we owned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (interests based on our pro-rata share \(unless otherwise noted\) of their leased square footage as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.31 713.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.89 713.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 656.75 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 656.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 656.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 656.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 656.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 656.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 656.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 626.75 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 626.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 626.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 626.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 626.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 626.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 626.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 596.75 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 596.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 596.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 596.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 596.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 596.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 596.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 566.75 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 566.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 566.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 566.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 566.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 566.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 566.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 536.75 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 536.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 536.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 536.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 536.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 536.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 536.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 506.75 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 506.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 506.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 506.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 506.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 506.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 506.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 476.75 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 476.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 476.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 476.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 476.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 476.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 476.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 446.75 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 446.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 446.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 446.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 446.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 446.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 446.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 416.75 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 416.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 416.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 416.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 416.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 416.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 416.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 386.75 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 386.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 386.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 386.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 386.75 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 386.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 386.75 113.00 -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 50.5 656.75 m 210.5 656.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 656.75 m 327.5 656.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 656.75 m 444.5 656.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 656.75 m 561.5 656.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 661.43 Td (Industry) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 218.10 681.43 Td (Industry Concentration: ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 236.40 671.43 Td (Dir) Tj ET Q q 0 0 0 rg BT 250.66 671.43 Td (ectly-Owned ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 248.35 661.43 Td (Pr) Tj ET Q q 0 0 0 rg BT 258.72 661.43 Td (operties) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 335.10 681.43 Td (Industry Concentration: ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 349.50 671.43 Td (Indir) Tj ET Q q 0 0 0 rg BT 371.55 671.43 Td (ectly-Owned ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 360.30 661.43 Td (Pr) Tj ET Q q 0 0 0 rg BT 370.67 661.43 Td (operties ) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 407.04 665.96 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 452.10 671.43 Td (Industry Concentration: ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 474.70 661.43 Td (All Pr) Tj ET Q q 0 0 0 rg BT 500.34 661.43 Td (operties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 646.42 Td (Legal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.65 646.42 Td (16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 646.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 646.42 Td (31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 646.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.65 646.42 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 646.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 631.42 Td (Finance and Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.65 631.42 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 631.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 631.42 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 631.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.65 631.42 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 631.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 616.42 Td (Manufacturing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.65 616.42 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 616.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 616.42 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 616.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.65 616.42 Td (11) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 616.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 601.42 Td (Information and Technology) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.65 601.42 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 601.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 601.42 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 601.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.65 601.42 Td (11) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 601.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 586.42 Td (Grocery-Anchored Retail) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.65 586.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 586.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 586.42 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 586.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 586.42 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 586.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 571.42 Td (Professional Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.65 571.42 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 571.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 571.42 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 571.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 571.42 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 571.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 556.42 Td (Government) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.65 556.42 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 556.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 556.42 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 556.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 556.42 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 556.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 541.42 Td (Oil & Gas/Energy) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.65 541.42 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 541.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 541.42 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 541.42 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 541.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 526.42 Td (Transportation and Warehousing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.65 526.42 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 526.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 526.42 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 526.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 526.42 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 526.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 511.42 Td (Health Care) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.65 511.42 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 511.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 511.42 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 511.42 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 511.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 496.42 Td (Real Estate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.65 496.42 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 496.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 496.42 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 496.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 496.42 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 496.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 481.42 Td (Wholesale Trade) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.65 481.42 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 481.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 481.42 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 481.42 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 481.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 466.42 Td (Accounting) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.65 466.42 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 466.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 466.42 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 466.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 466.42 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 466.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 451.42 Td (Arts, Entertainment and Recreation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.65 451.42 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 451.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 451.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 451.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 451.42 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 451.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 436.42 Td (Other Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.65 436.42 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 436.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 436.42 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 436.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 436.42 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 436.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 421.42 Td (Construction) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.65 421.42 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 421.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 421.42 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 421.42 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 421.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 406.42 Td (Administrative and Support Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.00 406.42 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 406.42 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.00 406.42 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 391.42 Td (Retail) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.65 391.42 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 391.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 391.42 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 391.42 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 391.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 376.42 Td (Hospitality) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.00 376.42 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 376.42 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 376.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.00 376.42 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 361.42 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.65 361.42 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 361.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 361.42 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 361.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 361.42 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 361.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 333.25 Td (* Represents less than 1%.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.00 309.25 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 309.25 Td (These amounts represent the properties in which we owned an indirect interest through our investments in the Core ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 297.25 Td (Fund, the Grocery-Anchored Portfolio and our joint venture in Brazil as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.31 297.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.90 297.25 Td (. ) Tj ET Q q 0 0 0 rg BT 462.72 297.25 Td (These amounts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 285.25 Td (represent a 100% interest in each of the properties.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (Item3.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 79.99 262.25 Td (Legal Proceedings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 238.25 Td (From time to time in the ordinary course of business, the Company or its subsidiaries may become subject to legal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (proceedings, claims or disputes. ) Tj ET Q q 0 0 0 rg BT 179.98 226.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.42 226.25 Td (March28, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.02 226.25 Td (, neither the Company nor any of its subsidiaries was a party to any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (material pending legal proceedings.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 191.25 Td (Item4.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 79.99 191.25 Td (Mine Safety Disclosures) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 167.25 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 67 0 obj <> endobj 68 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (31) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 287.85 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 293.22 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 307.31 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 313.80 742.25 Td (II) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 719.25 Td (Item5.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 79.99 719.25 Td (Market for Registrant) Tj ET Q q 0 0 0 rg BT 177.59 719.25 Td (s Common Equity) Tj ET Q q 0 0 0 rg BT 251.12 719.25 Td (, Related Stockholder Matters and Issuer Purchases of Equity Securities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 695.25 Td (Market Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 671.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.44 671.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.03 671.25 Td (, we had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.13 671.25 Td (231.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.02 671.25 Td ( common shares that were outstanding, held by a total of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 659.25 Td (56,900) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.50 659.25 Td ( stockholders. ) Tj ET Q q 0 0 0 rg BT 135.37 659.25 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 482.85 659.25 Td (There currently is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 647.25 Td (no established public trading market for our common shares and we do not expect one to develop. On November 30, 2009, our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 635.25 Td (board suspended our share redemption program except for redemption requests made in connection with the death or disability ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 623.25 Td (of a stockholder) Tj ET Q q 0 0 0 rg BT 113.87 623.25 Td (.) Tj ET Q q 0 0 0 rg BT 121.19 623.25 Td (W) Tj ET Q q 0 0 0 rg BT 129.83 623.25 Td (e were required to revalue our common shares within 18 months after the date of the close of our most ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 611.25 Td (recent primary of) Tj ET Q q 0 0 0 rg BT 119.23 611.25 Td (fering, which closed on December 31, 2009.) Tj ET Q q 0 0 0 rg BT 301.12 611.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 350.46 611.25 Td (, on May 24, 201) Tj ET Q q 0 0 0 rg BT 418.42 611.25 Td (1, our board of directors ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 599.25 Td (established an estimated value per share and a per share redemption price of $7.78, which was reduced from the prior ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 587.25 Td (redemption price of $9.15. ) Tj ET Q q 0 0 0 rg BT 158.68 587.25 Td (W) Tj ET Q q 0 0 0 rg BT 167.31 587.25 Td (e are required to update the estimated value per share every 18 months. ) Tj ET Q q 0 0 0 rg BT 453.87 587.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 503.21 587.25 Td (, on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 575.25 Td (November 29, 2012, our board of directors established a new estimated value per share of our common stock of $7.61. ) Tj ET Q q 0 0 0 rg BT 526.54 575.25 Td (As a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 563.25 Td (result of this new estimated value per share, participants in the dividend reinvestment plan acquired shares at a fixed price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 551.25 Td ($7.61 per share beginning with distributions declared for the fourth quarter of 2012, which were paid on January 1, 2013. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 539.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 539.25 Td (, ef) Tj ET Q q 0 0 0 rg BT 112.49 539.25 Td (fective December 31, 2012, any shares redeemed under the share redemption program will be redeemed at a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 527.25 Td (price of $7.61 per share, rather than at the previous redemption price of $7.78 per share. If and when our share redemption ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 515.25 Td (program is resumed, it would continue to be limited in terms of the number of shares that may be redeemed quarterly and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 503.25 Td (annually and our board of directors continues to be able to amend, further suspend or terminate our share redemption program ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 491.25 Td (upon 30days) Tj ET Q q 0 0 0 rg BT 105.92 491.25 Td ( written notice. During ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.51 491.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.51 491.25 Td (, we redeemed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.03 491.25 Td (1.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.92 491.25 Td ( shares at $7.78 per share.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 467.25 Td (In order for Financial Industry Regulatory ) Tj ET Q q 0 0 0 rg BT 238.51 467.25 Td (Authority \(FINRA\) members and their associated persons to participate in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 455.25 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 455.25 Td (fering and sale of our common shares, we are required pursuant to FINRA) Tj ET Q q 0 0 0 rg BT 355.01 455.25 Td ( Rule51) Tj ET Q q 0 0 0 rg BT 388.53 455.25 Td (10\(f\)\(2\)\(M\) to disclose in each annual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 443.25 Td (report distributed to our stockholders a per share estimated value of the common shares, the method by which it was developed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 431.25 Td (and the date of the data used to develop the estimated value. In addition, our ) Tj ET Q q 0 0 0 rg BT 356.85 431.25 Td (Advisor has agreed to prepare annual statements of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 419.25 Td (estimated 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 517.65 419.25 Td ( in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 407.25 Td (preparation of their reports relating to an investment in our common shares. For these purposes, the estimated value of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 395.25 Td (shares is deemed to be $7.61 per share as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.00 395.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.58 395.25 Td (. Our deemed estimated per share value is provided to assist ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 383.25 Td (plan fiduciaries in fulfilling their annual valuation and reporting responsibilities, and should not be used for any other purpose. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 371.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 371.25 Td (e 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 551.30 371.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 359.25 Td (or IRS requirements. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.00 335.25 Td (The primary drivers of the change in the estimated per share value from $7.78 in May 201) Tj ET Q q 0 0 0 rg BT 435.35 335.25 Td (1 to $7.61 in November 2012 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 323.25 Td (are as follows:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 305.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 305.25 Td ($0.32 per share net increase in the aggregate value of our real estate investments, which represents a 4.4% net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 293.25 Td (increase in value;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 275.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 275.25 Td ($0.15 per share reduction resulting from capital returned to our stockholders through quarterly distributions for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 263.25 Td (the period from July 1, 201) Tj ET Q q 0 0 0 rg BT 219.50 263.25 Td (1 through October 1, 2012. ) Tj ET Q q 0 0 0 rg BT 330.14 263.25 Td (These payments represent the portion of the quarterly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 251.25 Td (distributions that were designated as special distributions of gains and returns of capital from the sales of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 239.25 Td (real estate investments, as previously disclosed in our Quarterly Reports on Form 10-Q and other filings with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 227.25 Td (the Securities and Exchange Commission; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 209.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 209.25 Td ($0.23 per share reduction resulting from market adjustments related to the valuation of our debt, primarily due ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 197.25 Td (to the increased availability of low interest rate financing; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 179.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 179.25 Td ($0.09 per share reduction related to an increase in the value of the noncontrolling interests, which is primarily ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 167.25 Td (attributable to the Participation Interest, which is described below) Tj ET Q q 0 0 0 rg BT 373.33 167.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 140.85 Td (Methodology ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 114.45 Td (Consistent with our last valuation in May 201) Tj ET Q q 0 0 0 rg BT 255.67 114.45 Td (1, we engaged ) Tj ET Q q 0 0 0 rg BT 315.47 114.45 Td (W) Tj ET Q q 0 0 0 rg BT 324.10 114.45 Td (eiserMazars, LLP) Tj ET Q q 0 0 0 rg BT 394.82 114.45 Td ( \(W) Tj ET Q q 0 0 0 rg BT 413.72 114.45 Td (eiser\), an independent third party ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 102.45 Td (real estate advisory and consulting services firm, to review market value estimates of our real estate investments as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 90.45 Td (September 30, 2012. ) Tj ET Q q 0 0 0 rg BT 135.08 90.45 Td (Their review was performed in accordance with Uniform Standards of Professional ) Tj ET Q q 0 0 0 rg BT 470.25 90.45 Td (Appraisal Practice. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 78.45 Td (their report, ) Tj ET Q q 0 0 0 rg BT 99.52 78.45 Td (W) Tj ET Q q 0 0 0 rg BT 108.16 78.45 Td (eiser found the basic assumptions and the individual market value estimates of our real estate investments to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 66.45 Td (fair and reasonable. ) Tj ET Q q 0 0 0 rg BT 130.52 66.45 Td (Additionally) Tj ET Q q 0 0 0 rg BT 180.42 66.45 Td (, we engaged Jones Lang LaSalle \(JLL\), an independent third party real estate advisory and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 54.45 Td (consulting services firm, to provide values of our debt obligations as of September 30, 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 69 0 obj <> endobj 70 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (32) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 730.10 Td (As of September 30, 2012, our estimated per share value was calculated as follows \(amounts in thousands except per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (share information\):) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 50.00 709.10 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 682.60 342.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 682.60 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 682.60 87.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 682.60 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 682.60 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 654.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 654.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 654.60 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 654.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 654.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 624.60 342.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 624.60 10.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 624.60 87.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 624.60 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 624.60 68.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 682.6 m 489.5 682.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 682.6 m 562.5 682.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 624.6 m 489.5 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 612.6 m 489.5 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 610.6 m 489.5 610.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 624.6 m 562.5 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 612.6 m 562.5 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 610.6 m 562.5 610.6 l s BT /F2 12.00 Tf ET q 0 0 0 rg BT 53.00 687.73 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 56.00 687.73 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 410.60 687.28 Td (EstimatedValue) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 506.90 687.28 Td (PerShare) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 673.17 Td (Real estate investments, including unconsolidated subsidiaries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.00 673.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.65 673.17 Td (3,015,268) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.00 673.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 673.17 Td (13.02) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 659.17 Td (Cash and other assets, net of other liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.50 659.17 Td (170,253) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.50 659.17 Td (0.73) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 645.17 Td (Debt obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.30 644.27 Td (\(1,327,644\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.80 644.27 Td (\(5.73\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 630.17 Td (Noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.80 629.27 Td (\(94,495\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.80 629.27 Td (\(0.41\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.00 615.33 Td (Estimated value / value per share) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 405.00 615.33 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 445.65 615.33 Td (1,763,382) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 497.00 615.33 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 541.15 615.33 Td (7.61) Tj ET Q BT /F2 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.00 588.10 Td (Real estate investments, including unconsolidated subsidiaries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.69 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 340.51 588.10 Td (The estimated market values of our real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 576.10 Td (investments, which were reviewed by ) Tj ET Q q 0 0 0 rg BT 227.11 576.10 Td (W) Tj ET Q q 0 0 0 rg BT 235.74 576.10 Td (eiser) Tj ET Q q 0 0 0 rg BT 254.22 576.10 Td (, as described above, were primarily determined using methodologies that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 564.10 Td (are commonly used in the commercial real estate industry \(including discounted cash flow analyses and reviews of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 552.10 Td (current, historical and projected capitalization rates for properties comparable to those owned by us\) and assume a 10-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 540.10 Td (year holding period. Other key assumptions that were used in the discounted cash flow analyses are set forth in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 528.10 Td (following table: ) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 50.00 519.10 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 485.60 355.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 485.60 9.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 485.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 485.60 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 485.60 54.00 -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 413.5 485.6 m 492.5 485.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 485.6 m 561.5 485.6 l s BT /F2 12.00 Tf ET q 0 0 0 rg BT 52.00 490.73 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 55.00 490.73 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 438.85 490.28 Td (Range) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 513.70 499.33 Td (Weighted) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 516.60 489.33 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 476.17 Td (Exit capitalization rate) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 422.50 476.06 Td (5.44% 10.00%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.35 476.86 Td (7.43%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 462.17 Td (Discount rate/internal rate of return) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 422.50 461.06 Td (6.24% 12.25%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.35 462.86 Td (7.96%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 7.50 Tf ET q 0 0 0 rg BT 50.00 448.10 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.00 436.10 Td (Cash and other assets, net of other liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.80 436.10 Td ( Cash and other assets and liabilities were valued based on the amounts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 424.10 Td (recorded for reporting purposes less estimated reserves for doubtful accounts. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.00 397.70 Td (Debt obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.50 397.70 Td ( ) Tj ET Q q 0 0 0 rg BT 151.32 397.70 Td (W) Tj ET Q q 0 0 0 rg BT 159.96 397.70 Td (e engaged JLL) Tj ET Q q 0 0 0 rg BT 218.45 397.70 Td ( to provide values of our debt obligations as of September 30, 2012. Such values ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 385.70 Td (were based on estimates of current interest rates and leverage levels for similar obligations and then marked to market. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 77.00 359.30 Td (Noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.30 359.30 Td ( ) Tj ET Q q 0 0 0 rg BT 187.12 359.30 Td (The value of interests owned by af) Tj ET Q q 0 0 0 rg BT 325.22 359.30 Td (filiates of Hines Interests Limited Partnership \(Hines\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 347.30 Td (was determined based on such af) Tj ET Q q 0 0 0 rg BT 208.72 347.30 Td (filiates) Tj ET Q q 0 0 0 rg BT 238.52 347.30 Td ( interests in each of the items described above. ) Tj ET Q q 0 0 0 rg BT 426.79 347.30 Td (As of September 30, 2012, Hines ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 335.30 Td (2005 ) Tj ET Q q 0 0 0 rg BT 99.32 335.30 Td (VS I LP) Tj ET Q q 0 0 0 rg BT 130.99 335.30 Td (, an af) Tj ET Q q 0 0 0 rg BT 155.52 335.30 Td (filiate of Hines, owned a 0.5% interest in Hines REIT) Tj ET Q q 0 0 0 rg BT 370.01 335.30 Td ( Properties, L.P) Tj ET Q q 0 0 0 rg BT 431.12 335.30 Td (. \(the Operating Partnership\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 323.30 Td (Additionally) Tj ET Q q 0 0 0 rg BT 126.90 323.30 Td (, as of September 30, 2012, HALP) Tj ET Q q 0 0 0 rg BT 264.57 323.30 Td ( ) Tj ET Q q 0 0 0 rg BT 266.52 323.30 Td (Associates Limited Partnership \(HALP\), another af) Tj ET Q q 0 0 0 rg BT 480.72 323.30 Td (filiate of Hines, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 311.30 Td (owned a 4.6% limited partnership interest in the Operating Partnership through a profits interest in the Operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 299.30 Td (Partnership \(the Participation Interest\).) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 77.00 275.30 Td (Liquidity discount ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.23 275.30 Td ( No liquidity discounts or discounts relating to the fact that we are externally managed were applied ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 263.30 Td (to the estimated per) Tj ET Q q 0 0 0 rg BT 155.38 263.30 Td (-share valuation and no attempt was made to value us as an enterprise.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 239.30 Td (Based on the information above, and in consultation with our advisor) Tj ET Q q 0 0 0 rg BT 349.49 239.30 Td (, Hines ) Tj ET Q q 0 0 0 rg BT 379.77 239.30 Td (Advisors L.P) Tj ET Q q 0 0 0 rg BT 431.44 239.30 Td (. \(the Advisor\), our board of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 227.30 Td (directors unanimously agreed upon an estimated per share value of $7.61, which is consistent with the ) Tj ET Q q 0 0 0 rg BT 460.45 227.30 Td (Advisor) Tj ET Q q 0 0 0 rg BT 493.05 227.30 Td () Tj ET Q q 0 0 0 rg BT 495.83 227.30 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 215.30 Td (recommendation. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 188.90 Td (Limitations of the Estimated V) Tj ET Q q 0 0 0 rg BT 170.56 188.90 Td (alue per Shar) Tj ET Q q 0 0 0 rg BT 224.62 188.90 Td (e ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.00 162.50 Td (As with any valuation methodology) Tj ET Q q 0 0 0 rg BT 217.67 162.50 Td (, each methodology used to determine the estimated value per share was based upon a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 150.50 Td (number of assumptions, estimates and judgments that may not be accurate or complete. Further) Tj ET Q q 0 0 0 rg BT 430.89 150.50 Td (, dif) Tj ET Q q 0 0 0 rg BT 446.82 150.50 Td (ferent parties using dif) Tj ET Q q 0 0 0 rg BT 536.88 150.50 Td (ferent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 138.50 Td (property-specific and general real estate and capital market assumptions, estimates, judgments and standards could derive an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 126.50 Td (estimated value per share that could be significantly dif) Tj ET Q q 0 0 0 rg BT 271.41 126.50 Td (ferent from the estimated value per share determined by our board of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 114.50 Td (directors. For example, assuming all other factors remain constant, a 5% increase in the value of our real estate investments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 102.50 Td (would increase the estimated value per share by $0.70. ) Tj ET Q q 0 0 0 rg BT 271.13 102.50 Td (The estimated value per share determined by our board of directors does ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 90.50 Td (not represent the fair value of our assets less liabilities in accordance with U.S. generally accepted accounting principles ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 78.50 Td (\(GAAP\), and such estimated value per share is not a representation, warranty or guarantee that \(i\) a stockholder would be able ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 66.50 Td (to realize the estimated share value if such stockholder attempts to sell his or her shares; \(ii\) a stockholder would ultimately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 54.50 Td (realize distributions per share equal to the estimated value per share upon our liquidation or sale; \(iii\) shares of our common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 71 0 obj <> endobj 72 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (33) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (stock would trade at the estimated value per share on a national securities exchange; \(iv\) a third party would of) Tj ET Q q 0 0 0 rg BT 493.28 742.10 Td (fer the estimated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (value per share in an arm) Tj ET Q q 0 0 0 rg BT 153.56 730.10 Td (s-length transaction to purchase all or substantially all of our shares of common stock; or \(v\) the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (methodologies used to estimate the value per share would be acceptable to FINRA. In addition, we can make no claim as to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (whether the estimated value will or will not satisfy the applicable annual valuation requirements under the Employee ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Retirement Income Security ) Tj ET Q q 0 0 0 rg BT 164.69 694.10 Td (Act of 1974, as amended \(ERISA\) and the Internal Revenue Code of 1986, as amended \(the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (Code\) with respect to employee benefit plans subject to ERISA) Tj ET Q q 0 0 0 rg BT 311.88 682.10 Td ( and other retirement plans or accounts subject to Section ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (4975 of the Code that are investing in our shares. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.00 646.10 Td (Further) Tj ET Q q 0 0 0 rg BT 104.04 646.10 Td (, the estimated value per share was calculated as of a moment in time, and, although the value of our common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (shares will fluctuate over time as a result of, among other things, developments related to individual assets, changes in the real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (estate and capital markets, sales of assets, the distribution of sales proceeds to our stockholders and changes in corporate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (policies such as our dividend level relative to earnings, we do not undertake to update the estimated value per share on a regular ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 74.45 598.10 Td (As a result, stockholders should not rely on the estimated value per share as being an accurate measure of the then-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (current value of shares of our common stock in making a decision to buy or sell shares of our common stock, including whether ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (to reinvest distributions by participating in the dividend reinvestment plan. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 550.10 Td (Shares were of) Tj ET Q q 0 0 0 rg BT 127.24 550.10 Td (fered pursuant to our dividend reinvestment plan at a price of $7.61 per share as of December 31, 2012. ) Tj ET Q q 0 0 0 rg BT 543.59 550.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 538.10 Td (fering price of our shares under our dividend reinvestment plan may not be indicative of the price our stockholders would ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (receive if they sold our shares outside of our share redemption program, if our shares were actively traded or in the case of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (liquidation. Because there is no public market for our shares, any sale of our shares would likely be at a substantial discount. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (Please see Item1A. Risk Factors Investment Risks ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 285.24 502.10 Td (Ther) Tj ET Q q 0 0 0 rg BT 303.76 502.10 Td (e is curr) Tj ET Q q 0 0 0 rg BT 336.72 502.10 Td (ently no public market for our common shar) Tj ET Q q 0 0 0 rg BT 513.28 502.10 Td (es, and we ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (do not pr) Tj ET Q q 0 0 0 rg BT 86.30 490.10 Td (esently intend to list the shar) Tj ET Q q 0 0 0 rg BT 201.19 490.10 Td (es on a stock exchange. Ther) Tj ET Q q 0 0 0 rg BT 316.34 490.10 Td (efor) Tj ET Q q 0 0 0 rg BT 332.08 490.10 Td (e, it will likely be difficult for stockholders to sell their ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (shar) Tj ET Q q 0 0 0 rg BT 67.41 478.10 Td (es and, if they ar) Tj ET Q q 0 0 0 rg BT 133.97 478.10 Td (e able to sell their shar) Tj ET Q q 0 0 0 rg BT 226.09 478.10 Td (es, they will likely sell them at a substantial discount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.62 478.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 441.62 478.10 Td (The estimated per) Tj ET Q q 0 0 0 rg BT 513.08 478.10 Td (-shar) Tj ET Q q 0 0 0 rg BT 533.82 478.10 Td (e ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (value of our common shar) Tj ET Q q 0 0 0 rg BT 154.62 466.10 Td (es has been established at an amount that is less than the price stockholders paid for their shar) Tj ET Q q 0 0 0 rg BT 535.05 466.10 Td (es in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (our prior public offerings and may be further adjusted in the futur) Tj ET Q q 0 0 0 rg BT 314.34 454.10 Td (e.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.28 454.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 430.10 Td (Please see Item 7. Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 265.31 430.10 Td (Analysis of Results of Operations and Financial Condition Subsequent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (Events for a description of the new estimated value per share of our common shares, ef) Tj ET Q q 0 0 0 rg BT 398.03 418.10 Td (fective as of ) Tj ET Q q 0 0 0 rg BT 448.84 418.10 Td (April 2, 2013, as well as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (new pricing under our dividend reinvestment plan and share redemption program.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (Distributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 358.10 Td (In order to meet the requirements for being treated as a REIT) Tj ET Q q 0 0 0 rg BT 312.44 358.10 Td ( under the Code and to pay regular cash distributions to our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (stockholders, which is one of our investment objectives, we have declared and expect to continue to declare distributions to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (stockholders \(as authorized by our board of directors\) as of daily record dates and aggregate and pay such distributions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (quarterly) Tj ET Q q 0 0 0 rg BT 85.44 322.10 Td (. ) Tj ET Q q 0 0 0 rg BT 90.26 322.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.90 322.10 Td (e intend to continue this distribution policy for so long as our board of directors continues to deem this policy to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (in our best interests. Beginning July 1, 2010, the annual distribution rate was decreased from $0.00165699 to $0.00138082 per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (share, per day) Tj ET Q q 0 0 0 rg BT 105.16 298.10 Td (, which represented a change in the annualized distribution rate from 6% to 5% \(based on our prior primary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 286.10 Td (fering price of $10.08 per share\).) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 262.10 Td (W) Tj ET Q q 0 0 0 rg BT 77.04 262.10 Td (ith the authorization of our board of directors, we continued to declare distributions in the amount of $0.00138082 per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (share, per day through March 31, 2013, which represents an annual distribution rate of 6.6%, based on our estimated share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (value of $7.61, determined on November 29, 2012 \(assuming the current distribution rate is maintained for a twelve-month ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (period\). ) Tj ET Q q 0 0 0 rg BT 85.83 226.10 Td (As a result of the new estimated share value ef) Tj ET Q q 0 0 0 rg BT 271.96 226.10 Td (fective November 29, 2012, participants in our dividend reinvestment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (plan began acquiring shares at $7.61 per share for distributions declared for the fourth quarter of 2012.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 190.10 Td (W) Tj ET Q q 0 0 0 rg BT 77.04 190.10 Td (ith respect to the $0.00138082 per share, per day distributions declared for July 201) Tj ET Q q 0 0 0 rg BT 411.31 190.10 Td (1 through March 2013, $0.00041425 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (of the per share, per day distributions were or will be designated by us as special distributions which represent a return of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (portion of the stockholders) Tj ET Q q 0 0 0 rg BT 160.07 166.10 Td ( invested capital and, as such, reduce their remaining investment in us. ) Tj ET Q q 0 0 0 rg BT 444.53 166.10 Td (The special distributions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (were or will be funded with a portion of the proceeds from sales of investment property) Tj ET Q q 0 0 0 rg BT 399.53 154.10 Td (. ) Tj ET Q q 0 0 0 rg BT 404.35 154.10 Td (The above designation of a portion of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (the distributions as special distributions does not impact the tax treatment of the distributions to our stockholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.54 142.10 Td ( Please see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (Item 7. Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 204.00 130.10 Td (Analysis of Results of Operations and Financial Condition Subsequent Events for a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (description of additional distributions declared and a reduction in the per share, per day distribution rate with respect to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (distributions declared for ) Tj ET Q q 0 0 0 rg BT 152.48 106.10 Td (April 2013. In addition, see Subsequent Events in Item 7 for a description of the new estimated value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (per share of our common shares, ef) Tj ET Q q 0 0 0 rg BT 190.60 94.10 Td (fective as of ) Tj ET Q q 0 0 0 rg BT 241.41 94.10 Td (April 2, 2013, as well as the new pricing under our dividend reinvestment plan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (and share redemption program.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 73 0 obj <> endobj 74 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (34) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (In addition, for the period from July 1, 201) Tj ET Q q 0 0 0 rg BT 239.26 730.10 Td (1 through December 31, 2012, our ) Tj ET Q q 0 0 0 rg BT 379.24 730.10 Td (Advisor agreed to waive a portion of its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (monthly cash asset management fee such that the fee was reduced from 0.0625% to 0.0417% \(0.75% to 0.50% on an annual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (basis\) of the net equity capital we had invested in real estate investments as of the end of each month.) Tj ET Q q 0 0 0 rg BT 460.43 706.10 Td (As a result of the waiver ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (of these fees, cash flow from operations that would have been paid to the ) Tj ET Q q 0 0 0 rg BT 344.08 694.10 Td (Advisor was available to pay distributions to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (stockholders.) Tj ET Q q 0 0 0 rg BT 107.87 682.10 Td (This fee waiver is not a deferral and accordingly) Tj ET Q q 0 0 0 rg BT 301.02 682.10 Td (, these fees will not be paid to the ) Tj ET Q q 0 0 0 rg BT 437.10 682.10 Td (Advisor in cash at any time in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (the future.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.09 670.10 Td ( For the period from July 1, 201) Tj ET Q q 0 0 0 rg BT 218.49 670.10 Td (1 through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.59 670.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.18 670.10 Td (, this waiver totaled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.55 670.10 Td ($7.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.44 670.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (The table below outlines our total distributions declared to stockholders andnoncontrolling interests for each of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (quarters during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.01 634.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.59 634.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.03 634.10 Td (201) Tj ET Q q 0 0 0 rg BT 290.66 634.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.66 634.10 Td (, including the breakout between the distributions paid in cash and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (those reinvested pursuant to our dividend reinvestment plan \(all amounts are in thousands\).) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 537.60 172.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 537.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 537.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 537.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 537.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 537.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 537.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 537.60 20.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 537.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 507.60 172.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 507.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 507.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 507.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 507.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 507.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 507.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 507.60 20.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 507.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 477.60 172.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 477.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 477.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 477.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 477.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 477.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 477.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 477.60 20.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 477.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 447.60 172.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 447.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 447.60 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 447.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 447.60 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 447.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 447.60 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 447.60 20.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 447.60 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 418.60 172.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 418.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 418.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 418.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 418.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 418.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 418.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 418.60 20.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 418.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 388.60 172.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 388.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 388.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 388.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 388.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 388.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 388.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 388.60 20.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 388.60 77.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 575.6 m 303.5 575.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 575.6 m 307.5 575.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 575.6 m 384.5 575.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 575.6 m 388.5 575.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 575.6 m 465.5 575.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 575.6 m 562.5 575.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 551.6 m 222.5 551.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 551.6 m 303.5 551.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 551.6 m 384.5 551.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 551.6 m 465.5 551.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 551.6 m 562.5 551.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 537.6 m 222.5 537.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 537.6 m 222.5 537.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 477.6 m 303.5 477.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 477.6 m 384.5 477.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 477.6 m 465.5 477.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 477.6 m 562.5 477.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 433.6 m 222.5 433.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 373.6 m 303.5 373.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 373.6 m 384.5 373.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 373.6 m 465.5 373.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 373.6 m 562.5 373.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 317.70 580.28 Td (Stockholders) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 491.35 590.28 Td (Noncontrolling) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 504.95 580.28 Td (Interests) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 556.28 Td (Distributions for the Quarter Ended) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 253.65 566.28 Td (Cash) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 236.40 556.28 Td (Distributions) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 317.40 566.28 Td (Distributions) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 322.15 556.28 Td (Reinvested) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 395.25 556.28 Td (Total Declared) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 492.25 556.28 Td (Total Declared) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 542.28 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 527.27 Td (December 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.00 527.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.15 527.27 Td (17,801) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.00 527.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.15 527.27 Td (11,631) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.00 527.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.15 527.27 Td (29,432) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 468.00 531.07 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.00 527.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 527.27 Td (140) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 512.27 Td (September 30, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.00 512.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.15 512.27 Td (17,513) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.00 512.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.15 512.27 Td (11,780) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.00 512.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.15 512.27 Td (29,293) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 468.00 516.07 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.00 512.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 512.27 Td (141) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 497.27 Td (June 30, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.00 497.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.15 497.27 Td (17,054) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.00 497.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.15 497.27 Td (11,783) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.00 497.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.15 497.27 Td (28,837) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 468.00 501.07 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.00 497.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 497.27 Td (139) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 482.27 Td (March 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.00 482.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.15 482.27 Td (16,813) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.00 482.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.15 482.27 Td (11,888) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.00 482.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.15 482.27 Td (28,701) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 468.00 486.07 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.00 482.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 482.27 Td (139) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 467.27 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.00 467.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.15 467.27 Td (69,181) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.00 467.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.15 467.27 Td (47,082) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.00 467.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.15 467.27 Td (116,263) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.00 467.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 467.27 Td (559) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 438.28 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 423.27 Td (December 31, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.00 423.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.15 423.27 Td (16,743) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.00 423.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.15 423.27 Td (12,117) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.00 423.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.15 423.27 Td (28,860) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 468.00 427.07 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.00 423.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 423.27 Td (1,355) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 408.27 Td (September 30, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.00 408.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.15 408.27 Td (16,505) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.00 408.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.15 408.27 Td (12,201) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.00 408.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.15 408.27 Td (28,706) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 468.00 412.07 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.00 408.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 408.27 Td (1,291) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 393.27 Td (June 30, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.00 393.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.15 393.27 Td (15,995) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.00 393.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.15 393.27 Td (12,248) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.00 393.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.15 393.27 Td (28,243) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.00 393.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 393.27 Td (1,217) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 378.27 Td (March 31, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.00 378.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.15 378.27 Td (15,491) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.00 378.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.15 378.27 Td (12,324) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.00 378.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.15 378.27 Td (27,815) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.00 378.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 378.27 Td (1,151) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 363.27 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.00 363.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.15 363.27 Td (64,734) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.00 363.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.15 363.27 Td (48,890) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.00 363.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.15 363.27 Td (113,624) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.00 363.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 363.27 Td (5,014) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 335.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 335.10 Td (As stated above, a portion of these distributions were funded using proceeds from sales of investment property) Tj ET Q q 0 0 0 rg BT 527.74 335.10 Td (, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 323.10 Td (represents a return of a portion of the stockholders) Tj ET Q q 0 0 0 rg BT 290.19 323.10 Td ( invested capital.For the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.75 323.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.33 323.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 311.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 159.21 311.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.21 311.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 216.87 311.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.87 311.10 Td ($34.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.77 311.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.20 311.10 Td ($17.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.10 311.10 Td ( of the distributions declared to our stockholders ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 299.10 Td (were paid using such sales proceeds.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 275.10 Td (For the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.08 275.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.67 275.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.11 275.10 Td (201) Tj ET Q q 0 0 0 rg BT 261.74 275.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.74 275.10 Td (, we funded our cash distributions with cash flows from operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (activities, distributions received from our unconsolidated investments and proceeds from the sales of our real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 251.10 Td (investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 227.10 Td (Distributions to stockholders are characterized for federal income tax purposes as ordinary income, capital gains, non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 215.10 Td (taxable return of capital or a combination of the three. Distributions that exceed our current and accumulated earnings and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 203.10 Td (profits \(calculated for tax purposes\) constitute a return of capital for tax purposes and reduce the stockholders) Tj ET Q q 0 0 0 rg BT 490.77 203.10 Td ( basis in our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 191.10 Td (common shares. ) Tj ET Q q 0 0 0 rg BT 117.30 191.10 Td (T) Tj ET Q q 0 0 0 rg BT 122.71 191.10 Td (o the extent that a distribution exceeds both current and accumulated earnings and profits and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 179.10 Td (stockholders) Tj ET Q q 0 0 0 rg BT 103.13 179.10 Td ( basis in the common shares, it will generally be treated as a capital gain. ) Tj ET Q q 0 0 0 rg BT 397.03 179.10 Td (W) Tj ET Q q 0 0 0 rg BT 405.66 179.10 Td (e annually notify stockholders of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 167.10 Td (taxability of distributions paid during the preceding year) Tj ET Q q 0 0 0 rg BT 275.22 167.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 143.10 Td (For the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.19 143.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.78 143.10 Td (, less than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.99 143.10 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.32 143.10 Td ( of the distributions paid were taxable as capital gain dividends and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 131.10 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.26 131.10 Td (99.4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.09 131.10 Td ( were treated as a return of capital for federal income tax purposes. For the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.15 131.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 119.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 119.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.63 119.10 Td (, less than 1% of the distributions paid were taxable to the investor as ordinary income, 57.3% were taxable as capital gain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 107.10 Td (dividends, 27.7% were taxable as unrecaptured Section 1250 gain and approximately 14.7% were treated as return of capital for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 95.10 Td (federal income tax purposes. ) Tj ET Q q 0 0 0 rg BT 167.28 95.10 Td (The reason for the decrease in the taxability of the dividend is primarily due to the sale of ) Tj ET Q q 0 0 0 rg BT 527.16 95.10 Td (Atrium ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 83.10 Td (on Bay in 201) Tj ET Q q 0 0 0 rg BT 106.02 83.10 Td (1 and we did not have any directly owned asset sales in 2012. ) Tj ET Q q 0 0 0 rg BT 357.16 83.10 Td (The amount of distributions paid and taxable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 71.10 Td (portion in each period are not indicative or predictive of amounts anticipated in future periods.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 75 0 obj <> endobj 76 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (35) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Recent Sales of Unr) Tj ET Q q 0 0 0 rg BT 133.97 742.25 Td (egister) Tj ET Q q 0 0 0 rg BT 162.10 742.25 Td (ed Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (On ) Tj ET Q q 0 0 0 rg BT 82.17 718.25 Td (August 29, 2012, ) Tj ET Q q 0 0 0 rg BT 153.01 718.25 Td (August 25, 201) Tj ET Q q 0 0 0 rg BT 214.03 718.25 Td (1 and October 13, 2010, 1,000 restricted common shares were granted to each of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (independent directors, Messrs.) Tj ET Q q 0 0 0 rg BT 174.51 706.25 Td (Thomas ) Tj ET Q q 0 0 0 rg BT 208.68 706.25 Td (A. Hassard, Lee ) Tj ET Q q 0 0 0 rg BT 275.04 706.25 Td (A. Lahourcade, Stanley D. Levy and Paul B. Murphy Jr) Tj ET Q q 0 0 0 rg BT 497.50 706.25 Td (. Such shares ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (were granted, as part of their annual compensation for service on our board of directors, without registration under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 91.38 682.25 Td (Act of 1933, as amended \(the Securities ) Tj ET Q q 0 0 0 rg BT 257.44 682.25 Td (Act\), in reliance upon the exemption from registration contained in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (Section4\(2\) of the Securities ) Tj ET Q q 0 0 0 rg BT 168.58 670.25 Td (Act.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (Shar) Tj ET Q q 0 0 0 rg BT 70.38 646.25 Td (e RedemptionPr) Tj ET Q q 0 0 0 rg BT 142.41 646.25 Td (ogram) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 622.25 Td (Our shares are currently not listed on a national securities exchange and we currently do not intend to list our shares. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (order to provide our stockholders with some liquidity) Tj ET Q q 0 0 0 rg BT 262.93 610.25 Td (, we have a share redemption program.However) Tj ET Q q 0 0 0 rg BT 462.17 610.25 Td (, on November 30, 2009, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (our board of directors determined that it was in our best interest to suspend our share redemption program until further notice, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (except with respect to redemption requests made in connection with the death or disability of a stockholder) Tj ET Q q 0 0 0 rg BT 477.66 586.25 Td (.On March 25, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (2013, our board of directors amended and restated the share redemption program and reinstated the program, ef) Tj ET Q q 0 0 0 rg BT 495.77 574.25 Td (fective for share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (redemption requests received on or after ) Tj ET Q q 0 0 0 rg BT 213.27 562.25 Td (April 1, 2013, subject to the conditions and limitations described in the amended and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (restated share redemption program. See Item 7. Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 367.55 550.25 Td (Analysis of Results of Operations and Financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (Condition Subsequent Events for a description of the amended and restated share redemption program. ) Tj ET Q q 0 0 0 rg BT 478.87 538.25 Td (The funds available ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (for redemption will generally be limited to the amount of proceeds received from the Company's dividend reinvestment plan in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (the prior quarter) Tj ET Q q 0 0 0 rg BT 114.42 514.25 Td (. However) Tj ET Q q 0 0 0 rg BT 155.67 514.25 Td (, the Company's board of directors may approve requests for redemptions in excess of this amount, as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (long as the total amount redeemed does not exceed the amount required to redeem 10% of the Company's shares outstanding as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (of the same date in the prior calendar year) Tj ET Q q 0 0 0 rg BT 217.70 490.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (Issuer) Tj ET Q q 0 0 0 rg BT 75.93 466.25 Td ( Redemptions of Equity Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 442.25 Td (All eligible requests for redemptions were redeemed using proceeds from our dividend reinvestment plan. ) Tj ET Q q 0 0 0 rg BT 494.08 442.25 Td (The following ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (table lists shares we redeemed under our share redemption plan during the quarter ended December 31, 2012, including the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (average price paid per share.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 341.75 178.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 341.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 341.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 341.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 341.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 341.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 341.75 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 341.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 341.75 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 311.75 178.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 311.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 311.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 311.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 311.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 311.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 311.75 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 311.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 311.75 94.00 -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 50.5 341.75 m 228.5 341.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 341.75 m 297.5 341.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 341.75 m 366.5 341.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 341.75 m 464.5 341.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 341.75 m 562.5 341.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 296.75 m 297.5 296.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 296.75 m 464.5 296.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 282.75 m 297.5 282.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 280.75 m 297.5 280.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 282.75 m 464.5 282.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 280.75 m 464.5 280.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 346.43 Td (Period) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 253.55 376.43 Td (Total) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 241.35 366.43 Td (Number of) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.10 356.43 Td (Shares) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 242.25 346.43 Td (Redeemed) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 316.10 366.43 Td (Average) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 311.40 356.43 Td (Price Paid) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 312.70 346.43 Td (per Share) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.70 386.43 Td (Total Number of) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 373.25 376.43 Td (Shares Purchased as) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 383.35 366.43 Td (Part of Publicly) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 373.70 356.43 Td (Announced Plans or) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 395.95 346.43 Td (Programs) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 473.80 386.43 Td (Maximum Number) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 474.35 376.43 Td (of Shares that May) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 478.30 366.43 Td (Yet be Redeemed) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 474.75 356.43 Td (Under the Plans or) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 493.95 346.43 Td (Programs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 331.42 Td (October 1, 2012 to October 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.15 331.42 Td (411,849) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.00 331.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.15 331.42 Td (7.78) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.15 331.42 Td (411,849) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 331.42 Td (1,514,179) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 316.42 Td (November 1, 2012 to November 30, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.65 316.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.15 316.42 Td (7.78) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 316.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 316.42 Td (1,514,179) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 301.42 Td (December 1, 2012 to December 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.65 301.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.15 301.42 Td (7.78) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 301.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 301.42 Td (1,514,179) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 286.43 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.15 286.42 Td (411,849) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.00 286.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.15 286.42 Td (411,849) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.00 286.42 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 77 0 obj <> endobj 78 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (36) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item6.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 79.99 742.25 Td (Selected Financial Data) Tj ET Q BT /F2 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 /F2 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (Condition and Results of Operations below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 626.75 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 626.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 626.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 626.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 626.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 626.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 626.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 626.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 626.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 626.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 596.75 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 596.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 596.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 596.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 596.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 596.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 596.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 596.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 596.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 596.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 556.75 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 556.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 556.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 556.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 556.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 556.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 556.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 556.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 556.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 556.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 496.75 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 496.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 496.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 496.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 496.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 496.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 496.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 496.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 496.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 496.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 456.75 171.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 456.75 65.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 456.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 456.75 65.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 456.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 456.75 65.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 456.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 456.75 65.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 456.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 456.75 65.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 396.75 171.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 396.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 396.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 396.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 396.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 396.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 396.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 396.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 396.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 396.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 346.75 171.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 346.75 65.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 346.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 346.75 65.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 346.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 346.75 65.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 346.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 346.75 65.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 346.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 346.75 65.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 296.75 171.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 296.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 296.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 296.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 296.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 296.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 296.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 296.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 296.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 296.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 256.75 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 256.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 256.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 256.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 256.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 256.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 256.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 256.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 256.75 4.00 -15.00 re f 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0.9333333333333333 1 rg /GS0 gs 286.50 196.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 196.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 196.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 196.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 196.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 196.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 196.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 196.75 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 656.75 m 286.5 656.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 656.75 m 355.5 656.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 656.75 m 424.5 656.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 656.75 m 493.5 656.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 656.75 m 562.5 656.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 243.50 661.43 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 312.75 661.43 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.50 661.43 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.50 661.43 Td (2009) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 519.50 661.43 Td (2008) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.60 646.43 Td (\(In thousands, except per share amounts\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 631.43 Td (Operating Data:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 616.42 Td (Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.00 616.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.15 616.42 Td (271,463) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 616.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.15 616.42 Td (278,332) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 616.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 616.42 Td (290,545) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 616.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 616.42 Td (316,892) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 616.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 616.42 Td (293,743) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 601.42 Td (Depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.00 601.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.15 601.42 Td (79,720) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 601.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.15 601.42 Td (92,518) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 601.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 601.42 Td (102,012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 601.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 601.42 Td (111,255) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 601.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 601.42 Td (112,045) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 586.42 Td (Asset management and acquisition fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.00 586.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.15 586.42 Td (29,651) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 586.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.15 586.42 Td (16,173) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 586.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 586.42 Td (30,544) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 586.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 586.42 Td (27,984) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 586.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 586.42 Td (42,013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 571.42 Td (Organizational and offering expenses,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 561.42 Td (net of reversal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.00 561.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.65 561.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 561.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.65 561.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 561.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 561.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 561.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 561.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 561.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 561.42 Td (3,741) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 546.42 Td (General and administrative expenses, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.00 546.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.15 546.42 Td (6,874) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 546.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.15 546.42 Td (6,740) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 546.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 546.42 Td (6,925) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 546.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 546.42 Td (6,108) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 546.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 546.42 Td (5,991) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 531.42 Td (Income \(loss\) from continuing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 521.42 Td (operations before benefit \(provision\) for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 511.42 Td (income taxes and equity in earnings ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 501.42 Td (\(losses\) of unconsolidated entities, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.00 501.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.80 501.42 Td (\(86,821) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.65 501.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 501.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.80 501.47 Td (\(59,238) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.65 501.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 501.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 501.47 Td (\(67,398) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 501.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 501.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 501.42 Td (8,471) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 501.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.80 501.47 Td (\(143,761) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 501.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 486.42 Td (Benefit \(provision\) for income taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.00 486.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.30 486.42 Td (\(544) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.65 486.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 486.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.30 486.47 Td (\(494) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.65 486.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 486.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.30 486.47 Td (\(543) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 486.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 486.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.30 486.47 Td (\(550) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 486.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 486.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 486.47 Td (\(2,512) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 486.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 471.42 Td (Equity in earnings \(losses\) of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 461.42 Td (unconsolidated entities, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.00 461.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.15 461.42 Td (9,460) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 461.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.80 461.47 Td (\(5,138) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.65 461.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 461.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 461.42 Td (5,513) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 461.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 461.47 Td (\(8,777) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 461.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 461.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 461.47 Td (\(13,416) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 461.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 446.42 Td (Income \(loss\) from continuing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 436.42 Td (operations attributable to common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 426.42 Td (stockholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.00 426.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.80 426.42 Td (\(78,359) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.65 426.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 426.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.80 426.47 Td (\(65,391) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.65 426.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 426.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 426.47 Td (\(66,013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 426.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 426.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 426.47 Td (\(4,690) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 426.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 426.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.80 426.47 Td (\(162,821) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 426.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 411.42 Td (Income \(loss\) from discontinued) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 401.42 Td (operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.00 401.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.15 401.42 Td (2,157) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 401.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.15 401.42 Td (108,784) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 401.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 401.42 Td (27,045) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 401.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 401.42 Td (6,929) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 401.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 401.47 Td (\(2,655) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 401.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 386.42 Td (Net \(income\) loss attributable to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 376.42 Td (noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.00 376.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.30 376.42 Td (\(559) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.65 376.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 376.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.80 376.47 Td (\(5,014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.65 376.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 376.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.80 376.47 Td (\(4,524) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 376.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 376.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 376.47 Td (\(4,065) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 376.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 376.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 376.47 Td (\(3,065) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 376.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 361.42 Td (Net income \(loss\) attributable to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 351.42 Td (common stockholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.00 351.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.80 351.42 Td (\(76,307) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.65 351.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 351.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.15 351.42 Td (38,900) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 351.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 351.47 Td (\(39,907) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 351.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 351.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 351.42 Td (2,620) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 351.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.80 351.47 Td (\(165,408) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 351.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 336.42 Td (Basic and diluted income \(loss\) from) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 326.42 Td (continuing operations attributable to) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 316.42 Td (common stockholders per common share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.00 316.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.80 316.42 Td (\(0.34) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.65 316.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 316.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.80 316.47 Td (\(0.29) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.65 316.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 316.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.80 316.47 Td (\(0.30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 316.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 316.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.80 316.47 Td (\(0.02) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 316.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 316.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.80 316.47 Td (\(0.89) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 316.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 301.42 Td (Distributions declared per common share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.00 301.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.15 301.42 Td (0.51) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 301.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.15 301.42 Td (0.50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 301.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 301.42 Td (0.55) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 301.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 301.42 Td (0.62) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 301.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 301.42 Td (0.64) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 286.42 Td (Weighted average common shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 276.42 Td (outstanding - basic and diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.15 276.42 Td (230,049) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.15 276.42 Td (225,442) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 276.42 Td (220,896) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 276.42 Td (207,807) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 276.42 Td (183,776) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 261.43 Td (Balance Sheet Data:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 246.42 Td (Total investment property) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.00 246.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.65 246.42 Td (1,863,434) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 246.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.65 246.42 Td (1,950,126) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 246.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 246.42 Td (2,213,212) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 246.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.65 246.42 Td (2,355,872) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 246.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 246.42 Td (2,374,007) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 231.42 Td (Investment in unconsolidated entities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.00 231.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.15 231.42 Td (329,418) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 231.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.15 231.42 Td (348,986) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 231.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 231.42 Td (373,798) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 231.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 231.42 Td (379,057) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 231.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 231.42 Td (364,374) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 216.42 Td (Assets held for sale) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.00 216.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.65 216.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 216.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.65 216.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 216.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 216.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 216.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 216.42 Td (42,499) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 216.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 216.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 201.42 Td (Total assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.00 201.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.65 201.42 Td (2,767,209) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 201.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.65 201.42 Td (2,912,012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 201.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 201.42 Td (3,150,016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 201.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.65 201.42 Td (3,339,780) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 201.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 201.42 Td (3,280,437) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 186.42 Td (Long-term obligations ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 145.21 190.95 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.00 186.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.65 186.42 Td (1,517,179) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 186.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.65 186.42 Td (1,525,083) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 186.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 186.42 Td (1,680,178) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 186.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.65 186.42 Td (1,712,722) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 186.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 186.42 Td (1,691,335) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 170.25 Td (__________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 146.25 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 146.25 Td (Long-term obligations includes interest rate swap contracts, participation interest liability and notes payable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 79 0 obj <> endobj 80 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (37) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item7.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 79.99 742.25 Td (Management) Tj ET Q q 0 0 0 rg BT 142.03 742.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 213.62 742.25 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F4 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 /F4 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 /F4 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 /F4 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 /F4 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 /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 647.25 Td (Executive Summary) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 623.25 Td (Hines Real Estate Investment ) Tj ET Q q 0 0 0 rg BT 188.34 623.25 Td (T) Tj ET Q q 0 0 0 rg BT 194.10 623.25 Td (rust, Inc. \(Hines REIT and, together with its consolidated subsidiaries, we, us or the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 611.25 Td (Company\) and its subsidiary) Tj ET Q q 0 0 0 rg BT 172.94 611.25 Td (, Hines REIT) Tj ET Q q 0 0 0 rg BT 225.81 611.25 Td ( Properties, L.P) Tj ET Q q 0 0 0 rg BT 286.91 611.25 Td (. \(the Operating Partnership\) were formed in ) Tj ET Q q 0 0 0 rg BT 475.73 611.25 Td (August 2003 for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 599.25 Td (purpose of investing in and owning interests in real estate. ) Tj ET Q q 0 0 0 rg BT 285.04 599.25 Td (W) Tj ET Q q 0 0 0 rg BT 293.68 599.25 Td (e have invested in real estate to satisfy our primary investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 587.25 Td (objectives including preserving invested capital, paying regular cash distributions and achieving modest capital appreciation of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 575.25 Td (our assets over the long term. ) Tj ET Q q 0 0 0 rg BT 170.07 575.25 Td (W) Tj ET Q q 0 0 0 rg BT 178.71 575.25 Td (e have made investments directly through entities wholly owned by the Operating Partnership ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 563.25 Td (or indirectly through other entities such as through our investment in the Core Fund. ) Tj ET Q q 0 0 0 rg BT 389.11 563.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.55 563.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.14 563.25 Td (, we had direct ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 551.25 Td (and indirect interests in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.08 551.25 Td (51) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.08 551.25 Td ( properties. ) Tj ET Q q 0 0 0 rg BT 203.39 551.25 Td (These properties consist of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.36 551.25 Td (37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.36 551.25 Td ( of) Tj ET Q q 0 0 0 rg BT 334.01 551.25 Td (fice properties located throughout the United States, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.06 551.25 Td (one) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.50 551.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 539.25 Td (industrial property in Dallas, ) Tj ET Q q 0 0 0 rg BT 167.29 539.25 Td (T) Tj ET Q q 0 0 0 rg BT 172.71 539.25 Td (exas, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.47 539.25 Td (one) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.91 539.25 Td ( industrial property in Brazil and a portfolio of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.48 539.25 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.48 539.25 Td ( grocery-anchored shopping centers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 527.25 Td (located in five states primarily in the Southeastern United States \(the Grocery-Anchored Portfolio\). In total, we acquired ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 515.25 Td (interests in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.10 515.25 Td (63) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.10 515.25 Td ( properties since our inception and have sold our interests in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.10 515.25 Td (15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.10 515.25 Td ( of those properties as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.18 515.25 Td (March28, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.78 515.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 491.25 Td (In order to provide capital for these investments, we raised over ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.69 491.25 Td ($2.6 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.80 491.25 Td ( through public of) Tj ET Q q 0 0 0 rg BT 443.56 491.25 Td (ferings of our common stock ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 479.25 Td (since we commenced our initial public of) Tj ET Q q 0 0 0 rg BT 215.32 479.25 Td (fering in June 2004.In consideration of market conditions and other factors, our board ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 467.25 Td (of directors determined to cease sales of our shares to new investors pursuant to our third public of) Tj ET Q q 0 0 0 rg BT 444.43 467.25 Td (fering as of January 1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 455.25 Td (2010.However) Tj ET Q q 0 0 0 rg BT 111.25 455.25 Td (, we have continued to sell shares under our dividend reinvestment plan. Based on market conditions and other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 443.25 Td (considerations, we do not currently expect to commence any future of) Tj ET Q q 0 0 0 rg BT 329.44 443.25 Td (ferings other than those related to shares issued under our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 431.25 Td (dividend reinvestment plan.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 407.25 Td (As with most commercial real estate, our portfolio of assets has not been immune to the ef) Tj ET Q q 0 0 0 rg BT 432.11 407.25 Td (fects of a recession.During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 395.25 Td (year ended December 31, 2012, we recorded impairment char) Tj ET Q q 0 0 0 rg BT 296.93 395.25 Td (ges on three of our directly-owned assets and seven of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 383.25 Td (indirectly-owned assets \(four of which were sold prior to December 31, 2012\). However) Tj ET Q q 0 0 0 rg BT 403.38 383.25 Td (, due to the quality and diversification ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 371.25 Td (of our portfolio, we continue to believe that our portfolio is relatively well-positioned to recover from the negative impact as a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 359.25 Td (result of the recent economic down cycle. In fact, we sold our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.85 359.25 Td (50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.18 359.25 Td ( interest in Distribution Park Rio in January 2013, our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 347.25 Td (indirectly-owned industrial property in Rio de Janeiro, Brazil, to an af) Tj ET Q q 0 0 0 rg BT 329.74 347.25 Td (filiate of Hines, which we acquired in June 2007 for an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 335.25 Td (initial investment of $28.9 million. ) Tj ET Q q 0 0 0 rg BT 194.25 335.25 Td (The net proceeds received for our 50% interest in Distribution Park Rio were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.99 335.25 Td ($43.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.88 335.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 323.25 Td (In addition, in March 2013, we sold ) Tj ET Q q 0 0 0 rg BT 195.63 323.25 Td (W) Tj ET Q q 0 0 0 rg BT 204.67 323.25 Td (illiams ) Tj ET Q q 0 0 0 rg BT 234.21 323.25 Td (T) Tj ET Q q 0 0 0 rg BT 239.62 323.25 Td (ower for a net contract sales price of $412.0 million, which we acquired in May ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 311.25 Td (2008 for a net contract purchase price of $271.5 million. ) Tj ET Q q 0 0 0 rg BT 280.58 311.25 Td (W) Tj ET Q q 0 0 0 rg BT 289.22 311.25 Td (e received net proceeds of $) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.10 311.25 Td (228.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.00 311.25 Td ( in relation to this sale.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 287.25 Td ( In spite of the challenges presented by the uncertain economy and markets, our portfolio was) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.83 287.25 Td (88%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.16 287.25 Td (leased as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 275.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 275.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.02 275.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 221.24 275.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.24 275.25 Td (.Our management closely monitors the portfolio) Tj ET Q q 0 0 0 rg BT 424.25 275.25 Td (s lease expirations, which for each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 263.25 Td (of the years ended December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.11 263.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.11 263.25 Td ( through December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.80 263.25 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.80 263.25 Td (, are expected to approximate, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.80 263.25 Td (8.2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.63 263.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.63 263.25 Td (5.3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.46 263.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.46 263.25 Td (7.9%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.29 263.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.29 263.25 Td (6.9%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.12 263.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 251.25 Td (10.1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.83 251.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 128.49 251.25 Td (, of leasable square feet. ) Tj ET Q q 0 0 0 rg BT 227.43 251.25 Td (W) Tj ET Q q 0 0 0 rg BT 236.06 251.25 Td (e believe this level of expirations is manageable, and we will remain focused on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 239.25 Td (filling tenant vacancies with high-quality tenants in each of the markets in which we operate. ) Tj ET Q q 0 0 0 rg BT 423.77 239.25 Td (Although we continue to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 227.25 Td (leased to a diverse tenant base over a variety of industries,our portfoliois approximately) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.22 227.25 Td (17%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.55 227.25 Td ( leased to over ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.08 227.25 Td (100) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.08 227.25 Td ( companies ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 215.25 Td (inthe legal industry) Tj ET Q q 0 0 0 rg BT 129.06 215.25 Td (, approximately) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.32 215.25 Td (13%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.65 215.25 Td ( leased to over ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.18 215.25 Td (180) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.18 215.25 Td ( companies in the financial and insurance industries, approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 203.25 Td (1) Tj ET Q q 0 0 0 rg BT 54.63 203.25 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.96 203.25 Td ( leased to over ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.49 203.25 Td (40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.49 203.25 Td ( companies in the manufacturing industry and approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.54 203.25 Td (1) Tj ET Q q 0 0 0 rg BT 389.17 203.25 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.50 203.25 Td ( leased to over ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.03 203.25 Td (70) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.03 203.25 Td ( companies in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 191.25 Td (information technology industry) Tj ET Q q 0 0 0 rg BT 178.77 191.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 167.25 Td (As we have disclosed previously) Tj ET Q q 0 0 0 rg BT 201.43 167.25 Td (, we were required to revalue our common shares 18 months after the close of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 155.25 Td (primary of) Tj ET Q q 0 0 0 rg BT 92.30 155.25 Td (fering. Hines REIT) Tj ET Q q 0 0 0 rg BT 169.05 155.25 Td ( was closed to new investors as of January 1, 2010. ) Tj ET Q q 0 0 0 rg BT 377.90 155.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 427.24 155.25 Td (, after considering many factors, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 143.25 Td (in May 201) Tj ET Q q 0 0 0 rg BT 95.74 143.25 Td (1, our board of directors established an estimated value per share of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.70 143.25 Td ($7.78) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.20 143.25 Td (. ) Tj ET Q q 0 0 0 rg BT 396.02 143.25 Td (The primary driver of the decrease in our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 131.25 Td (estimated share value was the economic environment) Tj ET Q q 0 0 0 rg BT 266.04 131.25 Td (s impact on the commercial real estate markets during the global ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 119.25 Td (recession. Further) Tj ET Q q 0 0 0 rg BT 123.75 119.25 Td (, we are required to update the estimated share value every 18 months. ) Tj ET Q q 0 0 0 rg BT 407.26 119.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 456.59 119.25 Td (, ef) Tj ET Q q 0 0 0 rg BT 469.18 119.25 Td (fective November 29, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 107.25 Td (2012, our board of directors established a new estimated value per share of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.12 107.25 Td ($7.61) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.62 107.25 Td (. ) Tj ET Q q 0 0 0 rg BT 381.94 107.25 Td (The primary driver of the decrease in our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 95.25 Td (estimated share value was a $0.15 per share reduction resulting from capital returned to the Company) Tj ET Q q 0 0 0 rg BT 458.75 95.25 Td (s stockholders for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 83.25 Td (period from July 1, 201) Tj ET Q q 0 0 0 rg BT 143.78 83.25 Td (1 through October 1, 2012. ) Tj ET Q q 0 0 0 rg BT 256.92 83.25 Td (While we experienced a 4.4% net increase in values across our real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 71.25 Td (investments, the valuation of our debt portfolio decreased due to the increased availability of low-interest rate financing. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 59.25 Td (Please see Item 5. Market for Registrant) Tj ET Q q 0 0 0 rg BT 218.00 59.25 Td (s Common Equity) Tj ET Q q 0 0 0 rg BT 290.13 59.25 Td (, Related Stockholder Matters and Issuer Purchases of Equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 47.25 Td (Securities for a description of how our board of directors determined the estimated per share value in November 2012. Please ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 81 0 obj <> endobj 82 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (see Item 7. Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 219.27 742.10 Td (Analysis of Results of Operations and Financial Condition Subsequent Events for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (a description of the new estimated value per share of our common shares, ef) Tj ET Q q 0 0 0 rg BT 354.16 730.10 Td (fective as of ) Tj ET Q q 0 0 0 rg BT 404.97 730.10 Td (April 2, 2013.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (The estimated value per share was calculated as of a moment in time, and, although the value of our shares will fluctuate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (over time as a result of, among other things, developments related to individual assets and changes in the real estate and capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (markets, we do not undertake to update the estimated value per share on a regular basis.) Tj ET Q q 0 0 0 rg BT 403.21 682.10 Td (As noted below) Tj ET Q q 0 0 0 rg BT 465.33 682.10 Td (, a portion of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (distributions to our stockholders have been or will be funded with a portion of the proceeds from sales of our investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (properties.) Tj ET Q q 0 0 0 rg BT 96.93 658.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 146.27 658.10 Td (, the estimated value per share may not accurately reflect the value of our assets.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 634.10 Td (e pay distributions to our stockholders on a quarterly basis. Beginning July 1, 2010, the annual distribution rate was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (decreased from $0.00165699 to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.13 622.10 Td ($0.00138082) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.63 622.10 Td ( per share, per day) Tj ET Q q 0 0 0 rg BT 304.56 622.10 Td (, which represented a change in the annualized distribution rate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (from 6% to 5% \(based on our prior primary of) Tj ET Q q 0 0 0 rg BT 235.05 610.10 Td (fering share price of $10.08 per share\). ) Tj ET Q q 0 0 0 rg BT 392.86 610.10 Td (W) Tj ET Q q 0 0 0 rg BT 401.89 610.10 Td (ith the authorization of our board of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (directors, we have continued to declare distributions in the amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.92 598.10 Td ($0.00138082) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.42 598.10 Td ( per share, per day through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.10 598.10 Td (March 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.70 598.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (which represents an annual distribution rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.00 586.10 Td (6.6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.83 586.10 Td (, based on our estimated share value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.83 586.10 Td ($7.61) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.33 586.10 Td (, ef) Tj ET Q q 0 0 0 rg BT 451.92 586.10 Td (fective on November 29, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (2012 \(assuming the current distribution rate is maintained for a twelve-month period\). See Item 1A. Risk Factors for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (additional information. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 538.10 Td (Distributions declared for July 201) Tj ET Q q 0 0 0 rg BT 210.05 538.10 Td (1 through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.16 538.10 Td (March 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.75 538.10 Td ( will be paid from two sources. ) Tj ET Q q 0 0 0 rg BT 425.84 538.10 Td (Approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.89 538.10 Td (70%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.22 538.10 Td ( have been or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (will be paid from funds generated by our operations and approximately 30% have been or will be special distributions from the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (proceeds on sales of certain properties. ) Tj ET Q q 0 0 0 rg BT 207.81 514.10 Td (These special distributions represent a return of our stockholders) Tj ET Q q 0 0 0 rg BT 469.21 514.10 Td ( invested capital. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (Please see Item 7. Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 247.31 502.10 Td (Analysis of Results of Operations and Financial Condition Subsequent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (Events for a description of additional distributions declared and a reduction in the per share, per day distribution rate with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (respect to distributions declared for ) Tj ET Q q 0 0 0 rg BT 193.57 478.10 Td (April 2013. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 455.25 Td (Critical ) Tj ET Q q 0 0 0 rg BT 84.71 455.25 Td (Accounting Policies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 431.25 Td (Our discussion and analysis of financial condition and results of operations is based on our consolidated financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 419.25 Td (statements, which have been prepared in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 308.52 419.25 Td (. Each of our critical accounting policies involves the use of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 407.25 Td (estimates that require management to make judgments that are subjective in nature. Management relies on its experience, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 395.25 Td (collects historical and current market data, and analyzes these assumptions in order to arrive at what it believes to be reasonable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 383.25 Td (estimates. Under dif) Tj ET Q q 0 0 0 rg BT 130.63 383.25 Td (ferent conditions or assumptions, materially dif) Tj ET Q q 0 0 0 rg BT 319.85 383.25 Td (ferent amounts could be reported related to the accounting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 371.25 Td (policies described below) Tj ET Q q 0 0 0 rg BT 148.21 371.25 Td (. ) Tj ET Q q 0 0 0 rg BT 152.66 371.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 202.56 371.25 Td (, application of our accounting policies involves exercising judgments regarding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 359.25 Td (assumptions as to future uncertainties.) Tj ET Q q 0 0 0 rg BT 207.47 359.25 Td (Actual results may dif) Tj ET Q q 0 0 0 rg BT 295.88 359.25 Td (fer from these estimates under dif) Tj ET Q q 0 0 0 rg BT 430.37 359.25 Td (ferent assumptions or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 347.25 Td (conditions.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 323.25 Td (Basis of Presentation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 299.25 Td (Our consolidated financial statements included in this annual report include the accounts of Hines REIT) Tj ET Q q 0 0 0 rg BT 483.81 299.25 Td ( and the Operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 287.25 Td (Partnership \(over which Hines REIT) Tj ET Q q 0 0 0 rg BT 196.45 287.25 Td ( exercises financial and operating control\) and the Operating Partnership) Tj ET Q q 0 0 0 rg BT 489.40 287.25 Td (s wholly-owned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 275.25 Td (subsidiaries as well as the related amounts of noncontrolling interests. ) Tj ET Q q 0 0 0 rg BT 334.38 275.25 Td (All intercompany balances and transactions have been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 263.25 Td (eliminated in consolidation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 239.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 239.25 Td (e evaluate the need to consolidate investments based on standards set forth by GAAP) Tj ET Q q 0 0 0 rg BT 416.28 239.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 418.78 239.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.28 239.25 Td (Our joint ventures are evaluated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 227.25 Td (based upon GAAP) Tj ET Q q 0 0 0 rg BT 124.62 227.25 Td ( to determine whether or not the investment qualifies as a variable interest entity \(VIE\).If the investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 215.25 Td (qualifies as a ) Tj ET Q q 0 0 0 rg BT 104.52 215.25 Td (VIE, an analysis is then performed to determine if we are the primary beneficiary of the ) Tj ET Q q 0 0 0 rg BT 457.81 215.25 Td (VIE by reviewing a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 203.25 Td (combination of qualitative and quantitative measures including analyzing the expected investment portfolio using various ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 191.25 Td (assumptions to estimate the net income from the underlying assets.) Tj ET Q q 0 0 0 rg BT 320.04 191.25 Td (The projected cash flows are then analyzed to determine ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 179.25 Td (whether or not we are the primary beneficiary by analyzing if we have both the power to direct the entity) Tj ET Q q 0 0 0 rg BT 472.34 179.25 Td (s significant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 167.25 Td (economic activities and the obligation to absorb potentially significant losses or receive potentially significant benefits.In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 155.25 Td (addition to this analysis, we also consider the rights and decision making abilities of each holder of variable interest entity) Tj ET Q q 0 0 0 rg BT 537.56 155.25 Td (. ) Tj ET Q q 0 0 0 rg BT 542.38 155.25 Td (W) Tj ET Q q 0 0 0 rg BT 551.02 155.25 Td (e ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 143.25 Td (will consolidate joint ventures that are determined to be variable interest entities for which we are the primary beneficiary) Tj ET Q q 0 0 0 rg BT 536.39 143.25 Td (. ) Tj ET Q q 0 0 0 rg BT 541.21 143.25 Td (W) Tj ET Q q 0 0 0 rg BT 549.84 143.25 Td (e ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 131.25 Td (will also consolidate joint ventures that are not determined to be variable interest entities, but for which we exercise significant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 119.25 Td (control over major operating decisions, such as approval of budgets, selection of property managers, asset management, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 107.25 Td (investment activity and changes in financing.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 83.25 Td (Our investments in partially owned real estate joint ventures and partnerships are reviewed for impairment periodically if ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 71.25 Td (events or circumstances change indicating that the carrying amount of its investments may not be recoverable. In such an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 59.25 Td (instance, we will record an impairment char) Tj ET Q q 0 0 0 rg BT 225.58 59.25 Td (ge if we determine that a decline in the value of an investment below its fair value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 47.25 Td (is other than temporary) Tj ET Q q 0 0 0 rg BT 142.38 47.25 Td (.Our analysis will be dependent on a number of factors, including the performance of each investment, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 83 0 obj <> endobj 84 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (39) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (current market conditions, and our intent and ability to hold the investment to full recovery) Tj ET Q q 0 0 0 rg BT 413.42 742.10 Td (.Based on our analysis of the facts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (and circumstances at each reporting period, no impairment was recorded related to our investments in partially owned real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (estate joint ventures and partnerships for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.64 718.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.23 718.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.23 718.10 Td (201) Tj ET Q q 0 0 0 rg BT 377.86 718.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.86 718.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.79 718.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.79 718.10 Td (.However) Tj ET Q q 0 0 0 rg BT 468.54 718.10 Td (, if market conditions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (deteriorate in the future and result in lower valuations or reduced cash flows of our investments, impairment char) Tj ET Q q 0 0 0 rg BT 502.45 706.10 Td (ges may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (recorded in future periods.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 670.10 Td (Investment Property and Lease Intangibles) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 646.10 Td ( Real estate assets that we own directly are stated at cost less accumulated depreciation. Depreciation is computed using ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (the straight-line method. ) Tj ET Q q 0 0 0 rg BT 150.35 634.10 Td (The estimated useful lives for computing depreciation are generally 10years for furniture and fixtures, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (15-20years for electrical and mechanical installations and 40years for buildings. Major replacements that extend the useful life ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (of the assets are capitalized and maintenance and repair costs are expensed as incurred.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 586.10 Td ( Real estate assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (the individual property may not be recoverable. In such an event, a comparison will be made of the current and projected ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (operating cash flows of each property on an undiscounted basis to the carrying amount of such property) Tj ET Q q 0 0 0 rg BT 464.23 562.10 Td (. Such carrying amount ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (would be adjusted, if necessary) Tj ET Q q 0 0 0 rg BT 174.59 550.10 Td (, to estimated fair values to reflect impairment in the value of the asset. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td (During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.63 526.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.21 526.10 Td (, we determined that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.35 526.10 Td (three) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.34 526.10 Td ( of our directly-owned investment properties located ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (in Minneapolis, Minnesota, Melville, New ) Tj ET Q q 0 0 0 rg BT 222.38 514.10 Td (Y) Tj ET Q q 0 0 0 rg BT 228.60 514.10 Td (ork and Seattle, ) Tj ET Q q 0 0 0 rg BT 293.40 514.10 Td (W) Tj ET Q q 0 0 0 rg BT 302.04 514.10 Td (ashington were impaired, since the projected undiscounted cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (flows for these properties were less than their carrying values.) Tj ET Q q 0 0 0 rg BT 302.70 502.10 Td (As a result, an impairment loss was recorded related to those ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (certain properties of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.02 490.10 Td ($53.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.91 490.10 Td ( to write down the carrying value of these assets to their fair values for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.25 490.10 Td (year ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.84 490.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 478.10 Td (.If market conditions deteriorate or if management) Tj ET Q q 0 0 0 rg BT 338.23 478.10 Td (s plans for certain properties change, additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (impairment char) Tj ET Q q 0 0 0 rg BT 115.63 466.10 Td (ges could be required in the future. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 442.10 Td (During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.63 442.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.21 442.10 Td (, an impairment loss of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.14 442.10 Td ($90.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.04 442.10 Td ( was recorded related to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.04 442.10 Td (seven) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.81 442.10 Td ( of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 430.10 Td (s indirectly-owned properties located in both the suburban area of Sacramento, California and Charlotte, North ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (Carolina. ) Tj ET Q q 0 0 0 rg BT 88.88 418.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 138.78 418.10 Td (, during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.19 418.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 306.41 418.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.41 418.10 Td (, impairment losses of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.23 418.10 Td ($101.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.12 418.10 Td ( were recorded related to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (five) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.55 406.10 Td ( of the Company) Tj ET Q q 0 0 0 rg BT 135.26 406.10 Td (s indirectly-owned properties located in the suburban area of Sacramento, California, of which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.96 406.10 Td (four) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.62 406.10 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (those properties located in the suburban area of Sacramento, California were sold in December 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 370.10 Td (During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.63 370.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.21 370.10 Td (, we also recorded an impairment char) Tj ET Q q 0 0 0 rg BT 391.02 370.10 Td (ge of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.05 370.10 Td ($0.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.94 370.10 Td ( related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (to the sale of a land parcel, which was completed in September 2010. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 334.10 Td (Deferred Leasing Costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 310.10 Td (Direct leasing costs, primarily consisting of third-party leasing commissions and tenant inducements, are capitalized and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (amortized over the life of the related lease. ) Tj ET Q q 0 0 0 rg BT 223.34 298.10 Td (T) Tj ET Q q 0 0 0 rg BT 228.75 298.10 Td (enant inducement amortization is recorded as an of) Tj ET Q q 0 0 0 rg BT 432.66 298.10 Td (fset to rental revenue and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (amortization of other direct leasing costs is recorded in amortization expense.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 274.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 262.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 262.10 Td (e consider a number of dif) Tj ET Q q 0 0 0 rg BT 181.70 262.10 Td (ferent factors to evaluate whether we or the lesseeis the owner of the tenant improvements for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (accounting purposes. ) Tj ET Q q 0 0 0 rg BT 136.74 250.10 Td (These factors include: 1\)whether the lease stipulates how and on what a tenant improvement allowance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (may be spent; 2\)whether the tenant or landlord retains legal title to the improvements; 3\)the uniqueness of the improvements; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (4\)the expected economic life of the tenant improvements relative to the term of the lease; and 5\)who constructs or directs the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (construction of the improvements. ) Tj ET Q q 0 0 0 rg BT 189.51 214.10 Td (The determination of who owns the tenant improvements for accounting purposes is subject ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (to significant judgment. In making that determination, we consider all of the above factors. No one factor) Tj ET Q q 0 0 0 rg BT 470.86 202.10 Td (, however) Tj ET Q q 0 0 0 rg BT 509.89 202.10 Td (, necessarily ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (establishes any determination.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 166.10 Td (Revenue Recognition and V) Tj ET Q q 0 0 0 rg BT 173.17 166.10 Td (aluation of Receivables) Tj ET Q BT /F2 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 are required to recognize minimum rent revenues on a straight-line basis over the terms of tenant leases, including rent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (holidays and bar) Tj ET Q q 0 0 0 rg BT 115.91 130.10 Td (gain renewal options, if any) Tj ET Q q 0 0 0 rg BT 226.62 130.10 Td (. Revenues associated with tenant reimbursements are recognized in the period in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (which the expenses are incurred based upon the tenant) Tj ET Q q 0 0 0 rg BT 270.47 118.10 Td (s lease provision. Revenues related to lease termination fees are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (recognized at the time that the tenant) Tj ET Q q 0 0 0 rg BT 200.49 106.10 Td (s right to occupy the space is terminated and when we have satisfied all obligations under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (the lease and are included in other revenue in the accompanying consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 464.12 94.10 Td (T) Tj ET Q q 0 0 0 rg BT 469.53 94.10 Td (o the extent our leases ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 99.34 70.10 Td (, our management must determine, in its judgment, to what extent the unbilled rent receivable applicable to each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (specific tenant is collectible. ) Tj ET Q q 0 0 0 rg BT 166.16 58.10 Td (W) Tj ET Q q 0 0 0 rg BT 174.80 58.10 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 58.10 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 85 0 obj <> endobj 86 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (payment history) Tj ET Q q 0 0 0 rg BT 114.06 742.10 Td (, the financial condition of the tenant, business conditions in the industry in which the tenant operates and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (economic conditions in the area in which the property is located.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (In the event that the collectbility of unbilled rent with respect to any given tenant is in doubt, we would be required to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (record an increase in our allowance for doubtful accounts or record a direct write-of) Tj ET Q q 0 0 0 rg BT 385.50 694.10 Td (f of the specific rent receivable, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (would have an adverse ef) Tj ET Q q 0 0 0 rg BT 151.44 682.10 Td (fect on our net income for the year in which the reserve is increased or the direct write-of) Tj ET Q q 0 0 0 rg BT 508.05 682.10 Td (f is recorded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (and would decrease our total assets and stockholders) Tj ET Q q 0 0 0 rg BT 263.36 670.10 Td ( equity) Tj ET Q q 0 0 0 rg BT 290.21 670.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 646.10 Td (T) Tj ET Q q 0 0 0 rg BT 64.74 646.10 Td (reatment of Management Compensation, Expense Reimbursements and Operating Partnership Participation Interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 622.10 Td (e outsource management of our operations to the ) Tj ET Q q 0 0 0 rg BT 273.80 622.10 Td (Advisor and certain other af) Tj ET Q q 0 0 0 rg BT 385.80 622.10 Td (filiates of Hines. Fees related to these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (services are accounted for based on the nature of the service and the relevant accounting literature. Fees for services performed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (that represent period costs are expensed as incurred. Such fees include acquisition fees and asset management fees paid to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (Advisor and property management fees paid to Hines. In addition to cash payments for acquisition fees and asset management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (fees paid to the ) Tj ET Q q 0 0 0 rg BT 112.76 574.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 144.58 574.10 Td (, an af) Tj ET Q q 0 0 0 rg BT 169.11 574.10 Td (filiate of the ) Tj ET Q q 0 0 0 rg BT 219.92 574.10 Td (Advisor has received a profits interest in the Operating Partnership related to these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (services \(the Participation Interest\). ) Tj ET Q q 0 0 0 rg BT 202.99 562.10 Td (As the percentage interest of the Participation Interest is adjusted, the value attributable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (to such adjustment is char) Tj ET Q q 0 0 0 rg BT 153.69 550.10 Td (ged against earnings and a liability is recorded until it is repurchased for cash or converted into ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (common shares. In addition, the liability is remeasured at fair value at each balance sheet date with related adjustments char) Tj ET Q q 0 0 0 rg BT 545.46 538.10 Td (ged ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (to earnings in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 200.79 526.10 Td (.) Tj ET Q q 0 0 0 rg BT 205.61 526.10 Td (The fair value of the shares underlying the Participation Interest liability is determined ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (based on the related redemption price in place as of each balance sheet date plus any unpaid distributions. ) Tj ET Q q 0 0 0 rg BT 474.95 514.10 Td (The determination of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (the adjustment for the Participation Interest is subject to significant judgment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 478.10 Td (The conversion and redemption features of the participation interest are accounted for in accordance with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 76.12 466.10 Td (.Redemptions of the Participation Interest for cash will be accounted for as a reduction to the liability discussed above to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (the extent of such liability) Tj ET Q q 0 0 0 rg BT 153.77 454.10 Td (. Conversions into common shares of the Company will be recorded as an increase to the outstanding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (common shares and additional paid-in capital accounts and a corresponding reduction in the liability discussed above. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (Redemptions and conversions of the Participation Interest will result in a corresponding reduction in the ownership percentage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (of the Operating Partnership attributable to the Participation Interest and will have no impact on the calculation of subsequent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (increases in the Participation Interest.) Tj ET Q BT /F2 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 382.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 89.45 382.10 Td (Accounting Pronouncements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 358.10 Td (In May 201) Tj ET Q q 0 0 0 rg BT 114.29 358.10 Td (1, the Financial ) Tj ET Q q 0 0 0 rg BT 178.17 358.10 Td (Accounting Standards Board \(F) Tj ET Q q 0 0 0 rg BT 308.79 358.10 Td (ASB\) issued guidance on fair value measurements. ) Tj ET Q q 0 0 0 rg BT 519.66 358.10 Td (This ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (guidance results in a consistent definition of fair value and common requirements for measurement of and expanded disclosure ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (about fair value between GAAP) Tj ET Q q 0 0 0 rg BT 177.92 334.10 Td ( and International Financial Reporting Standards. ) Tj ET Q q 0 0 0 rg BT 377.41 334.10 Td (The adoption of this guidance was ef) Tj ET Q q 0 0 0 rg BT 524.97 334.10 Td (fective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (prospectively for interim and annual periods beginning after December 15, 201) Tj ET Q q 0 0 0 rg BT 366.47 322.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 376.29 322.10 Td (W) Tj ET Q q 0 0 0 rg BT 384.93 322.10 Td (e did not have any changes to our existing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (classification and measurement of fair value upon adoption on January 1, 2012.Refer to Note 13 - Fair ) Tj ET Q q 0 0 0 rg BT 470.32 310.10 Td (V) Tj ET Q q 0 0 0 rg BT 476.43 310.10 Td (alue Disclosures for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (additional disclosures resulting from the adoption of this standard.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 274.10 Td ( In June 201) Tj ET Q q 0 0 0 rg BT 116.79 274.10 Td (1, F) Tj ET Q q 0 0 0 rg BT 131.61 274.10 Td (ASB issued guidance on the presentation of comprehensive income. ) Tj ET Q q 0 0 0 rg BT 406.36 274.10 Td (This guidance eliminated the prior ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (option to report other comprehensive income and its components in the statement of changes in equity) Tj ET Q q 0 0 0 rg BT 458.41 262.10 Td (. ) Tj ET Q q 0 0 0 rg BT 463.23 262.10 Td (The adoption of this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (guidance is ef) Tj ET Q q 0 0 0 rg BT 105.35 250.10 Td (fective for interim and annual periods beginning after December 15, 201) Tj ET Q q 0 0 0 rg BT 395.15 250.10 Td (1.Further) Tj ET Q q 0 0 0 rg BT 436.69 250.10 Td (, in December 201) Tj ET Q q 0 0 0 rg BT 510.18 250.10 Td (1, the board ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (deferred the ef) Tj ET Q q 0 0 0 rg BT 108.11 238.10 Td (fective date pertaining only to the presentation of reclassification adjustments out of accumulated other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (comprehensive income.) Tj ET Q q 0 0 0 rg BT 149.79 226.10 Td (The adoption of this guidance did not have a material ef) Tj ET Q q 0 0 0 rg BT 373.42 226.10 Td (fect on our financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 202.10 Td (In December 201) Tj ET Q q 0 0 0 rg BT 140.04 202.10 Td (1, F) Tj ET Q q 0 0 0 rg BT 154.86 202.10 Td (ASB issued guidance on disclosures about of) Tj ET Q q 0 0 0 rg BT 335.21 202.10 Td (fsetting assets and liabilities. ) Tj ET Q q 0 0 0 rg BT 452.51 202.10 Td (This guidance results in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (enhanced disclosures by requiring improved information about financial instruments and derivative instruments that are either ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (\(1\) of) Tj ET Q q 0 0 0 rg BT 72.31 178.10 Td (fset in accordance with either ) Tj ET Q q 0 0 0 rg BT 191.98 178.10 Td (ASC 210-20-45 or ) Tj ET Q q 0 0 0 rg BT 268.37 178.10 Td (ASC 815-10-45 or \(2\) subject to an enforceable master netting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (arrangement or similar agreement, irrespective of whether they are of) Tj ET Q q 0 0 0 rg BT 327.47 166.10 Td (fset in accordance with either ) Tj ET Q q 0 0 0 rg BT 447.13 166.10 Td (ASC 210-20-45 or ) Tj ET Q q 0 0 0 rg BT 523.53 166.10 Td (ASC ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (815-10-45. ) Tj ET Q q 0 0 0 rg BT 96.48 154.10 Td (The adoption of this guidance is ef) Tj ET Q q 0 0 0 rg BT 235.15 154.10 Td (fective for annual periods beginning on or after January 1, 2013 and interim ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (periods within those annual periods. ) Tj ET Q q 0 0 0 rg BT 197.02 142.10 Td (The adoption of this guidance is not expected to have a material ef) Tj ET Q q 0 0 0 rg BT 462.85 142.10 Td (fect on our financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 106.10 Td ( In December 201) Tj ET Q q 0 0 0 rg BT 139.54 106.10 Td (1, F) Tj ET Q q 0 0 0 rg BT 154.36 106.10 Td (ASB issued guidance to resolve the diversity in practice about whether the derecognition criteria for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (real estate sales applies to a parent that ceases to have a controlling financial interest in a subsidiary that is in substance real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (estate as a result of default on the subsidiary) Tj ET Q q 0 0 0 rg BT 229.95 82.10 Td (s nonrecourse debt. ) Tj ET Q q 0 0 0 rg BT 312.24 82.10 Td (This guidance is ef) Tj ET Q q 0 0 0 rg BT 387.87 82.10 Td (fective beginning July 1, 2012 and did not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (have a material ef) Tj ET Q q 0 0 0 rg BT 121.16 70.10 Td (fect on our financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 87 0 obj <> endobj 88 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (41) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (In ) Tj ET Q q 0 0 0 rg BT 78.28 742.10 Td (August 2012, F) Tj ET Q q 0 0 0 rg BT 139.49 742.10 Td (ASB amended a number of SEC sections in the ) Tj ET Q q 0 0 0 rg BT 330.85 742.10 Td (Accounting Standards Codification \(the Codification\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (as a result of \(1\) the issuance of SAB 1) Tj ET Q q 0 0 0 rg BT 205.98 730.10 Td (14, which served to revise or rescind portions of the interpretive guidance included in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (the Codification regarding the Staf) Tj ET Q q 0 0 0 rg BT 188.67 718.10 Td (f ) Tj ET Q q 0 0 0 rg BT 193.95 718.10 Td (Accounting Bulletin Series, \(2\) the issuance of SEC final Rule release 33-9250, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (related to adopting technical amendments to various rules and forms under the Securities ) Tj ET Q q 0 0 0 rg BT 407.40 706.10 Td (Act of 1933, as amended, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Securities Exchange ) Tj ET Q q 0 0 0 rg BT 133.31 694.10 Td (Act of 1934, as amended, and the Investment Company ) Tj ET Q q 0 0 0 rg BT 357.42 694.10 Td (Act of 1940, as amended, and \(3\) necessary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (corrections related to ) Tj ET Q q 0 0 0 rg BT 136.35 682.10 Td (ASU 2010-22, which served to amend certain SEC paragraphs in the Codification in order to address ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (some technical corrections. ) Tj ET Q q 0 0 0 rg BT 163.94 670.10 Td (The guidance was ef) Tj ET Q q 0 0 0 rg BT 246.22 670.10 Td (fective upon issuance and did not have a material ef) Tj ET Q q 0 0 0 rg BT 453.46 670.10 Td (fect on our financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td (In October 2012, F) Tj ET Q q 0 0 0 rg BT 143.36 634.10 Td (ASB clarified and relocated guidance in the Codification, corrected unintended application of guidance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (and made minor improvements to the Codification that are not expected to have a significant ef) Tj ET Q q 0 0 0 rg BT 431.08 622.10 Td (fect on current accounting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (practice. ) Tj ET Q q 0 0 0 rg BT 88.59 610.10 Td (Amendments made to the Codification without transition guidance are ef) Tj ET Q q 0 0 0 rg BT 380.27 610.10 Td (fective upon issuance and amendments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (subject to transition guidance will be ef) Tj ET Q q 0 0 0 rg BT 207.55 598.10 Td (fective for fiscal periods beginning after December 15, 2012. ) Tj ET Q q 0 0 0 rg BT 456.72 598.10 Td (This guidance is not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (expected to have a material impact on our financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 562.10 Td (In February 2013, F) Tj ET Q q 0 0 0 rg BT 147.25 562.10 Td (ASB issued guidance to improve the transparency of reporting reclassifications out of accumulated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (other comprehensive income. ) Tj ET Q q 0 0 0 rg BT 172.83 550.10 Td (The adoption of this guidance is ef) Tj ET Q q 0 0 0 rg BT 311.50 550.10 Td (fective for interim and annual periods beginning after ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (December 15, 2012. ) Tj ET Q q 0 0 0 rg BT 135.90 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 144.54 538.10 Td (e do not believe the adoption of this guidance will have a material ef) Tj ET Q q 0 0 0 rg BT 418.43 538.10 Td (fect on our financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 514.10 Td (In February 2013, F) Tj ET Q q 0 0 0 rg BT 147.25 514.10 Td (ASB issued amendments to provide guidance on the recognition, measurement and disclosure of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (obligations resulting from joint and several liability arrangements for which the total amount of obligation within the scope of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (this guidance is fixed at the reporting date, except for obligations addressed within existing guidance in GAAP) Tj ET Q q 0 0 0 rg BT 491.84 490.10 Td (. ) Tj ET Q q 0 0 0 rg BT 499.16 490.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (amendments are ef) Tj ET Q q 0 0 0 rg BT 125.34 478.10 Td (fective for fiscal years, and interim periods within those years, beginning after December 15, 2013.) Tj ET Q q 0 0 0 rg BT 524.19 478.10 Td (W) Tj ET Q q 0 0 0 rg BT 532.83 478.10 Td (e do ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (not believe the adoption of this guidance will have a material impact on the Company's financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 442.10 Td (In March 2013, F) Tj ET Q q 0 0 0 rg BT 137.25 442.10 Td (ASB issued guidance on releasing cumulative translation adjustments when a reporting entity ceases to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (have a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity) Tj ET Q q 0 0 0 rg BT 486.75 430.10 Td (. In addition, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (these amendments provide guidance on the release of cumulative translation adjustments in partial sales of equity method ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 105.09 406.10 Td (The guidance is ef) Tj ET Q q 0 0 0 rg BT 178.49 406.10 Td (fective on a prospective basis for fiscal years and interim reporting periods within those years ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (beginning after December 15, 2013. ) Tj ET Q q 0 0 0 rg BT 196.71 394.10 Td (W) Tj ET Q q 0 0 0 rg BT 205.35 394.10 Td (e do not believe the adoption of this guidance will have a material impact on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (Company's financial statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 359.25 Td (Financial Condition, Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 265.98 359.25 Td (ces) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 335.25 Td (General) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 323.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 311.25 Td (Our principal cash requirements are for property-level operating expenses, capital improvements and leasing costs, debt ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 299.25 Td (service, corporate-level general and administrative expenses, distributions and redemptions. ) Tj ET Q q 0 0 0 rg BT 419.70 299.25 Td (W) Tj ET Q q 0 0 0 rg BT 428.33 299.25 Td (e have four primary sources of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 287.25 Td (capital for meeting our cash requirements:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 263.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 263.25 Td (proceeds from our dividend reinvestment plan;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 251.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 251.25 Td (debt financings, including secured or unsecured facilities;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 239.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 239.25 Td (proceeds from the sale of our properties; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 227.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 227.25 Td (cash flow generated by our real estate investments and operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 203.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 203.25 Td (e are focused on maintaining a strong cash position and managing our capital needs.Historically) Tj ET Q q 0 0 0 rg BT 464.77 203.25 Td (, our operating cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 191.25 Td (needs were primarily met through cash flow generated by our properties and distributions from unconsolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 179.25 Td (entities.However) Tj ET Q q 0 0 0 rg BT 122.63 179.25 Td (, due to the ef) Tj ET Q q 0 0 0 rg BT 177.15 179.25 Td (fects of the economic recession on commercial real estate fundamentals and the corresponding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 167.25 Td (reduction in our net operating income in recent years, an increasing portion of our operating cash needs was met through the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 155.25 Td (sale of our investment properties. ) Tj ET Q q 0 0 0 rg BT 188.02 155.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 237.92 155.25 Td (, during the period from July 1, 201) Tj ET Q q 0 0 0 rg BT 380.03 155.25 Td (1 through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.14 155.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.73 155.25 Td (, our ) Tj ET Q q 0 0 0 rg BT 520.00 155.25 Td (Advisor ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 143.25 Td (waived a portion of the asset management fees payable to it. ) Tj ET Q q 0 0 0 rg BT 296.12 143.25 Td (This waiver resulted in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.48 143.25 Td ($7.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.37 143.25 Td ( reduction of asset ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 131.25 Td (management fees for the period and expired on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.04 131.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.62 131.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 107.25 Td (In March 2013, we sold ) Tj ET Q q 0 0 0 rg BT 165.58 107.25 Td (W) Tj ET Q q 0 0 0 rg BT 174.62 107.25 Td (illiams ) Tj ET Q q 0 0 0 rg BT 204.16 107.25 Td (T) Tj ET Q q 0 0 0 rg BT 209.57 107.25 Td (ower) Tj ET Q q 0 0 0 rg BT 229.16 107.25 Td (, an of) Tj ET Q q 0 0 0 rg BT 254.25 107.25 Td (fice building and adjacent garage located in the Galleria/W) Tj ET Q q 0 0 0 rg BT 489.45 107.25 Td (est Loop ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 95.25 Td (submarket of Houston, ) Tj ET Q q 0 0 0 rg BT 143.70 95.25 Td (T) Tj ET Q q 0 0 0 rg BT 149.11 95.25 Td (exas from which we received proceeds of $) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.64 95.25 Td (228.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.53 95.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 71.25 Td (In January 2013, we sold our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.59 71.25 Td (50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.92 71.25 Td ( interest in Distribution Park Rio, our indirectly-owned industrial property in Rio de ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 59.25 Td (Janeiro, Brazil, to an af) Tj ET Q q 0 0 0 rg BT 143.12 59.25 Td (filiate of Hines, in which we received proceeds of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.70 59.25 Td ($43.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.59 59.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 89 0 obj <> endobj 90 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (42) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.63 742.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 232.84 742.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.84 742.10 Td (, we received proceeds of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.23 742.10 Td ($128.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.13 742.10 Td ( from the sale of ) Tj ET Q q 0 0 0 rg BT 468.61 742.10 Td (Atrium on Bay) Tj ET Q q 0 0 0 rg BT 527.95 742.10 Td (, a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (mixed-use of) Tj ET Q q 0 0 0 rg BT 102.30 730.10 Td (fice and retail complex located in the Downtown North submarket of the central business district of ) Tj ET Q q 0 0 0 rg BT 502.56 730.10 Td (T) Tj ET Q q 0 0 0 rg BT 507.97 730.10 Td (oronto, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (Canada.Further) Tj ET Q q 0 0 0 rg BT 116.52 718.10 Td (, for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.40 718.10 Td (year ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.98 718.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.48 718.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.07 718.10 Td (, we received an additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.02 718.10 Td ($1) Tj ET Q q 0 0 0 rg BT 394.65 718.10 Td (1.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.54 718.10 Td ( in proceeds primarily related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (to the settlement of tax receivables that were established during the closing of the sale of ) Tj ET Q q 0 0 0 rg BT 406.55 706.10 Td (Atrium on Bay) Tj ET Q q 0 0 0 rg BT 465.90 706.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 468.40 706.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.40 706.10 Td (During the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (ended December 31, 2010, we received proceeds of $141.9 million from the sale of three industrial properties in Brazil and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (land parcel in Houston, ) Tj ET Q q 0 0 0 rg BT 145.63 682.10 Td (T) Tj ET Q q 0 0 0 rg BT 151.04 682.10 Td (exas.) Tj ET Q q 0 0 0 rg BT 175.76 682.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 225.66 682.10 Td (, we are continually evaluating each of our investments to determine the appropriate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (time to sell assets in order to achieve attractive returns and provide additional liquidity to the Company) Tj ET Q q 0 0 0 rg BT 462.02 670.10 Td (. If we sell significant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (assets, we may continue to distribute a portion of the proceeds to our stockholders as a special distribution that represents a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (return of our stockholders) Tj ET Q q 0 0 0 rg BT 156.17 646.10 Td ( invested capital, but such dispositions also will reduce the cash flow generated by our properties and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (may adversely impact our ability to pay regular distributions to our stockholders at the current distribution rate.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (On ) Tj ET Q q 0 0 0 rg BT 82.17 610.10 Td (August 9, 2012, the Core Fund received net proceeds of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.22 610.10 Td ($266.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.12 610.10 Td ( from the sale of One Shell Plaza and ) Tj ET Q q 0 0 0 rg BT 518.28 610.10 Td (T) Tj ET Q q 0 0 0 rg BT 523.69 610.10 Td (wo Shell ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (Plaza \(collectively) Tj ET Q q 0 0 0 rg BT 123.48 598.10 Td (, Shell Plaza\), two of) Tj ET Q q 0 0 0 rg BT 216.05 598.10 Td (fice buildings located in downtown Houston, ) Tj ET Q q 0 0 0 rg BT 398.34 598.10 Td (T) Tj ET Q q 0 0 0 rg BT 403.75 598.10 Td (exas in which we owned an 1) Tj ET Q q 0 0 0 rg BT 521.13 598.10 Td (1% ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 586.10 Td (fective interest. On December 14, 2012, the Core Fund sold Johnson Ranch Corporate Centre, Roseville Corporate Centre, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (Summit at Douglas Ridge and Olympus Corporate Centre \(collectively) Tj ET Q q 0 0 0 rg BT 333.18 574.10 Td (, the Roseville Disposition Group\) located in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (Roseville, California. ) Tj ET Q q 0 0 0 rg BT 140.63 562.10 Td (The proceeds received from the sale were less than what was owed on the Roseville Disposition Group ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (and required the Core Fund to pay an additional $16.8 million primarily related to outstanding principal owed under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (mortgage agreements, which were cross-collateralized with the mortgage of ) Tj ET Q q 0 0 0 rg BT 355.81 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 364.44 538.10 Td (ells Far) Tj ET Q q 0 0 0 rg BT 393.98 538.10 Td (go Center) Tj ET Q q 0 0 0 rg BT 432.58 538.10 Td (. ) Tj ET Q q 0 0 0 rg BT 439.90 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 448.54 538.10 Td (e owned an 18% ef) Tj ET Q q 0 0 0 rg BT 525.00 538.10 Td (fective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (interest in the Roseville Disposition Group.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 502.10 Td (During the year ended December 31, 201) Tj ET Q q 0 0 0 rg BT 232.84 502.10 Td (1, net proceeds of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.43 502.10 Td ($198.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.32 502.10 Td ( were received by the Core Fund from the sale of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (Three First National Plaza, an of) Tj ET Q q 0 0 0 rg BT 180.33 490.10 Td (fice building located in the business and financial district of Chicago, Illinois in which we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (owned an 18% ef) Tj ET Q q 0 0 0 rg BT 119.52 478.10 Td (fective interest and the Core Fund received ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.17 478.10 Td ($189.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.06 478.10 Td ( from the sale of a 49% noncontrolling interest in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (One North ) Tj ET Q q 0 0 0 rg BT 94.81 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 103.45 466.10 Td (acker) Tj ET Q q 0 0 0 rg BT 124.69 466.10 Td (, an of) Tj ET Q q 0 0 0 rg BT 149.78 466.10 Td (fice building located in the ) Tj ET Q q 0 0 0 rg BT 259.29 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 267.92 466.10 Td (est Loop submarket of the central business district in Chicago, Illinois in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (which we owned a 22% ef) Tj ET Q q 0 0 0 rg BT 155.62 454.10 Td (fective interest. ) Tj ET Q q 0 0 0 rg BT 219.57 454.10 Td (The One North ) Tj ET Q q 0 0 0 rg BT 282.43 454.10 Td (W) Tj ET Q q 0 0 0 rg BT 291.06 454.10 Td (acker transaction was accounted for by the Core Fund as an equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (transaction, as the Core Fund retained control of the subsidiary which owns the asset.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 418.10 Td (Mortgage Financing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 394.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 394.10 Td (e have managed our portfolio to date in an ef) Tj ET Q q 0 0 0 rg BT 256.11 394.10 Td (fort to minimize our exposure to volatility in the debt capital markets. ) Tj ET Q q 0 0 0 rg BT 537.25 394.10 Td (W) Tj ET Q q 0 0 0 rg BT 545.89 394.10 Td (e ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (have done this by using moderate levels of long-term fixed-rate debt and minimizing our exposure to short-term variable-rate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (debt which is more likely to be impacted by market volatility) Tj ET Q q 0 0 0 rg BT 293.74 370.10 Td (. Our portfolio was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.33 370.10 Td (49%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.66 370.10 Td ( leveraged as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.19 370.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.77 370.10 Td (, with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (97.8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.83 358.10 Td ( of our debt in the form of fixed-rate mortgage loans \(some of which are ef) Tj ET Q q 0 0 0 rg BT 374.71 358.10 Td (fectively fixed through the use of interest rate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (swaps\). By comparison, our portfolio was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.98 346.10 Td (55%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.31 346.10 Td ( leveraged as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.83 346.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 377.04 346.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.04 346.10 Td (. ) Tj ET Q q 0 0 0 rg BT 386.86 346.10 Td (This leverage percentage is calculated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (using the estimated market value of our real estate investments \(including our pro-rata share of real estate assets and related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (debt owned through our investments in other entities such as the Core Fund\), cash and cash equivalents and restricted cash on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (hand as of that date.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 286.10 Td (e had a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.45 286.10 Td ($159.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.34 286.10 Td ( mortgage loan that was originally scheduled to expire in November 2012 and was extended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (through February 1, 2013. In February 2013, we entered into a new agreement with the Bank of China for a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.43 274.10 Td ($200.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.33 274.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (secured mortgage facility which was used to retire the original $159.5 million mortgage loan and to pay down the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td ($32.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 250.10 Td ( balance on our revolving credit facility with KeyBank. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 226.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 226.10 Td (e used cash of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.50 226.10 Td ($13.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.40 226.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.83 226.10 Td ($32.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.73 226.10 Td ( in proceeds \(which were subsequently repaid as discussed above in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (February 2013\) from our revolving credit facility to pay down ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.04 214.10 Td ($45.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.94 214.10 Td ( related to our loan with Met Life on our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (Minneapolis Of) Tj ET Q q 0 0 0 rg BT 112.87 202.10 Td (fice/Flex Portfolio. ) Tj ET Q q 0 0 0 rg BT 193.78 202.10 Td (The remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.87 202.10 Td ($160.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.76 202.10 Td ( related to JP) Tj ET Q q 0 0 0 rg BT 365.33 202.10 Td ( Mor) Tj ET Q q 0 0 0 rg BT 384.87 202.10 Td (gan Chase ) Tj ET Q q 0 0 0 rg BT 428.56 202.10 Td (T) Tj ET Q q 0 0 0 rg BT 433.97 202.10 Td (ower was refinanced to extend ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (the maturity date to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.53 190.10 Td (February1, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.13 190.10 Td (, with two, one-year extension options subject to certain conditions. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 166.10 Td (In addition to the mortgage loans discussed above, we also have two mortgage loans expiring in 2013 with outstanding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (principal balances totaling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.02 154.10 Td ($251.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.91 154.10 Td ( and our revolving credit facility with KeyBank expired in February 2013. One of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (two mortgage loans due to expire in 2013 was the $165.0 million loan secured by ) Tj ET Q q 0 0 0 rg BT 378.09 142.10 Td (W) Tj ET Q q 0 0 0 rg BT 387.12 142.10 Td (illiams ) Tj ET Q q 0 0 0 rg BT 416.67 142.10 Td (T) Tj ET Q q 0 0 0 rg BT 422.08 142.10 Td (ower) Tj ET Q q 0 0 0 rg BT 441.51 142.10 Td (. Subsequent to December ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (31, 2012, we sold ) Tj ET Q q 0 0 0 rg BT 123.15 130.10 Td (W) Tj ET Q q 0 0 0 rg BT 132.19 130.10 Td (illiams ) Tj ET Q q 0 0 0 rg BT 161.73 130.10 Td (T) Tj ET Q q 0 0 0 rg BT 167.14 130.10 Td (ower and retired its related mortgage loan of $165.0 million. ) Tj ET Q q 0 0 0 rg BT 411.33 130.10 Td (W) Tj ET Q q 0 0 0 rg BT 419.97 130.10 Td (e did not renew or replace our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (revolving credit facility with KeyBank. ) Tj ET Q q 0 0 0 rg BT 209.40 118.10 Td (Also, we expect to refinance the remaining mortgage loan and/or make partial principal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (paydowns. If necessary) Tj ET Q q 0 0 0 rg BT 145.43 106.10 Td (, we expect to use cash flows from operating activities or proceeds from the sale of other real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (investments \(to the extent available\) to make the required payments. ) Tj ET Q q 0 0 0 rg BT 325.56 94.10 Td (T) Tj ET Q q 0 0 0 rg BT 330.97 94.10 Td (o the extent we are required to use these sources, we will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (have less cash available to fund distributions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 91 0 obj <> endobj 92 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (43) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (During 201) Tj ET Q q 0 0 0 rg BT 113.46 742.10 Td (1, we refinanced two mortgage loans with an aggregate outstanding principal balance of $109.1 million and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (weighted average interest rate of 6.2% with two mortgage loans with an aggregate outstanding principal balance of $120.0 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (million and a weighted average interest rate of 4.8%.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td (In addition to our expiring mortgage loans, we were required to post additional collateral and provide certain leasing or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (capital guarantees under our secured credit facility with HSH Nordbank. In October 2012, we were notified that HSH ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (completed its appraisals of the properties serving as collateral under this credit facility and we were required to make a partial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (payment or provide additional collateral in the amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.32 658.10 Td ($9.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.21 658.10 Td ( to rebalance the portfolio. ) Tj ET Q q 0 0 0 rg BT 437.95 658.10 Td (As described in Note 2 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Summary of Significant ) Tj ET Q q 0 0 0 rg BT 148.05 646.10 Td (Accounting Policies Restricted Cash, we obtained a letter of credit from the Bank of Montreal in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (October 2012 and funded the additional collateral required by HSH Nordbank.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 610.10 Td ( Cash Flows from Operating ) Tj ET Q q 0 0 0 rg BT 178.93 610.10 Td (Activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td (Our direct investments in real estate assets generate cash flow in the form of rental revenues, which is reduced by debt ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (service, direct leasing costs and property-level operating expenses. Property-level operating expenses consist primarily of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (salaries and wages of property management personnel, utilities, cleaning, insurance, security and building maintenance costs, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (property management and leasing fees and property taxes. ) Tj ET Q q 0 0 0 rg BT 284.64 550.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 334.54 550.10 Td (, we have incurred corporate-level debt service, general ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (and administrative expenses, asset management and acquisition fees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 514.10 Td (Net cash provided by operating activities was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.67 514.10 Td ($24.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.56 514.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.56 514.10 Td ($8.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.45 514.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.89 514.10 Td ($28.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.78 514.10 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 502.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.58 502.10 Td (201) Tj ET Q q 0 0 0 rg BT 148.21 502.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.21 502.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.65 502.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.65 502.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 245.31 502.10 Td (. ) Tj ET Q q 0 0 0 rg BT 250.13 502.10 Td (The increase in operating cash flows from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.90 502.10 Td (201) Tj ET Q q 0 0 0 rg BT 435.53 502.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.53 502.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.31 502.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.31 502.10 Td ( is primarily due to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (decreased deferred leasing costs paid out in the current period. ) Tj ET Q q 0 0 0 rg BT 302.22 490.10 Td (The decrease in operating cash flows from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 490.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.65 490.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.43 490.10 Td (201) Tj ET Q q 0 0 0 rg BT 522.06 490.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.06 490.10 Td ( was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (primarily due to increased leasing costs as we were focused on maintaining our occupancy levels across the portfolio. Other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (items which also have negative ef) Tj ET Q q 0 0 0 rg BT 185.05 466.10 Td (fects on our operating cash flows are the impact of the sales of our Brazilian industrial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (properties during 2010 and ) Tj ET Q q 0 0 0 rg BT 159.98 454.10 Td (Atrium on Bay in 201) Tj ET Q q 0 0 0 rg BT 247.38 454.10 Td (1 and adverse ef) Tj ET Q q 0 0 0 rg BT 312.45 454.10 Td (fects of the economic recession on commercial real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (fundamentals and the corresponding reduction in our operating results.) Tj ET Q q 0 0 0 rg BT 337.80 442.10 Td (T) Tj ET Q q 0 0 0 rg BT 343.21 442.10 Td (o the extent we continue to sell properties, our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (operating cash flow may decrease.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 406.10 Td (Cash Flows from Investing ) Tj ET Q q 0 0 0 rg BT 173.10 406.10 Td (Activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 382.10 Td (Net cash provided by investing activities was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.57 382.10 Td ($15.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.46 382.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.46 382.10 Td ($129.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.35 382.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.79 382.10 Td ($149.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.68 382.10 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 370.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.58 370.10 Td (201) Tj ET Q q 0 0 0 rg BT 148.21 370.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.21 370.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.65 370.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.65 370.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 245.31 370.10 Td (. During the years ended December31, 201) Tj ET Q q 0 0 0 rg BT 421.55 370.10 Td (1 and 2010, cash flows from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (investing activities were primarily generated through sales of our properties and there were no sales of our directly-owned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (properties during 2012.) Tj ET Q q 0 0 0 rg BT 145.91 346.10 Td (W) Tj ET Q q 0 0 0 rg BT 154.55 346.10 Td (e have described certain other transactions below which may be helpful in understanding changes in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (our investing cash flows during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.29 334.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.87 334.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.87 334.10 Td (201) Tj ET Q q 0 0 0 rg BT 341.50 334.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.50 334.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.94 334.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.94 334.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 310.10 Td (Sales of Investment Pr) Tj ET Q q 0 0 0 rg BT 157.33 310.10 Td (operty) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 286.10 Td (On June 1, 201) Tj ET Q q 0 0 0 rg BT 128.18 286.10 Td (1, we sold ) Tj ET Q q 0 0 0 rg BT 170.96 286.10 Td (Atrium on Bay) Tj ET Q q 0 0 0 rg BT 230.30 286.10 Td (, a mixed-use of) Tj ET Q q 0 0 0 rg BT 294.55 286.10 Td (fice and retail complex located in the Downtown North submarket ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (of the central business district of ) Tj ET Q q 0 0 0 rg BT 182.56 274.10 Td (T) Tj ET Q q 0 0 0 rg BT 187.97 274.10 Td (oronto, Canada. ) Tj ET Q q 0 0 0 rg BT 256.39 274.10 Td (W) Tj ET Q q 0 0 0 rg BT 265.02 274.10 Td (e acquired ) Tj ET Q q 0 0 0 rg BT 308.33 274.10 Td (Atrium on Bayin February 2007 for 250.0 million CAD ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (\($215.5 million USD, based on the exchange rate in ef) Tj ET Q q 0 0 0 rg BT 267.82 262.10 Td (fect on the date of acquisition\).) Tj ET Q q 0 0 0 rg BT 397.04 262.10 Td (The contract sales price for ) Tj ET Q q 0 0 0 rg BT 507.82 262.10 Td (Atrium on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (Bay was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.66 250.10 Td (344.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.55 250.10 Td ( CAD \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.00 250.10 Td ($353 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.39 250.10 Td ( USD, based on the exchange rate in ef) Tj ET Q q 0 0 0 rg BT 376.98 250.10 Td (fect on the date of sale\), exclusive of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (transaction costs.) Tj ET Q q 0 0 0 rg BT 123.69 238.10 Td (The net proceeds received from this sale were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.72 238.10 Td ($128.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.61 238.10 Td ( after transaction costs, assumption of related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (mortgage debt by the purchaser and local taxes.) Tj ET Q q 0 0 0 rg BT 244.93 226.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 294.83 226.10 Td (, we received proceeds of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.22 226.10 Td ($1) Tj ET Q q 0 0 0 rg BT 408.85 226.10 Td (1.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.74 226.10 Td ( in 2012 primarily related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (to the settlement of tax receivables established at the closing of the sale of ) Tj ET Q q 0 0 0 rg BT 348.24 214.10 Td (Atrium on Bay) Tj ET Q q 0 0 0 rg BT 407.58 214.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 190.10 Td (In January 2010, we sold Distribution Park ) Tj ET Q q 0 0 0 rg BT 241.87 190.10 Td (Araucaria and in ) Tj ET Q q 0 0 0 rg BT 310.45 190.10 Td (April 2010, we sold Distribution Parks Elouveira and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 178.10 Td (inhedo. ) Tj ET Q q 0 0 0 rg BT 88.66 178.10 Td (The sale of these properties resulted in gains due to the strengthening of the Brazilian Real \(BRL\). ) Tj ET Q q 0 0 0 rg BT 484.47 178.10 Td (These properties ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (were acquired in December 2008 for a contract purchase price of $1) Tj ET Q q 0 0 0 rg BT 322.00 166.10 Td (14.9 million \(269.9 million BRL) Tj ET Q q 0 0 0 rg BT 452.19 166.10 Td ( translated at a rate ofR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td ($2.349 per USD on the date of the transaction\). ) Tj ET Q q 0 0 0 rg BT 241.71 154.10 Td (The sales price of Distribution Park ) Tj ET Q q 0 0 0 rg BT 386.13 154.10 Td (Araucaria was $38.4million \(69.9 million ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (BRL) Tj ET Q q 0 0 0 rg BT 69.08 142.10 Td ( translated at a rate of R$1.818 per USD on the date of the transaction\) and the sales price for Distribution Parks Elouveira ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.76 130.10 Td (V) Tj ET Q q 0 0 0 rg BT 73.38 130.10 Td (inhedo was $102.5million \(181.0 million BRL) Tj ET Q q 0 0 0 rg BT 261.34 130.10 Td ( translated at a rate of R$1.765 per USD\). Net proceeds received after ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (taxes and expenses were $130.1 million.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 94.10 Td (On September 14, 2010, we sold a land parcel located in Houston, ) Tj ET Q q 0 0 0 rg BT 335.26 94.10 Td (T) Tj ET Q q 0 0 0 rg BT 340.67 94.10 Td (exas, which was acquired in connection with our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (purchase of ) Tj ET Q q 0 0 0 rg BT 98.69 82.10 Td (W) Tj ET Q q 0 0 0 rg BT 107.72 82.10 Td (illiams ) Tj ET Q q 0 0 0 rg BT 137.27 82.10 Td (T) Tj ET Q q 0 0 0 rg BT 142.68 82.10 Td (ower) Tj ET Q q 0 0 0 rg BT 162.11 82.10 Td (. ) Tj ET Q q 0 0 0 rg BT 166.93 82.10 Td (The sales price of the land parcel was $12.8 million. Net proceeds received after closing costs and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (fees were $1) Tj ET Q q 0 0 0 rg BT 100.16 70.10 Td (1.8 million.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 93 0 obj <> endobj 94 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (44) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (Other Investing Cash Flows) Tj ET Q BT /F2 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 have made investments in and receive distributions from our unconsolidated entities. Distributions up to our equity in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (earnings for the period are recorded in cash flows from operating activities. Distributions from our unconsolidated entities are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (recorded in cash flows from investing activities to the extent that they exceed our equity in earnings for the period. During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.10 682.10 Td ( ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.98 682.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.56 682.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.56 682.10 Td (201) Tj ET Q q 0 0 0 rg BT 198.19 682.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.19 682.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.63 682.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.63 682.10 Td (, we received distributions from the Core Fund totaling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.36 682.10 Td ($17.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.25 682.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.25 682.10 Td ($3.5 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 670.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.33 670.10 Td ($3.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.22 670.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 199.88 670.10 Td (, which were included in cash flows from investing activities as they exceeded our equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (in earnings of the joint venture. Beginning with the first quarter of 2009, the Core Fund decreased its distribution to us to pay ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (down debt and improve its liquidity position. However) Tj ET Q q 0 0 0 rg BT 271.52 646.10 Td (, with strategic asset sales and mortgage refinancing, the Core Fund has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (improved its liquidity position, which enabled the Core Fund to increase its quarterly distribution to us beginning in the first ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (quarter of 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td (During the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.52 598.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.11 598.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.11 598.10 Td (201) Tj ET Q q 0 0 0 rg BT 261.74 598.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.74 598.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.17 598.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.17 598.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 358.83 598.10 Td (, we had cash outflows related to investments in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (property of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.21 586.10 Td ($10.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 151.10 586.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.10 586.10 Td ($8.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.99 586.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.43 586.10 Td ($5.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.32 586.10 Td (, primarily as a result of capital expenditures at our properties. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 562.10 Td (In May 201) Tj ET Q q 0 0 0 rg BT 114.29 562.10 Td (1, we replaced the HSH Nordbank Collateral deposit with a letter of credit from the Bank of Montreal. ) Tj ET Q q 0 0 0 rg BT 526.39 562.10 Td (As ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (collateral for the letter of credit, the Company posted a cash deposit of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.35 550.10 Td ($107.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.24 550.10 Td ( with the Bank of Montreal, which is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (classified as restricted cash in the consolidated balance sheet. ) Tj ET Q q 0 0 0 rg BT 300.00 538.10 Td (The increase in restricted cash since that time is related to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (interest earned and escrow accounts required by certain of our mortgage agreements. ) Tj ET Q q 0 0 0 rg BT 393.75 526.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 443.65 526.10 Td (, in October 2012, we were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (notified that HSH Nordbank had completed its appraisals of the properties serving as collateral under our credit facility and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (provided additional collateral in the amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.55 502.10 Td ($9.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.45 502.10 Td ( to rebalance the portfolio which is classified as restricted cash in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (the consolidated balance sheet.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 466.10 Td (Cash Flows from Financing ) Tj ET Q q 0 0 0 rg BT 178.11 466.10 Td (Activities) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 442.10 Td (Public Offerings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 418.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 418.10 Td (e ceased new sales of primary shares through our third public of) Tj ET Q q 0 0 0 rg BT 332.77 418.10 Td (fering ef) Tj ET Q q 0 0 0 rg BT 366.73 418.10 Td (fective January 1, 2010, but continue to of) Tj ET Q q 0 0 0 rg BT 535.67 418.10 Td (fer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (and sell shares to existing stockholders pursuant to our dividend reinvestment plan.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 382.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 382.10 Td (e funded redemptions of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.61 382.10 Td ($12.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.50 382.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.50 382.10 Td ($1) Tj ET Q q 0 0 0 rg BT 245.13 382.10 Td (1.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.02 382.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.46 382.10 Td ($9.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.35 382.10 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.70 382.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.29 382.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.29 382.10 Td (201) Tj ET Q q 0 0 0 rg BT 536.92 382.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.92 382.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 370.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 122.66 370.10 Td (. On November 30, 2009, our board of directors elected to suspend our share redemption program with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (exception of redemption requests made in connection with the death or disability of a stockholder) Tj ET Q q 0 0 0 rg BT 439.89 358.10 Td (. Please see Subsequent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (Events for a description of the reinstatement of our share redemption program.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 322.10 Td (Distributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 298.10 Td (In order to meet the requirements for being treated as a REIT) Tj ET Q q 0 0 0 rg BT 312.44 298.10 Td ( under the Code and to pay regular cash distributions to our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (stockholders, which is one of our investment objectives, we have declared and expect to continue to declare distributions to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (stockholders \(as authorized by our board of directors\) as of daily record dates and aggregate and pay such distributions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (quarterly) Tj ET Q q 0 0 0 rg BT 85.44 262.10 Td (. ) Tj ET Q q 0 0 0 rg BT 90.26 262.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.90 262.10 Td (e intend to continue this distribution policy for so long as our board of directors continues to deem this policy to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (in our best interests. Beginning July 1, 2010, the annual distribution rate was decreased from $0.00165699 to $0.00138082 per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (share, per day) Tj ET Q q 0 0 0 rg BT 105.16 238.10 Td (, which represented a change in the annualized distribution rate from 6% to 5% \(based on our prior primary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 226.10 Td (fering price of $10.08 per share\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.04 226.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 202.10 Td (W) Tj ET Q q 0 0 0 rg BT 77.04 202.10 Td (ith the authorization of our board of directors, we continued to declare distributions in the amount of $0.00138082 per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (share, per day through March 31, 2013, which represents an annual distribution rate of 6.6%, based on our estimated share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (value of $7.61, determined on November 29, 2012 \(assuming the current distribution rate is maintained for a twelve-month ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (period\). ) Tj ET Q q 0 0 0 rg BT 85.83 166.10 Td (As a result of the new estimated share value ef) Tj ET Q q 0 0 0 rg BT 271.96 166.10 Td (fective November 29, 2012, participants in our dividend reinvestment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (plan began acquiring shares at $7.61 per share for distributions declared for the fourth quarter of 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.42 154.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 130.10 Td (W) Tj ET Q q 0 0 0 rg BT 77.04 130.10 Td (ith respect to the $0.00138082 per share, per day distributions declared for July 201) Tj ET Q q 0 0 0 rg BT 411.31 130.10 Td (1 through March 2013, $0.00041425 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (of the per share, per day distributions were or will be designated by us as special distributions which represent a return of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (portion of the stockholders) Tj ET Q q 0 0 0 rg BT 160.07 106.10 Td ( invested capital and, as such, reduce their remaining investment in us. ) Tj ET Q q 0 0 0 rg BT 444.53 106.10 Td (The special distributions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (were or will be funded with a portion of the proceeds from sales of investment property) Tj ET Q q 0 0 0 rg BT 399.53 94.10 Td (. ) Tj ET Q q 0 0 0 rg BT 404.35 94.10 Td (The above designation of a portion of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (the distributions as special distributions does not impact the tax treatment of the distributions to our stockholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.54 82.10 Td ( Please see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (Results of Operations and Financial Condition Subsequent Events for a description of additional distributions declared ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (and a reduction in the per share, per day distribution rate with respect to distributions declared for ) Tj ET Q q 0 0 0 rg BT 442.66 58.10 Td (April 2013. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 95 0 obj <> endobj 96 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (In addition, for the period from July 1, 201) Tj ET Q q 0 0 0 rg BT 239.26 742.10 Td (1 through December 31, 2012, our ) Tj ET Q q 0 0 0 rg BT 379.24 742.10 Td (Advisor agreed to waive a portion of its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (monthly cash asset management fee such that the fee was reduced from 0.0625% to 0.0417% \(0.75% to 0.50% on an annual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (basis\) of the net equity capital we had invested in real estate investments as of the end of each month.) Tj ET Q q 0 0 0 rg BT 460.43 718.10 Td (As a result of the waiver ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (of these fees, cash flow from operations that would have been paid to the ) Tj ET Q q 0 0 0 rg BT 344.08 706.10 Td (Advisor was available to pay distributions to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (stockholders.) Tj ET Q q 0 0 0 rg BT 107.87 694.10 Td (This fee waiver is not a deferral and accordingly) Tj ET Q q 0 0 0 rg BT 301.02 694.10 Td (, these fees will not be paid to the ) Tj ET Q q 0 0 0 rg BT 437.10 694.10 Td (Advisor in cash at any time in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (the future.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.09 682.10 Td ( For the period from July 1, 201) Tj ET Q q 0 0 0 rg BT 220.99 682.10 Td (1 through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.09 682.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.68 682.10 Td (, this waiver totaled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.05 682.10 Td ($7.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.94 682.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td (The table below outlines our total distributions declared to stockholders and noncontrolling interests for each of the years ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.38 646.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.96 646.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.96 646.10 Td (201) Tj ET Q q 0 0 0 rg BT 174.59 646.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.59 646.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.03 646.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.03 646.10 Td (, including the breakout between the distribution paid in cash and those reinvested ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (pursuant to our dividend reinvestment plan \(all amounts are in thousands\).) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 563.60 184.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 563.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 563.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 563.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 563.60 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 563.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 533.60 184.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 533.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 533.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 533.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 533.60 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 533.60 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 587.6 m 313.5 587.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 587.6 m 317.5 587.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 587.6 m 392.5 587.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 587.6 m 396.5 587.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 587.6 m 471.5 587.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 587.6 m 562.5 587.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 563.6 m 234.5 563.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 563.6 m 238.5 563.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 563.6 m 313.5 563.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 563.6 m 392.5 563.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 563.6 m 471.5 563.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 563.6 m 562.5 563.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 326.70 592.28 Td (Stockholders) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 492.35 602.28 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 532.72 602.28 Td (olling ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 505.95 592.28 Td (Inter) Tj ET Q q 0 0 0 rg BT 527.43 592.28 Td (ests) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 568.28 Td (Year Ended) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 264.65 578.28 Td (Cash) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.40 568.28 Td (Distributions) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 326.40 578.28 Td (Distributions) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 331.15 568.28 Td (Reinvested) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 402.25 568.28 Td (Total Declared) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 493.25 568.28 Td (Total Declared) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 553.27 Td (December 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.00 553.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.15 553.27 Td (69,181) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.00 553.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.15 553.27 Td (47,082) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.00 553.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.15 553.27 Td (116,263) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 474.00 558.43 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 553.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 553.27 Td (559) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 538.27 Td (December 31, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.00 538.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.15 538.27 Td (64,734) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.00 538.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.15 538.27 Td (48,890) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.00 538.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.15 538.27 Td (113,624) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 474.00 543.43 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 538.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 538.27 Td (5,014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 523.27 Td (December 31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.00 523.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.15 523.27 Td (64,165) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.00 523.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.15 523.27 Td (58,183) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.00 523.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.15 523.27 Td (122,348) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 523.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 523.27 Td (4,524) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 495.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.50 495.10 Td (As stated above, a portion of these distributions were designated by us as special distributions and funded using ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.50 483.10 Td (proceeds from sales of investment property) Tj ET Q q 0 0 0 rg BT 253.85 483.10 Td (, which represents a return of a portion of the stockholder) Tj ET Q q 0 0 0 rg BT 483.87 483.10 Td () Tj ET Q q 0 0 0 rg BT 486.65 483.10 Td (s invested capital. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.50 471.10 Td (For the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.58 471.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.17 471.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.61 471.10 Td (201) Tj ET Q q 0 0 0 rg BT 275.24 471.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.24 471.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.24 471.10 Td ($34.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.13 471.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.57 471.10 Td ($17.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.46 471.10 Td ( of the total distributions declared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.50 459.10 Td (our stockholders were paid using such sales proceeds.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 435.10 Td (For the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.08 435.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.67 435.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.67 435.10 Td (201) Tj ET Q q 0 0 0 rg BT 247.30 435.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.30 435.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.74 435.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.74 435.10 Td (, we funded our cash distributions with cash flows from operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 423.10 Td (activities, distributions received from our unconsolidated investments and proceeds from the sales of our real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 411.10 Td (investments. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 387.10 Td (Debt Financings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 363.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 363.10 Td (e use debt financing from time to time for property improvements, tenant improvements, leasing commissions and other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 351.10 Td (working capital needs. Most of our debt is in the form of secured mortgage loans, which we entered into at the time each real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 339.10 Td (estate asset was acquired.) Tj ET Q q 0 0 0 rg BT 156.63 339.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.07 339.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.65 339.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.09 339.10 Td (201) Tj ET Q q 0 0 0 rg BT 293.72 339.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.72 339.10 Td (, our debt financing had a weighted average interest rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.40 339.10 Td (5.6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.23 339.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 327.10 Td (\(including the ef) Tj ET Q q 0 0 0 rg BT 115.91 327.10 Td (fect of interest rate swaps\) compared to a weighted average interest rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.04 327.10 Td (5.7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.88 327.10 Td ( \(including the ef) Tj ET Q q 0 0 0 rg BT 505.28 327.10 Td (fect of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 315.10 Td (interest rate swaps\) as of December 31, 2010.) Tj ET Q q 0 0 0 rg BT 236.88 315.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 286.79 315.10 Td (, as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.45 315.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.03 315.10 Td ( our portfolio was approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.17 315.10 Td (49%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.50 315.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 303.10 Td (leveraged compared with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.56 303.10 Td (55%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.89 303.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.33 303.10 Td (59%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.66 303.10 Td ( leveraged, at December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.33 303.10 Td (201) Tj ET Q q 0 0 0 rg BT 338.96 303.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.96 303.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.39 303.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.39 303.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 436.05 303.10 Td (. ) Tj ET Q q 0 0 0 rg BT 440.87 303.10 Td (This leverage percentage is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 291.10 Td (calculated using the estimated market value of our real estate investments \(including our pro rata share of real estate assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 279.10 Td (through our investments in other entities such as the Core Fund\), cash and cash equivalents and restricted cash on hand as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 267.10 Td (that date.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 243.10 Td (During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.63 243.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.21 243.10 Td (, we made payments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.19 243.10 Td ($45.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.08 243.10 Td ( related to our loan secured by Minneapolis ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 231.10 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 231.10 Td (fice/Flex Portfolio funded partially using borrowings of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.61 231.10 Td ($32.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.50 231.10 Td ( pursuant to our revolving credit facility) Tj ET Q q 0 0 0 rg BT 498.81 231.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 207.10 Td (During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.63 207.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 232.84 207.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.84 207.10 Td (, we received debt proceeds of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.95 207.10 Td ($43.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.84 207.10 Td ( and made payments of $) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.09 207.10 Td (43.0 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 195.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 195.10 Td ( related to borrowings under our revolving credit facility) Tj ET Q q 0 0 0 rg BT 304.28 195.10 Td (. Further) Tj ET Q q 0 0 0 rg BT 343.32 195.10 Td (, related to our mortgage refinancings on ) Tj ET Q q 0 0 0 rg BT 508.27 195.10 Td (Airport ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 183.10 Td (Corporate Center and 1515 S. Street, we received debt proceeds of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.07 183.10 Td ($120.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.96 183.10 Td ( and made payments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.21 183.10 Td ($109.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.10 183.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 171.10 Td (during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.41 171.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 212.62 171.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.62 171.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 147.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.90 147.10 Td (, during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.31 147.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.90 147.10 Td (, we received debt proceeds of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.00 147.10 Td ($29.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.89 147.10 Td ( and made payments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 135.10 Td ($90.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 135.10 Td ( related to borrowings under our revolving credit facility) Tj ET Q q 0 0 0 rg BT 329.28 135.10 Td (. In addition, we made payments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.86 135.10 Td ($78.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.75 135.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 123.10 Td (received proceeds of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.23 123.10 Td ($65.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.12 123.10 Td ( related to our mortgage refinancing on ) Tj ET Q q 0 0 0 rg BT 347.68 123.10 Td (Airport Corporate Center during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 111.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 111.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 87.10 Td (See Mortgage Financing above for further discussion on our mortgage financing.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 97 0 obj <> endobj 98 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (46) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Results of Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (Our operations resulted in a net loss of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.19 718.25 Td ($75.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.08 718.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.54 718.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.12 718.25 Td ( as compared to net income of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td ($43.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 706.25 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.35 706.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 254.57 706.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.57 706.25 Td (. ) Tj ET Q q 0 0 0 rg BT 266.88 706.25 Td (The primary reasons for this variance were a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.92 706.25 Td ($53.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.81 706.25 Td ( impairment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 694.25 Td (ge recorded during 2012 and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.43 694.25 Td ($107.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.32 694.25 Td ( gain from the sale of ) Tj ET Q q 0 0 0 rg BT 337.51 694.25 Td (Atrium on Bay during 201) Tj ET Q q 0 0 0 rg BT 443.25 694.25 Td (1. Below is additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (information regarding our results of operations for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.11 682.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.11 682.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.55 682.25 Td (201) Tj ET Q q 0 0 0 rg BT 308.18 682.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.18 682.25 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 658.25 Td (Y) Tj ET Q q 0 0 0 rg BT 64.00 658.25 Td (ear ended ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 106.77 658.25 Td (December31, 2012) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 185.91 658.25 Td ( compared to the year ended ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 304.22 658.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 377.82 658.25 Td (1) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 382.82 658.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 634.25 Td (Results for) Tj ET Q q 0 0 0 rg BT 105.20 634.25 Td ( our) Tj ET Q q 0 0 0 rg BT 122.52 634.25 Td ( Dir) Tj ET Q q 0 0 0 rg BT 139.28 634.25 Td (ectly-Owned Pr) Tj ET Q q 0 0 0 rg BT 206.02 634.25 Td (operties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 610.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 610.25 Td (e owned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.74 610.25 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.74 610.25 Td ( properties directly that were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.19 610.25 Td (87%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.52 610.25 Td ( leased as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.16 610.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.75 610.25 Td ( compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.45 610.25 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.45 610.25 Td ( properties that were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.86 610.25 Td (86%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 556.19 610.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (leased as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.15 598.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 172.36 598.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.36 598.25 Td (. ) Tj ET Q q 0 0 0 rg BT 182.18 598.25 Td (The following table presents the same store property-level revenues and expenses for the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.38 586.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.96 586.25 Td (, as compared to the same period in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.08 586.25 Td (201) Tj ET Q q 0 0 0 rg BT 313.71 586.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.71 586.25 Td (. ) Tj ET Q q 0 0 0 rg BT 323.53 586.25 Td (The following analysis excludes the activity of ) Tj ET Q q 0 0 0 rg BT 512.65 586.25 Td (Atrium on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (Bay for both periods because it was sold during 201) Tj ET Q q 0 0 0 rg BT 257.65 574.25 Td (1. ) Tj ET Q q 0 0 0 rg BT 267.09 574.25 Td (All amounts are in thousands, except for percentages:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 506.75 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 506.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 506.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 506.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 506.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 506.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 506.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 506.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 476.75 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 476.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 476.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 476.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 476.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 476.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 476.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 476.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 446.75 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 446.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 446.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 446.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 446.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 446.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 446.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 446.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 416.75 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 416.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 416.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 416.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 416.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 416.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 416.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 416.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 386.75 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 386.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 386.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 386.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 386.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 386.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 386.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 386.75 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 536.75 m 355.5 536.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 536.75 m 359.5 536.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 536.75 m 424.5 536.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 536.75 m 493.5 536.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 536.75 m 497.5 536.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 536.75 m 562.5 536.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 521.75 m 355.5 521.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 521.75 m 424.5 521.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 521.75 m 493.5 521.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 521.75 m 562.5 521.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 476.75 m 355.5 476.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 476.75 m 424.5 476.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 476.75 m 493.5 476.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 476.75 m 562.5 476.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 299.60 541.43 Td (Years Ended December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 478.60 541.43 Td (Change) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 312.50 526.43 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.75 526.43 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.00 526.43 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 524.50 526.43 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 511.43 Td (Property revenues in excess of expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 496.42 Td (Property revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 496.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.15 496.42 Td (271,463) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 496.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 496.42 Td (278,332) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 496.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 496.47 Td (\(6,869) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 496.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.45 496.42 Td (\(2.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.30 496.42 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 481.42 Td (Less: property expenses ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 151.58 485.95 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.15 481.42 Td (119,957) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 481.42 Td (116,856) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 481.42 Td (3,101) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.80 481.42 Td (2.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 481.42 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 466.43 Td (Total property revenues in excess of expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 466.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.15 466.42 Td (151,506) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 466.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 466.42 Td (161,476) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 466.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 466.47 Td (\(9,970) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 466.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.45 466.42 Td (\(6.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.30 466.42 Td (\)%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 436.43 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 421.42 Td (Depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 421.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.15 421.42 Td (79,720) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 421.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 421.42 Td (92,518) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 421.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 421.47 Td (\(12,798) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 421.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.45 421.42 Td (\(13.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.30 421.42 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 406.42 Td (Impairment losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 406.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.15 406.42 Td (53,483) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 406.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 406.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 406.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 406.42 Td (53,483) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.30 406.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 406.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 391.42 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 391.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.15 391.42 Td (78,022) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 391.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 391.42 Td (81,207) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 391.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 391.47 Td (\(3,185) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 391.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.45 391.42 Td (\(3.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.30 391.42 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 376.42 Td (Interest and other income, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 376.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.65 376.42 Td (743) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 376.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.65 376.42 Td (514) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 376.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 376.42 Td (229) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 376.42 Td (44.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 376.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 361.42 Td (Income tax expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 361.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.65 361.42 Td (544) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 361.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.65 361.42 Td (494) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 361.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 361.42 Td (50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 361.42 Td (10.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 361.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 345.25 Td (__________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 48.35 321.25 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.35 321.25 Td (Property expenses include property operating expenses, real property taxes and property management fees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 297.25 Td (The decrease in property revenues is primarily due to the decrease in lease termination payments received during 2012 as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 285.25 Td (compared to 201) Tj ET Q q 0 0 0 rg BT 116.83 285.25 Td (1.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 261.25 Td (Property expenses increased during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.20 261.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.78 261.25 Td ( as compared to the same period in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.41 261.25 Td (201) Tj ET Q q 0 0 0 rg BT 508.03 261.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.03 261.25 Td ( primarily ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 249.25 Td (due to property tax refunds that reduced property tax expense in 201) Tj ET Q q 0 0 0 rg BT 323.15 249.25 Td (1. ) Tj ET Q q 0 0 0 rg BT 335.47 249.25 Td (The remaining increase in expenses for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 237.25 Td (December 31, 2012 is due to inflationary increases in property operating expenses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 213.25 Td (Depreciation and amortization decreased during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.44 213.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.02 213.25 Td ( as compared to the same period in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 201.25 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 201.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.63 201.25 Td ( due to fully amortized in-place lease intangibles. Interest expense decreased during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.30 201.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.88 201.25 Td ( as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 189.25 Td (compared to the same period in 201) Tj ET Q q 0 0 0 rg BT 192.92 189.25 Td (1 as a result of lower interest rates obtained through the above-mentioned financing in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 177.25 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 177.25 Td (1.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 153.25 Td (During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.63 153.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.21 153.25 Td (, we determined that three of our directly-owned investment properties located ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 141.25 Td (in Minneapolis, Minnesota, Melville, New ) Tj ET Q q 0 0 0 rg BT 222.38 141.25 Td (Y) Tj ET Q q 0 0 0 rg BT 228.60 141.25 Td (ork and Seattle, ) Tj ET Q q 0 0 0 rg BT 293.40 141.25 Td (W) Tj ET Q q 0 0 0 rg BT 302.04 141.25 Td (ashington, respectively) Tj ET Q q 0 0 0 rg BT 393.59 141.25 Td (, were impaired, as a result of the net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 129.25 Td (book value being less than the projected cash flows of these properties. ) Tj ET Q q 0 0 0 rg BT 338.81 129.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 388.14 129.25 Td (, we recorded an impairment char) Tj ET Q q 0 0 0 rg BT 522.34 129.25 Td (ge of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 117.25 Td ($53.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 117.25 Td ( to write the carrying value of these assets down to fair value. ) Tj ET Q q 0 0 0 rg BT 354.46 117.25 Td (There was no impairment loss for our directly-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 105.25 Td (owned properties recorded in 201) Tj ET Q q 0 0 0 rg BT 184.03 105.25 Td (1.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 81.25 Td ( ) Tj ET Q q 0 0 0 rg BT 72.95 81.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 122.85 81.25 Td (, we are continually evaluating each of our investments to determine the ideal time to sell assets in order to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 69.25 Td (achieve attractive total returns and provide additional liquidity to the Company) Tj ET Q q 0 0 0 rg BT 365.37 69.25 Td (. ) Tj ET Q q 0 0 0 rg BT 369.82 69.25 Td (As a result of future potential disposals and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 57.25 Td (other factors, our results of operations for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.64 57.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.22 57.25 Td ( could dif) Tj ET Q q 0 0 0 rg BT 396.37 57.25 Td (fer from our results of operations in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 45.25 Td (future periods.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 99 0 obj <> endobj 100 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (47) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (Discontinued Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (On June 1, 201) Tj ET Q q 0 0 0 rg BT 128.18 706.10 Td (1, we sold ) Tj ET Q q 0 0 0 rg BT 170.96 706.10 Td (Atrium on Bay) Tj ET Q q 0 0 0 rg BT 230.30 706.10 Td (, a mixed-use of) Tj ET Q q 0 0 0 rg BT 294.55 706.10 Td (fice and retail complex located in the Downtown North submarket ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (of the central business district of ) Tj ET Q q 0 0 0 rg BT 182.56 694.10 Td (T) Tj ET Q q 0 0 0 rg BT 187.97 694.10 Td (oronto, Canada, which we acquired in February 2007.) Tj ET Q q 0 0 0 rg BT 408.29 694.10 Td (The contract sales price for ) Tj ET Q q 0 0 0 rg BT 519.07 694.10 Td (Atrium on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (Bay was $344.8 million CAD \($353 million USD, based on the exchange rate in ef) Tj ET Q q 0 0 0 rg BT 381.98 682.10 Td (fect on the date of sale\). ) Tj ET Q q 0 0 0 rg BT 482.87 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 491.50 682.10 Td (e acquired ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (Atrium on Bay in February 2007 for 250.0 million CAD \($215.5 million USD, based on the exchange rate in ef) Tj ET Q q 0 0 0 rg BT 495.85 670.10 Td (fect on the date ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (of acquisition\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td (The results of operations of ) Tj ET Q q 0 0 0 rg BT 179.92 634.10 Td (Atrium on Bay and the gain realized on this property for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.60 634.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.19 634.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.94 622.10 Td (201) Tj ET Q q 0 0 0 rg BT 81.57 622.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.57 622.10 Td ( were as follows:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 554.60 361.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 554.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 554.60 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 554.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 524.60 361.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 524.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 524.60 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 524.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 494.60 361.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 494.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 494.60 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 494.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 464.60 361.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 464.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 464.60 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 464.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 434.60 361.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 434.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 434.60 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 434.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 404.60 361.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 404.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 404.60 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 404.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 374.60 361.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 374.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 374.60 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 374.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 344.60 361.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 344.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 344.60 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 344.60 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 411.5 584.6 m 476.5 584.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 584.6 m 557.5 584.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 524.6 m 476.5 524.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 524.6 m 557.5 524.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 434.6 m 476.5 434.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 434.6 m 557.5 434.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 419.6 m 476.5 419.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 419.6 m 557.5 419.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 404.6 m 476.5 404.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 404.6 m 557.5 404.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 359.6 m 476.5 359.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 359.6 m 557.5 359.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 329.6 m 476.5 329.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 329.6 m 557.5 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 315.6 m 476.5 315.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 313.6 m 476.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 315.6 m 557.5 315.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 313.6 m 557.5 313.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 433.50 589.28 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 514.75 589.28 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 453.00 574.28 Td (\(In thousands\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 559.28 Td (Revenues:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 544.27 Td (Rental revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.00 544.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 544.27 Td (319) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 544.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 544.27 Td (17,298) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 529.27 Td (Other revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 529.27 Td (49) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 529.27 Td (2,365) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 514.27 Td (Total revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 514.27 Td (368) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 514.27 Td (19,663) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 499.28 Td (Expenses:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 484.27 Td (Property operating expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 484.27 Td (358) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 484.27 Td (5,332) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 469.27 Td (Real property taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 469.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 469.27 Td (4,225) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 454.27 Td (Property management fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 454.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.65 454.27 Td (475) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 439.27 Td (Depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 439.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 439.27 Td (3,770) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 424.27 Td (Total expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 424.27 Td (358) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 424.27 Td (13,802) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 409.27 Td (Income from discontinued operations before interest income, taxes and gain on sale) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 409.27 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 409.27 Td (5,861) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 394.27 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 394.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 394.32 Td (\(4,426) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 394.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 379.27 Td (Interest income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 379.27 Td (28) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 379.27 Td (33) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 364.27 Td (\(Provision\) benefit for income taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 364.27 Td (55) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 364.27 Td (75) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 349.27 Td (Income from discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 349.27 Td (93) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 349.27 Td (1,543) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 334.27 Td (Gain on sale of discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.15 334.27 Td (2,064) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 479.00 339.43 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.15 334.27 Td (107,241) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 319.28 Td (Income from discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.00 319.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.15 319.27 Td (2,157) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 319.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.15 319.27 Td (108,784) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 291.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 291.10 Td (The additional gain on sale of discontinued operations recorded in 2012 is primarily related to the settlement of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 279.10 Td (reserves that were established during the closing of the sale of ) Tj ET Q q 0 0 0 rg BT 336.20 279.10 Td (Atrium on Bay) Tj ET Q q 0 0 0 rg BT 395.55 279.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 255.10 Td (Results for) Tj ET Q q 0 0 0 rg BT 105.20 255.10 Td ( our) Tj ET Q q 0 0 0 rg BT 122.52 255.10 Td ( Indir) Tj ET Q q 0 0 0 rg BT 147.07 255.10 Td (ectly-Owned Pr) Tj ET Q q 0 0 0 rg BT 213.81 255.10 Td (operties) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 231.10 Td (Our Interest in the Core Fund) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 207.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.44 207.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.03 207.10 Td (, we owned a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.29 207.10 Td (27.1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.12 207.10 Td ( non-managing general partner interest in the Core Fund, which held ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 195.10 Td (interests in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.10 195.10 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.10 195.10 Td ( properties that were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.51 195.10 Td (88%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.84 195.10 Td ( leased. ) Tj ET Q q 0 0 0 rg BT 240.78 195.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.22 195.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 338.43 195.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.43 195.10 Td (, we owned a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.69 195.10 Td (27.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.52 195.10 Td ( non-managing general partner ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 183.10 Td (interest in the Core Fund, which held interests in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.19 183.10 Td (23) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.19 183.10 Td ( properties that were) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.60 183.10 Td (87%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.93 183.10 Td ( leased. Our equity in earnings related to our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 171.10 Td (investment in the Core Fund for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.34 171.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.92 171.10 Td ( was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.47 171.10 Td ($7.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.37 171.10 Td ( compared to equity in losses of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.06 171.10 Td ($7.5 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 159.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 159.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.35 159.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 229.57 159.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.57 159.10 Td (.) Tj ET Q q 0 0 0 rg BT 241.88 159.10 Td (The change in our equity in earnings \(losses\) for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.02 159.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 147.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 147.10 Td ( primarily resulted from the following:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 117.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 117.10 Td (In December 2012, the Core Fund sold the Roseville Disposition Group, a portfolio of four properties located in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 105.10 Td (Roseville, California which it acquired in May 2007 for a contract purchase price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.50 105.10 Td ($200.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.39 105.10 Td (. ) Tj ET Q q 0 0 0 rg BT 490.71 105.10 Td (The contract ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 93.10 Td (sales price was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.48 93.10 Td ($73.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.37 93.10 Td (. ) Tj ET Q q 0 0 0 rg BT 209.32 93.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 259.22 93.10 Td (, the Core Fund recorded impairment losses of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.73 93.10 Td ($17.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.62 93.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.06 93.10 Td ($101.1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 81.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.89 81.10 Td ( related to the Roseville Disposition Group and Douglas Corporate Center \(also located in Roseville, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 69.10 Td (California\), during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.17 69.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.76 69.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.20 69.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 399.41 69.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.41 69.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 457.07 69.10 Td (. ) Tj ET Q q 0 0 0 rg BT 464.39 69.10 Td (These impairments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 57.10 Td (resulted in a decrease in our equity in earnings \(losses\) attributable to our investment in the Core Fund of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.95 57.10 Td ($3.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.84 57.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 45.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.94 45.10 Td ($18.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.83 45.10 Td ( for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.21 45.10 Td (years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.31 45.10 Td ( ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.18 45.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.77 45.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.21 45.10 Td (201) Tj ET Q q 0 0 0 rg BT 350.83 45.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.83 45.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 408.50 45.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 101 0 obj <> endobj 102 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (48) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.63 742.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.21 742.10 Td (, the Core Fund recorded an impairment char) Tj ET Q q 0 0 0 rg BT 435.97 742.10 Td (ge of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.74 742.10 Td ($72.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.63 742.10 Td ( related two ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (of its properties located in Charlotte, North Carolina: Charlotte Plaza and Carillon. ) Tj ET Q q 0 0 0 rg BT 424.07 730.10 Td (These impairments resulted in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td (decrease in our equity in earnings \(losses\) attributable to our investment in the Core Fund of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.58 718.10 Td ($16.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.47 718.10 Td ( for the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.38 706.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.96 706.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 688.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 688.10 Td (In ) Tj ET Q q 0 0 0 rg BT 96.28 688.10 Td (August 2012, the Core Fund sold One Shell Plaza and ) Tj ET Q q 0 0 0 rg BT 314.69 688.10 Td (T) Tj ET Q q 0 0 0 rg BT 320.10 688.10 Td (wo Shell Plaza \(collectively) Tj ET Q q 0 0 0 rg BT 431.36 688.10 Td (, Shell Plaza\), ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.28 688.10 Td (two) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.28 688.10 Td ( of) Tj ET Q q 0 0 0 rg BT 523.92 688.10 Td (fice ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 676.10 Td (properties located in downtown Houston, ) Tj ET Q q 0 0 0 rg BT 253.57 676.10 Td (T) Tj ET Q q 0 0 0 rg BT 258.98 676.10 Td (exas which it acquired in May 2004 for a contract purchase price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.93 676.10 Td ($351.8 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 664.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.89 664.10 Td (.) Tj ET Q q 0 0 0 rg BT 122.21 664.10 Td (The contract sales price was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.44 664.10 Td ($550.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.33 664.10 Td (. ) Tj ET Q q 0 0 0 rg BT 303.28 664.10 Td (As a result of the sale, the Core Fund recognized a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.66 664.10 Td ($248.4 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 652.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.89 652.10 Td ( gain on the sale of Shell Plaza. ) Tj ET Q q 0 0 0 rg BT 245.23 652.10 Td (W) Tj ET Q q 0 0 0 rg BT 253.87 652.10 Td (e recognized a gain of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.66 652.10 Td ($27.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.55 652.10 Td ( in relation to this sale, which is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 640.10 Td (included in equity in earnings \(losses\) of unconsolidated entities, net, in the consolidated statements of operations for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 628.10 Td (the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.80 628.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.38 628.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 610.10 Td (In 2012, a subsidiary of the Core Fund executed two discounted pay-of) Tj ET Q q 0 0 0 rg BT 370.20 610.10 Td (f agreements with lenders concerning the debt ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 598.10 Td (secured by One Renaissance Square and ) Tj ET Q q 0 0 0 rg BT 249.65 598.10 Td (T) Tj ET Q q 0 0 0 rg BT 255.06 598.10 Td (wo Renaissance Square, of) Tj ET Q q 0 0 0 rg BT 362.62 598.10 Td (fice buildings located in Phoenix, ) Tj ET Q q 0 0 0 rg BT 498.71 598.10 Td (Arizona, to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 586.10 Td (release the Core Fund from all outstanding debt and obligations, including the outstanding principal balances of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 574.10 Td ($188.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.89 574.10 Td (, at a discounted amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.70 574.10 Td ($168.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.59 574.10 Td (.) Tj ET Q q 0 0 0 rg BT 321.91 574.10 Td (These discounted pay-of) Tj ET Q q 0 0 0 rg BT 420.03 574.10 Td (f transactions resulted in an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 562.10 Td (increase in the Company) Tj ET Q q 0 0 0 rg BT 187.91 562.10 Td (s equity in earnings \(losses\) attributable to our investment in the Core Fund of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.86 562.10 Td ($4.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.75 562.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 550.10 Td (for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 160.96 550.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.54 550.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 532.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 532.10 Td (On ) Tj ET Q q 0 0 0 rg BT 100.17 532.10 Td (August 26, 201) Tj ET Q q 0 0 0 rg BT 161.19 532.10 Td (1, the Core Fund sold ) Tj ET Q q 0 0 0 rg BT 249.90 532.10 Td (Three First National Plaza, an of) Tj ET Q q 0 0 0 rg BT 380.23 532.10 Td (fice building located in Chicago, Illinois, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 520.10 Td (which it acquired in March 2005 for a contract purchase price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.45 520.10 Td ($245.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.34 520.10 Td (.) Tj ET Q q 0 0 0 rg BT 412.66 520.10 Td (The contract sales price was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.88 520.10 Td ($344.0 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 508.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.89 508.10 Td (.) Tj ET Q q 0 0 0 rg BT 121.84 508.10 Td (As a result of the sale, the Core Fund recognized a gain on sale of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.31 508.10 Td ($1) Tj ET Q q 0 0 0 rg BT 396.94 508.10 Td (14.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.83 508.10 Td (.) Tj ET Q q 0 0 0 rg BT 453.15 508.10 Td (W) Tj ET Q q 0 0 0 rg BT 461.79 508.10 Td (e recognized a gain of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 496.10 Td ($20.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.89 496.10 Td ( in relation to this sale, which is included in equity in earnings \(losses\) of unconsolidated entities, net, in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 484.10 Td (the consolidated statements of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 466.10 Td (Other items of significance regarding our investment in the Core Fund, but that did not have a direct ef) Tj ET Q q 0 0 0 rg BT 479.09 466.10 Td (fect on our equity in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (earnings in the Core Fund are as follows:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 436.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 436.10 Td (On December 9, 201) Tj ET Q q 0 0 0 rg BT 168.93 436.10 Td (1, the Core Fund sold a 49% interest in One North ) Tj ET Q q 0 0 0 rg BT 372.61 436.10 Td (W) Tj ET Q q 0 0 0 rg BT 381.25 436.10 Td (acker) Tj ET Q q 0 0 0 rg BT 402.49 436.10 Td (, an of) Tj ET Q q 0 0 0 rg BT 427.58 436.10 Td (fice building located in Chicago, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 424.10 Td (Illinois, which it acquired in March 2008 for a contract purchase price of $540.0 million.) Tj ET Q q 0 0 0 rg BT 446.00 424.10 Td (The contract sales price for a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 412.10 Td (49% interest in One North ) Tj ET Q q 0 0 0 rg BT 193.85 412.10 Td (W) Tj ET Q q 0 0 0 rg BT 202.49 412.10 Td (acker was $298.9 million. ) Tj ET Q q 0 0 0 rg BT 308.40 412.10 Td (The Core Fund did not recognize a gain or loss on the sale due ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 400.10 Td (to the carrying amount of the noncontrolling interest being adjusted to reflect the change in ownership of One North ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 388.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 388.10 Td (acker) Tj ET Q q 0 0 0 rg BT 115.73 388.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 364.10 Td (Our Interest in the Grocery-Anchored Portfolio) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 340.10 Td (As of December 31, 2012, we owned a 70% non-managing interest in the Grocery-Anchored Portfolio, a portfolio of 12 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (grocery-anchored shopping centers located in five states primarily in the southeastern United States. Our equity in earnings ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (related to our investment in the Grocery-Anchored Portfolio for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.11 316.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.70 316.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.14 316.10 Td (201) Tj ET Q q 0 0 0 rg BT 484.77 316.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.77 316.10 Td ( were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (insignificant.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 280.10 Td (Our Interest in Distribution Park Rio) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 256.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 256.10 Td (e owned a 50% non-managing interest in Distribution Park Rio, an industrial property located in Rio de Janeiro, Brazil. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (Our equity in earnings related to our investment in Distribution Park Rio for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.14 244.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.72 244.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.16 244.10 Td (201) Tj ET Q q 0 0 0 rg BT 534.79 244.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.79 244.10 Td ( was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td ($2.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.89 232.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.33 232.10 Td ($2.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.22 232.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 219.88 232.10 Td (. Subsequent to December 31, 2012, we sold our 50% indirect interest in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (Distribution Park Rio. See Item 7. Management) Tj ET Q q 0 0 0 rg BT 246.36 220.10 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 315.53 220.10 Td (Analysis of Financial Condition and Results of Operations-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (Executive Summary for further information.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 184.10 Td (Corporate Level ) Tj ET Q q 0 0 0 rg BT 140.20 184.10 Td (Activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 160.10 Td (Corporate-level activities include results related to derivative instruments, asset management fees, general and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (administrative expenses as well as other expenses which are not directly related to our property operations.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 124.10 Td (Derivative Instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 100.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 100.10 Td (e have entered into several interest rate swap transactions with HSH Nordbank as economic hedges against the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (variability of future interest rates on our variable interest rate borrowings. ) Tj ET Q q 0 0 0 rg BT 346.94 88.10 Td (W) Tj ET Q q 0 0 0 rg BT 355.58 88.10 Td (e have not designated any of these contracts as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 Td (cash flow or fair value hedges for accounting purposes. ) Tj ET Q q 0 0 0 rg BT 273.63 76.10 Td (The interest rate swaps have been recorded at their estimated fair value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (in the accompanying consolidated balance sheets as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.48 64.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.06 64.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.50 64.10 Td (201) Tj ET Q q 0 0 0 rg BT 383.13 64.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.13 64.10 Td (. ) Tj ET Q q 0 0 0 rg BT 392.95 64.10 Td (The gains \(losses\) on derivative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 103 0 obj <> endobj 104 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (49) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (instruments recorded during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.94 742.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.53 742.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.96 742.10 Td (201) Tj ET Q q 0 0 0 rg BT 342.59 742.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.59 742.10 Td ( is the result of changes in the fair value of interest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (rate swaps during each period.) Tj ET Q BT /F2 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 recorded a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.99 706.10 Td (gain) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.21 706.10 Td ( on derivative instruments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.68 706.10 Td ($8.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.57 706.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.04 706.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.62 706.10 Td ( compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.32 706.10 Td (losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.21 706.10 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td ($24.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 694.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.35 694.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 254.57 694.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.57 694.10 Td (. ) Tj ET Q q 0 0 0 rg BT 264.38 694.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.43 694.10 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.19 694.10 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.96 694.10 Td (gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.07 694.10 Td ( is due to changes in the values of our interest rate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (swaps. ) Tj ET Q q 0 0 0 rg BT 79.26 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 87.90 682.10 Td (e expect to hold the underlying investments to their maturities; therefore, the amount currently reflected is not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (necessarily indicative of the ultimate cash that will be paid out at the maturity date of our interest rate swaps.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (Other Corporate-level ) Tj ET Q q 0 0 0 rg BT 160.39 646.10 Td (Activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (The table below provides detail relating to our asset management and general and administrative expenses for the years ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.38 610.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.96 610.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.40 610.10 Td (201) Tj ET Q q 0 0 0 rg BT 189.03 610.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.03 610.10 Td (.) Tj ET Q q 0 0 0 rg BT 200.98 610.10 Td (All amounts are in thousands, except percentages:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 557.60 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 557.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 557.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 557.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 557.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 557.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 557.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 557.60 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 290.5 572.6 m 355.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 572.6 m 359.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 572.6 m 424.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 572.6 m 493.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 572.6 m 497.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 572.6 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 290.5 557.6 m 355.5 557.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 557.6 m 424.5 557.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 557.6 m 493.5 557.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 557.6 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 290.5 557.6 m 355.5 557.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 557.6 m 493.5 557.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 299.60 577.28 Td (Years Ended December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 478.60 577.28 Td (Change) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 312.50 562.28 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.75 562.28 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.00 562.28 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 524.50 562.28 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 547.27 Td (Asset Management Fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 547.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.15 547.27 Td (29,651) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 547.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 547.27 Td (16,173) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 547.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 547.27 Td (13,478) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 547.27 Td (83.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 547.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 532.27 Td (General and Administrative Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.15 532.27 Td (6,874) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 532.27 Td (6,740) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 532.27 Td (134) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 532.27 Td (2.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 532.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 504.10 Td (The primary cause of the increase in asset management fees in 2012 is due to our requirement to revalue the Participation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (Interest liability) Tj ET Q q 0 0 0 rg BT 112.94 492.10 Td (. ) Tj ET Q q 0 0 0 rg BT 120.26 492.10 Td (W) Tj ET Q q 0 0 0 rg BT 128.90 492.10 Td (e record a liability related to the Participation Interest component of the asset management fees, which is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (based on the estimated settlement value in the accompanying consolidated balance sheets and remeasured at fair value at each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 468.10 Td (balance sheet date plus any unpaid distributions.) Tj ET Q q 0 0 0 rg BT 245.88 468.10 Td (The fair value of the Operating Partnership interest underlying the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 456.10 Td (Participation Interest liability is determined based on the redemption price in place under the Company) Tj ET Q q 0 0 0 rg BT 464.88 456.10 Td (s share redemption ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 444.10 Td (program as of each balance sheet date. ) Tj ET Q q 0 0 0 rg BT 208.54 444.10 Td (Adjustments required to remeasure this liability at fair value are included in asset ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td (management fees in the accompanying consolidated statement of operations. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 408.10 Td (As described previously in this report, on May 24, 201) Tj ET Q q 0 0 0 rg BT 286.21 408.10 Td (1, the board of directors established an estimated value per share and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (per share redemption price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.22 396.10 Td ($7.78) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.72 396.10 Td (, which reflects a reduction from the prior redemption price of $9.15. ) Tj ET Q q 0 0 0 rg BT 470.69 396.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 520.02 396.10 Td (, the fair ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 384.10 Td (value of the Participation Interest liability as of June 30, 201) Tj ET Q q 0 0 0 rg BT 291.51 384.10 Td (1 was reduced by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.71 384.10 Td ($12.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.60 384.10 Td (, resulting in a reduction of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 372.10 Td (asset management fee expense for the year ended December 31, 201) Tj ET Q q 0 0 0 rg BT 323.12 372.10 Td (1. Further) Tj ET Q q 0 0 0 rg BT 364.65 372.10 Td (, as described previously in this report, on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 360.10 Td (November 29, 2012, the board of directors established a new estimated value per share and per share redemption price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 348.10 Td ($7.61) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 348.10 Td (, which reflects a reduction from the previous ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.16 348.10 Td ($7.78) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.66 348.10 Td ( share price. ) Tj ET Q q 0 0 0 rg BT 332.69 348.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 382.03 348.10 Td (, the fair value of the Participation Interest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 336.10 Td (liability was reduced by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.31 336.10 Td ($2.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.20 336.10 Td ( in December 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 312.10 Td (General and administrative expenses include legal and accounting fees, insurance costs, costs and expenses associated with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 300.10 Td (our board of directors and other administrative expenses.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 276.10 Td (Y) Tj ET Q q 0 0 0 rg BT 64.00 276.10 Td (ear ended ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 106.77 276.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 180.36 276.10 Td (1) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 185.36 276.10 Td ( compared to the year ended ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 303.67 276.10 Td (December31, 2010) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 382.82 276.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 264.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 252.10 Td (Results for) Tj ET Q q 0 0 0 rg BT 114.20 252.10 Td ( our) Tj ET Q q 0 0 0 rg BT 131.52 252.10 Td ( Dir) Tj ET Q q 0 0 0 rg BT 148.28 252.10 Td (ectly-Owned Pr) Tj ET Q q 0 0 0 rg BT 215.02 252.10 Td (operties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 240.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 228.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 228.10 Td (e owned 21 properties directly that were 86% leased as of December 31, 201) Tj ET Q q 0 0 0 rg BT 383.38 228.10 Td (1 compared to 22 properties that were 89% ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 216.10 Td (leased as of December 31, 2010. ) Tj ET Q q 0 0 0 rg BT 182.55 216.10 Td (The following table presents the same store property-level revenues and expenses for the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 204.10 Td (ended December 31, 201) Tj ET Q q 0 0 0 rg BT 149.59 204.10 Td (1, as compared to the same period in 2010. ) Tj ET Q q 0 0 0 rg BT 323.53 204.10 Td (The following analysis excludes the activity of three ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 192.10 Td (properties which were sold during 2010 and ) Tj ET Q q 0 0 0 rg BT 228.02 192.10 Td (Atrium on Bay which was sold in 201) Tj ET Q q 0 0 0 rg BT 379.58 192.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 389.03 192.10 Td (All amounts are in thousands, except for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 180.10 Td (percentages:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 105 0 obj <> endobj 106 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (50) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 703.50 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 703.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 703.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 703.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 703.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 703.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 703.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 703.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 673.50 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 673.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 673.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 673.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 673.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 673.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 673.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 673.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 643.50 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 643.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 643.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 643.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 643.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 643.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 643.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 643.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 613.50 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 613.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 613.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 613.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 613.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 613.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 613.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 613.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 583.50 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 583.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 583.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 583.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 583.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 583.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 583.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 583.50 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 290.5 733.5 m 355.5 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 733.5 m 359.5 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 733.5 m 424.5 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 733.5 m 493.5 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 733.5 m 497.5 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 733.5 m 562.5 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 718.5 m 355.5 718.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 718.5 m 424.5 718.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 718.5 m 493.5 718.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 718.5 m 562.5 718.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 673.5 m 355.5 673.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 673.5 m 424.5 673.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 673.5 m 493.5 673.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 673.5 m 562.5 673.5 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 299.60 738.18 Td (Years Ended December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 478.60 738.18 Td (Change) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 312.75 723.18 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.50 723.18 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.00 723.18 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 524.50 723.18 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 708.18 Td (Property revenues in excess of expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 693.17 Td (Property revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 693.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.15 693.17 Td (278,332) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 693.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 693.17 Td (290,545) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 693.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 693.22 Td (\(12,213) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 693.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.45 693.17 Td (\(4.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.30 693.17 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 678.17 Td (Less: property expenses ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 151.58 682.70 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.15 678.17 Td (116,856) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 678.17 Td (118,516) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 678.22 Td (\(1,660) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 678.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.45 678.17 Td (\(1.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.30 678.17 Td (\)%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 663.18 Td (Total property revenue in excess of expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 663.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.15 663.17 Td (161,476) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 663.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 663.17 Td (172,029) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 663.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 663.22 Td (\(10,553) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 663.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.45 663.17 Td (\(6.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.30 663.17 Td (\)%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 648.18 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 633.17 Td (Depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 633.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.15 633.17 Td (92,518) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 633.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 633.17 Td (102,012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 633.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 633.22 Td (\(9,494) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 633.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.45 633.17 Td (\(9.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.30 633.17 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 618.17 Td (Impairment losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 618.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.65 618.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 618.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.65 618.17 Td (811) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 618.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.30 618.22 Td (\(811) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 618.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.45 618.17 Td (\(100.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.30 618.17 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 603.17 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 603.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.15 603.17 Td (81,207) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 603.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 603.17 Td (80,889) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 603.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 603.17 Td (318) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.80 603.17 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 603.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 588.17 Td (Interest income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 588.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.65 588.17 Td (514) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 588.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.65 588.17 Td (270) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 588.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 588.17 Td (244) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 588.17 Td (90.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 588.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 573.17 Td (Income tax expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 573.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.65 573.17 Td (494) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 573.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.65 573.17 Td (543) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 573.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.30 573.22 Td (\(49) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 573.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.45 573.17 Td (\(9.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.30 573.17 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 557.00 Td (__________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 545.00 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.35 533.00 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.35 533.00 Td (Property expenses include property operating expenses, real property taxes and property management fees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 509.00 Td (Property revenues from the operations of our properties for the year ended December 31, 201) Tj ET Q q 0 0 0 rg BT 441.11 509.00 Td (1 declined as compared to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 497.00 Td (same period in 2010 as a result of the following:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 479.00 Td (1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 479.00 Td (Decrease of $4.6 million due to out-of-market lease amortization. Out-of-market lease amortization was an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 467.00 Td (increase to revenue of $7.6 million in 201) Tj ET Q q 0 0 0 rg BT 270.81 467.00 Td (1 compared to $12.2 million in 2010 resulting from fully amortized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 455.00 Td (lease intangibles.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 437.00 Td (2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 437.00 Td (Decrease of $4.2 million due to tenant inducement amortization.) Tj ET Q q 0 0 0 rg BT 369.01 437.00 Td (T) Tj ET Q q 0 0 0 rg BT 374.42 437.00 Td (enant inducement amortization was a decrease ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 425.00 Td (to revenue of $12.3 million in 201) Tj ET Q q 0 0 0 rg BT 240.55 425.00 Td (1 compared to $8.1 million in 2010.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 407.00 Td (3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 407.00 Td (Decrease due to the adverse ef) Tj ET Q q 0 0 0 rg BT 225.69 407.00 Td (fects of the economic recession on commercial real estate fundamentals. For ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 395.00 Td (example, decreases in tenant demand and leasing velocity have led to declining rental rates and increased tenant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 383.00 Td (incentives on lease renewals. ) Tj ET Q q 0 0 0 rg BT 222.01 383.00 Td (Additionally) Tj ET Q q 0 0 0 rg BT 271.92 383.00 Td (, we have also experienced increases in tenant defaults. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 359.00 Td (Depreciation and amortization decreased during the year ended December 31, 201) Tj ET Q q 0 0 0 rg BT 396.65 359.00 Td (1 as compared to the same period in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 347.00 Td (2010 due to fully amortized in-place lease intangibles.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 323.00 Td (Discontinued Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 299.00 Td (On January 22, 2010, we sold Distribution Park ) Tj ET Q q 0 0 0 rg BT 260.76 299.00 Td (Araucaria, an industrial property located in Curitiba, Brazil, which we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 287.00 Td (acquired in December 2008. ) Tj ET Q q 0 0 0 rg BT 165.61 287.00 Td (The sales price was $38.4million \(69.9 million BRL) Tj ET Q q 0 0 0 rg BT 376.32 287.00 Td ( translated at a rate of R$1.818 per USD\). In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 275.00 Td (connection with the sale of Distribution Park ) Tj ET Q q 0 0 0 rg BT 231.36 275.00 Td (Araucaria, we incurred a disposition fee payable to our ) Tj ET Q q 0 0 0 rg BT 452.94 275.00 Td (Advisor of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 263.00 Td ($384,000.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 239.00 Td (On ) Tj ET Q q 0 0 0 rg BT 82.17 239.00 Td (April 22, 2010, we sold Distribution Parks Elouveira and ) Tj ET Q q 0 0 0 rg BT 312.79 239.00 Td (V) Tj ET Q q 0 0 0 rg BT 319.42 239.00 Td (inhedo, two industrial properties located in Sao Paolo, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 227.00 Td (Brazil, which we acquired in December 2008. ) Tj ET Q q 0 0 0 rg BT 236.14 227.00 Td (The collective sales price for both properties was $102.5million \(181.0 million ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 215.00 Td (BRL) Tj ET Q q 0 0 0 rg BT 69.08 215.00 Td ( translated at a rate of R$1.765 per USD on the date of the transaction\). In connection with the sale of Distribution Parks ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 203.00 Td (Elouveira and ) Tj ET Q q 0 0 0 rg BT 108.13 203.00 Td (V) Tj ET Q q 0 0 0 rg BT 114.75 203.00 Td (inhedo we incurred a disposition fee payable to our ) Tj ET Q q 0 0 0 rg BT 321.64 203.00 Td (Advisor of $1.0 million.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 179.00 Td (On June 1, 201) Tj ET Q q 0 0 0 rg BT 128.18 179.00 Td (1, we sold ) Tj ET Q q 0 0 0 rg BT 170.96 179.00 Td (Atrium on Bay) Tj ET Q q 0 0 0 rg BT 230.30 179.00 Td (, a mixed-use of) Tj ET Q q 0 0 0 rg BT 294.55 179.00 Td (fice and retail complex located in the Downtown North submarket ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 167.00 Td (of the central business district of ) Tj ET Q q 0 0 0 rg BT 182.56 167.00 Td (T) Tj ET Q q 0 0 0 rg BT 187.97 167.00 Td (oronto, Canada, which we acquired in February 2007.) Tj ET Q q 0 0 0 rg BT 408.29 167.00 Td (The contract sales price for ) Tj ET Q q 0 0 0 rg BT 519.07 167.00 Td (Atrium on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 155.00 Td (Bay was 344.8 million CAD \($353 million USD, based on the exchange rate in ef) Tj ET Q q 0 0 0 rg BT 376.98 155.00 Td (fect on the date of sale\). ) Tj ET Q q 0 0 0 rg BT 477.87 155.00 Td (W) Tj ET Q q 0 0 0 rg BT 486.50 155.00 Td (e acquired ) Tj ET Q q 0 0 0 rg BT 529.81 155.00 Td (Atrium ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 143.00 Td (on Bay in February 2007 for 250.0 million CAD \($215.5 million USD, based on the exchange rate in ef) Tj ET Q q 0 0 0 rg BT 464.47 143.00 Td (fect on the date of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 131.00 Td (acquisition\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 107 0 obj <> endobj 108 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (51) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (The results of operations of Distribution Parks ) Tj ET Q q 0 0 0 rg BT 255.48 742.10 Td (Araucaria, Elouveira, ) Tj ET Q q 0 0 0 rg BT 343.58 742.10 Td (V) Tj ET Q q 0 0 0 rg BT 350.20 742.10 Td (inhedo and ) Tj ET Q q 0 0 0 rg BT 396.31 742.10 Td (Atrium on Bay and the gain realized on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (these properties for the years ended December 31, 201) Tj ET Q q 0 0 0 rg BT 267.60 730.10 Td (1 and 2010 were as follows:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 662.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 662.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 662.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 662.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 632.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 632.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 632.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 632.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 602.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 602.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 602.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 602.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 572.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 572.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 572.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 572.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 542.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 542.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 542.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 542.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 512.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 512.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 512.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 512.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 482.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 482.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 482.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 482.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 452.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 452.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 452.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 452.60 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 428.5 692.6 m 493.5 692.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 692.6 m 562.5 692.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 632.6 m 493.5 632.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 632.6 m 562.5 632.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 542.6 m 493.5 542.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 542.6 m 562.5 542.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 527.6 m 493.5 527.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 527.6 m 562.5 527.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 512.6 m 493.5 512.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 512.6 m 562.5 512.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 467.6 m 493.5 467.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 467.6 m 562.5 467.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 437.6 m 493.5 437.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 437.6 m 562.5 437.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 423.6 m 493.5 423.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 421.6 m 493.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 423.6 m 562.5 423.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 421.6 m 562.5 421.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.75 697.28 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 519.50 697.28 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 464.00 682.28 Td (\(In thousands\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 667.28 Td (Revenues:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 652.27 Td (Rental revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 652.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 652.27 Td (17,298) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 652.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 652.27 Td (42,223) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 637.27 Td (Other revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 637.27 Td (2,365) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 637.27 Td (5,443) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.00 622.27 Td (Total revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 622.27 Td (19,663) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 622.27 Td (47,666) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 607.28 Td (Expenses:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 592.27 Td (Property operating expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 592.27 Td (5,332) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 592.27 Td (12,171) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 577.27 Td (Real property taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 577.27 Td (4,225) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 577.27 Td (9,800) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 562.27 Td (Property management fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 562.27 Td (475) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 562.27 Td (1,111) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 547.27 Td (Depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 547.27 Td (3,770) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 547.27 Td (9,772) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.00 532.27 Td (Total expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 532.27 Td (13,802) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 532.27 Td (32,854) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 517.27 Td (Income from discontinued operations before interest income, taxes and gain on sale) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 517.27 Td (5,861) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 517.27 Td (14,812) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 502.27 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 502.32 Td (\(4,426) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 502.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 502.32 Td (\(10,103) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 502.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 487.27 Td (Interest income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 487.27 Td (33) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 487.27 Td (119) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 472.27 Td (\(Provision\) benefit for income taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 472.27 Td (75) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.30 472.32 Td (\(320) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 472.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 457.27 Td (Income from discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 457.27 Td (1,543) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 457.27 Td (4,508) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 442.27 Td (Gain on sale of discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 442.27 Td (107,241) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 442.27 Td (22,537) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 427.28 Td (Income from discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 427.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 427.27 Td (108,784) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 427.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 427.27 Td (27,045) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 399.10 Td (Results for) Tj ET Q q 0 0 0 rg BT 105.20 399.10 Td ( our) Tj ET Q q 0 0 0 rg BT 122.52 399.10 Td ( Indir) Tj ET Q q 0 0 0 rg BT 147.07 399.10 Td (ectly-Owned Pr) Tj ET Q q 0 0 0 rg BT 213.81 399.10 Td (operties) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 375.10 Td (Our Interest in the Core Fund) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 351.10 Td (As of December 31, 201) Tj ET Q q 0 0 0 rg BT 165.66 351.10 Td (1, we owned a 27.5% non-managing general partner interest in the Core Fund, which held interests ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 339.10 Td (in 23 properties that were 87% leased. ) Tj ET Q q 0 0 0 rg BT 204.95 339.10 Td (As of December 31, 2010, we owned a 26.8% non-managing general partner interest in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 327.10 Td (the Core Fund, which held interests in 24 properties that were87% leased. Our equity in losses related to our investment in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 315.10 Td (Core Fund for the year ended December 31, 201) Tj ET Q q 0 0 0 rg BT 243.17 315.10 Td (1 was $7.5 million compared to equity in earnings of $2.7 million for the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 303.10 Td (ended December 31, 2010.) Tj ET Q q 0 0 0 rg BT 162.28 303.10 Td (The change in our equity in earnings \(losses\) for the year ended December 31, 201) Tj ET Q q 0 0 0 rg BT 492.63 303.10 Td (1 primarily ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 291.10 Td (resulted from our portion ofan impairment char) Tj ET Q q 0 0 0 rg BT 241.70 291.10 Td (ge recorded atfive of theCore Fund) Tj ET Q q 0 0 0 rg BT 389.71 291.10 Td (sproperties located in suburban ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 279.10 Td (Sacramento \($18.0 million\) of) Tj ET Q q 0 0 0 rg BT 170.90 279.10 Td (fset by our portion of a gain on the sale of ) Tj ET Q q 0 0 0 rg BT 340.96 279.10 Td (Three First National Plaza during the third quarter of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 267.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 267.10 Td (1 \($20.5 million\) and our portion of a gain on the sale of 600 Lexington ) Tj ET Q q 0 0 0 rg BT 353.47 267.10 Td (A) Tj ET Q q 0 0 0 rg BT 359.95 267.10 Td (venue during the second quarter of 2010 \($12.5 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 255.10 Td (million\). Each of these is described further below) Tj ET Q q 0 0 0 rg BT 247.07 255.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 231.10 Td (On ) Tj ET Q q 0 0 0 rg BT 82.17 231.10 Td (August 26, 201) Tj ET Q q 0 0 0 rg BT 143.19 231.10 Td (1, the Core Fund sold ) Tj ET Q q 0 0 0 rg BT 231.90 231.10 Td (Three First National Plaza, an of) Tj ET Q q 0 0 0 rg BT 362.23 231.10 Td (fice building located in Chicago, Illinois, which it ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 219.10 Td (acquired in March 2005 for a contract purchase price of $245.3 million.) Tj ET Q q 0 0 0 rg BT 341.67 219.10 Td (The contract sales price was $344.0 million.) Tj ET Q q 0 0 0 rg BT 522.73 219.10 Td (As a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 207.10 Td (result of the sale, the Core Fund recognized a gain on sale of $1) Tj ET Q q 0 0 0 rg BT 304.55 207.10 Td (14.1 million.) Tj ET Q q 0 0 0 rg BT 360.76 207.10 Td (W) Tj ET Q q 0 0 0 rg BT 369.40 207.10 Td (e recognized a gain of $20.5 million in relation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 195.10 Td (to this sale, which is included in equity in earnings \(losses\) of unconsolidated entities, net in the consolidated statements of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 183.10 Td (operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 159.10 Td (During the second quarter of 201) Tj ET Q q 0 0 0 rg BT 200.09 159.10 Td (1, the Core Fund recorded an impairment loss of $101.1 million related to five of its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 147.10 Td (properties located in suburban Sacramento. Our pro rata share of this loss was approximately $18.0 million which has been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 135.10 Td (included in equity in earnings losses for the year ended December 31, 201) Tj ET Q q 0 0 0 rg BT 345.93 135.10 Td (1.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 111.10 Td (On May 22, 2010, the Core Fund sold 600 Lexington, an of) Tj ET Q q 0 0 0 rg BT 306.13 111.10 Td (fice property located in New ) Tj ET Q q 0 0 0 rg BT 422.65 111.10 Td (Y) Tj ET Q q 0 0 0 rg BT 428.87 111.10 Td (ork, New ) Tj ET Q q 0 0 0 rg BT 468.21 111.10 Td (Y) Tj ET Q q 0 0 0 rg BT 474.44 111.10 Td (ork, which it ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 99.10 Td (acquired in February 2004 for a contract purchase price of $91.6 million. ) Tj ET Q q 0 0 0 rg BT 346.67 99.10 Td (The contract sales price was $193.0 million.) Tj ET Q q 0 0 0 rg BT 527.73 99.10 Td (As a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 87.10 Td (result of the sale, the Core Fund recognized a gain on sale of $106.8 million.) Tj ET Q q 0 0 0 rg BT 361.13 87.10 Td (W) Tj ET Q q 0 0 0 rg BT 369.77 87.10 Td (e recognized a gain of $12.5 million in relation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 75.10 Td (to this sale, which was included in equity in earnings \(losses\) of unconsolidated entities, net in the consolidated statement of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 63.10 Td (operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 51.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 109 0 obj <> endobj 110 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (52) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.90 742.10 Td (, on December 9, 201) Tj ET Q q 0 0 0 rg BT 203.62 742.10 Td (1, the Core Fund sold a 49% interest in One North ) Tj ET Q q 0 0 0 rg BT 407.29 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 415.93 742.10 Td (acker) Tj ET Q q 0 0 0 rg BT 437.17 742.10 Td (, an of) Tj ET Q q 0 0 0 rg BT 462.26 742.10 Td (fice building located in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Chicago, Illinois, which it acquired in March 2008 for a contract purchase price of $540.0 million.) Tj ET Q q 0 0 0 rg BT 448.32 730.10 Td (The contract sales price for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (the 49% interest in One North ) Tj ET Q q 0 0 0 rg BT 172.57 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 181.21 718.10 Td (acker was $298.9 million. ) Tj ET Q q 0 0 0 rg BT 287.11 718.10 Td (The Core Fund did not recognize a gain or loss on the sale due to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (the carrying amount of the noncontrolling interest being adjusted to reflect the change in ownership of One North ) Tj ET Q q 0 0 0 rg BT 506.35 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 514.99 706.10 Td (acker) Tj ET Q q 0 0 0 rg BT 536.08 706.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (Our Interest in the Grocery-Anchored Portfolio) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 658.10 Td (e own a 70% non-managing interest in the Grocery-Anchored Portfolio, a portfolio of 12 grocery-anchored shopping ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (centers located in five states primarily in the southeastern United States. Our equity in losses related to our investment in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (Grocery-Anchored Portfolio for the year ended December 31, 201) Tj ET Q q 0 0 0 rg BT 314.25 634.10 Td (1 was approximately $9,000.Our equity in earnings related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (to our investment in the Grocery-Anchored Portfolio for the year ended December 31, 2010 was approximately $287,000.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td (Our Interest in Distribution Park Rio) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 574.10 Td (e owned a 50% non-managing interest in Distribution Park Rio, an industrial property located in Rio de Janeiro, Brazil. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (Our equity in earnings related to our investment in Distribution Park Rio for the years ended December 31, 201) Tj ET Q q 0 0 0 rg BT 495.35 562.10 Td (1 and 2010 was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td ($2.4 million and $2.5 million, respectively) Tj ET Q q 0 0 0 rg BT 219.88 550.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td (Corporate Level ) Tj ET Q q 0 0 0 rg BT 140.20 526.10 Td (Activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 502.10 Td (Corporate-level activities include results related to derivative instruments, asset management and acquisition fees, general ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (and administrative expenses as well as other expenses which are not directly related to our property operations.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 466.10 Td (Derivative Instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 442.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 442.10 Td (e have entered into several interest rate swap transactions with HSH Nordbank as economic hedges against the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (variability of future interest rates on our variable interest rate borrowings. ) Tj ET Q q 0 0 0 rg BT 346.94 430.10 Td (W) Tj ET Q q 0 0 0 rg BT 355.58 430.10 Td (e have not designated any of these contracts as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (cash flow or fair value hedges for accounting purposes. ) Tj ET Q q 0 0 0 rg BT 273.63 418.10 Td (The interest rate swaps have been recorded at their estimated fair value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (in the accompanying consolidated balance sheets as of December 31, 201) Tj ET Q q 0 0 0 rg BT 343.69 406.10 Td (1 and 2010. ) Tj ET Q q 0 0 0 rg BT 392.95 406.10 Td (The losses on derivative instruments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (recorded during the years ended December 31, 201) Tj ET Q q 0 0 0 rg BT 253.99 394.10 Td (1 and 2010 is the result of changes in the fair value of interest rate swaps ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (during each period.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 358.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 358.10 Td (e recorded losses of $24.6million and $18.5 million for the years ended December 31, 201) Tj ET Q q 0 0 0 rg BT 440.06 358.10 Td (1 and 2010, respectively) Tj ET Q q 0 0 0 rg BT 537.16 358.10 Td (. ) Tj ET Q q 0 0 0 rg BT 541.98 358.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (increase in losses is due to changes in the values of our interest rate swaps. ) Tj ET Q q 0 0 0 rg BT 351.40 346.10 Td (W) Tj ET Q q 0 0 0 rg BT 360.04 346.10 Td (e expect to hold the underlying investments to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (their maturities; therefore, the amount currently reflected is not necessarily indicative of the ultimate cash that will be paid out ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (at the maturity date of our interest rate swaps.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 298.10 Td (In addition, we entered into a foreign currency swap in February 2010 in relation to our sale of Distribution Park ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (Araucaria. ) Tj ET Q q 0 0 0 rg BT 94.23 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 102.87 286.10 Td (e recognized a loss of approximately $1) Tj ET Q q 0 0 0 rg BT 261.89 286.10 Td (10,000 related to this swap, which was recorded in income from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (discontinued operations in our consolidated statement of operations. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 250.10 Td (Other Corporate-level ) Tj ET Q q 0 0 0 rg BT 160.39 250.10 Td (Activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 226.10 Td (The table below provides detail relating to our asset management and acquisition fees and general and administrative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (expenses for the years ended December 31, 201) Tj ET Q q 0 0 0 rg BT 240.66 214.10 Td (1 and 2010.) Tj ET Q q 0 0 0 rg BT 292.05 214.10 Td (All amounts in thousands, except percentages:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 161.60 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 161.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 161.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 161.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 161.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 161.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 161.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 161.60 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 290.5 176.60000000000002 m 355.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 176.60000000000002 m 359.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 176.60000000000002 m 424.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 176.60000000000002 m 493.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 176.60000000000002 m 497.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 176.60000000000002 m 562.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 161.60000000000002 m 355.5 161.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 161.60000000000002 m 424.5 161.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 161.60000000000002 m 493.5 161.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 161.60000000000002 m 562.5 161.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 161.60000000000002 m 493.5 161.60000000000002 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 299.60 181.28 Td (Years Ended December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 478.60 181.28 Td (Change) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 312.75 166.28 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.50 166.28 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.00 166.28 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 524.50 166.28 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 151.27 Td (Asset Management and Acquisition Fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 151.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.15 151.27 Td (16,173) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 151.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 151.27 Td (30,544) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 151.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 151.32 Td (\(14,371) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 151.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.45 151.27 Td (\(47.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.30 151.27 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 136.27 Td (General and Administrative Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.15 136.27 Td (6,740) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 136.27 Td (6,925) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.30 136.32 Td (\(185) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 136.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.45 136.27 Td (\(2.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.30 136.27 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 108.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 108.10 Td (e pay monthly asset management fees to our ) Tj ET Q q 0 0 0 rg BT 256.03 108.10 Td (Advisor based on the amount of net equity capital invested in real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 96.10 Td (investments and pay acquisition fees to our ) Tj ET Q q 0 0 0 rg BT 224.69 96.10 Td (Advisor based on the purchase prices of our real estate investments. Prior to July 1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 84.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 84.10 Td (1, the asset management fees were earned by the ) Tj ET Q q 0 0 0 rg BT 261.21 84.10 Td (Advisor monthly in an amount equal to 0.0625% of the net equity capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 72.10 Td (we have invested in real estate investments as of the end of each month.For the period July 1, 201) Tj ET Q q 0 0 0 rg BT 445.63 72.10 Td (1 through December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 60.10 Td (2012, our ) Tj ET Q q 0 0 0 rg BT 90.28 60.10 Td (Advisor agreed to waive a portion of its monthly cash asset management fee such that the fee will be reduced from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 111 0 obj <> endobj 112 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (53) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (0.0625% to 0.0417% \(0.75% to 0.50% on an annual basis\) of the net equity capital we have invested in real estate investments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (as of the end of each month, resulting in a reduction to asset management fees for the year ended 201) Tj ET Q q 0 0 0 rg BT 454.49 730.10 Td (1 equal to $2.5 million.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (In addition, we record a liability related to the Participation Interest component of these fees, which is based on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (estimated settlement value plus any unpaid distributions in the accompanying consolidated balance sheets and remeasured at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (fair value at each balance sheet date.) Tj ET Q q 0 0 0 rg BT 198.62 682.10 Td (The fair value of the Operating Partnership interest underlying the Participation Interest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (liability is determined based on theredemption price in place under the Company) Tj ET Q q 0 0 0 rg BT 378.79 670.10 Td (s share redemption program as of each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (balance sheet date. ) Tj ET Q q 0 0 0 rg BT 127.18 658.10 Td (Adjustments required to remeasure this liability at fair value are included in asset management and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (acquisition fees in the accompanying consolidated statements of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (As described previously in this report, on May 24, 201) Tj ET Q q 0 0 0 rg BT 286.21 622.10 Td (1, the board of directors established a new estimated value per share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (and new per share redemption price of $7.78, which was reduced from the prior redemption price of $9.15. ) Tj ET Q q 0 0 0 rg BT 479.86 610.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 529.19 610.10 Td (, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (fair value of the Participation Interest liability as of June 30, 201) Tj ET Q q 0 0 0 rg BT 307.89 598.10 Td (1 was reduced by $12.2 million, resulting in a reduction of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (asset management fee expense for the year ended December 31, 201) Tj ET Q q 0 0 0 rg BT 323.12 586.10 Td (1.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 562.10 Td (General and administrative expenses include legal and accounting fees, insurance costs, costs and expenses associated with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (our board of directors and other administrative expenses.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td (Funds from Operations and) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 183.31 526.10 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 185.81 526.10 Td (Modified Funds from Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 502.10 Td (Funds from Operations \(FFO\) is a non-GAAP) Tj ET Q q 0 0 0 rg BT 260.94 502.10 Td ( financial performance measure defined by the National ) Tj ET Q q 0 0 0 rg BT 485.85 502.10 Td (Association of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (Real Estate Investment ) Tj ET Q q 0 0 0 rg BT 144.51 490.10 Td (T) Tj ET Q q 0 0 0 rg BT 150.27 490.10 Td (rusts \(NAREIT\) widely recognized by investors and analysts as one measure of operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (performance of a real estate company) Tj ET Q q 0 0 0 rg BT 199.55 478.10 Td (.FFO excludes items such as real estate depreciation and amortization and impairment of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (depreciable real estate. Depreciation and amortization, as applied in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 417.34 466.10 Td (, implicitly assumes that the value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (of real estate assets diminishes predictably over time.Since real estate values have historically risen or fallen with market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (conditions, it is management) Tj ET Q q 0 0 0 rg BT 167.76 442.10 Td (s view) Tj ET Q q 0 0 0 rg BT 192.94 442.10 Td (, and we believe the view of many industry investors and analysts, that the presentation of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (operating results for real estate companies by using the historical cost accounting alone is insuf) Tj ET Q q 0 0 0 rg BT 430.27 430.10 Td (ficient.) Tj ET Q q 0 0 0 rg BT 463.13 430.10 Td (W) Tj ET Q q 0 0 0 rg BT 471.77 430.10 Td (e believe it is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (appropriate to exclude gains and losses from the sale of real estate and impairment char) Tj ET Q q 0 0 0 rg BT 399.69 418.10 Td (ges of depreciable real estate assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (from FFO even though the impairment char) Tj ET Q q 0 0 0 rg BT 224.78 406.10 Td (ge may represent a permanent decline in value due to decreased operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (performance of the applicable property) Tj ET Q q 0 0 0 rg BT 205.39 394.10 Td (, because we believe the exclusion of these items provides management and investors ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (with a helpful additional measure of the historical performance of our real estate portfolio, as it allows for comparisons, year to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (year) Tj ET Q q 0 0 0 rg BT 66.81 370.10 Td (, that reflect the impact on operations from trends in items such as occupancy rates, rental rates, operating costs, general ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (and administrative expenses and interest costs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 334.10 Td ( In addition to FFO, management uses modified funds from operations \(MFFO\) as defined by the Investment Program ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (Association \(IP) Tj ET Q q 0 0 0 rg BT 115.46 322.10 Td (A\) as a non-GAAP) Tj ET Q q 0 0 0 rg BT 195.90 322.10 Td ( supplemental financial performance measure to evaluate our operating performance. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (MFFO includes funds generated by the operations of our real estate investments and funds used in our corporate-level ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (operations. MFFO is based on FFO, but includes certain additional adjustments which we believe are appropriate. Some of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (these adjustments relate to changes in the accounting and reporting rules under GAAP) Tj ET Q q 0 0 0 rg BT 394.53 286.10 Td ( that have been put into ef) Tj ET Q q 0 0 0 rg BT 498.20 286.10 Td (fect since the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (establishment of NAREIT) Tj ET Q q 0 0 0 rg BT 157.76 274.10 Td (s definition of FFO. ) Tj ET Q q 0 0 0 rg BT 239.53 274.10 Td (These changes have prompted a significant increase in the magnitude of non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (assets and liabilities and certain tenant incentives, the ef) Tj ET Q q 0 0 0 rg BT 273.91 250.10 Td (fects of straight-line rent revenue recognition, fair value adjustments to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (derivative instruments that do not qualify for hedge accounting treatment and certain other items as described in the footnotes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (below) Tj ET Q q 0 0 0 rg BT 73.79 226.10 Td (. Management uses MFFO to evaluate the financial performance of our investment portfolio. In addition, management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (uses MFFO to evaluate and establish our distribution policy and the sustainability thereof. Further) Tj ET Q q 0 0 0 rg BT 441.76 214.10 Td (, we believe MFFO is one of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (several measures that may be useful to investors in evaluating the potential performance of our portfolio.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 178.10 Td ( ) Tj ET Q q 0 0 0 rg BT 69.95 178.10 Td (As such, we believe FFO and MFFO, in addition to net income \(loss\) and cash flows from operating activities as defined ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (by GAAP) Tj ET Q q 0 0 0 rg BT 88.62 166.10 Td (, are meaningful supplemental performance measures and are useful to investors in understanding how our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (management evaluates our ongoing performance.However) Tj ET Q q 0 0 0 rg BT 288.67 154.10 Td (, FFO and MFFO should not be considered as alternatives to net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (income \(loss\) or to cash flows from operating activities and are not intended to be used as liquidity measures indicative of cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (flow available to fund our cash needs. ) Tj ET Q q 0 0 0 rg BT 203.84 130.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 253.75 130.10 Td (, please see the limitations listed below associated with the use of MFFO as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (compared to net income \(loss\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 94.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 94.10 Td (MFFO excludes gains \(losses\) related to changes in estimated values of our interest rate swaps. ) Tj ET Q q 0 0 0 rg BT 468.69 94.10 Td (Although we expect to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 82.10 Td (hold these instruments to maturity) Tj ET Q q 0 0 0 rg BT 222.00 82.10 Td (, if we were to settle these instruments currently) Tj ET Q q 0 0 0 rg BT 413.24 82.10 Td (, it would have an impact on our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 70.10 Td (operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 113 0 obj <> endobj 114 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (54) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (MFFO excludes impairment char) Tj ET Q q 0 0 0 rg BT 218.85 742.10 Td (ges related to long-lived assets that have been written down to current market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (valuations. ) Tj ET Q q 0 0 0 rg BT 131.55 730.10 Td (Although these losses are included in the calculation of net income \(loss\), we have excluded them from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td (MFFO because we believe doing so more appropriately presents the operating performance of our real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (investments on a comparative basis.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (MFFO excludes acquisition fees payable to our ) Tj ET Q q 0 0 0 rg BT 277.35 682.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 309.02 682.10 Td (.) Tj ET Q q 0 0 0 rg BT 315.97 682.10 Td (Although these amounts reduce net income, we fund such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 670.10 Td (costs with proceeds from our current public of) Tj ET Q q 0 0 0 rg BT 271.04 670.10 Td (ferings and acquisition-related indebtedness and do not consider these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td (fees in the evaluation of our operating performance and determining MFFO.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 70.32 634.10 Td (The table below summarizes FFO and MFFO for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.87 634.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.46 634.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.46 634.10 Td (201) Tj ET Q q 0 0 0 rg BT 432.09 634.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.09 634.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.53 634.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.53 634.10 Td ( and a reconciliation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (of such non-GAAP) Tj ET Q q 0 0 0 rg BT 126.85 622.10 Td ( financial performance measures to our net income \(loss\) for the years then ended \(in thousands\).) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 569.60 277.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 569.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 569.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 569.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 569.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 569.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 539.60 277.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 539.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 539.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 539.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 509.60 277.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 509.60 77.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 509.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 509.60 75.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 509.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 509.60 75.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 469.60 277.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 469.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 469.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 469.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 469.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 469.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 439.60 277.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 439.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 439.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 439.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 439.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 439.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 409.60 277.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 409.60 77.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 409.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 409.60 75.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 409.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 409.60 75.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 369.60 277.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 369.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 369.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 369.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 369.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 369.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 339.60 277.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 339.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 339.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 339.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 339.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 339.60 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 569.6 m 404.5 569.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 569.6 m 483.5 569.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 569.6 m 562.5 569.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 569.6 m 404.5 569.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 469.6 m 404.5 469.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 469.6 m 483.5 469.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 469.6 m 562.5 469.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 369.6 m 404.5 369.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 369.6 m 483.5 369.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 369.6 m 562.5 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 355.6 m 404.5 355.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 353.6 m 404.5 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 355.6 m 483.5 355.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 353.6 m 483.5 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 355.6 m 562.5 355.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 353.6 m 562.5 353.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 589.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 389.10 589.28 Td (Year Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 574.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 355.50 574.28 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 435.75 574.28 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 514.50 574.28 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 559.27 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.00 559.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.80 559.32 Td (\(75,748) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.65 559.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 559.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 559.27 Td (43,914) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 559.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 559.32 Td (\(35,383) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 559.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 544.27 Td (Depreciation and amortization ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 177.12 548.80 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.15 544.27 Td (79,720) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 544.27 Td (96,289) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 544.27 Td (111,784) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 529.27 Td (Gain on sale of investment property ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 199.07 533.80 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.80 529.32 Td (\(2,064) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.65 529.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.80 529.32 Td (\(107,241) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 529.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 529.32 Td (\(22,562) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 529.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 514.27 Td (Impairment on real estate investments ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 207.67 518.80 Td (\(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.15 514.27 Td (53,483) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.65 514.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 514.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 499.27 Td (Adjustments to equity in earnings \(losses\) from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 489.27 Td (unconsolidatedentities, net ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 164.64 493.80 Td (\(4\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.15 489.27 Td (22,548) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 489.27 Td (52,172) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 489.27 Td (26,652) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 474.27 Td (Adjustments for noncontrolling interests ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 217.42 478.80 Td (\(5\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.15 474.27 Td (1,305) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.80 474.32 Td (\(3,550) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 474.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 474.32 Td (\(2,962) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 474.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 459.27 Td (Funds from operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.15 459.27 Td (79,244) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 459.27 Td (81,584) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 459.27 Td (77,529) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 444.27 Td (\(Gain\) loss on derivative instruments ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 203.81 448.80 Td (\(6\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.80 444.32 Td (\(8,680) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.65 444.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 444.27 Td (24,590) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 444.27 Td (18,525) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 429.27 Td (Impairment on land parcel ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 161.29 433.80 Td (\(7\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.65 429.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.65 429.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 429.27 Td (811) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 414.27 Td (Other components of revenues and expenses ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 233.50 418.80 Td (\(8\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.15 414.27 Td (4,866) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.80 414.32 Td (\(2,430) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 414.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 414.32 Td (\(13,255) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 414.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 399.27 Td (Adjustments to equity in earnings \(losses\) from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 389.27 Td (unconsolidatedentities, net ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 164.64 393.80 Td (\(4\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.80 389.32 Td (\(4,589) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.65 389.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.80 389.32 Td (\(18,619) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 389.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.30 389.32 Td (\(156) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 389.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 374.27 Td (Adjustments for noncontrolling interests ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 217.42 378.80 Td (\(5\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.65 374.27 Td (422) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.30 374.32 Td (\(203) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 374.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.30 374.32 Td (\(119) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 374.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 359.27 Td (Modified Funds From Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.00 359.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.15 359.27 Td (71,263) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 359.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 359.27 Td (84,922) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 359.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 359.27 Td (83,335) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 329.27 Td (Modified Funds From Operations Per Common Share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.00 329.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.15 329.27 Td (0.31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 329.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 329.27 Td (0.38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 329.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 329.27 Td (0.38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 314.27 Td (Weighted Average Shares Outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.15 314.27 Td (230,049) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.15 314.27 Td (225,442) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 314.27 Td (220,896) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 286.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 286.10 Td (Represents the depreciation and amortization of various real estate assets.Historical cost accounting for real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 274.10 Td (estate assets in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 259.97 274.10 Td ( implicitly assumes that the value of real estate assets diminishes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 262.10 Td (predictably over time. Since real estate values have historically risen or fallen with market conditions, we believe ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 250.10 Td (that such depreciation and amortization may be of limited relevance in evaluating current operating performance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 238.10 Td (and, as such, these items are excluded from our determination of FFO. ) Tj ET Q q 0 0 0 rg BT 387.91 238.10 Td (This amount includes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.51 238.10 Td (zero) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.72 238.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.72 238.10 Td ($3.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.61 238.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 226.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.94 226.10 Td ($9.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.83 226.10 Td ( of depreciation and amortization related to discontinued operations for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 214.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.58 214.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.58 214.10 Td (201) Tj ET Q q 0 0 0 rg BT 202.21 214.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.21 214.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.65 214.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.65 214.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 299.31 214.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 196.10 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 196.10 Td (Represents the gain on disposition of certain real estate investments. ) Tj ET Q q 0 0 0 rg BT 379.21 196.10 Td (Althoughthis gain isincluded in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 184.10 Td (calculation of net income \(loss\), we have excluded it from FFObecause webelievedoing somore appropriately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 172.10 Td (presentsthe operating performance of our real estate investments on a comparative basis.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 154.10 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 154.10 Td (Represents impairment char) Tj ET Q q 0 0 0 rg BT 216.00 154.10 Td (ges recorded during 2012 in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 424.55 154.10 Td (. ) Tj ET Q q 0 0 0 rg BT 431.50 154.10 Td (Although such impairment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 142.10 Td (char) Tj ET Q q 0 0 0 rg BT 121.03 142.10 Td (ges on operating real estate investments are included in the calculation of net income \(loss\), we have excluded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 130.10 Td (them from FFO because we believe doing so more appropriately presents the operating performance of our real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 118.10 Td (estate investments on a comparative basis. See Results of Operations Results of Directly-Owned Properties ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 106.10 Td (for additional information regarding our impairment char) Tj ET Q q 0 0 0 rg BT 332.63 106.10 Td (ges.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 88.10 Td (\(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 88.10 Td (Includes adjustments to equity in earnings \(losses\) of unconsolidated entities, net, similar to those described in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 76.10 Td (Notes 1, 2, 3, 5, 6 and 8 for our unconsolidated entities, which are necessary to convert our share of income \(loss\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 64.10 Td (from unconsolidated entities to FFO and MFFO.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 115 0 obj <> endobj 116 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (55) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (\(5\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 742.10 Td (Includes income attributable to noncontrolling interests and all adjustments to eliminate the noncontrolling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 730.10 Td (interests) Tj ET Q q 0 0 0 rg BT 139.91 730.10 Td ( share of the adjustments to convert our net income \(loss\) to FFO and MFFO.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 712.10 Td (\(6\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 712.10 Td (Represents components of net income \(loss\) related to the estimated changes in the values of our interest rate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 700.10 Td (swap derivatives.) Tj ET Q q 0 0 0 rg BT 178.24 700.10 Td (W) Tj ET Q q 0 0 0 rg BT 186.88 700.10 Td (e have excluded these changes in value from our evaluation of our operating performance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 688.10 Td (and MFFO because we expect to hold the underlying instruments to their maturity and accordingly the interim ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 676.10 Td (gains or losses will remain unrealized.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td (\(7\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 658.10 Td (Represents impairment char) Tj ET Q q 0 0 0 rg BT 216.00 658.10 Td (ges on non-operating real estate investments recorded in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 537.56 658.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 646.10 Td (Althoughsuch char) Tj ET Q q 0 0 0 rg BT 182.13 646.10 Td (gesareincluded in the calculation of net income \(loss\), we have excluded them from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 634.10 Td (MFFObecause webelievedoing somore appropriately presentsthe operating performance of our real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 622.10 Td (investments on a comparative basis.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 604.10 Td (\(8\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 604.10 Td (Includesthe following components of revenues and expenses that we do not consider in evaluating our operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 592.10 Td (performance and determining MFFOfor the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.37 592.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.95 592.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.95 592.10 Td (201) Tj ET Q q 0 0 0 rg BT 431.58 592.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.58 592.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.02 592.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.02 592.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 539.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 539.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 539.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 539.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 509.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 509.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 509.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 509.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 509.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 509.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 479.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 479.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 479.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 479.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 479.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 479.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 539.6 m 424.5 539.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 539.6 m 493.5 539.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 539.6 m 562.5 539.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 479.6 m 424.5 479.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 479.6 m 493.5 479.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 479.6 m 562.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 465.6 m 424.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 463.6 m 424.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 465.6 m 493.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 463.6 m 493.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 465.6 m 562.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 463.6 m 562.5 463.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 405.10 559.28 Td (Year Ended December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.50 544.28 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.75 544.28 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 519.50 544.28 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 529.27 Td (Straight-line rent adjustment \(a\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 529.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.80 529.32 Td (\(5,009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 529.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 529.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 529.32 Td (\(7,244) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 529.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 529.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 529.32 Td (\(8,298) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 529.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 514.27 Td (Amortization of lease incentives \(b\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 514.27 Td (15,432) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 514.27 Td (12,493) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 514.27 Td (8,425) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 499.27 Td (Amortization of out-of-market leases \(b\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.80 499.32 Td (\(6,426) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 499.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 499.32 Td (\(8,524) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 499.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 499.32 Td (\(14,212) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 499.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 484.27 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.65 484.27 Td (869) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 484.27 Td (845) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 484.27 Td (830) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 469.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 469.27 Td (4,866) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 469.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 469.32 Td (\(2,430) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 469.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 469.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 469.32 Td (\(13,255) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 469.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 435.10 Td (\(a\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 435.10 Td (Represents the adjustments to rental revenue as required by GAAP) Tj ET Q q 0 0 0 rg BT 371.06 435.10 Td ( to recognize minimum lease payments on a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 423.10 Td (straight-line basis over the respective lease terms.) Tj ET Q q 0 0 0 rg BT 307.36 423.10 Td (W) Tj ET Q q 0 0 0 rg BT 316.00 423.10 Td (e have excluded these adjustments from our evaluation of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 411.10 Td (operating performance of the Company and in determining MFFO because we believe that the rent that is billable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 399.10 Td (during the current period is a more relevant measure of the Company) Tj ET Q q 0 0 0 rg BT 383.07 399.10 Td (s operating performance for such period.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 381.10 Td (\(b\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 381.10 Td (Represents the amortization of lease incentives and out-of-market leases.) Tj ET Q q 0 0 0 rg BT 400.28 381.10 Td (As stated in Note 1 above, historical ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 369.10 Td (cost accounting for real estate assets in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 356.59 369.10 Td ( implicitly assumes that the value of real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 357.10 Td (assets diminishes predictably over time. Since real estate values have historically risen or fallen with market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 345.10 Td (conditions, we believe that such amortization may be of limited relevance in evaluating current operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 333.10 Td (performance and, as such, these items are excluded from our determination of MFFO.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 309.10 Td (Set forth below is additional information relating to certain items excluded from the analysis above which may be helpful ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 297.10 Td (in assessing our operating results: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 267.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 267.10 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 122.70 267.10 Td (to ) Tj ET Q q 0 0 0 rg BT 132.19 267.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.11 267.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 170.03 267.10 Td (of ) Tj ET Q q 0 0 0 rg BT 180.06 267.10 Td (the ) Tj ET Q q 0 0 0 rg BT 193.98 267.10 Td (Grocery-Anchored ) Tj ET Q q 0 0 0 rg BT 271.21 267.10 Td (Portfolio ) Tj ET Q q 0 0 0 rg BT 308.47 267.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 328.50 267.10 Td (venture ) Tj ET Q q 0 0 0 rg BT 360.19 267.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 406.04 267.10 Td (for ) Tj ET Q q 0 0 0 rg BT 419.40 267.10 Td (the ) Tj ET Q q 0 0 0 rg BT 433.32 267.10 Td (years ) Tj ET Q q 0 0 0 rg BT 456.13 267.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.71 267.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 539.50 267.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.50 267.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 255.10 Td (201) Tj ET Q q 0 0 0 rg BT 100.63 255.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 105.63 255.10 Td ( ) Tj ET Q q 0 0 0 rg BT 108.19 255.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.20 255.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.20 255.10 Td (, ) Tj ET Q q 0 0 0 rg BT 150.26 255.10 Td (we ) Tj ET Q q 0 0 0 rg BT 164.49 255.10 Td (received ) Tj ET Q q 0 0 0 rg BT 200.91 255.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 253.48 255.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.38 255.10 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.70 255.10 Td ($2.6 ) Tj ET Q q 0 0 0 rg BT 344.77 255.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.66 255.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.72 255.10 Td ($2.9 ) Tj ET Q q 0 0 0 rg BT 398.79 255.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.68 255.10 Td ( ) Tj ET Q q 0 0 0 rg BT 430.25 255.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.25 255.10 Td ($2.3 ) Tj ET Q q 0 0 0 rg BT 467.31 255.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.21 255.10 Td ( ) Tj ET Q q 0 0 0 rg BT 498.77 255.10 Td (in ) Tj ET Q q 0 0 0 rg BT 509.11 255.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 537.78 255.10 Td (of ) Tj ET Q q 0 0 0 rg BT 548.67 255.10 Td (our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 243.10 Td (pro-rata ) Tj ET Q q 0 0 0 rg BT 120.15 243.10 Td (share ) Tj ET Q q 0 0 0 rg BT 143.74 243.10 Td (of ) Tj ET Q q 0 0 0 rg BT 154.57 243.10 Td (the ) Tj ET Q q 0 0 0 rg BT 169.29 243.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 190.13 243.10 Td (venture) Tj ET Q q 0 0 0 rg BT 222.89 243.10 Td (s ) Tj ET Q q 0 0 0 rg BT 229.28 243.10 Td (MFFO, ) Tj ET Q q 0 0 0 rg BT 261.52 243.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 309.18 243.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 225.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 225.10 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 140.89 225.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.79 225.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 185.67 225.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 225.00 225.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 246.57 225.10 Td (was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.69 225.10 Td ($1.6 ) Tj ET Q q 0 0 0 rg BT 282.76 225.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.65 225.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.72 225.10 Td ($4.0 ) Tj ET Q q 0 0 0 rg BT 334.79 225.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.68 225.10 Td ( ) Tj ET Q q 0 0 0 rg BT 365.25 225.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.26 225.10 Td ($2.8 ) Tj ET Q q 0 0 0 rg BT 400.33 225.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.22 225.10 Td ( ) Tj ET Q q 0 0 0 rg BT 430.79 225.10 Td (for ) Tj ET Q q 0 0 0 rg BT 444.02 225.10 Td (the ) Tj ET Q q 0 0 0 rg BT 457.81 225.10 Td (years ) Tj ET Q q 0 0 0 rg BT 480.48 225.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.92 225.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 213.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.00 213.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 213.10 Td (201) Tj ET Q q 0 0 0 rg BT 125.63 213.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.63 213.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.13 213.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.07 213.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.07 213.10 Td (, ) Tj ET Q q 0 0 0 rg BT 175.07 213.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 222.73 213.10 Td (, ) Tj ET Q q 0 0 0 rg BT 227.73 213.10 Td (and ) Tj ET Q q 0 0 0 rg BT 244.67 213.10 Td (was ) Tj ET Q q 0 0 0 rg BT 262.72 213.10 Td (deducted ) Tj ET Q q 0 0 0 rg BT 301.31 213.10 Td (in ) Tj ET Q q 0 0 0 rg BT 311.59 213.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 362.41 213.10 Td (MFFO.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 195.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 195.10 Td (A) Tj ET Q q 0 0 0 rg BT 92.67 195.10 Td ( ) Tj ET Q q 0 0 0 rg BT 94.65 195.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 125.51 195.10 Td (of ) Tj ET Q q 0 0 0 rg BT 135.81 195.10 Td (our ) Tj ET Q q 0 0 0 rg BT 151.12 195.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 196.97 195.10 Td (and ) Tj ET Q q 0 0 0 rg BT 213.39 195.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 234.80 195.10 Td (management ) Tj ET Q q 0 0 0 rg BT 287.87 195.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 305.94 195.10 Td (are ) Tj ET Q q 0 0 0 rg BT 320.12 195.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 339.31 195.10 Td (in ) Tj ET Q q 0 0 0 rg BT 349.07 195.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 376.04 195.10 Td (through ) Tj ET Q q 0 0 0 rg BT 409.12 195.10 Td (the ) Tj ET Q q 0 0 0 rg BT 423.31 195.10 Td (Participation ) Tj ET Q q 0 0 0 rg BT 476.39 195.10 Td (Interest. ) Tj ET Q q 0 0 0 rg BT 510.85 195.10 Td (For ) Tj ET Q q 0 0 0 rg BT 526.71 195.10 Td (the ) Tj ET Q q 0 0 0 rg BT 540.90 195.10 Td (years ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 183.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.40 183.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 169.00 183.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.00 183.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.02 183.10 Td (201) Tj ET Q q 0 0 0 rg BT 207.65 183.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.65 183.10 Td ( ) Tj ET Q q 0 0 0 rg BT 214.17 183.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.13 183.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.13 183.10 Td (, ) Tj ET Q q 0 0 0 rg BT 254.15 183.10 Td (these ) Tj ET Q q 0 0 0 rg BT 276.22 183.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 311.63 183.10 Td (were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.58 183.10 Td ($19.4 ) Tj ET Q q 0 0 0 rg BT 356.60 183.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.49 183.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.51 183.10 Td ($3.6 ) Tj ET Q q 0 0 0 rg BT 408.53 183.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.43 183.10 Td ( ) Tj ET Q q 0 0 0 rg BT 438.95 183.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.91 183.10 Td ($15.5 ) Tj ET Q q 0 0 0 rg BT 478.93 183.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.82 183.10 Td (, ) Tj ET Q q 0 0 0 rg BT 511.84 183.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.50 183.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 165.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 165.10 Td (During ) Tj ET Q q 0 0 0 rg BT 118.14 165.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.16 165.10 Td (years ) Tj ET Q q 0 0 0 rg BT 159.07 165.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.75 165.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 246.65 165.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.65 165.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.96 165.10 Td (201) Tj ET Q q 0 0 0 rg BT 287.58 165.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.58 165.10 Td ( ) Tj ET Q q 0 0 0 rg BT 296.39 165.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.64 165.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.64 165.10 Td (, ) Tj ET Q q 0 0 0 rg BT 340.95 165.10 Td (we ) Tj ET Q q 0 0 0 rg BT 356.42 165.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 376.89 165.10 Td (our ) Tj ET Q q 0 0 0 rg BT 394.03 165.10 Td (directly-owned ) Tj ET Q q 0 0 0 rg BT 458.37 165.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 495.50 165.10 Td (in ) Tj ET Q q 0 0 0 rg BT 507.09 165.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.12 165.10 Td (following ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 153.10 Td (properties: ) Tj ET Q q 0 0 0 rg BT 131.31 153.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 142.74 153.10 Td (Atrium ) Tj ET Q q 0 0 0 rg BT 174.17 153.10 Td (on ) Tj ET Q q 0 0 0 rg BT 186.72 153.10 Td (Bay ) Tj ET Q q 0 0 0 rg BT 205.38 153.10 Td (in ) Tj ET Q q 0 0 0 rg BT 215.71 153.10 Td (June ) Tj ET Q q 0 0 0 rg BT 236.58 153.10 Td (201) Tj ET Q q 0 0 0 rg BT 251.21 153.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 261.26 153.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 276.03 153.10 Td (a ) Tj ET Q q 0 0 0 rg BT 283.02 153.10 Td (land ) Tj ET Q q 0 0 0 rg BT 302.78 153.10 Td (parcel ) Tj ET Q q 0 0 0 rg BT 329.75 153.10 Td (in ) Tj ET Q q 0 0 0 rg BT 340.08 153.10 Td (September ) Tj ET Q q 0 0 0 rg BT 385.39 153.10 Td (2010, ) Tj ET Q q 0 0 0 rg BT 410.44 153.10 Td (and ) Tj ET Q q 0 0 0 rg BT 427.43 153.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 444.97 153.10 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 495.86 153.10 Td (Parks ) Tj ET Q q 0 0 0 rg BT 520.63 153.10 Td (Elouveira, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 141.10 Td (V) Tj ET Q q 0 0 0 rg BT 92.62 141.10 Td (inhedo ) Tj ET Q q 0 0 0 rg BT 122.68 141.10 Td (and ) Tj ET Q q 0 0 0 rg BT 139.33 141.10 Td (Araucaria ) Tj ET Q q 0 0 0 rg BT 181.58 141.10 Td (in ) Tj ET Q q 0 0 0 rg BT 191.57 141.10 Td (April ) Tj ET Q q 0 0 0 rg BT 215.52 141.10 Td (2010 ) Tj ET Q q 0 0 0 rg BT 238.35 141.10 Td (and ) Tj ET Q q 0 0 0 rg BT 255.63 141.10 Td (January ) Tj ET Q q 0 0 0 rg BT 289.57 141.10 Td (2010. ) Tj ET Q q 0 0 0 rg BT 314.91 141.10 Td ( ) Tj ET Q q 0 0 0 rg BT 317.75 141.10 Td (For ) Tj ET Q q 0 0 0 rg BT 334.48 141.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 377.30 141.10 Td (information ) Tj ET Q q 0 0 0 rg BT 427.35 141.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 468.51 141.10 Td (our ) Tj ET Q q 0 0 0 rg BT 484.68 141.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 506.95 141.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.12 141.10 Td (investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 129.10 Td (property ) Tj ET Q q 0 0 0 rg BT 122.04 129.10 Td (see ) Tj ET Q q 0 0 0 rg BT 136.97 129.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 180.79 129.10 Td (Condition, ) Tj ET Q q 0 0 0 rg BT 225.45 129.10 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 264.84 129.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.44 129.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 312.48 129.10 Td (Resources ) Tj ET Q q 0 0 0 rg BT 355.75 129.10 Td ( ) Tj ET Q q 0 0 0 rg BT 367.91 129.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 390.07 129.10 Td (Flows ) Tj ET Q q 0 0 0 rg BT 416.69 129.10 Td (from ) Tj ET Q q 0 0 0 rg BT 438.29 129.10 Td (Investing ) Tj ET Q q 0 0 0 rg BT 477.19 129.10 Td (Activities ) Tj ET Q q 0 0 0 rg BT 518.24 129.10 Td ( ) Tj ET Q q 0 0 0 rg BT 530.40 129.10 Td (Sales ) Tj ET Q q 0 0 0 rg BT 553.67 129.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 117.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 132.93 117.10 Td (Property) Tj ET Q q 0 0 0 rg BT 166.72 117.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 117 0 obj <> endobj 118 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (56) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (During ) Tj ET Q q 0 0 0 rg BT 116.67 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.22 742.10 Td (years ) Tj ET Q q 0 0 0 rg BT 154.65 742.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.86 742.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 239.28 742.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.28 742.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.12 742.10 Td (201) Tj ET Q q 0 0 0 rg BT 278.75 742.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.75 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 286.08 742.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.86 742.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.86 742.10 Td (, ) Tj ET Q q 0 0 0 rg BT 327.69 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.25 742.10 Td (Core ) Tj ET Q q 0 0 0 rg BT 364.02 742.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 386.92 742.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 405.92 742.10 Td (its ) Tj ET Q q 0 0 0 rg BT 417.71 742.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 453.37 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 463.48 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 478.03 742.10 Td (following ) Tj ET Q q 0 0 0 rg BT 519.25 742.10 Td (properties: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 98.35 730.10 Td (four ) Tj ET Q q 0 0 0 rg BT 117.93 730.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 160.83 730.10 Td (collectively ) Tj ET Q q 0 0 0 rg BT 210.39 730.10 Td (known ) Tj ET Q q 0 0 0 rg BT 240.53 730.10 Td (as ) Tj ET Q q 0 0 0 rg BT 251.77 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.90 730.10 Td (Roseville ) Tj ET Q q 0 0 0 rg BT 312.03 730.10 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 354.93 730.10 Td (Center ) Tj ET Q q 0 0 0 rg BT 388.94 730.10 Td (in ) Tj ET Q q 0 0 0 rg BT 399.63 730.10 Td (December ) Tj ET Q q 0 0 0 rg BT 443.63 730.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 469.05 730.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 484.18 730.10 Td (One ) Tj ET Q q 0 0 0 rg BT 503.75 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 520.90 730.10 Td (T) Tj ET Q q 0 0 0 rg BT 526.31 730.10 Td (wo ) Tj ET Q q 0 0 0 rg BT 541.44 730.10 Td (Shell ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td (Plaza ) Tj ET Q q 0 0 0 rg BT 110.66 718.10 Td (in ) Tj ET Q q 0 0 0 rg BT 120.78 718.10 Td (August ) Tj ET Q q 0 0 0 rg BT 152.68 718.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 178.18 718.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 196.18 718.10 Td (a ) Tj ET Q q 0 0 0 rg BT 203.62 718.10 Td (49% ) Tj ET Q q 0 0 0 rg BT 224.96 718.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 257.39 718.10 Td (in ) Tj ET Q q 0 0 0 rg BT 268.18 718.10 Td (One ) Tj ET Q q 0 0 0 rg BT 287.84 718.10 Td (North ) Tj ET Q q 0 0 0 rg BT 313.96 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 322.60 718.10 Td (acker ) Tj ET Q q 0 0 0 rg BT 347.25 718.10 Td (in ) Tj ET Q q 0 0 0 rg BT 358.03 718.10 Td (December ) Tj ET Q q 0 0 0 rg BT 402.12 718.10 Td (201) Tj ET Q q 0 0 0 rg BT 416.75 718.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 427.25 718.10 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 444.48 718.10 Td (Three ) Tj ET Q q 0 0 0 rg BT 470.80 718.10 Td (First ) Tj ET Q q 0 0 0 rg BT 492.14 718.10 Td (National ) Tj ET Q q 0 0 0 rg BT 529.58 718.10 Td (Plaza ) Tj ET Q q 0 0 0 rg BT 554.24 718.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (August ) Tj ET Q q 0 0 0 rg BT 118.04 706.10 Td (201) Tj ET Q q 0 0 0 rg BT 132.67 706.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 143.31 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 160.90 706.10 Td (\(v\) ) Tj ET Q q 0 0 0 rg BT 175.71 706.10 Td (600 ) Tj ET Q q 0 0 0 rg BT 193.85 706.10 Td (Lexington ) Tj ET Q q 0 0 0 rg BT 238.10 706.10 Td (in ) Tj ET Q q 0 0 0 rg BT 249.03 706.10 Td (May ) Tj ET Q q 0 0 0 rg BT 270.51 706.10 Td (2010. ) Tj ET Q q 0 0 0 rg BT 296.15 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 299.30 706.10 Td (For ) Tj ET Q q 0 0 0 rg BT 316.34 706.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 359.48 706.10 Td (information ) Tj ET Q q 0 0 0 rg BT 409.84 706.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 451.30 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 466.66 706.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 485.36 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 496.83 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 512.20 706.10 Td (Core ) Tj ET Q q 0 0 0 rg BT 534.78 706.10 Td (Fund) Tj ET Q q 0 0 0 rg BT 558.12 706.10 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 694.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 129.79 694.10 Td (see ) Tj ET Q q 0 0 0 rg BT 146.36 694.10 Td (Y) Tj ET Q q 0 0 0 rg BT 157.02 694.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 173.03 694.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.72 694.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 260.60 694.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.60 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 284.41 694.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 327.64 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 339.22 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 355.24 694.10 Td (year ) Tj ET Q q 0 0 0 rg BT 376.25 694.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.94 694.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 463.82 694.10 Td (201) Tj ET Q q 0 0 0 rg BT 478.45 694.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.45 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 487.26 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 501.06 694.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 534.32 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 546.45 694.10 Td (Our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (Indirectly-Owned ) Tj ET Q q 0 0 0 rg BT 160.09 682.10 Td (Properties ) Tj ET Q q 0 0 0 rg BT 203.64 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 216.65 682.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 235.20 682.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 268.19 682.10 Td (in ) Tj ET Q q 0 0 0 rg BT 278.98 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 294.20 682.10 Td (Core ) Tj ET Q q 0 0 0 rg BT 316.64 682.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 344.65 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 362.09 682.10 Td (Y) Tj ET Q q 0 0 0 rg BT 372.75 682.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 387.97 682.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.85 682.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 473.94 682.10 Td (201) Tj ET Q q 0 0 0 rg BT 488.57 682.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.57 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 496.57 682.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 539.00 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.78 682.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 670.10 Td (year ) Tj ET Q q 0 0 0 rg BT 105.71 670.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.08 670.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 190.67 670.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.67 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 213.17 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 225.67 670.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 257.62 670.10 Td (of ) Tj ET Q q 0 0 0 rg BT 268.45 670.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 286.50 670.10 Td (Indirectly-Owned ) Tj ET Q q 0 0 0 rg BT 360.08 670.10 Td (Properties ) Tj ET Q q 0 0 0 rg BT 403.13 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 415.63 670.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 433.68 670.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 466.17 670.10 Td (in ) Tj ET Q q 0 0 0 rg BT 476.44 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.16 670.10 Td (Core ) Tj ET Q q 0 0 0 rg BT 513.10 670.10 Td (Fund.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 647.25 Td (Related-Party ) Tj ET Q q 0 0 0 rg BT 112.29 647.25 Td (T) Tj ET Q q 0 0 0 rg BT 118.22 647.25 Td (ransactions and ) Tj ET Q q 0 0 0 rg BT 187.69 647.25 Td (Agr) Tj ET Q q 0 0 0 rg BT 204.17 647.25 Td (eements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 623.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 623.25 Td (e have entered into agreements with the ) Tj ET Q q 0 0 0 rg BT 237.41 623.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 269.23 623.25 Td (, Dealer Manager and Hines or its af) Tj ET Q q 0 0 0 rg BT 414.55 623.25 Td (filiates, whereby we pay) Tj ET Q q 0 0 0 rg BT 511.64 623.25 Td (, or with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 611.25 Td (respect to the Dealer Manager) Tj ET Q q 0 0 0 rg BT 170.09 611.25 Td (, paid, certain fees and reimbursements to these entities, including acquisition fees, selling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 599.25 Td (commissions, dealer manager fees, asset and property management fees, leasing fees, construction management fees, debt ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 587.25 Td (financing fees, re-development construction management fees, reimbursement of or) Tj ET Q q 0 0 0 rg BT 384.69 587.25 Td (ganizational and of) Tj ET Q q 0 0 0 rg BT 461.15 587.25 Td (fering expenses, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 575.25 Td (reimbursement of certain operating costs, as described previously) Tj ET Q q 0 0 0 rg BT 311.49 575.25 Td (. ) Tj ET Q q 0 0 0 rg BT 316.31 575.25 Td (These arrangements are described in more detail in Note 9 - ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 563.25 Td (Related Party ) Tj ET Q q 0 0 0 rg BT 106.47 563.25 Td (T) Tj ET Q q 0 0 0 rg BT 112.23 563.25 Td (ransactions to our consolidated financial statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 540.25 Td (Off-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 129.43 540.25 Td (Arrangements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 528.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 516.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.44 516.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.03 516.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.47 516.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 263.68 516.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.68 516.25 Td (, we had no of) Tj ET Q q 0 0 0 rg BT 325.43 516.25 Td (f-balance sheet arrangements that have or are reasonably ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 504.25 Td (likely to have a current or future ef) Tj ET Q q 0 0 0 rg BT 189.48 504.25 Td (fect on our financial condition, changes in financial condition, revenues or expenses, results ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 492.25 Td (of operations, liquidity) Tj ET Q q 0 0 0 rg BT 140.73 492.25 Td (, capital expenditures or capital resources.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 469.25 Td (Contractual Obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 445.25 Td (The following table lists our known contractual obligations as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.06 445.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.64 445.25 Td (. Specifically included are our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 433.25 Td (obligations under long-term debt agreements \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 371.75 182.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 371.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 371.75 17.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 371.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 371.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 371.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 371.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 371.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 371.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 371.75 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 395.75 m 292.5 395.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 395.75 m 309.5 395.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 395.75 m 369.5 395.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 395.75 m 373.5 395.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 395.75 m 433.5 395.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 395.75 m 437.5 395.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 395.75 m 497.5 395.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 395.75 m 501.5 395.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 395.75 m 561.5 395.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 371.75 m 292.5 371.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 371.75 m 369.5 371.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 371.75 m 433.5 371.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 371.75 m 497.5 371.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 371.75 m 561.5 371.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 371.75 m 292.5 371.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 356.75 m 292.5 356.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 356.75 m 369.5 356.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 371.75 m 433.5 371.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 356.75 m 433.5 356.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 356.75 m 497.5 356.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 356.75 m 561.5 356.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 342.75 m 292.5 342.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 340.75 m 292.5 340.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 342.75 m 369.5 342.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 340.75 m 369.5 340.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 342.75 m 433.5 342.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 340.75 m 433.5 340.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 342.75 m 497.5 342.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 340.75 m 497.5 340.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 342.75 m 561.5 342.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 340.75 m 561.5 340.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 400.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 344.65 400.43 Td (Payments due by Period) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 376.43 Td (Contractual Obligation) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 236.20 386.43 Td (Less Than 1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 252.05 376.43 Td (Year) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 319.30 376.43 Td (1-3 Years) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 383.30 376.43 Td (3-5 Years) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 442.85 386.43 Td (Mor) Tj ET Q q 0 0 0 rg BT 461.55 386.43 Td (e ) Tj ET Q q 0 0 0 rg BT 468.30 386.43 Td (Than) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 451.45 376.43 Td (5 ) Tj ET Q q 0 0 0 rg BT 458.58 376.43 Td (Y) Tj ET Q q 0 0 0 rg BT 464.69 376.43 Td (ears) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 520.05 376.43 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 361.42 Td (Notes payable ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 112.42 365.95 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.00 361.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.15 361.42 Td (657,895) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 295.00 366.58 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.00 361.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.15 361.42 Td (112,719) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.00 361.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.15 361.42 Td (671,546) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.00 361.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 361.42 Td (92,130) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 361.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.60 361.42 Td (1,534,290) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 346.42 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 346.42 Td (otal contractual obligations ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 169.77 350.95 Td (\(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.00 346.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.15 346.42 Td (657,895) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.00 346.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.15 346.42 Td (112,719) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.00 346.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.15 346.42 Td (671,546) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.00 346.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 346.42 Td (92,130) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 346.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.60 346.42 Td (1,534,290) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 330.25 Td (__________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 306.25 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 306.25 Td (Notes payable includes principal and interest payments on mortgage loans outstanding as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.19 306.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.77 306.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 294.25 Td (Interest payments due to HSH Nordbank were determined using ef) Tj ET Q q 0 0 0 rg BT 352.69 294.25 Td (fective interest rates which were fixed as a result of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 282.25 Td (interest rate swaps. Under the terms of each swap transaction, we have agreed to make monthly payments at fixed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 270.25 Td (rates of interest and will receive monthly payments from HSH Nordbank based on 1-month LIBOR.See Financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 258.25 Td (Condition, Liquidity and Capital Resources, Cash Flows from Financing ) Tj ET Q q 0 0 0 rg BT 378.48 258.25 Td (Activities Debt Financings for further ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 246.25 Td (information.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 222.25 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 222.25 Td (Of this amount, subsequent to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.21 222.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.80 222.25 Td (, we have refinanced $351.5 million in principal to extend the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 210.25 Td (expiring mortgages) Tj ET Q q 0 0 0 rg BT 166.07 210.25 Td ( maturity dates. ) Tj ET Q q 0 0 0 rg BT 232.45 210.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 282.35 210.25 Td (, of this amount, we retired $165.0 million in principal related to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 198.25 Td (sale of ) Tj ET Q q 0 0 0 rg BT 114.70 198.25 Td (W) Tj ET Q q 0 0 0 rg BT 123.73 198.25 Td (illiams ) Tj ET Q q 0 0 0 rg BT 153.28 198.25 Td (T) Tj ET Q q 0 0 0 rg BT 158.69 198.25 Td (ower) Tj ET Q q 0 0 0 rg BT 178.12 198.25 Td (. See Financial Condition, Liquidity and Capital Resources General Mortgage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 186.25 Td (Financing for additional information regarding our refinanced mortgages.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 162.25 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 162.25 Td (Excluded from the table above is the settlement of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.26 162.25 Td ($92.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.15 162.25 Td ( liability related to the Participation Interest. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 150.25 Td (Although we expect to settle this liability in the future, we are not currently able to estimate the date on which the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 138.25 Td (settlement will occur) Tj ET Q q 0 0 0 rg BT 169.31 138.25 Td (. See Note 9 - Related Party ) Tj ET Q q 0 0 0 rg BT 286.66 138.25 Td (T) Tj ET Q q 0 0 0 rg BT 292.42 138.25 Td (ransactions to our consolidated financial statements for additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 126.25 Td (information.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 119 0 obj <> endobj 120 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (57) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Recent Developments and Subsequent Events) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 718.25 Td (See Financial Condition, Liquidity and Capital Resources for information regarding our debt refinancing for Chase ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 706.25 Td (ower and One ) Tj ET Q q 0 0 0 rg BT 113.32 706.25 Td (W) Tj ET Q q 0 0 0 rg BT 122.36 706.25 Td (ilshire that occurred subsequent to December 31, 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 682.25 Td (See Executive Summary for information regarding the disposition of Distribution Park Rio and ) Tj ET Q q 0 0 0 rg BT 459.18 682.25 Td (W) Tj ET Q q 0 0 0 rg BT 468.22 682.25 Td (illiams ) Tj ET Q q 0 0 0 rg BT 497.76 682.25 Td (T) Tj ET Q q 0 0 0 rg BT 503.17 682.25 Td (ower ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (subsequent to December 31, 2012.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 646.25 Td (Change in Management) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 622.25 Td (In February 2013, our board of directors received notice of Charles N. Hazen's decision to retire from his role as President ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 610.25 Td (and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 144.01 610.25 Td (ficer and the general partner of the ) Tj ET Q q 0 0 0 rg BT 284.21 610.25 Td (Advisor in order to pursue personal interests. On the same date, our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 598.25 Td (board of directors accepted Sherri ) Tj ET Q q 0 0 0 rg BT 187.31 598.25 Td (W) Tj ET Q q 0 0 0 rg BT 195.83 598.25 Td (. Schugart's resignation as our Chief Operating Of) Tj ET Q q 0 0 0 rg BT 395.74 598.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 413.66 598.25 Td (, which position will be left unfilled, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 586.25 Td (and appointed her as our President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 284.52 586.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 302.29 586.25 Td (. Ms. Schugart simultaneously resigned as the Chief Operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 574.25 Td (Of) Tj ET Q q 0 0 0 rg BT 59.87 574.25 Td (ficer of the general partner of the ) Tj ET Q q 0 0 0 rg BT 193.97 574.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 225.79 574.25 Td (, which position will also be left unfilled, and was appointed as its President and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 562.25 Td (Chief Executive Of) Tj ET Q q 0 0 0 rg BT 127.07 562.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 144.83 562.25 Td (. In addition to the resignation from the positions described above, Mr) Tj ET Q q 0 0 0 rg BT 424.50 562.25 Td (. Hazen resigned as a director of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 Td (the Dealer Manager) Tj ET Q q 0 0 0 rg BT 128.50 550.25 Td (, for which Ms. Schugart currently serves as a director) Tj ET Q q 0 0 0 rg BT 344.82 550.25 Td (. ) Tj ET Q q 0 0 0 rg BT 352.14 550.25 Td (The resignations and appointments described above ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 538.25 Td (were ef) Tj ET Q q 0 0 0 rg BT 79.02 538.25 Td (fective as of March 15, 2013. Mr) Tj ET Q q 0 0 0 rg BT 210.65 538.25 Td (. Hazen will remain an employee of Hines for one year following his retirement to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (participate in and advise on various matters within Hines.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 502.25 Td (Special Distribution ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 478.25 Td (On March 25, 2013, our board of directors authorized us to declare a distribution of $197 million, resulting in a distribution ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (to stockholders of $0.80 per share to be paid on ) Tj ET Q q 0 0 0 rg BT 241.40 466.25 Td (April 30, 2013 to all stockholders of record as of ) Tj ET Q q 0 0 0 rg BT 438.31 466.25 Td (April 2, 2013. ) Tj ET Q q 0 0 0 rg BT 496.74 466.25 Td (This ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 454.25 Td (distribution will be designated by us as a special distribution, which will be a return of a portion of the stockholders' invested ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 442.25 Td (capital and, as such, will reduce their remaining investment in us. ) Tj ET Q q 0 0 0 rg BT 313.69 442.25 Td (The special distribution represents a portion of the proceeds ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 430.25 Td (from the sale of ) Tj ET Q q 0 0 0 rg BT 114.85 430.25 Td (W) Tj ET Q q 0 0 0 rg BT 123.89 430.25 Td (illiams ) Tj ET Q q 0 0 0 rg BT 153.43 430.25 Td (T) Tj ET Q q 0 0 0 rg BT 158.84 430.25 Td (ower and other strategic asset sales. ) Tj ET Q q 0 0 0 rg BT 303.88 430.25 Td (The special distribution will be paid on ) Tj ET Q q 0 0 0 rg BT 462.47 430.25 Td (April 30, 2013 and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 418.25 Td (designation as a special distribution will not impact the tax treatment of the distribution to our stockholders. ) Tj ET Q q 0 0 0 rg BT 483.12 418.25 Td (The special ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 406.25 Td (distribution is not subject to reinvestment pursuant to our dividend reinvestment plan and will be paid in cash.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 382.25 Td (New Estimated Per Share Net ) Tj ET Q q 0 0 0 rg BT 192.40 382.25 Td (Asset V) Tj ET Q q 0 0 0 rg BT 222.13 382.25 Td (alue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 358.25 Td (As disclosed previously) Tj ET Q q 0 0 0 rg BT 162.40 358.25 Td (, approximately 30% of distributions that were declared for the quarters ended December 31, 2012 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 Td (and March 31, 2013 were designated by us as special distributions, which represent a return of a portion of the stockholders' ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 334.25 Td (invested capital and, as such, reduced their remaining investment in us. For each of the quarters ended December 31, 2012 and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 322.25 Td (March 31, 2013, the portion of the distribution that was designated as a special distribution was equal to $0.03 per share. ) Tj ET Q q 0 0 0 rg BT 536.99 322.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 310.25 Td (combination of the special distribution of $0.80 per share described above with the $0.03 per share special distributions for each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 298.25 Td (of the quarters ended December 31, 2012 and March 31, 2013 results in total special distributions of $0.86 per share since our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 286.25 Td (last announcement of an estimated per share net asset value \(NA) Tj ET Q q 0 0 0 rg BT 310.89 286.25 Td (V\) of its common stock. ) Tj ET Q q 0 0 0 rg BT 414.58 286.25 Td (These special distributions reduce ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 Td (the estimated per share NA) Tj ET Q q 0 0 0 rg BT 157.06 274.25 Td (V) Tj ET Q q 0 0 0 rg BT 164.10 274.25 Td ( of $7.61, that was disclosed in Item 5. Market for Registrant) Tj ET Q q 0 0 0 rg BT 410.72 274.25 Td (s Common Equity) Tj ET Q q 0 0 0 rg BT 482.85 274.25 Td (, Related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (Stockholder Matters and Issuer Purchases of Equity Securities, resulting in a new estimated per share NA) Tj ET Q q 0 0 0 rg BT 470.33 262.25 Td (V) Tj ET Q q 0 0 0 rg BT 477.37 262.25 Td ( of $6.75, ef) Tj ET Q q 0 0 0 rg BT 525.78 262.25 Td (fective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 Td (April 2, 2013.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 226.25 Td (It is important to note that the prior estimated per share NA) Tj ET Q q 0 0 0 rg BT 303.65 226.25 Td (V) Tj ET Q q 0 0 0 rg BT 310.69 226.25 Td ( of $7.61 was based on estimates of the value of our real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 214.25 Td (investments, cash and other assets and debt and other liabilities as of September 30, 2012 and that no subsequent valuation has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 202.25 Td (been undertaken by us. For a discussion of the methodology pursuant to which the prior estimated per share NA) Tj ET Q q 0 0 0 rg BT 498.67 202.25 Td (V) Tj ET Q q 0 0 0 rg BT 505.71 202.25 Td ( was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 190.25 Td (determined by our board of directors, see Item 5. Market for Registrants Common Equity) Tj ET Q q 0 0 0 rg BT 410.70 190.25 Td (, Related Stockholder Matters and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 178.25 Td (Issuer Purchases of Equity Securities Market Information.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 154.25 Td (The new estimated per share NA) Tj ET Q q 0 0 0 rg BT 197.55 154.25 Td (V) Tj ET Q q 0 0 0 rg BT 204.59 154.25 Td ( of $6.75 has been calculated as of a moment in time, and has only been updated to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 142.25 Td (reflect the reduction that results from the declaration of the $0.86 per share of special distributions. ) Tj ET Q q 0 0 0 rg BT 447.15 142.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 496.49 142.25 Td (, the reduction ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 130.25 Td (in the estimated per share NA) Tj ET Q q 0 0 0 rg BT 167.34 130.25 Td (V) Tj ET Q q 0 0 0 rg BT 174.38 130.25 Td ( is a function of the payment of the special distribution as a partial return of stockholders' ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 118.25 Td (investment in us and is not indicative of any new valuation of our real estate portfolio. ) Tj ET Q q 0 0 0 rg BT 398.86 118.25 Td (Although the value of our common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 106.25 Td (shares will fluctuate over time as a result of, among other things, developments related to individual assets, changes in the real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 94.25 Td (estate and capital markets, additional sales of assets, the distribution of sales proceeds to our stockholders and changes in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 82.25 Td (corporate policies such as our dividend level relative to earnings, we do not undertake to update the estimated per share NA) Tj ET Q q 0 0 0 rg BT 542.77 82.25 Td (V) Tj ET Q q 0 0 0 rg BT 549.81 82.25 Td ( on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 70.25 Td (a regular basis. ) Tj ET Q q 0 0 0 rg BT 111.70 70.25 Td (As a result, stockholders should not rely on the estimated per share NA) Tj ET Q q 0 0 0 rg BT 395.07 70.25 Td (V) Tj ET Q q 0 0 0 rg BT 402.11 70.25 Td ( as being an accurate measure of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 58.25 Td (then-current value of shares of our common stock in making a decision to buy or sell shares of our common stock, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 121 0 obj <> endobj 122 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (58) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (whether to reinvest distributions by participating in the dividend reinvestment plan and whether to request redemption pursuant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (to our share redemption program. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 706.10 Td (April 2013 Distributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.54 682.10 Td (ith the authorization of our board of directors, we have declared distributions for the month of ) Tj ET Q q 0 0 0 rg BT 453.93 682.10 Td (April 2013. ) Tj ET Q q 0 0 0 rg BT 502.36 682.10 Td (These ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (distributions will be calculated based on stockholders of record each day during the month of ) Tj ET Q q 0 0 0 rg BT 424.12 670.10 Td (April 2013 in an amount equal to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td ($0.00073973 per share, per day and will be paid in July 2013 in cash or reinvested in stock for those participating in our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (dividend reinvestment plan. ) Tj ET Q q 0 0 0 rg BT 163.18 646.10 Td (This rate per share, per day) Tj ET Q q 0 0 0 rg BT 271.37 646.10 Td (, reflects a reduction from the $0.00138082 per share, per day rate that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (was declared between July 1, 2010 and March 31, 2013. ) Tj ET Q q 0 0 0 rg BT 276.76 634.10 Td (This rate per share, per day represents a 4.0% annualized yield based ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (on our new estimated per share NA) Tj ET Q q 0 0 0 rg BT 189.83 622.10 Td (V) Tj ET Q q 0 0 0 rg BT 196.87 622.10 Td ( of $6.75, assuming such distribution rate is maintained for a twelve-month period. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 598.10 Td (Share Purchase Price for Dividend Reinvestment Plan) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 574.10 Td (As the new estimated per share NA) Tj ET Q q 0 0 0 rg BT 207.83 574.10 Td (V) Tj ET Q q 0 0 0 rg BT 214.87 574.10 Td ( will take ef) Tj ET Q q 0 0 0 rg BT 262.17 574.10 Td (fect on ) Tj ET Q q 0 0 0 rg BT 291.61 574.10 Td (April 2, 2013, participants in our dividend reinvestment plan will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (acquire shares at a fixed price of $6.75 per share rather than at the current price of $7.61, beginning with the distributions to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (paid for the second quarter of 2013, which will be aggregated and paid in July 2013. ) Tj ET Q q 0 0 0 rg BT 389.23 550.10 Td (Therefore, the shares to be issued under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (our dividend reinvestment plan in connection with distributions previously declared for January) Tj ET Q q 0 0 0 rg BT 431.81 538.10 Td (, February and March of 2013, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (which will be aggregated and paid in ) Tj ET Q q 0 0 0 rg BT 199.18 526.10 Td (April 2013, will be issued at the current price of $7.61 per share. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 502.10 Td (Share Redemption Program ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 478.10 Td (Our shares of common stock are currently not listed on a national securities exchange and we do not intend to list our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (shares. In order to provide our stockholders with some liquidity) Tj ET Q q 0 0 0 rg BT 303.25 466.10 Td (, we instituted a share redemption program. However) Tj ET Q q 0 0 0 rg BT 515.84 466.10 Td (, on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (November 30, 2009, our board of directors determined that it was in our best interest to suspend our share redemption program ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (until further notice, except with respect to redemption requests made in connection with the death or disability \(as defined in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (Internal Revenue Code of 1986, as amended \(the Code\)\) of a stockholder) Tj ET Q q 0 0 0 rg BT 350.51 430.10 Td (. On March 25, 2013, our board of directors ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (amended and restated our share redemption program and reinstated the program ef) Tj ET Q q 0 0 0 rg BT 379.47 418.10 Td (fective for share redemption requests ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (received on or after ) Tj ET Q q 0 0 0 rg BT 129.46 406.10 Td (April 1, 2013, subject to the conditions and limitations described in the amended and restated share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (redemption program. ) Tj ET Q q 0 0 0 rg BT 138.74 394.10 Td (The complete text of the amended and restated share redemption program is as follows: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 370.10 Td (Prior to the time, if any) Tj ET Q q 0 0 0 rg BT 160.17 370.10 Td (, as our shares are listed on a national securities exchange and subject to the conditions and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (limitations described in this share redemption program, any shares that have been held by the stockholder for at least one year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (since the date of their acquisition, and were \(i\) purchased from us \(ii\) received through a non-cash transaction, not in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (secondary market or \(iii\) purchased from another stockholder prior to January 1) Tj ET Q q 0 0 0 rg BT 368.19 334.10 Td (1, 2009, may be presented in whole or in part to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (us for redemption. In connection with such requests, we may) Tj ET Q q 0 0 0 rg BT 294.90 322.10 Td (, in our discretion, waive the one-year holding period requirement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (as well as certain other limitations in the circumstances described below) Tj ET Q q 0 0 0 rg BT 337.64 310.10 Td (. ) Tj ET Q q 0 0 0 rg BT 342.46 310.10 Td (W) Tj ET Q q 0 0 0 rg BT 351.10 310.10 Td (e will not pay our ) Tj ET Q q 0 0 0 rg BT 423.59 310.10 Td (Advisor or its af) Tj ET Q q 0 0 0 rg BT 488.68 310.10 Td (filiates any fees to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (complete any transactions under our share redemption program. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 274.10 Td (T) Tj ET Q q 0 0 0 rg BT 72.91 274.10 Td (o the extent our board of directors determines that it has suf) Tj ET Q q 0 0 0 rg BT 311.27 274.10 Td (ficient available cash flow for redemptions, we intend to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (redeem redemption requests for cash on a quarterly basis; however) Tj ET Q q 0 0 0 rg BT 316.50 262.10 Td (, our board of directors may determine from time to time to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (adjust the timing of redemptions upon 30 days' notice, which will be provided in the form of a Current Report on Form 8-K ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (filed with the SEC and made available on our website \(www) Tj ET Q q 0 0 0 rg BT 291.57 238.10 Td (.Hinessecurities.com\). ) Tj ET Q q 0 0 0 rg BT 383.03 238.10 Td (The funds available for redemption will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (generally be limited to the amount of proceeds received from our dividend reinvestment plan in the prior quarter) Tj ET Q q 0 0 0 rg BT 498.52 226.10 Td (. However) Tj ET Q q 0 0 0 rg BT 539.77 226.10 Td (, our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (board of directors may approve requests for redemptions in excess of this amount, as long as the total amount redeemed does ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (not exceed the amount required to redeem 10% of our shares outstanding as of the same date in the prior calendar year) Tj ET Q q 0 0 0 rg BT 522.94 202.10 Td (. In the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (event of a redemption request in connection with the death or disability \(as defined in the Code\) of a stockholder) Tj ET Q q 0 0 0 rg BT 499.80 190.10 Td (, we may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (waive the one-year holding period requirement as well as the annual limitation on the number of shares that will be redeemed as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (summarized above. In addition, in the event a stockholder is having all his shares redeemed, the one-year holding requirement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (will be waived for shares purchased under our dividend reinvestment plan.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 130.10 Td (Our board of directors may terminate, suspend or amend our share redemption program and discontinue redemptions at any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (time without stockholder approval upon 30 days' written notice if our board of directors believes such action is in the our best ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 Td (interests, or if our board of directors determines the funds otherwise available to fund our share redemption program are needed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 94.10 Td (for other purposes. ) Tj ET Q q 0 0 0 rg BT 127.08 94.10 Td (The written notice will take the form of a Current Report on Form 8-K filed with the SEC and made ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 82.10 Td (available on our website.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 123 0 obj <> endobj 124 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (59) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 730.10 Td (Beginning with share redemption requests received on or after ) Tj ET Q q 0 0 0 rg BT 318.81 730.10 Td (April 1, 2013, our share redemption price will be $5.75 per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (share, which is 85% of our revised estimated per share NA) Tj ET Q q 0 0 0 rg BT 283.42 718.10 Td (V) Tj ET Q q 0 0 0 rg BT 289.35 718.10 Td (. ) Tj ET Q q 0 0 0 rg BT 294.17 718.10 Td (The redemption price was determined by our board of directors in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (its sole discretion. ) Tj ET Q q 0 0 0 rg BT 124.31 706.10 Td (This new share redemption price will apply to ordinary share redemption requests received on or after ) Tj ET Q q 0 0 0 rg BT 534.17 706.10 Td (April ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (1, 2013, which, if redeemed, will be redeemed in July 2013. ) Tj ET Q q 0 0 0 rg BT 291.66 694.10 Td (Any shares that are redeemed in ) Tj ET Q q 0 0 0 rg BT 422.17 694.10 Td (April 2013 pursuant to eligible ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (redemption requests in connection with the death or disability of a stockholder that are received prior to ) Tj ET Q q 0 0 0 rg BT 466.32 682.10 Td (April 1, 2013 will be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (redeemed at the current redemption price of $7.61 per share. ) Tj ET Q q 0 0 0 rg BT 295.78 670.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 345.69 670.10 Td (, any shares that are redeemed pursuant to eligible ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (redemption requests in connection with the death or disability of a stockholder that are received on or after ) Tj ET Q q 0 0 0 rg BT 478.25 658.10 Td (April 1, 2013, will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (be redeemed at the new estimated per share NA) Tj ET Q q 0 0 0 rg BT 239.24 646.10 Td (V) Tj ET Q q 0 0 0 rg BT 246.28 646.10 Td ( of $6.75.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 622.10 Td (Our board of directors may adjust the per) Tj ET Q q 0 0 0 rg BT 232.52 622.10 Td (-share redemption price from time to time based on our then-current estimated per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (share value at the time of the adjustment and such other factors as it deems appropriate, including, but not limited to, the then-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (current of) Tj ET Q q 0 0 0 rg BT 88.46 598.10 Td (fering price of our shares \(if any\), our then-current dividend reinvestment plan price and general market conditions. ) Tj ET Q q 0 0 0 rg BT 552.46 598.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (any time during which we are engaged in an of) Tj ET Q q 0 0 0 rg BT 237.31 586.10 Td (fering of shares, the per) Tj ET Q q 0 0 0 rg BT 331.79 586.10 Td (-share price for shares purchased under our redemption ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (program will always be equal to or lower than the applicable per) Tj ET Q q 0 0 0 rg BT 307.26 574.10 Td (-share of) Tj ET Q q 0 0 0 rg BT 342.34 574.10 Td (fering price. Real estate asset and notes payable values ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (fluctuate, which in the future may result in an increase or decrease in our net asset value. ) Tj ET Q q 0 0 0 rg BT 406.68 562.10 Td (Thus, future adjustments to our per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (share net asset value could result in a higher or lower redemption price. ) Tj ET Q q 0 0 0 rg BT 337.55 550.10 Td (The members of our board of directors must, in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (accordance with their fiduciary duties, act in a manner they believe is in the best interests of our stockholders when making any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (decision to adjust the redemption price of) Tj ET Q q 0 0 0 rg BT 215.38 526.10 Td (fered under our share redemption program. Our board of directors will announce any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (price adjustment and the time period of its ef) Tj ET Q q 0 0 0 rg BT 228.71 514.10 Td (fectiveness upon 30 days' notice, which will be provided in the form of a Current ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (Report on Form 8-K filed with the SEC and made available on our website. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 490.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 478.10 Td (All redemption requests must be made in writing and received by us at least five business days prior to the end of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 77.26 466.10 Td (. Stockholders may also withdraw their request to have their shares redeemed. ) Tj ET Q q 0 0 0 rg BT 391.43 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 400.47 466.10 Td (ithdrawal requests must also be made in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (writing and received by us at least five business days prior to the end of the quarter) Tj ET Q q 0 0 0 rg BT 381.07 454.10 Td (. If the number of shares subject to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (redemption requests exceeds the limitations described above, or our board of directors determines that available cash flow is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (insuf) Tj ET Q q 0 0 0 rg BT 69.32 430.10 Td (ficient to meet such requests, we will first redeem in full the shares for which redemption was requested in connection with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (the death or disability of a stockholder and thereafter the remaining redemption requests will be reduced on a pro rata basis and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (the unfulfilled portion of any redemption request will be held and considered for redemption until the next quarter unless the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (redemption request is withdrawn by the stockholder) Tj ET Q q 0 0 0 rg BT 256.68 394.10 Td (. Such pending requests will generally be honored on a pro rata basis with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (any new redemption requests received in the applicable quarter) Tj ET Q q 0 0 0 rg BT 301.77 382.10 Td (, after all redemption requests in connection with the death or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 368.90 Td (disability of a stockholder have been honored in their entirety) Tj ET Q q 0 0 0 rg BT 295.16 368.90 Td (.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 297.66 368.90 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.41 368.90 Td (W) Tj ET Q q 0 0 0 rg BT 309.05 368.90 Td (e cannot guarantee that we will accommodate all requests ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 356.90 Td (made in any quarter) Tj ET Q q 0 0 0 rg BT 128.64 356.90 Td (. If we cannot accommodate all requests in a given quarter) Tj ET Q q 0 0 0 rg BT 361.75 356.90 Td (, stockholders may withdraw their redemption ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 344.90 Td (request. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 320.90 Td (Commitments by us to repurchase shares will be communicated either telephonically or in writing to each stockholder who ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 308.90 Td (submitted a redemption request at or promptly \(no more than five business days\) after the fifth business day following the end ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 296.90 Td (of each quarter) Tj ET Q q 0 0 0 rg BT 108.91 296.90 Td (. ) Tj ET Q q 0 0 0 rg BT 113.73 296.90 Td (W) Tj ET Q q 0 0 0 rg BT 122.37 296.90 Td (e will redeem the shares subject to these commitments, and pay the redemption price associated therewith, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 284.90 Td (within three business days following the delivery of such commitments. Stockholders will not relinquish their shares until we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 272.90 Td (redeem them. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 248.90 Td (Cash used to fund redemptions reduces our liquidity available to fund its cash needs. Shares redeemed under our share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 236.90 Td (redemption program will be cancelled and will have the status of authorized but unissued shares. ) Tj ET Q q 0 0 0 rg BT 438.65 236.90 Td (W) Tj ET Q q 0 0 0 rg BT 447.29 236.90 Td (e will not resell such shares ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 224.90 Td (to the public unless such sales are first registered with the SEC under the Securities ) Tj ET Q q 0 0 0 rg BT 384.70 224.90 Td (Act of 1933, as amended, and under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 212.90 Td (appropriate state securities laws or are exempt under such laws. ) Tj ET Q q 0 0 0 rg BT 306.17 212.90 Td (W) Tj ET Q q 0 0 0 rg BT 314.81 212.90 Td (e will terminate our share redemption program in the event ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 200.90 Td (that our shares ever become listed on a national securities exchange or in the event a secondary market for our common shares ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 188.90 Td (develops.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 125 0 obj <> endobj 126 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (60) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item7A.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 87.21 742.25 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 0 rg BT 261.85 742.25 Td (About Market Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (Market risk is the exposure to loss resulting from changes in interest rates, foreign currency exchange rates and equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (prices. Interest rate risk is the primary risk in pursuing our business plan.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 682.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.44 682.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.03 682.25 Td (, we had $520.0million of debt outstanding under our HSH credit facility) Tj ET Q q 0 0 0 rg BT 464.77 682.25 Td (, which is a variable-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (rate pooled mortgage facility) Tj ET Q q 0 0 0 rg BT 165.14 670.25 Td (. However) Tj ET Q q 0 0 0 rg BT 206.39 670.25 Td (, as a result of the interest rate swap agreements entered into with HSH Nordbank, these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (borrowings ef) Tj ET Q q 0 0 0 rg BT 105.64 658.25 Td (fectively bear interest at fixed rates ranging from 5.25% to 6.03%.Please see Financial Condition, Liquidity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (and Capital Resources Cash Flows from Financing ) Tj ET Q q 0 0 0 rg BT 270.25 646.25 Td (Activities Debt Financings for more information concerning our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (outstanding debt.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 610.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.44 610.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.03 610.25 Td (, we had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.13 610.25 Td ($32.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.02 610.25 Td ( outstanding under our KeyBank Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 495.61 610.25 Td (, which is a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (variable-rate facility) Tj ET Q q 0 0 0 rg BT 130.69 598.25 Td (. ) Tj ET Q q 0 0 0 rg BT 138.01 598.25 Td (The outstanding balance was repaid before the facility expired in February 2013. ) Tj ET Q q 0 0 0 rg BT 466.04 598.25 Td (W) Tj ET Q q 0 0 0 rg BT 474.68 598.25 Td (e feel there is no risk ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (associated with this facility) Tj ET Q q 0 0 0 rg BT 158.49 586.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 562.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.44 562.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.03 562.25 Td (, we had a 50% indirect investment in Distribution Park Rio, an industrial property located in Rio ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (de Janeiro, Brazil. ) Tj ET Q q 0 0 0 rg BT 127.20 550.25 Td (As a result, we were subject to risk from the ef) Tj ET Q q 0 0 0 rg BT 313.90 550.25 Td (fects of exchange rate movements of foreign currencies, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (which may af) Tj ET Q q 0 0 0 rg BT 104.24 538.25 Td (fect future costs and cash flows. In January 2013, we sold our 50% interest in this property and no longer have a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (foreign currency risk.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 127 0 obj <> endobj 128 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (61) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item8.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 79.99 742.25 Td (Financial Statements and Supplementary Data) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.40 719.25 Td (REPOR) Tj ET Q q 0 0 0 rg BT 170.05 719.25 Td (T) Tj ET Q q 0 0 0 rg BT 176.54 719.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 192.55 719.25 Td ( INDEPENDENT) Tj ET Q q 0 0 0 rg BT 267.66 719.25 Td ( REGISTERED PUBLIC ) Tj ET Q q 0 0 0 rg BT 377.97 719.25 Td (ACCOUNTING FIRM) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 695.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 695.25 Td (o the Board of Directors and Stockholders of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 683.25 Td (Hines Real Estate Investment ) Tj ET Q q 0 0 0 rg BT 170.34 683.25 Td (T) Tj ET Q q 0 0 0 rg BT 176.10 683.25 Td (rust, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 671.25 Td (Houston, ) Tj ET Q q 0 0 0 rg BT 88.71 671.25 Td (T) Tj ET Q q 0 0 0 rg BT 94.12 671.25 Td (exas) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 647.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 647.25 Td (e have audited the accompanying consolidated balance sheets of Hines Real Estate Investment ) Tj ET Q q 0 0 0 rg BT 456.60 647.25 Td (T) Tj ET Q q 0 0 0 rg BT 462.36 647.25 Td (rust, Inc. and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 635.25 Td (subsidiaries \(the Company\) as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.02 635.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.60 635.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.04 635.25 Td (201) Tj ET Q q 0 0 0 rg BT 305.67 635.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.67 635.25 Td (, and the related consolidated statements of operations and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 623.25 Td (comprehensive income \(loss\), equity) Tj ET Q q 0 0 0 rg BT 196.53 623.25 Td (, and cash flows for each of the three years in the period ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.49 623.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.07 623.25 Td (. Our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 611.25 Td (audits also included the financial statement schedules listed in the Index at Item 15. ) Tj ET Q q 0 0 0 rg BT 386.11 611.25 Td (These financial statements and financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 599.25 Td (statement schedules are the responsibility of the Company) Tj ET Q q 0 0 0 rg BT 285.78 599.25 Td (s management. Our responsibility is to express an opinion on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 587.25 Td (financial statements and financial statement schedules based on our audits.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 563.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 563.25 Td (e conducted our audits in accordance with the standards of the Public Company ) Tj ET Q q 0 0 0 rg BT 396.83 563.25 Td (Accounting Oversight Board \(United ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 551.25 Td (States\). ) Tj ET Q q 0 0 0 rg BT 82.04 551.25 Td (Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 539.25 Td (statements are free of material misstatement. ) Tj ET Q q 0 0 0 rg BT 231.13 539.25 Td (The Company is not required to have, nor were we engaged to perform, an audit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 527.25 Td (of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 515.25 Td (basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 503.25 Td (on the ef) Tj ET Q q 0 0 0 rg BT 84.80 503.25 Td (fectiveness of the Company) Tj ET Q q 0 0 0 rg BT 198.94 503.25 Td (s internal control over financial reporting. ) Tj ET Q q 0 0 0 rg BT 368.05 503.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 417.39 503.25 Td (, we express no such opinion. ) Tj ET Q q 0 0 0 rg BT 537.37 503.25 Td (An ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 491.25 Td (audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 479.25 Td (assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 467.25 Td (financial statement presentation. ) Tj ET Q q 0 0 0 rg BT 181.99 467.25 Td (W) Tj ET Q q 0 0 0 rg BT 190.63 467.25 Td (e believe that our audits provide a reasonable basis for our opinion.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 443.25 Td (In our opinion, such consolidated financial statements present fairly) Tj ET Q q 0 0 0 rg BT 338.66 443.25 Td (, in all material respects, the financial position of Hines ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 431.25 Td (Real Estate Investment ) Tj ET Q q 0 0 0 rg BT 144.51 431.25 Td (T) Tj ET Q q 0 0 0 rg BT 150.27 431.25 Td (rust, Inc. and subsidiaries at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.41 431.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.99 431.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.43 431.25 Td (201) Tj ET Q q 0 0 0 rg BT 377.06 431.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.06 431.25 Td (, and the results of their operations and their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 419.25 Td (cash flows for each of the three years in the period ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.02 419.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.60 419.25 Td (, in conformity with accounting principles ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 407.25 Td (generally accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 218.55 407.25 Td (America. ) Tj ET Q q 0 0 0 rg BT 257.42 407.25 Td (Also, in our opinion, such financial statement schedules, when considered ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 395.25 Td (in relation to the basic consolidated financial statements taken as a whole, present fairly) Tj ET Q q 0 0 0 rg BT 400.34 395.25 Td (, in all material respects, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 383.25 Td (information set forth therein.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 359.25 Td (/s/ Deloitte& ) Tj ET Q q 0 0 0 rg BT 106.76 359.25 Td (T) Tj ET Q q 0 0 0 rg BT 112.17 359.25 Td (ouche LLP) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 335.25 Td (Houston, ) Tj ET Q q 0 0 0 rg BT 88.71 335.25 Td (T) Tj ET Q q 0 0 0 rg BT 94.12 335.25 Td (exas) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 323.25 Td (March28, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.60 323.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 129 0 obj <> endobj 130 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (62) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 190.15 742.25 Td (HINES REAL) Tj ET Q q 0 0 0 rg BT 251.00 742.25 Td ( EST) Tj ET Q q 0 0 0 rg BT 271.66 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 278.14 742.25 Td (TE INVESTMENT) Tj ET Q q 0 0 0 rg BT 361.04 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 363.36 742.25 Td (TRUST) Tj ET Q q 0 0 0 rg BT 395.96 742.25 Td (, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 219.40 730.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 279.22 730.25 Td (TED BALANCE SHEETS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 233.15 718.25 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 257.59 718.25 Td (December) Tj ET Q q 0 0 0 rg BT 300.72 718.25 Td (31, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 338.22 718.25 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 359.34 718.25 Td (201) Tj ET Q q 0 0 0 rg BT 373.79 718.25 Td (1) Tj ET Q BT /F3 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 652.75 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 652.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 652.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 652.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 622.75 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 622.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 622.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 622.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 592.75 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 592.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 592.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 592.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 562.75 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 562.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 562.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 562.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 532.75 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 532.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 532.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 532.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 502.75 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 502.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 502.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 502.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 473.75 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 473.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 473.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 473.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 443.75 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 443.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 443.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 443.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 413.75 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 413.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 413.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 413.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 383.75 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 383.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 383.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 383.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 353.75 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 353.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 353.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 353.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 323.75 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 323.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 323.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 323.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 294.75 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 294.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 294.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 294.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 265.75 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 265.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 265.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 265.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 235.75 330.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 235.75 89.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 235.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 235.75 89.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 175.75 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 175.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 175.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 175.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 145.75 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 145.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 145.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 145.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 115.75 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 115.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 115.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 115.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 85.75 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 85.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 85.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 85.75 89.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 680.75 m 469.5 680.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 680.75 m 562.5 680.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 502.75 m 469.5 502.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 502.75 m 562.5 502.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 488.75 m 469.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 486.75 m 469.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 488.75 m 562.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 486.75 m 562.5 486.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 323.75 m 469.5 323.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 323.75 m 562.5 323.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 130.75 m 469.5 130.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 130.75 m 562.5 130.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 100.75 m 469.5 100.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 100.75 m 562.5 100.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 85.75 m 469.5 85.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 85.75 m 562.5 85.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 71.75 m 469.5 71.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 69.75 m 469.5 69.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 71.75 m 562.5 71.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 69.75 m 562.5 69.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 414.50 685.43 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 507.75 685.43 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 383.65 671.43 Td (\(in thousands, except per share amounts\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 196.35 657.43 Td (ASSETS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 642.42 Td (Investment property, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.00 642.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 642.42 Td (1,863,434) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 642.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 642.42 Td (1,950,126) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 627.42 Td (Investments in unconsolidated entities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.15 627.42 Td (329,418) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 627.42 Td (348,986) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 612.42 Td (Cash and cash equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 612.42 Td (72,230) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 612.42 Td (130,445) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 597.42 Td (Restricted cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.15 597.42 Td (120,886) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 597.42 Td (110,915) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 582.42 Td (Distributions receivable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 582.42 Td (6,165) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 582.42 Td (5,604) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 567.42 Td (Tenant and other receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 567.42 Td (61,373) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 567.42 Td (68,090) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 552.42 Td (Intangible lease assets, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.15 552.42 Td (127,589) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 552.42 Td (160,093) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 537.42 Td (Deferred leasing costs, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.15 537.42 Td (178,116) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 537.42 Td (129,291) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 522.42 Td (Deferred financing costs, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 522.42 Td (4,877) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 522.42 Td (5,286) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 507.42 Td (Other assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 507.42 Td (3,121) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 507.42 Td (3,176) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 492.43 Td (TOTAL ASSETS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.00 492.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 492.42 Td (2,767,209) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 492.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 492.42 Td (2,912,012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 151.55 463.43 Td (LIABILITIES AND EQUITY) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 448.42 Td (Liabilities:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 433.42 Td (Accounts payable and accrued expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.00 433.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.15 433.42 Td (104,665) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 433.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 433.42 Td (72,643) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 418.42 Td (Due to affiliates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 418.42 Td (7,158) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 418.42 Td (5,823) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 403.42 Td (Intangible lease liabilities, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 403.42 Td (38,551) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 403.42 Td (49,279) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 388.42 Td (Other liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 388.42 Td (16,262) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 388.42 Td (15,259) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 373.42 Td (Interest rate swap contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.15 373.42 Td (101,211) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 373.42 Td (109,891) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 358.42 Td (Participation interest liability) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 358.42 Td (92,404) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 358.42 Td (76,968) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 343.42 Td (Distributions payable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 343.42 Td (29,573) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 343.42 Td (30,215) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 328.42 Td (Notes payable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 328.42 Td (1,323,564) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 328.42 Td (1,338,224) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 313.42 Td (Total liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 313.42 Td (1,713,388) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 313.42 Td (1,698,302) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 284.42 Td (Commitments and contingencies \(Note 12\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 284.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 284.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 255.42 Td (Equity:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 240.42 Td (Stockholders) Tj ET Q q 0 0 0 rg BT 107.80 240.42 Td ( equity:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 225.42 Td (Preferred shares, $.001 par value; 500,000 preferred shares authorized, none ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 215.42 Td (issued or outstanding as ofDecember 31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 277.31 215.42 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 215.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 215.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 200.42 Td (Common shares, $.001 par value; 1,500,000 common shares authorized, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 190.42 Td (231,680 and 227,180 common shares issued and outstanding as of December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 180.42 Td (2012 and 201) Tj ET Q q 0 0 0 rg BT 107.07 180.42 Td (1, respectively) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 180.42 Td (232) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 180.42 Td (228) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 165.42 Td (Additional paid-in capital) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 165.42 Td (1,433,567) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 165.42 Td (1,515,111) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 150.42 Td (Retained deficit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.80 150.47 Td (\(378,017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.65 150.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.80 150.47 Td (\(301,710) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 150.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 135.42 Td (Accumulated other comprehensive income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.80 135.47 Td (\(1,961) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.65 135.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 135.42 Td (81) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 120.42 Td (Total stockholders equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 120.42 Td (1,053,821) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 120.42 Td (1,213,710) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 105.42 Td (Noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 105.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 105.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 90.42 Td (Total equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 90.42 Td (1,053,821) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 90.42 Td (1,213,710) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 75.43 Td (TOTAL LIABILITIES AND EQUITY) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.00 75.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 75.42 Td (2,767,209) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 75.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 75.42 Td (2,912,012) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.60 47.25 Td (See notes to the consolidated financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 131 0 obj <> endobj 132 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (63) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 190.15 730.10 Td (HINES REAL) Tj ET Q q 0 0 0 rg BT 251.00 730.10 Td ( EST) Tj ET Q q 0 0 0 rg BT 271.66 730.10 Td (A) Tj ET Q q 0 0 0 rg BT 278.14 730.10 Td (TE INVESTMENT) Tj ET Q q 0 0 0 rg BT 361.04 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 363.36 730.10 Td (TRUST) Tj ET Q q 0 0 0 rg BT 395.96 730.10 Td (, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 91.65 718.10 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 151.47 718.10 Td (TED ST) Tj ET Q q 0 0 0 rg BT 186.03 718.10 Td (A) Tj ET Q q 0 0 0 rg BT 192.50 718.10 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 257.42 718.10 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 294.18 718.10 Td (TIONS ) Tj ET Q q 0 0 0 rg BT 327.25 718.10 Td (AND COMPREHENSIVE INCOME \(LOSS\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 187.90 706.10 Td (For) Tj ET Q q 0 0 0 rg BT 203.27 706.10 Td ( the ) Tj ET Q q 0 0 0 rg BT 221.23 706.10 Td (Y) Tj ET Q q 0 0 0 rg BT 227.34 706.10 Td (ears Ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 277.90 706.10 Td (December) Tj ET Q q 0 0 0 rg BT 321.02 706.10 Td (31, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 358.52 706.10 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 363.52 706.10 Td (201) Tj ET Q q 0 0 0 rg BT 377.97 706.10 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 382.97 706.10 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 404.10 706.10 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105.60000000000002 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.50 674.05 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.20 674.05 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.00 674.05 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.40 658.05 Td (\(In thousands, except per share amounts\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 644.05 Td (Revenues:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 630.06 Td (Rental revenue) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.00 630.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.75 630.06 Td (249,062) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.00 630.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.75 630.06 Td (256,249) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.00 630.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.75 630.06 Td (267,168) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 616.06 Td (Other revenue) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.25 616.06 Td (22,401) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.25 616.06 Td (22,083) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.25 616.06 Td (23,377) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.50 602.06 Td (T) Tj ET Q q 0 0 0 rg BT 62.37 602.06 Td (otal revenues) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.75 602.06 Td (271,463) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.75 602.06 Td (278,332) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.75 602.06 Td (290,545) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 588.05 Td (Expenses:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.00 588.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.00 588.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 574.06 Td (Property operating expenses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.25 574.06 Td (80,019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.25 574.06 Td (78,904) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.25 574.06 Td (80,022) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 560.06 Td (Real property taxes) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.25 560.06 Td (33,536) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.25 560.06 Td (31,591) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.25 560.06 Td (32,084) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 546.06 Td (Property management fees) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.75 546.06 Td (6,402) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.75 546.06 Td (6,361) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.75 546.06 Td (6,410) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 532.06 Td (Depreciation and amortization) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.25 532.06 Td (79,720) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.25 532.06 Td (92,518) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.75 532.06 Td (102,012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 518.06 Td (Asset management fees) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.25 518.06 Td (29,651) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.25 518.06 Td (16,173) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.25 518.06 Td (30,544) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 504.06 Td (General and administrative) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.75 504.06 Td (6,874) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.75 504.06 Td (6,740) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.75 504.06 Td (6,925) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 490.06 Td (Impairment losses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.25 490.06 Td (53,483) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.00 490.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.50 490.06 Td (811) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 476.06 Td (Other \(gains\) losses, net) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 414.00 476.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.00 476.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 551.50 476.06 Td (\(9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 476.06 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.50 462.05 Td (T) Tj ET Q q 0 0 0 rg BT 62.68 462.05 Td (otal expenses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.75 462.06 Td (289,685) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.75 462.06 Td (232,287) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.75 462.06 Td (258,799) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 449.00 Td (Income \(loss\) fr) Tj ET Q q 0 0 0 rg BT 112.82 449.00 Td (om continuing operations befor) Tj ET Q q 0 0 0 rg BT 233.41 449.00 Td (e other) Tj ET Q q 0 0 0 rg BT 259.99 449.00 Td ( income \(expenses\), ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 440.00 Td (benefit \(pr) Tj ET Q q 0 0 0 rg BT 93.58 440.00 Td (ovision\) for) Tj ET Q q 0 0 0 rg BT 137.16 440.00 Td ( income taxes and equity in earnings \(losses\) of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 431.00 Td (unconsolidated entities, net) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.25 430.06 Td (\(18,222) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 430.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.25 430.06 Td (46,045) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.25 430.06 Td (31,746) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 416.05 Td (Other income \(expenses\):) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.00 416.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.00 416.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 402.06 Td (Gain \(loss\) on derivative instruments, net) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.75 402.06 Td (8,680) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 463.25 402.06 Td (\(24,590) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.00 402.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.25 402.06 Td (\(18,525) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 402.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 388.06 Td (Interest expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.25 388.06 Td (\(78,022) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 388.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 463.25 388.06 Td (\(81,207) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.00 388.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.25 388.06 Td (\(80,889) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 388.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 374.06 Td (Interest and other income, net) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.50 374.06 Td (743) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.50 374.06 Td (514) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.50 374.06 Td (270) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 360.05 Td (Income \(loss\) from continuing operations before provision for income taxes and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 351.05 Td (equity in earnings \(losses\) of unconsolidated entities, net) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.25 351.06 Td (\(86,821) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 351.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 463.25 351.06 Td (\(59,238) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.00 351.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.25 351.06 Td (\(67,398) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 351.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 337.06 Td (Benefit \(provision\) for income taxes) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 406.50 337.06 Td (\(544) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 337.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.50 337.06 Td (\(494) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.00 337.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 542.50 337.06 Td (\(543) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 337.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 323.06 Td (Equity in earnings \(losses\) of unconsolidated entities, net) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.75 323.06 Td (9,460) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.75 323.06 Td (\(5,138) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.00 323.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.75 323.06 Td (5,513) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 309.05 Td (Income \(loss\) fr) Tj ET Q q 0 0 0 rg BT 112.82 309.05 Td (om continuing operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.25 309.06 Td (\(77,905) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 309.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 463.25 309.06 Td (\(64,870) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.00 309.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.25 309.06 Td (\(62,428) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 309.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 295.06 Td (Income \(loss\) from discontinued operations, net of taxes) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.75 295.06 Td (2,157) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.75 295.06 Td (108,784) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.25 295.06 Td (27,045) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 281.05 Td (Net income \(loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.25 281.06 Td (\(75,748) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 281.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.25 281.06 Td (43,914) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.25 281.06 Td (\(35,383) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 281.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 267.06 Td (Less: Net \(income\) loss attributable to noncontrolling interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 406.50 267.06 Td (\(559) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 267.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.75 267.06 Td (\(5,014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.00 267.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.75 267.06 Td (\(4,524) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 267.06 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 253.05 Td (Net income \(loss\) attributable to common stockholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.00 253.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.25 253.06 Td (\(76,307) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 253.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.00 253.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.25 253.06 Td (38,900) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.00 253.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.25 253.06 Td (\(39,907) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 253.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 239.06 Td (Basic and diluted income \(loss\) per common share) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.00 239.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 404.25 239.06 Td (\(0.33) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 239.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.00 239.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.25 239.06 Td (0.17) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.00 239.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 540.25 239.06 Td (\(0.18) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 239.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 225.06 Td (Weighted average number of common shares outstanding) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.75 225.06 Td (230,049) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.75 225.06 Td (225,442) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.75 225.06 Td (220,896) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 195.05 Td (Net comprehensive income \(loss\):) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 181.06 Td (Net income \(loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.00 181.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.25 181.06 Td (\(75,748) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 181.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.00 181.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.25 181.06 Td (43,914) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.00 181.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.25 181.06 Td (\(35,383) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 181.06 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 167.05 Td (Other comprehensive income \(loss\):) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.00 167.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 153.06 Td (Foreign currency translation adjustment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 399.75 153.06 Td (\(2,042) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 153.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 463.25 153.06 Td (\(11,962) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.00 153.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.25 153.06 Td (\(37,152) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 153.06 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 139.05 Td (Net comprehensive income \(loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.25 139.06 Td (\(77,790) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 139.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.25 139.06 Td (31,952) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.25 139.06 Td (\(72,535) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 139.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 125.06 Td (Net comprehensive \(income\) loss attributable to noncontrolling interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 406.50 125.06 Td (\(559) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 125.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.75 125.06 Td (\(5,014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.00 125.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.75 125.06 Td (\(4,524) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 125.06 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 111.05 Td (Net comprehensive income \(loss\) attributable to common stockholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.00 111.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.25 111.06 Td (\(78,349) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 111.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.00 111.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.25 111.06 Td (26,938) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.00 111.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.25 111.06 Td (\(77,059) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 111.06 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.60 83.10 Td (See notes to the consolidated financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 133 0 obj <> endobj 134 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (64) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 190.15 742.25 Td (HINES REAL) Tj ET Q q 0 0 0 rg BT 251.00 742.25 Td ( EST) Tj ET Q q 0 0 0 rg BT 271.66 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 278.14 742.25 Td (TE INVESTMENT) Tj ET Q q 0 0 0 rg BT 361.04 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 363.36 742.25 Td (TRUST) Tj ET Q q 0 0 0 rg BT 395.96 742.25 Td (, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 202.30 730.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 262.12 730.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 296.68 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 303.15 730.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 368.07 730.25 Td ( EQUITY) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 187.90 718.25 Td (For) Tj ET Q q 0 0 0 rg BT 203.27 718.25 Td ( the ) Tj ET Q q 0 0 0 rg BT 221.23 718.25 Td (Y) Tj ET Q q 0 0 0 rg BT 227.34 718.25 Td (ears Ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 277.90 718.25 Td (December) Tj ET Q q 0 0 0 rg BT 321.02 718.25 Td (31, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 358.52 718.25 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 363.52 718.25 Td (201) Tj ET Q q 0 0 0 rg BT 377.97 718.25 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 382.97 718.25 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 404.10 718.25 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 424.10 718.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 275.00 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/GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 668.75 m 239.5 668.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 668.75 m 288.5 668.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 668.75 m 292.5 668.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 668.75 m 350.5 668.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 668.75 m 354.5 668.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 668.75 m 423.5 668.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 668.75 m 427.5 668.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 668.75 m 491.5 668.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 148.5 627.75 m 190.5 627.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 627.75 m 235.5 627.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 627.75 m 288.5 627.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 627.75 m 350.5 627.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 627.75 m 423.5 627.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 627.75 m 491.5 627.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 627.75 m 562.5 627.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 148.5 627.75 m 190.5 627.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 627.75 m 235.5 627.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 627.75 m 288.5 627.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 627.75 m 350.5 627.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 627.75 m 423.5 627.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 627.75 m 491.5 627.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 627.75 m 562.5 627.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 148.5 452.75 m 190.5 452.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 452.75 m 235.5 452.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 452.75 m 288.5 452.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 452.75 m 350.5 452.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 452.75 m 423.5 452.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 452.75 m 491.5 452.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 452.75 m 562.5 452.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 148.5 277.75 m 190.5 277.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 277.75 m 235.5 277.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 277.75 m 288.5 277.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 277.75 m 350.5 277.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 277.75 m 423.5 277.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 277.75 m 491.5 277.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 277.75 m 562.5 277.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 148.5 143.75 m 190.5 143.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 143.75 m 235.5 143.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 143.75 m 288.5 143.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 143.75 m 350.5 143.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 143.75 m 423.5 143.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 143.75 m 491.5 143.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 143.75 m 562.5 143.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148.5 121.75 m 190.5 121.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148.5 119.75 m 190.5 119.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 121.75 m 235.5 121.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 119.75 m 235.5 119.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 121.75 m 288.5 121.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 119.75 m 288.5 119.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 121.75 m 350.5 121.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 119.75 m 350.5 119.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 121.75 m 423.5 121.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 119.75 m 423.5 119.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 121.75 m 491.5 121.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 119.75 m 491.5 119.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 121.75 m 562.5 121.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 119.75 m 562.5 119.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 233.15 673.43 Td (Hines Real Estate Investment Trust, Inc.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 151.25 641.20 Td (Common) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.05 632.20 Td (Shar) Tj ET Q q 0 0 0 rg BT 174.39 632.20 Td (es) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 198.70 632.20 Td (Amount) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 242.95 650.20 Td (Additional) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 248.95 641.20 Td (Paid-In) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 249.20 632.20 Td (Capital) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.50 641.20 Td (Accumulated) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.25 632.20 Td (Deficit) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.00 659.20 Td (Accumulated) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.05 650.20 Td (Other) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.55 641.20 Td (Compr) Tj ET Q q 0 0 0 rg BT 385.88 641.20 Td (ehensive) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.35 632.20 Td (Income \(Loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.15 650.20 Td (T) Tj ET Q q 0 0 0 rg BT 454.33 650.20 Td (otal) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.80 641.20 Td (Stockholders) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.95 632.20 Td (Equity) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.55 641.20 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 535.88 641.20 Td (olling) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.80 632.20 Td (Inter) Tj ET Q q 0 0 0 rg BT 531.13 632.20 Td (ests) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 618.20 Td (BALANCE) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 609.20 Td (January 1, 2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 157.75 609.21 Td (217,237) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 197.00 609.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 218.50 609.21 Td (217) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 242.00 609.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 249.00 609.21 Td (1,661,006) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 295.00 609.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 314.75 609.21 Td (\(300,703) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 347.00 609.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 357.00 609.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.25 609.21 Td (48,408) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 430.00 609.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.00 609.21 Td (1,408,928) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 498.00 609.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 550.00 609.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 595.21 Td (Issuance of common ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 62.00 586.21 Td (shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 166.75 586.21 Td (6,615) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 227.50 586.21 Td (7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 260.25 586.21 Td (63,406) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 586.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 586.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 463.25 586.21 Td (63,413) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 550.00 586.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 572.21 Td (Redemption of common ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 62.00 563.21 Td (shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 163.75 563.21 Td (\(1,057) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 187.00 563.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 224.50 563.21 Td (\(1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 232.00 563.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 257.25 563.21 Td (\(11,295) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.00 563.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 563.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 563.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 563.21 Td (\(11,296) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.00 563.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 550.00 563.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 549.21 Td (Distributions declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.00 549.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 223.00 549.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 252.75 549.21 Td (\(122,348) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.00 549.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 549.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 549.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 549.21 Td (\(122,348) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.00 549.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.75 549.21 Td (\(4,524) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 549.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 535.21 Td (Other of) Tj ET Q q 0 0 0 rg BT 83.08 535.21 Td (fering costs, net) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.00 535.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 223.00 535.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 268.50 535.21 Td (\(281) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.00 535.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 535.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 535.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 471.50 535.21 Td (\(281) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.00 535.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 550.00 535.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 521.21 Td (Net income \(loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.00 521.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 223.00 521.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 276.00 521.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 319.25 521.21 Td (\(39,907) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 347.00 521.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 521.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 521.21 Td (\(39,907) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.00 521.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.75 521.21 Td (4,524) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 507.21 Td (Foreign currency ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 62.00 498.21 Td (translation adjustment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.00 498.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 223.00 498.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 276.00 498.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 498.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 406.50 498.21 Td (787) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.50 498.21 Td (787) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 550.00 498.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 484.21 Td (Reclassification ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 62.00 475.21 Td (offoreign currency ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 62.00 466.21 Td (translation adjustment ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 62.00 457.21 Td (to earnings) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.00 457.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 223.00 457.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 276.00 457.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 457.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 457.21 Td (\(37,152) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.00 457.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 457.21 Td (\(37,152) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.00 457.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 550.00 457.21 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 443.20 Td (BALANCE) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 434.20 Td (December) Tj ET Q q 0 0 0 rg BT 91.81 434.20 Td ( 31, 2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 157.75 434.21 Td (222,795) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 197.00 434.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 218.50 434.21 Td (223) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 242.00 434.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 249.00 434.21 Td (1,590,488) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 295.00 434.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 314.75 434.21 Td (\(340,610) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 347.00 434.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 357.00 434.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.25 434.21 Td (12,043) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 430.00 434.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.00 434.21 Td (1,262,144) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 498.00 434.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 550.00 434.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 420.21 Td (Issuance of common ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 62.00 411.21 Td (shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 166.75 411.21 Td (5,772) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 227.50 411.21 Td (6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 260.25 411.21 Td (49,630) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 411.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 411.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 463.25 411.21 Td (49,636) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 550.00 411.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 397.21 Td (Redemption of common ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 62.00 388.21 Td (shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 163.75 388.21 Td (\(1,387) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 187.00 388.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 224.50 388.21 Td (\(1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 232.00 388.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 257.25 388.21 Td (\(11,310) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.00 388.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 388.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 388.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 388.21 Td (\(11,311) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.00 388.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 550.00 388.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 374.21 Td (Distributions declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.00 374.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 223.00 374.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 252.75 374.21 Td (\(113,624) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.00 374.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 374.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 374.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 374.21 Td (\(113,624) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.00 374.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.75 374.21 Td (\(5,014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 374.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 360.21 Td (Other offering costs, net) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.00 360.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 223.00 360.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 273.00 360.21 Td (\(73) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.00 360.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 360.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 360.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 360.21 Td (\(73) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.00 360.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 550.00 360.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 346.21 Td (Net income \(loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.00 346.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 223.00 346.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 276.00 346.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.25 346.21 Td (38,900) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 346.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 463.25 346.21 Td (38,900) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.75 346.21 Td (5,014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 332.21 Td (Foreign currency ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 62.00 323.21 Td (translation adjustment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.00 323.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 223.00 323.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 276.00 323.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 323.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.75 323.21 Td (\(3,071) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.00 323.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 323.21 Td (\(3,071) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.00 323.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 550.00 323.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 309.21 Td (Reclassification ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 62.00 300.21 Td (offoreign currency ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 62.00 291.21 Td (translation adjustment ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 62.00 282.21 Td (to earnings) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.00 282.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 223.00 282.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 276.00 282.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 282.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.75 282.21 Td (\(8,891) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.00 282.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 282.21 Td (\(8,891) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.00 282.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 550.00 282.21 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 268.20 Td (BALANCE,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 259.20 Td (December 31, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 157.75 259.21 Td (227,180) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 197.00 259.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 218.50 259.21 Td (228) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 242.00 259.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 249.00 259.21 Td (1,515,111) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 295.00 259.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 314.75 259.21 Td (\(301,710) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 347.00 259.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 357.00 259.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 259.21 Td (81) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 430.00 259.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.00 259.21 Td (1,213,710) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 498.00 259.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 550.00 259.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 245.21 Td (Issuance of common ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 62.00 236.21 Td (shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 166.75 236.21 Td (6,119) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 227.50 236.21 Td (6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 260.25 236.21 Td (47,594) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 236.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 236.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 463.25 236.21 Td (47,600) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 550.00 236.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 222.21 Td (Redemption of common ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 62.00 213.21 Td (shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 163.75 213.21 Td (\(1,619) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 187.00 213.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 224.50 213.21 Td (\(2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 232.00 213.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 257.25 213.21 Td (\(12,633) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.00 213.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 213.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 213.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 213.21 Td (\(12,635) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.00 213.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 550.00 213.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 199.21 Td (Distributions declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.00 199.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 223.00 199.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 252.75 199.21 Td (\(116,263) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.00 199.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 199.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 199.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 199.21 Td (\(116,263) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.00 199.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 542.50 199.21 Td (\(559) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 199.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 185.21 Td (Other offering costs, net) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.00 185.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 223.00 185.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 268.50 185.21 Td (\(242) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.00 185.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 185.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 185.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 471.50 185.21 Td (\(242) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.00 185.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 550.00 185.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 171.21 Td (Net income \(loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.00 171.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 223.00 171.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 276.00 171.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 319.25 171.21 Td (\(76,307) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 347.00 171.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 171.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 171.21 Td (\(76,307) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.00 171.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.50 171.21 Td (559) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 157.21 Td (Foreign currency ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 62.00 148.21 Td (translation adjustment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.00 148.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 223.00 148.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 276.00 148.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 148.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.75 148.21 Td (\(2,042) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.00 148.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 148.21 Td (\(2,042) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.00 148.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 550.00 148.21 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 134.20 Td (BALANCE,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 125.20 Td (December 31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 157.75 125.21 Td (231,680) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 197.00 125.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 218.50 125.21 Td (232) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 242.00 125.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 249.00 125.21 Td (1,433,567) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 295.00 125.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 314.75 125.21 Td (\(378,017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 347.00 125.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 357.00 125.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.75 125.21 Td (\(1,961) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.00 125.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 430.00 125.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.00 125.21 Td (1,053,821) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 498.00 125.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 550.00 125.21 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.60 97.25 Td (See notes to the consolidated financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 135 0 obj <> endobj 136 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (65) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 190.15 742.25 Td (HINES REAL) Tj ET Q q 0 0 0 rg BT 251.00 742.25 Td ( EST) Tj ET Q q 0 0 0 rg BT 271.66 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 278.14 742.25 Td (TE INVESTMENT) Tj ET Q q 0 0 0 rg BT 361.04 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 363.36 742.25 Td (TRUST) Tj ET Q q 0 0 0 rg BT 395.96 742.25 Td (, INC.) Tj ET Q BT /F3 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 /F3 10.00 Tf ET q 0 0 0 rg BT 187.90 718.25 Td (For) Tj ET Q q 0 0 0 rg BT 203.27 718.25 Td ( the ) Tj ET Q q 0 0 0 rg BT 221.23 718.25 Td (Y) Tj ET Q q 0 0 0 rg BT 227.34 718.25 Td (ears Ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 277.90 718.25 Td (December) Tj ET Q q 0 0 0 rg BT 321.02 718.25 Td (31, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 358.52 718.25 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 363.52 718.25 Td (201) Tj ET Q q 0 0 0 rg BT 377.97 718.25 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 382.97 718.25 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 404.10 718.25 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 424.10 718.25 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 666.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 666.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 666.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 666.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 666.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 666.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 626.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 626.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 626.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 626.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 626.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 626.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 596.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 596.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 596.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 596.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 596.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 596.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 566.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 566.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 566.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 566.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 566.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 566.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 536.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 536.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 536.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 536.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 536.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 536.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 506.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 506.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 506.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 506.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 506.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 506.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 476.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 476.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 476.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 476.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 476.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 476.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 436.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 436.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 436.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 436.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 436.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 436.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 406.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 406.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 406.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 406.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 406.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 406.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 376.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 376.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 376.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 376.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 376.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 376.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 346.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 346.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 346.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 346.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 346.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 346.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 316.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 316.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 316.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 316.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 316.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 316.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 286.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 286.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 286.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 286.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 286.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 286.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 256.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 256.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 256.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 256.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 256.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 256.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 226.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 226.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 226.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 226.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 226.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 226.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 196.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 196.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 196.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 196.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 196.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 196.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 166.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 166.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 166.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 166.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 166.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 166.75 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 680.75 m 424.5 680.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 680.75 m 493.5 680.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 680.75 m 562.5 680.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 506.75 m 424.5 506.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 506.75 m 493.5 506.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 506.75 m 562.5 506.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 491.75 m 424.5 491.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 491.75 m 493.5 491.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 491.75 m 562.5 491.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 376.75 m 424.5 376.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 376.75 m 493.5 376.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 376.75 m 562.5 376.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 361.75 m 424.5 361.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 361.75 m 493.5 361.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 361.75 m 562.5 361.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 211.75 m 424.5 211.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 211.75 m 493.5 211.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 211.75 m 562.5 211.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 196.75 m 424.5 196.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 196.75 m 493.5 196.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 196.75 m 562.5 196.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 181.75 m 424.5 181.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 181.75 m 493.5 181.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 181.75 m 562.5 181.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 151.75 m 424.5 151.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 151.75 m 493.5 151.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 151.75 m 562.5 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 137.75 m 424.5 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 135.75 m 424.5 135.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 137.75 m 493.5 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 135.75 m 493.5 135.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 137.75 m 562.5 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 135.75 m 562.5 135.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.50 685.43 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.75 685.43 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 519.50 685.43 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 671.43 Td (CASH FLOW FROM OPERATING ACTIVITIES:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 429.50 671.43 Td (\(In thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 656.42 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 656.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 656.47 Td (\(75,748) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 656.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 656.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 656.42 Td (43,914) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 656.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 656.47 Td (\(35,383) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 656.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 641.42 Td (Adjustments to reconcile net income \(loss\) to cash from operating) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 631.42 Td (activities:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 631.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 631.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 616.42 Td (Depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 616.42 Td (90,853) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 616.42 Td (104,137) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 616.42 Td (109,572) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 601.42 Td (Gain on sale of discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.80 601.47 Td (\(2,064) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 601.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.80 601.47 Td (\(107,241) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 601.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 601.47 Td (\(22,537) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 601.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 586.42 Td (Impairment losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 586.42 Td (53,483) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 586.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 586.42 Td (811) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 571.42 Td (Equity in \(earnings\) losses of unconsolidated entities, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.80 571.47 Td (\(9,460) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 571.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 571.42 Td (5,138) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 571.47 Td (\(5,513) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 571.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 556.42 Td (Distributions received from unconsolidated entities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 556.42 Td (2,401) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 556.42 Td (2,779) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 556.42 Td (2,446) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 541.42 Td (Other losses, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 541.42 Td (31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 541.42 Td (31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 541.42 Td (37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 526.42 Td (\(Gain\) loss on derivative instruments, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.80 526.47 Td (\(8,680) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 526.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 526.42 Td (24,590) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 526.42 Td (18,525) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 511.42 Td (Net change in operating accounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 511.47 Td (\(26,673) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 511.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 511.47 Td (\(64,735) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 511.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 511.47 Td (\(39,064) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 511.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 496.42 Td (Net cash from operating activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 496.42 Td (24,143) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 496.42 Td (8,613) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 496.42 Td (28,894) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 466.43 Td (CASH FLOWS FROM INVESTING ACTIVITIES:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 451.42 Td (Distributions received from unconsolidated entities in excess of equity in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 441.42 Td (earnings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 441.42 Td (23,733) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 441.42 Td (9,970) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 441.42 Td (9,687) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 426.42 Td (Investments in property) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 426.47 Td (\(10,248) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 426.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 426.47 Td (\(8,535) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 426.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 426.47 Td (\(5,041) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 426.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 411.42 Td (Proceeds from sale of discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 411.42 Td (11,521) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 411.42 Td (128,709) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 411.42 Td (141,896) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 396.42 Td (Change in restricted cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.80 396.47 Td (\(9,971) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 396.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.80 396.47 Td (\(107,064) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 396.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 396.42 Td (2,758) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 381.42 Td (Change in cash collateral on notes payable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 381.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 381.42 Td (106,248) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 381.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 366.42 Td (Net cash from investing activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 366.42 Td (15,035) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 366.42 Td (129,328) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 366.42 Td (149,300) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 336.43 Td (CASH FLOWS FROM FINANCING ACTIVITIES:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 321.42 Td (Change in other liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.65 321.42 Td (476) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 321.42 Td (423) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.30 321.47 Td (\(196) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 321.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 306.42 Td (Proceeds from issuance of common stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 306.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 306.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 306.42 Td (1,569) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 291.42 Td (Redemption of common shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 291.47 Td (\(12,594) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 291.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 291.47 Td (\(11,692) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 291.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 291.47 Td (\(9,668) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 291.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 276.42 Td (Payments of offering costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.30 276.47 Td (\(258) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 276.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.30 276.47 Td (\(63) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 276.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.30 276.47 Td (\(320) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 276.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 261.42 Td (Distributions paid to stockholders and noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 261.47 Td (\(68,681) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 261.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 261.47 Td (\(68,244) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 261.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 261.47 Td (\(69,292) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 261.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 246.42 Td (Proceeds from notes payable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 246.42 Td (32,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 246.42 Td (163,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 246.42 Td (94,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 231.42 Td (Payments on notes payable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 231.47 Td (\(47,339) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 231.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.80 231.47 Td (\(154,155) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 231.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.80 231.47 Td (\(170,287) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 231.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 216.42 Td (Additions to deferred financing costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.80 216.47 Td (\(1,014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 216.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 216.47 Td (\(1,387) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 216.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 216.47 Td (\(2,002) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 216.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 201.42 Td (Net cash from financing activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 201.47 Td (\(97,410) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 201.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 201.47 Td (\(72,118) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 201.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.80 201.47 Td (\(156,196) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 201.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 186.42 Td (Effect of exchange rate changes on cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 186.42 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 186.42 Td (30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 186.42 Td (1,017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 171.42 Td (Net change in cash and cash equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 171.47 Td (\(58,215) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 171.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 171.42 Td (65,853) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 171.42 Td (23,015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 156.43 Td (Cash and cash equivalents, beginning of year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 156.42 Td (130,445) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 156.42 Td (64,592) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 156.42 Td (41,577) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 141.43 Td (Cash and cash equivalents, end of year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 141.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 141.42 Td (72,230) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 141.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 141.42 Td (130,445) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 141.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 141.42 Td (64,592) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.60 113.25 Td (See notes to the consolidated financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 137 0 obj <> endobj 138 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (66) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 190.15 742.25 Td (HINES REAL) Tj ET Q q 0 0 0 rg BT 251.00 742.25 Td ( EST) Tj ET Q q 0 0 0 rg BT 271.66 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 278.14 742.25 Td (TE INVESTMENT) Tj ET Q q 0 0 0 rg BT 361.04 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 363.36 742.25 Td (TRUST) Tj ET Q q 0 0 0 rg BT 395.96 742.25 Td (, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.30 718.25 Td (NOTES) Tj ET Q q 0 0 0 rg BT 211.52 718.25 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 718.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 718.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 718.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 718.25 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 718.25 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 695.25 Td (1.Organization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 671.25 Td (Hines Real Estate Investment ) Tj ET Q q 0 0 0 rg BT 188.34 671.25 Td (T) Tj ET Q q 0 0 0 rg BT 194.10 671.25 Td (rust, Inc., a Maryland corporation \(Hines REIT and, together with its consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 659.25 Td (subsidiaries, the Company\), was formed on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.40 659.25 Td (August5, 2003) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.80 659.25 Td ( under the General Corporation Law of the state of Maryland for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 647.25 Td (the purpose of engaging in the business of investing in and owning interests in real estate. Beginning with its taxable year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 635.25 Td (ended December 31, 2004, the Company operated and intends to continue to operate in a manner to qualify as a real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 623.25 Td (investment trust \(REIT\) for federal income tax purposes. ) Tj ET Q q 0 0 0 rg BT 288.35 623.25 Td (The Company is structured as an umbrella partnership REIT) Tj ET Q q 0 0 0 rg BT 529.77 623.25 Td ( under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 611.25 Td (which substantially all of the Company) Tj ET Q q 0 0 0 rg BT 209.70 611.25 Td (s current and future business is and will be conducted through its majority-owned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 599.25 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 90.46 599.25 Td (, Hines REIT) Tj ET Q q 0 0 0 rg BT 143.33 599.25 Td ( Properties, L.P) Tj ET Q q 0 0 0 rg BT 204.43 599.25 Td (. \(the Operating Partnership\). Hines REIT) Tj ET Q q 0 0 0 rg BT 380.59 599.25 Td ( is the sole general partner of the Operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 587.25 Td (Partnership. Subject to certain restrictions and limitations, the business of the Company is managed by Hines ) Tj ET Q q 0 0 0 rg BT 488.26 587.25 Td (Advisors Limited ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 575.25 Td (Partnership \(the Advisor\), an af) Tj ET Q q 0 0 0 rg BT 185.05 575.25 Td (filiate of Hines Interests Limited Partnership \(Hines\), pursuant to the advisory agreement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 563.25 Td (between the Company and the ) Tj ET Q q 0 0 0 rg BT 173.02 563.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 204.69 563.25 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 539.25 Td (Public Of) Tj ET Q q 0 0 0 rg BT 98.54 539.25 Td (fering) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 515.25 Td (Hines REIT) Tj ET Q q 0 0 0 rg BT 115.87 515.25 Td ( commenced its initial public of) Tj ET Q q 0 0 0 rg BT 242.60 515.25 Td (fering in June 2004 and has raised ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.73 515.25 Td ($2.6 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.84 515.25 Td ( through three public of) Tj ET Q q 0 0 0 rg BT 522.08 515.25 Td (ferings, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 503.25 Td (since inception.) Tj ET Q q 0 0 0 rg BT 117.58 503.25 Td (The Company commenced a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.76 503.25 Td ($150.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.65 503.25 Td ( of) Tj ET Q q 0 0 0 rg BT 304.30 503.25 Td (fering of shares of its common stock under its dividend ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 491.25 Td (reinvestment plan on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.37 491.25 Td (July1, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.54 491.25 Td (, which closed on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.02 491.25 Td (June30, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.85 491.25 Td (, immediately prior to the commencement of the Company) Tj ET Q q 0 0 0 rg BT 551.29 491.25 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 479.25 Td (new ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.16 479.25 Td ($300.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.05 479.25 Td ( of) Tj ET Q q 0 0 0 rg BT 138.70 479.25 Td (fering of shares of its common stock under its dividend reinvestment plan on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.36 479.25 Td (July1, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.53 479.25 Td (. ) Tj ET Q q 0 0 0 rg BT 502.35 479.25 Td (The Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 467.25 Td (refers to both of) Tj ET Q q 0 0 0 rg BT 113.96 467.25 Td (ferings of shares under its dividend reinvestment plan collectively asthe DRP) Tj ET Q q 0 0 0 rg BT 429.35 467.25 Td ( Of) Tj ET Q q 0 0 0 rg BT 442.22 467.25 Td (fering. From inception of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 455.25 Td (the DRP) Tj ET Q q 0 0 0 rg BT 83.80 455.25 Td ( Of) Tj ET Q q 0 0 0 rg BT 96.67 455.25 Td (fering through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.66 455.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.24 455.25 Td (, Hines REIT) Tj ET Q q 0 0 0 rg BT 288.11 455.25 Td ( received gross of) Tj ET Q q 0 0 0 rg BT 358.73 455.25 Td (fering proceeds of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.97 455.25 Td ($126.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.87 455.25 Td ( from the sale of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 443.25 Td (14.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.89 443.25 Td ( shares through the DRP) Tj ET Q q 0 0 0 rg BT 196.29 443.25 Td ( Of) Tj ET Q q 0 0 0 rg BT 209.16 443.25 Td (fering.Based on market conditions and other considerations, the Company does not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 431.25 Td (currently expect to commence any future of) Tj ET Q q 0 0 0 rg BT 224.74 431.25 Td (ferings other than those related to shares issued under its dividend reinvestment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 419.25 Td (plan. On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.94 419.25 Td (January1, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.54 419.25 Td (, Hines REIT) Tj ET Q q 0 0 0 rg BT 203.40 419.25 Td ( received gross of) Tj ET Q q 0 0 0 rg BT 274.03 419.25 Td (fering proceeds of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.27 419.25 Td ($1) Tj ET Q q 0 0 0 rg BT 358.90 419.25 Td (1.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.79 419.25 Td ( from the sale of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.83 419.25 Td (1.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.72 419.25 Td ( shares ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 407.25 Td (through the DRP) Tj ET Q q 0 0 0 rg BT 117.41 407.25 Td ( Of) Tj ET Q q 0 0 0 rg BT 130.28 407.25 Td (fering.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 383.25 Td (Hines REIT) Tj ET Q q 0 0 0 rg BT 115.87 383.25 Td ( contributes all net proceeds from its public of) Tj ET Q q 0 0 0 rg BT 300.08 383.25 Td (ferings to the Operating Partnership in exchange for partnership ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 371.25 Td (units in the Operating Partnership. ) Tj ET Q q 0 0 0 rg BT 189.42 371.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.87 371.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.45 371.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.89 371.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 385.10 371.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.10 371.25 Td (, Hines REIT) Tj ET Q q 0 0 0 rg BT 442.97 371.25 Td ( owned a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.57 371.25 Td (94.7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.40 371.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.34 371.25 Td (95.4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 555.17 371.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 359.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 359.25 Td (, general partner interest in the Operating Partnership. Hines 2005 ) Tj ET Q q 0 0 0 rg BT 363.51 359.25 Td (VS I LP) Tj ET Q q 0 0 0 rg BT 395.19 359.25 Td (, an af) Tj ET Q q 0 0 0 rg BT 419.71 359.25 Td (filiate of Hines, owned a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.79 359.25 Td (0.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.62 359.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 347.25 Td (interest in the Operating Partnership as of both ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.40 347.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.98 347.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.42 347.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 410.63 347.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.63 347.25 Td (. In addition, another af) Tj ET Q q 0 0 0 rg BT 509.31 347.25 Td (filiate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 335.25 Td (Hines, HALP) Tj ET Q q 0 0 0 rg BT 104.07 335.25 Td ( ) Tj ET Q q 0 0 0 rg BT 106.02 335.25 Td (Associates Limited Partnership \(HALP\) owned a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.75 335.25 Td (4.8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.58 335.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.01 335.25 Td (4.1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.84 335.25 Td ( limited partnership interest in the Operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 323.25 Td (Partnership as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.71 323.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.29 323.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.73 323.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 290.94 323.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.94 323.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 348.60 323.25 Td (, which is a profits interest \(the Participation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 311.25 Td (Interest\). See Note 9 Related Party ) Tj ET Q q 0 0 0 rg BT 208.10 311.25 Td (T) Tj ET Q q 0 0 0 rg BT 213.86 311.25 Td (ransactions for additional information regarding the Participation Interest.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 287.25 Td (Investment Property) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 263.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.44 263.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.03 263.25 Td (, the Company owned direct and indirect investments in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.09 263.25 Td (51) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.09 263.25 Td ( properties. ) Tj ET Q q 0 0 0 rg BT 454.39 263.25 Td (These properties consisted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 251.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.83 251.25 Td (37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.83 251.25 Td ( U.S. of) Tj ET Q q 0 0 0 rg BT 101.76 251.25 Td (fice properties, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.23 251.25 Td (one) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.67 251.25 Td ( industrial property in Dallas, ) Tj ET Q q 0 0 0 rg BT 298.47 251.25 Td (T) Tj ET Q q 0 0 0 rg BT 303.88 251.25 Td (exas, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.65 251.25 Td (one) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.08 251.25 Td ( industrial property in Brazil and a portfolio of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.65 251.25 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 251.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 239.25 Td (grocery-anchored shopping centers located in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.65 239.25 Td (five) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.20 239.25 Td ( states primarily in the southeastern United States \(the Grocery-Anchored ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 227.25 Td (Portfolio\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 203.25 Td (The Company has made investments directly through entities wholly-owned by the Operating Partnership, or indirectly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 191.25 Td (through other entities, such as through its investment in Hines USCore Of) Tj ET Q q 0 0 0 rg BT 347.84 191.25 Td (fice Fund LP) Tj ET Q q 0 0 0 rg BT 399.68 191.25 Td ( \(the Core Fund\) in which it owned a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 179.25 Td (27.1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.83 179.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.27 179.25 Td (27.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.10 179.25 Td ( non-managing general partner interest as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.20 179.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.78 179.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.22 179.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 471.43 179.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.43 179.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 529.09 179.25 Td (. ) Tj ET Q q 0 0 0 rg BT 533.91 179.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 167.25 Td (Company also owned a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.09 167.25 Td (70%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.42 167.25 Td ( interest in the Grocery-Anchored Portfolio indirectly through a joint venture with ) Tj ET Q q 0 0 0 rg BT 494.71 167.25 Td (W) Tj ET Q q 0 0 0 rg BT 503.35 167.25 Td (eingarten ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 155.25 Td (Realty Investors and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.64 155.25 Td (50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.97 155.25 Td ( interest in Distribution Park Rio, an industrial property in Rio de Janeiro, Brazil, indirectly through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 143.25 Td (a joint venture with a Hines af) Tj ET Q q 0 0 0 rg BT 170.89 143.25 Td (filiate \(Subsequent to December 31, 2012, the Company sold its interest in Distribution Park Rio. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 131.25 Td (See Note 16Subsequent Events for further information.\) ) Tj ET Q q 0 0 0 rg BT 288.93 131.25 Td (The Company accountsfor each of these investments using the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 119.25 Td (equity method of accounting. See Note5 Investments in Unconsolidated Entities for additional information regarding the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 107.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 107.25 Td (s investments in unconsolidated entities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 139 0 obj <> endobj 140 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (67) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (2.Summary of Significant ) Tj ET Q q 0 0 0 rg BT 166.12 742.25 Td (Accounting Policies) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 718.25 Td (Use of Estimates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 694.25 Td (Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (the United States of ) Tj ET Q q 0 0 0 rg BT 131.10 682.25 Td (America \(GAAP\). ) Tj ET Q q 0 0 0 rg BT 215.61 682.25 Td (The preparation of the consolidated financial statements requires the Company to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (make estimates and judgments that af) Tj ET Q q 0 0 0 rg BT 200.05 670.25 Td (fect the reported amounts of assets, liabilities and contingencies as of the date of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (financial statements and the reported amounts of revenues and expenses during the reporting periods. ) Tj ET Q q 0 0 0 rg BT 457.19 658.25 Td (The Company evaluates ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (its assumptions and estimates on an ongoing basis. ) Tj ET Q q 0 0 0 rg BT 255.08 646.25 Td (The Company bases its estimates on historical experience and on various ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (other assumptions that the Company believes to be reasonable under the circumstances. ) Tj ET Q q 0 0 0 rg BT 402.40 634.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 452.30 634.25 Td (, application of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 622.25 Td (s accounting policies involves exercising judgments regarding assumptions as to future uncertainties. ) Tj ET Q q 0 0 0 rg BT 497.96 622.25 Td (Actual results ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (may dif) Tj ET Q q 0 0 0 rg BT 80.64 610.25 Td (fer from these estimates under dif) Tj ET Q q 0 0 0 rg BT 215.14 610.25 Td (ferent assumptions or conditions.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 586.25 Td (Basis of Presentation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 562.25 Td (The consolidated financial statements of the Company included in this annual report include the accounts of Hines REIT) Tj ET Q q 0 0 0 rg BT 550.18 562.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (the Operating Partnership and the Operating Partnership) Tj ET Q q 0 0 0 rg BT 277.71 550.25 Td (s wholly-owned subsidiaries as well as the related amounts of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (noncontrolling interest. ) Tj ET Q q 0 0 0 rg BT 145.26 538.25 Td (All intercompany balances and transactions have been eliminated in consolidation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 514.25 Td (The Company evaluates the need to consolidate joint ventures in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 422.90 514.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 425.40 514.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.90 514.25 Td (In accordance with GAAP) Tj ET Q q 0 0 0 rg BT 532.58 514.25 Td (, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (Company will consolidate joint ventures that are determined to be variable interest entities for which it is the primary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 94.32 490.25 Td (. Partially owned real estate joint ventures and partnerships over which the Company has a controlling financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (interest are consolidated in its financial statements. In determining if the Company has a controlling financial interest, it ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (considers factors such as ownership interest, authority to make decisions, kick-out rights and substantive participating rights. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (Management continually analyzes and assesses reconsideration events, including changes in these factors, to determine if the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (consolidation treatment remains appropriate. Partially owned real estate joint ventures and partnerships where it does not have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (a controlling financial interest, but has the ability to exercise significant influence, are accounted for using the equity method.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 406.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 127.71 406.25 Td (s investments in partially-owned real estate joint ventures and partnerships are reviewed for impairment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (periodically) Tj ET Q q 0 0 0 rg BT 97.11 394.25 Td (. ) Tj ET Q q 0 0 0 rg BT 101.93 394.25 Td (The Company will record an impairment char) Tj ET Q q 0 0 0 rg BT 285.02 394.25 Td (ge if it determines that a decline in the fair value of an investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (below its carrying value is other than temporary) Tj ET Q q 0 0 0 rg BT 241.24 382.25 Td (.) Tj ET Q q 0 0 0 rg BT 248.55 382.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 308.27 382.25 Td (s analysis will be dependent on a number of factors, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (the performance of each 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 557.81 370.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (Based on the Company) Tj ET Q q 0 0 0 rg BT 145.82 358.25 Td (s analysis of the facts and circumstances at each reporting period, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.17 358.25 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.17 358.25 Td ( impairment was recorded related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (to its investments in the Core Fund, the Grocery-Anchored Portfolio, or Distribution Park Rio for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.61 346.25 Td (years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.71 346.25 Td ( ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 334.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.58 334.25 Td (201) Tj ET Q q 0 0 0 rg BT 148.21 334.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.21 334.25 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.15 334.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.15 334.25 Td (. However) Tj ET Q q 0 0 0 rg BT 236.40 334.25 Td (, if market conditions deteriorate in the future and result in lower valuations or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (reduced cash flows of the Company) Tj ET Q q 0 0 0 rg BT 196.35 322.25 Td (s investments, impairment char) Tj ET Q q 0 0 0 rg BT 321.14 322.25 Td (ges may be recorded in future periods.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 298.25 Td (International Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 274.25 Td (In addition to its properties in the United States, the Company has owned investments in Canada and Brazil. ) Tj ET Q q 0 0 0 rg BT 502.74 274.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 262.25 Td (s foreign subsidiaries translated their financial statements into U.S.dollars for reporting purposes. ) Tj ET Q q 0 0 0 rg BT 484.91 262.25 Td (Assets and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (liabilities were translated at the exchange rate in ef) Tj ET Q q 0 0 0 rg BT 253.06 250.25 Td (fect as of the balance sheet date. Income statement amounts were translated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (using the average exchange rate for the period and significant nonrecurring transactions using the rate on the transaction date. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (Gains and losses resulting from translation were included in accumulated other comprehensive income as a separate component ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (of stockholders) Tj ET Q q 0 0 0 rg BT 113.96 214.25 Td ( equity) Tj ET Q q 0 0 0 rg BT 140.81 214.25 Td (.) Tj ET Q q 0 0 0 rg BT 148.13 214.25 Td (W) Tj ET Q q 0 0 0 rg BT 157.17 214.25 Td (ith the exception of the Company) Tj ET Q q 0 0 0 rg BT 293.53 214.25 Td (s investment in Distribution Park Rio, the Company disposed of its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (investments in Brazil in January 2010 and June 2010 as well as its investment in) Tj ET Q q 0 0 0 rg BT 373.94 202.25 Td (T) Tj ET Q q 0 0 0 rg BT 379.35 202.25 Td (oronto, Ontario in June 201) Tj ET Q q 0 0 0 rg BT 489.24 202.25 Td (1. Upon disposal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (of these properties, the Company realized a gain related to thecurrency translation adjustment which was included in the gain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (on disposal in its consolidated statement of operations.During the years ended December 31, 201) Tj ET Q q 0 0 0 rg BT 442.59 178.25 Td (1 and 2010, respectively) Tj ET Q q 0 0 0 rg BT 539.69 178.25 Td (, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (Company realized gains of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.97 166.25 Td ($8.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.86 166.25 Td ( related to the currency translation adjustmentas a result of the disposal of its directly-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (owned property in Canada and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.24 154.25 Td ($37.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.13 154.25 Td ( as a result of the disposal of its directly-owned properties in Brazil. ) Tj ET Q q 0 0 0 rg BT 502.40 154.25 Td (Accumulated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (other comprehensive income as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.67 142.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.26 142.25 Td ( is related to the investment in the Company) Tj ET Q q 0 0 0 rg BT 447.67 142.25 Td (s indirectly-owned property ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (in Rio de Janeiro, Brazil and remaining non-operating net assets of the disposed directly-owned properties in Brazil and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (Canada. Subsequent to December 31, 2012, the Company sold its interest in Distribution Park Rio. See Note 16Subsequent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (Events for further information.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 141 0 obj <> endobj 142 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (68) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 742.25 Td (Investment Property) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (Real estate assets that the Company owns directly are stated at cost less accumulated depreciation. Depreciation is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (computed using the straight-line method. ) Tj ET Q q 0 0 0 rg BT 216.46 706.25 Td (The estimated useful lives for computing depreciation are generally ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.41 706.25 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.41 706.25 Td (years for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (furniture and fixtures, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.97 694.25 Td (15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.97 694.25 Td (-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.30 694.25 Td (20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.30 694.25 Td (years for electrical and mechanical installations and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.43 694.25 Td (40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.43 694.25 Td (years for buildings. Major replacements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (that extend the useful life of the assets are capitalized and maintenance and repair costs are expensed as incurred.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 658.25 Td (Management estimated the fair value of assumed mortgage notes payable based upon indications of then-current market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (pricing for similar types of debt with similar maturities. ) Tj ET Q q 0 0 0 rg BT 274.40 646.25 Td (Assumed mortgage notes payable were initially recorded at their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (estimated fair value as of the assumption date, and the dif) Tj ET Q q 0 0 0 rg BT 280.02 634.25 Td (ference between such estimated fair value and the note) Tj ET Q q 0 0 0 rg BT 501.59 634.25 Td (s outstanding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (principal balance is amortized to interest expense over the life of the mortgage note payable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 598.25 Td (Real estate assets are reviewed for impairment each reporting period if events or changes in circumstances indicate that the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (carrying amount of the individual property may not be recoverable. In such an event, a comparison will be made of the current ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (and projected cash flows of each property on an undiscounted basis to the carrying amount of such property) Tj ET Q q 0 0 0 rg BT 480.61 574.25 Td (.If undiscounted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (cash flows are less than the carrying amount, such carrying amount would be adjusted, if necessary) Tj ET Q q 0 0 0 rg BT 446.17 562.25 Td (, to estimated fair value to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (reflect impairment in the value of the asset.See Note 13 Fair ) Tj ET Q q 0 0 0 rg BT 310.57 550.25 Td (V) Tj ET Q q 0 0 0 rg BT 316.68 550.25 Td (alue Disclosures for additional information regarding our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (policy for determining fair values of our investment property) Tj ET Q q 0 0 0 rg BT 293.17 538.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 514.25 Td (During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.63 514.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.21 514.25 Td (, the Company determined that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.29 514.25 Td (three) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.28 514.25 Td ( of its directly-owned investment properties ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (located in Minneapolis, Minnesota, Melville, New ) Tj ET Q q 0 0 0 rg BT 253.75 502.25 Td (Y) Tj ET Q q 0 0 0 rg BT 259.98 502.25 Td (ork and Seattle, ) Tj ET Q q 0 0 0 rg BT 324.78 502.25 Td (W) Tj ET Q q 0 0 0 rg BT 333.41 502.25 Td (ashington were impaired, since the projected ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (undiscounted cash flows for these properties were less than their carrying values.) Tj ET Q q 0 0 0 rg BT 378.79 490.25 Td (As a result, an impairment loss was recorded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (related to those certain properties of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.61 478.25 Td ($53.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.50 478.25 Td ( to write down the carrying value of these assets to their fair value for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (year ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.58 466.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.08 466.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.67 466.25 Td (.If market conditions deteriorate or if management) Tj ET Q q 0 0 0 rg BT 384.31 466.25 Td (s plans for certain properties change, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (additional impairment char) Tj ET Q q 0 0 0 rg BT 158.12 454.25 Td (ges could be required in the future. See Note 13 Fair ) Tj ET Q q 0 0 0 rg BT 380.09 454.25 Td (V) Tj ET Q q 0 0 0 rg BT 386.21 454.25 Td (alue Disclosures ) Tj ET Q q 0 0 0 rg BT 461.47 454.25 Td (Assets and Liabilities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (Measured at Fair ) Tj ET Q q 0 0 0 rg BT 120.07 442.25 Td (V) Tj ET Q q 0 0 0 rg BT 126.19 442.25 Td (alue on a Nonrecurring Basis - Impairment of Investment Property for additional information.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 418.25 Td (During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.63 418.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.21 418.25 Td (, an impairment loss of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.14 418.25 Td ($90.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.04 418.25 Td ( was recorded related to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.04 418.25 Td (seven) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.81 418.25 Td ( of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 406.25 Td (s indirectly-owned properties, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.85 406.25 Td (five) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.40 406.25 Td ( of which were located in the suburban area outside of Sacramento, California and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (two) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 394.25 Td ( of which were located in Charlotte, North Carolina. ) Tj ET Q q 0 0 0 rg BT 278.27 394.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 328.17 394.25 Td (, during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.58 394.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 495.80 394.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.80 394.25 Td (, impairment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (losses of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.22 382.25 Td ($101.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.11 382.25 Td ( were recorded related to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.00 382.25 Td (five) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.54 382.25 Td ( of the Company) Tj ET Q q 0 0 0 rg BT 333.26 382.25 Td (s indirectly-owned properties located in the suburban ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (area outside of Sacramento, California.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.11 370.25 Td (Four) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.00 370.25 Td ( of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.04 370.25 Td (five) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.59 370.25 Td ( properties located in the suburban area outside of Sacramento, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (California were sold in December 2012. See Note 5 Investments in Unconsolidated Entities for additional information.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 334.25 Td (During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.63 334.25 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.21 334.25 Td (, the Company recorded an impairment loss of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.48 334.25 Td ($0.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.37 334.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (related to the sale of a land parcel, which was completed in September 2010. See Note 13 Fair ) Tj ET Q q 0 0 0 rg BT 436.64 322.25 Td (V) Tj ET Q q 0 0 0 rg BT 442.75 322.25 Td (alue Disclosures ) Tj ET Q q 0 0 0 rg BT 518.02 322.25 Td (Assets and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (Liabilities Measured at Fair ) Tj ET Q q 0 0 0 rg BT 163.12 310.25 Td (V) Tj ET Q q 0 0 0 rg BT 169.23 310.25 Td (alue on a Nonrecurring Basis - Impairment of Investment Property for additional information.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 286.25 Td (Cash and Cash Equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 262.25 Td (The Company considers all short-term, highly liquid investments that are readily convertible to cash with an original ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (maturity of three months or less at the time of purchase to be cash equivalents.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 226.25 Td (Restricted Cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 202.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.44 202.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.03 202.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.47 202.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 263.68 202.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.68 202.25 Td (, the Company had restricted cash of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.52 202.25 Td ($120.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.41 202.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.85 202.25 Td ($1) Tj ET Q q 0 0 0 rg BT 505.48 202.25 Td (10.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.37 202.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 190.25 Td (. In May 201) Tj ET Q q 0 0 0 rg BT 148.95 190.25 Td (1, the Company replaced the HSH Nordbank Collateral deposit with a letter of credit from the Bank of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (Montreal. ) Tj ET Q q 0 0 0 rg BT 91.10 178.25 Td (As collateral for the letter of credit, the Company posted a cash deposit of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.06 178.25 Td ($107.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.95 178.25 Td ( with the Bank of Montreal, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (which is classified as restricted cash in the consolidated balance sheets.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.68 166.25 Td (HSH Nordbank has the right to have the properties ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (serving as collateral under the HSH Nordbank creditfacility appraised every two years. Subject to this requirement, in October ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (2012, HSH Nordbank notified the Company that the outstanding principal amounts under the facility exceeded 55% of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (appraised values of the properties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.39 130.25 Td ( and therefore the Company would be required to provide additional collateral in the amount ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.83 118.25 Td ($9.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.72 118.25 Td ( to rebalance the portfolio. ) Tj ET Q q 0 0 0 rg BT 217.83 118.25 Td (The Company obtained a letter of credit from the Bank of Montreal in October 2012 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (in order to meet the additional collateral required by HSH Nordbank. ) Tj ET Q q 0 0 0 rg BT 328.25 106.25 Td (As collateral for the letter of credit, the Company posted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (an additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.43 94.25 Td ($9.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.32 94.25 Td ( cash deposit with the Bank of Montreal.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 70.25 Td (The remaining balance in restricted cash for each period is related to escrow accounts required by certain of the Company) Tj ET Q q 0 0 0 rg BT 558.08 70.25 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (mortgage agreements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 143 0 obj <> endobj 144 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (69) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 742.25 Td (Concentration of Credit Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.44 718.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.03 718.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.47 718.25 Td (201) Tj ET Q q 0 0 0 rg BT 205.09 718.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.09 718.25 Td (, the Company had cash and cash equivalents and restricted cash deposited in certain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (financial institutions in excess of federally insured levels. Management regularly monitors the financial stability of these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (financial institutions in an ef) Tj ET Q q 0 0 0 rg BT 164.24 694.25 Td (fort to manage the Company) Tj ET Q q 0 0 0 rg BT 281.43 694.25 Td (s exposure to any significant credit risk in cash and cash equivalents ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (or restricted cash. ) Tj ET Q q 0 0 0 rg BT 123.12 682.25 Td (The Federal Deposit Insurance Corporation generally only insures limited amounts per depositor per insured ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (bank. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 646.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.44 646.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.03 646.25 Td (, the Company had a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.01 646.25 Td ($1) Tj ET Q q 0 0 0 rg BT 265.64 646.25 Td (17.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.53 646.25 Td ( deposit held by the Bank of Montreal as collateral for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (properties under the Company) Tj ET Q q 0 0 0 rg BT 174.14 634.25 Td (s pooled mortgage facility) Tj ET Q q 0 0 0 rg BT 278.18 634.25 Td (. Management regularly monitors the financial stability of this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (financial institution in an ef) Tj ET Q q 0 0 0 rg BT 160.35 622.25 Td (fort to manage its exposure to any significant risk related to its deposit.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 598.25 Td (T) Tj ET Q q 0 0 0 rg BT 64.19 598.25 Td (enant and Other Receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 574.25 Td (Receivable balances outstanding consist primarily of base rents, tenant reimbursements and receivables attributable to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (straight-line rent. ) Tj ET Q q 0 0 0 rg BT 123.32 562.25 Td (An allowance for the uncollectible portion of tenant and other receivables is determined based upon an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (analysis of the tenant) Tj ET Q q 0 0 0 rg BT 137.48 550.25 Td (s payment history) Tj ET Q q 0 0 0 rg BT 207.93 550.25 Td (, the financial condition of the tenant, business conditions in the industry in which the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (tenant operates and economic conditions in the area in which the property is located.) Tj ET Q q 0 0 0 rg BT 390.54 538.25 Td (T) Tj ET Q q 0 0 0 rg BT 395.95 538.25 Td (enant and other receivables are shown at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (cost in the consolidated balance sheets, net of allowance for doubtful accounts of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.56 526.25 Td ($6.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.45 526.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.89 526.25 Td ($7.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.78 526.25 Td ( at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 514.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.02 514.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 221.24 514.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.24 514.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 278.90 514.25 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 490.25 Td (Deferred Leasing Costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 466.25 Td (Deferred leasing costs primarily consist of direct leasing costs such as third-party leasing commissions and tenant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (inducements. Deferred leasing costs are capitalized and amortized over the life of the related lease. ) Tj ET Q q 0 0 0 rg BT 447.69 454.25 Td (T) Tj ET Q q 0 0 0 rg BT 453.10 454.25 Td (enant inducement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (amortization is recorded as a reduction to rental revenue and the amortization of other direct leasing costs is recorded as a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (component of amortization expense.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 406.25 Td (T) Tj ET Q q 0 0 0 rg BT 73.41 406.25 Td (enant inducement amortization was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.80 406.25 Td ($15.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.70 406.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.70 406.25 Td ($12.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.59 406.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.03 406.25 Td ($8.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.92 406.25 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.27 406.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.85 406.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 394.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.63 394.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.07 394.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.07 394.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 161.73 394.25 Td (, and was recorded as an of) Tj ET Q q 0 0 0 rg BT 270.11 394.25 Td (fset to rental revenue. In addition, the Company recorded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.42 394.25 Td ($6.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.31 394.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td ($5.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.89 382.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.33 382.25 Td ($4.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.22 382.25 Td ( as amortization expense related to other direct leasing costs for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.76 382.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 370.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.00 370.25 Td (201) Tj ET Q q 0 0 0 rg BT 89.63 370.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.63 370.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.07 370.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.07 370.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 186.73 370.25 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 346.25 Td (Deferred Financing Costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 322.25 Td (Deferred financing costs as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.45 322.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.04 322.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.47 322.25 Td (201) Tj ET Q q 0 0 0 rg BT 303.10 322.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.10 322.25 Td ( consist of direct costs incurred in obtaining debt financing \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (Note6 Debt Financing\), including the financing fees paid to our ) Tj ET Q q 0 0 0 rg BT 316.33 310.25 Td (Advisor \(see Note 9 Related Party ) Tj ET Q q 0 0 0 rg BT 463.06 310.25 Td (T) Tj ET Q q 0 0 0 rg BT 468.81 310.25 Td (ransactions\). ) Tj ET Q q 0 0 0 rg BT 521.95 310.25 Td (These ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (costs are amortized into interest expense on a straight-line basis, which approximates the ef) Tj ET Q q 0 0 0 rg BT 415.26 298.25 Td (fective interest method, over the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (terms of the obligations. For the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.82 286.25 Td (years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.91 286.25 Td ( ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.79 286.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.38 286.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.38 286.25 Td (201) Tj ET Q q 0 0 0 rg BT 329.00 286.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.00 286.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.44 286.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.44 286.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.44 286.25 Td ($1.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.33 286.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.33 286.25 Td ($4.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.23 286.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.66 286.25 Td ($2.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.56 286.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 274.25 Td (, of deferred financing costs were amortized into interest expense in the accompanying consolidated statements of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (operations.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 238.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 85.02 238.25 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 214.25 Td (Other assets included the following \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 176.75 316.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 176.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 176.75 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 176.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 146.75 316.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 146.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 146.75 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 146.75 90.00 -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 366.5 176.75 m 456.5 176.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 176.75 m 562.5 176.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 131.75 m 456.5 131.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 131.75 m 562.5 131.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 117.75 m 456.5 117.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 115.75 m 456.5 115.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 117.75 m 562.5 117.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 115.75 m 562.5 115.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 370.65 181.43 Td (December 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.00 181.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 476.95 181.43 Td (December 31, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 166.42 Td (Prepaid insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.00 166.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 166.42 Td (972) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.00 166.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.00 166.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 166.42 Td (881) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 151.42 Td (Prepaid/deferred taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.15 151.42 Td (1,269) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 151.42 Td (1,496) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 136.42 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 136.42 Td (880) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.00 136.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 136.42 Td (799) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 121.42 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.00 121.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.15 121.42 Td (3,121) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.00 121.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.00 121.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 121.42 Td (3,176) Tj ET Q BT /F2 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 93.25 Td (Revenue Recognition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 69.25 Td (Rental payments are generally paid by the tenants prior to the beginning of each month. ) Tj ET Q q 0 0 0 rg BT 420.68 69.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.12 69.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.70 69.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 57.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.21 57.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.21 57.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 180.87 57.25 Td (, the Company recorded liabilities of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.00 57.25 Td ($1) Tj ET Q q 0 0 0 rg BT 339.63 57.25 Td (1.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.52 57.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.96 57.25 Td ($10.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.85 57.25 Td ( related to prepaid rental ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 45.25 Td (payments which were included in other liabilities in the accompanying consolidated balance sheets.) Tj ET Q q 0 0 0 rg BT 453.31 45.25 Td (The Company recognizes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 145 0 obj <> endobj 146 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (70) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (rental revenue on a straight-line basis over the life of the lease including rent holidays, if any) Tj ET Q q 0 0 0 rg BT 420.62 742.10 Td (. Straight-line rent receivable was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td ($56.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 730.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.33 730.10 Td ($51.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.22 730.10 Td ( as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.38 730.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.97 730.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.40 730.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 372.62 730.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.62 730.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 430.28 730.10 Td (. Straight-line rent receivable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (consisted of the dif) Tj ET Q q 0 0 0 rg BT 126.19 718.10 Td (ference between the tenants) Tj ET Q q 0 0 0 rg BT 239.55 718.10 Td ( rents calculated on a straight-line basis from the date of acquisition or lease ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (commencement over the remaining terms of the related leases and the tenants) Tj ET Q q 0 0 0 rg BT 362.74 706.10 Td ( actual rents due under the lease agreements and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (is included in tenant and other receivables in the accompanying consolidated balance sheets. Revenues associated with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (operating expense recoveries are recognized in the period in which the expenses are incurred based upon the tenant lease ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (provisions. Revenues relating to lease termination fees are generally recognized at the time that a tenant) Tj ET Q q 0 0 0 rg BT 468.17 670.10 Td (s right to occupy the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (space is terminated and when the Company has satisfied all obligations under the agreement.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td (Other revenues consist primarily of parking revenue and tenant reimbursements. Parking revenue represents amounts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (generated from contractual and transient parking and is recognized in accordance with contractual terms or as services are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (rendered. Other revenues relating to tenant reimbursements are recognized in the period that the expense is incurred.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 586.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 97.80 586.10 Td (axes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 562.10 Td (Hines REIT) Tj ET Q q 0 0 0 rg BT 115.87 562.10 Td ( has elected to be treated as a REIT) Tj ET Q q 0 0 0 rg BT 256.73 562.10 Td ( under the Internal Revenue Code of 1986, as amended \(the Code\). In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (addition, as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.43 550.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.02 550.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.46 550.10 Td (201) Tj ET Q q 0 0 0 rg BT 222.08 550.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.08 550.10 Td ( the Company owned an investment in the Core Fund, which has invested in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (properties through other entities that have elected to be taxed as REIT) Tj ET Q q 0 0 0 rg BT 328.93 538.10 Td (s.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 514.10 Td (Hines REIT) Tj ET Q q 0 0 0 rg BT 118.83 514.10 Td (s management believes that the Company and the applicable entities in the Core Fund are or) Tj ET Q q 0 0 0 rg BT 487.15 514.10 Td (ganized and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (operate in such a manner as to qualify for treatment as REIT) Tj ET Q q 0 0 0 rg BT 291.16 502.10 Td (s and intend to operate in the foreseeable future in such a manner ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (so that they will remain qualified as REIT) Tj ET Q q 0 0 0 rg BT 217.31 490.10 Td (s for federal income tax purposes. ) Tj ET Q q 0 0 0 rg BT 354.77 490.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 404.11 490.10 Td (, no provision has been made for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (U.S.federal income taxes in the accompanying consolidated financial statements. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.89 478.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.89 478.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.89 478.10 Td (201) Tj ET Q q 0 0 0 rg BT 429.52 478.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.52 478.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.46 478.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.46 478.10 Td (, income tax expense ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (recorded by the Company was primarily comprised of a provision for the ) Tj ET Q q 0 0 0 rg BT 344.74 466.10 Td (T) Tj ET Q q 0 0 0 rg BT 350.15 466.10 Td (exas mar) Tj ET Q q 0 0 0 rg BT 385.79 466.10 Td (gin tax. ) Tj ET Q q 0 0 0 rg BT 418.10 466.10 Td (The Company does not believe it ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (has any uncertain tax positions or unrecognized tax benefits requiring disclosure.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 430.10 Td (Included in the gain on sale of real estate in Note 4 - Discontinued Operations for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.71 430.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 533.92 430.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.92 430.10 Td ( is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.26 418.10 Td ($7.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.15 418.10 Td ( in Canadian income tax expense related to the sale of ) Tj ET Q q 0 0 0 rg BT 376.57 418.10 Td (Atrium on Bay in June 201) Tj ET Q q 0 0 0 rg BT 484.80 418.10 Td (1.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 394.10 Td (In connection with the operation and sale of Distributions Park ) Tj ET Q q 0 0 0 rg BT 321.28 394.10 Td (Araucaria, Elouveira, and ) Tj ET Q q 0 0 0 rg BT 426.33 394.10 Td (V) Tj ET Q q 0 0 0 rg BT 432.95 394.10 Td (inhedo, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.16 394.10 Td (three) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.15 394.10 Td ( industrial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (properties located in Brazil, the Company recorded an income tax provision for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.18 382.10 Td ($9.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.07 382.10 Td ( in accordance with Brazilian tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (laws and regulations for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.66 370.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.25 370.10 Td (. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 346.10 Td (Redemption of Common Stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 322.10 Td (Financial instruments that represent a mandatory obligation of the Company to repurchase shares are classified as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (liabilities and reported at settlement value. Management believes that shares tendered for redemption by the holder under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 298.10 Td (s share redemption program do not represent a mandatory obligation until such redemptions are approved. ) Tj ET Q q 0 0 0 rg BT 520.71 298.10 Td (At such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (time, the Company will reclassify such obligations from equity to an accrued liability based upon their respective settlement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (values. Ef) Tj ET Q q 0 0 0 rg BT 89.80 274.10 Td (fective December 31, 2009, the Company suspended its share redemption program except for redemption requests ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (made in connection with the death or disability of a stockholder) Tj ET Q q 0 0 0 rg BT 304.38 262.10 Td (. ) Tj ET Q q 0 0 0 rg BT 309.20 262.10 Td (The Company has recorded liabilities of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.49 262.10 Td ($2.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.38 262.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.82 262.10 Td ($2.5 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 250.10 Td ( in accounts payable and accrued expenses in the accompanying consolidated balance sheets as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.35 250.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.93 250.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.94 238.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 140.15 238.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.15 238.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 197.81 238.10 Td (, related to shares tendered for redemption and approved by the board of directors, but ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (which were not redeemed until the subsequent month. Such amounts have been included in redemption of common shares in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (the accompanying consolidated statements of equity) Tj ET Q q 0 0 0 rg BT 258.46 214.10 Td (. See Note 16 Subsequent Events for a description of the reinstatement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (of the Company) Tj ET Q q 0 0 0 rg BT 117.21 202.10 Td (s share redemption program.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 178.10 Td (Per Share Data) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 154.10 Td (Net income \(loss\) per common share is calculated by dividing the net income/loss attributable to common stockholders for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (each period by the weighted average number of common shares outstanding during such period. Net income \(loss\) per common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (share on a basic and diluted basis is the same because the Company has no potentially dilutive common shares outstanding.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 106.10 Td (Reclassifications) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 82.10 Td (The Company sold ) Tj ET Q q 0 0 0 rg BT 146.05 82.10 Td (Atrium on Bay during 201) Tj ET Q q 0 0 0 rg BT 251.78 82.10 Td (1 and reclassified the results of operations for this property into discontinued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (operations in the consolidated statements of operations for all periods presented. See Note 4 Discontinued Operations for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (additional information.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 147 0 obj <> endobj 148 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (71) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (Certain insignificant reclassifications have been made to the consolidated statement of equity and the consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (statement of cash flows for the year ended December 31, 2010 to be consistent with the 2012 and 201) Tj ET Q q 0 0 0 rg BT 456.46 730.10 Td (1 presentation. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 718.10 Td (, impairment losses previously were recorded in other losses, net for the year ended December 31, 2010 in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (consolidated statement of operations, but were reclassified to impairment losses in the consolidated statement of operations to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (conform to the 2012 presentation. Management believes the changes in presentation on the balance sheet, statements of equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (and cash flows simplify the statements by combining immaterial line items, and it does not believe these changes had an ef) Tj ET Q q 0 0 0 rg BT 541.64 682.10 Td (fect ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (on the Company) Tj ET Q q 0 0 0 rg BT 118.88 670.10 Td (s financial statements. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 646.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 89.45 646.10 Td (Accounting Pronouncements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (In May 201) Tj ET Q q 0 0 0 rg BT 114.29 622.10 Td (1, the Financial ) Tj ET Q q 0 0 0 rg BT 178.17 622.10 Td (Accounting Standards Board \(F) Tj ET Q q 0 0 0 rg BT 308.79 622.10 Td (ASB\) issued guidance on fair value measurements. ) Tj ET Q q 0 0 0 rg BT 519.66 622.10 Td (This ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (guidance results in a consistent definition of fair value and common requirements for measurement of and expanded disclosure ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (about fair value between GAAP) Tj ET Q q 0 0 0 rg BT 177.92 598.10 Td ( and International Financial Reporting Standards. ) Tj ET Q q 0 0 0 rg BT 377.41 598.10 Td (The adoption of this guidance was ef) Tj ET Q q 0 0 0 rg BT 524.97 598.10 Td (fective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (prospectively for interim and annual periods beginning after December 15, 201) Tj ET Q q 0 0 0 rg BT 366.47 586.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 376.29 586.10 Td (W) Tj ET Q q 0 0 0 rg BT 384.93 586.10 Td (e did not have any changes to our existing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (classification and measurement of fair value upon adoption on January 1, 2012.Refer to Note 13 - Fair ) Tj ET Q q 0 0 0 rg BT 470.32 574.10 Td (V) Tj ET Q q 0 0 0 rg BT 476.43 574.10 Td (alue Disclosures for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (additional disclosures resulting from the adoption of this standard.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 538.10 Td ( In June 201) Tj ET Q q 0 0 0 rg BT 116.79 538.10 Td (1, F) Tj ET Q q 0 0 0 rg BT 131.61 538.10 Td (ASB issued guidance on the presentation of comprehensive income. ) Tj ET Q q 0 0 0 rg BT 406.36 538.10 Td (This guidance eliminated the prior ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (option to report other comprehensive income and its components in the statement of changes in equity) Tj ET Q q 0 0 0 rg BT 458.41 526.10 Td (. ) Tj ET Q q 0 0 0 rg BT 463.23 526.10 Td (The adoption of this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (guidance is ef) Tj ET Q q 0 0 0 rg BT 105.35 514.10 Td (fective for interim and annual periods beginning after December 15, 201) Tj ET Q q 0 0 0 rg BT 395.15 514.10 Td (1.Further) Tj ET Q q 0 0 0 rg BT 436.69 514.10 Td (, in December 201) Tj ET Q q 0 0 0 rg BT 510.18 514.10 Td (1, the board ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (deferred the ef) Tj ET Q q 0 0 0 rg BT 108.11 502.10 Td (fective date pertaining only to the presentation of reclassification adjustments out of accumulated other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (comprehensive income.) Tj ET Q q 0 0 0 rg BT 149.79 490.10 Td (The adoption of this guidance did not have a material ef) Tj ET Q q 0 0 0 rg BT 373.42 490.10 Td (fect on the Company) Tj ET Q q 0 0 0 rg BT 459.79 490.10 Td (s financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 466.10 Td (In December 201) Tj ET Q q 0 0 0 rg BT 140.04 466.10 Td (1, F) Tj ET Q q 0 0 0 rg BT 154.86 466.10 Td (ASB issued guidance on disclosures about of) Tj ET Q q 0 0 0 rg BT 335.21 466.10 Td (fsetting assets and liabilities. ) Tj ET Q q 0 0 0 rg BT 452.51 466.10 Td (This guidance results in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (enhanced disclosures by requiring improved information about financial instruments and derivative instruments that are either ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (\(1\) of) Tj ET Q q 0 0 0 rg BT 72.31 442.10 Td (fset in accordance with either ) Tj ET Q q 0 0 0 rg BT 191.98 442.10 Td (ASC 210-20-45 or ) Tj ET Q q 0 0 0 rg BT 268.37 442.10 Td (ASC 815-10-45 or \(2\) subject to an enforceable master netting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (arrangement or similar agreement, irrespective of whether they are of) Tj ET Q q 0 0 0 rg BT 327.47 430.10 Td (fset in accordance with either ) Tj ET Q q 0 0 0 rg BT 447.13 430.10 Td (ASC 210-20-45 or ) Tj ET Q q 0 0 0 rg BT 523.53 430.10 Td (ASC ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (815-10-45. ) Tj ET Q q 0 0 0 rg BT 96.48 418.10 Td (The adoption of this guidance is ef) Tj ET Q q 0 0 0 rg BT 235.15 418.10 Td (fective for annual periods beginning on or after January 1, 2013 and interim ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (periods within those annual periods. ) Tj ET Q q 0 0 0 rg BT 197.02 406.10 Td (The adoption of this guidance is not expected to have a material ef) Tj ET Q q 0 0 0 rg BT 462.85 406.10 Td (fect on the Company) Tj ET Q q 0 0 0 rg BT 549.22 406.10 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 370.10 Td ( In December 201) Tj ET Q q 0 0 0 rg BT 139.54 370.10 Td (1, F) Tj ET Q q 0 0 0 rg BT 154.36 370.10 Td (ASB issued guidance to resolve the diversity in practice about whether the derecognition criteria for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (real estate sales applies to a parent that ceases to have a controlling financial interest in a subsidiary that is in substance real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (estate as a result of default on the subsidiary) Tj ET Q q 0 0 0 rg BT 229.95 346.10 Td (s nonrecourse debt. ) Tj ET Q q 0 0 0 rg BT 312.24 346.10 Td (This guidance is ef) Tj ET Q q 0 0 0 rg BT 387.87 346.10 Td (fective beginning July 1, 2012 and did not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (have a material ef) Tj ET Q q 0 0 0 rg BT 121.16 334.10 Td (fect on the Company) Tj ET Q q 0 0 0 rg BT 207.53 334.10 Td (s financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 310.10 Td (In ) Tj ET Q q 0 0 0 rg BT 78.28 310.10 Td (August 2012, F) Tj ET Q q 0 0 0 rg BT 139.49 310.10 Td (ASB amended a number of SEC sections in the ) Tj ET Q q 0 0 0 rg BT 330.85 310.10 Td (Accounting Standards Codification \(the Codification\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (as a result of \(1\) the issuance of SAB 1) Tj ET Q q 0 0 0 rg BT 205.98 298.10 Td (14, which served to revise or rescind portions of the interpretive guidance included in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (the Codification regarding the Staf) Tj ET Q q 0 0 0 rg BT 188.67 286.10 Td (f ) Tj ET Q q 0 0 0 rg BT 193.95 286.10 Td (Accounting Bulletin Series, \(2\) the issuance of SEC final Rule release 33-9250, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (related to adopting technical amendments to various rules and forms under the Securities ) Tj ET Q q 0 0 0 rg BT 407.40 274.10 Td (Act of 1933, as amended, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (Securities Exchange ) Tj ET Q q 0 0 0 rg BT 133.31 262.10 Td (Act of 1934, as amended, and the Investment Company ) Tj ET Q q 0 0 0 rg BT 357.42 262.10 Td (Act of 1940, as amended, and \(3\) necessary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (corrections related to ) Tj ET Q q 0 0 0 rg BT 136.35 250.10 Td (ASU 2010-22, which served to amend certain SEC paragraphs in the Codification in order to address ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (some technical corrections. ) Tj ET Q q 0 0 0 rg BT 163.94 238.10 Td (The guidance was ef) Tj ET Q q 0 0 0 rg BT 246.22 238.10 Td (fective upon issuance and did not have a material ef) Tj ET Q q 0 0 0 rg BT 453.46 238.10 Td (fect on the Company) Tj ET Q q 0 0 0 rg BT 539.82 238.10 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 202.10 Td (In October 2012, F) Tj ET Q q 0 0 0 rg BT 143.36 202.10 Td (ASB clarified and relocated guidance in the Codification, corrected unintended application of guidance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (and made minor improvements to the Codification that are not expected to have a significant ef) Tj ET Q q 0 0 0 rg BT 431.08 190.10 Td (fect on current accounting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (practice. ) Tj ET Q q 0 0 0 rg BT 88.59 178.10 Td (Amendments made to the Codification without transition guidance are ef) Tj ET Q q 0 0 0 rg BT 380.27 178.10 Td (fective upon issuance and amendments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (subject to transition guidance will be ef) Tj ET Q q 0 0 0 rg BT 207.55 166.10 Td (fective for fiscal periods beginning after December 15, 2012. ) Tj ET Q q 0 0 0 rg BT 456.72 166.10 Td (This guidance is not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (expected to have a material impact on the Company) Tj ET Q q 0 0 0 rg BT 260.48 154.10 Td (s financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 130.10 Td (In February 2013, F) Tj ET Q q 0 0 0 rg BT 147.25 130.10 Td (ASB issued guidance to improve the transparency of reporting reclassifications out of accumulated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (other comprehensive income. ) Tj ET Q q 0 0 0 rg BT 172.83 118.10 Td (The adoption of this guidance is ef) Tj ET Q q 0 0 0 rg BT 311.50 118.10 Td (fective for interim and annual periods beginning after ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (December 15, 2012. ) Tj ET Q q 0 0 0 rg BT 135.90 106.10 Td (The Company does not believe the adoption of this guidance will have a material ef) Tj ET Q q 0 0 0 rg BT 470.62 106.10 Td (fect on the Company) Tj ET Q q 0 0 0 rg BT 556.99 106.10 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 70.10 Td (In February 2013, F) Tj ET Q q 0 0 0 rg BT 147.25 70.10 Td (ASB issued amendments to provide guidance on the recognition, measurement and disclosure of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (obligations resulting from joint and several liability arrangements for which the total amount of obligation within the scope of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (this guidance is fixed at the reporting date, except for obligations addressed within existing guidance in GAAP) Tj ET Q q 0 0 0 rg BT 491.84 46.10 Td (. ) Tj ET Q q 0 0 0 rg BT 499.16 46.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 149 0 obj <> endobj 150 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (72) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (amendments are ef) Tj ET Q q 0 0 0 rg BT 125.34 742.10 Td (fective for fiscal years, and interim periods within those years, beginning after December 15, 2013. ) Tj ET Q q 0 0 0 rg BT 526.69 742.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Company does not believe the adoption of this guidance will have a material impact on the Company's financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (In March 2013, F) Tj ET Q q 0 0 0 rg BT 137.25 706.10 Td (ASB issued guidance on releasing cumulative translation adjustments when a reporting entity ceases to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (have a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity) Tj ET Q q 0 0 0 rg BT 486.75 694.10 Td (. In addition, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (these amendments provide guidance on the release of cumulative translation adjustments in partial sales of equity method ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 105.09 670.10 Td (The guidance is ef) Tj ET Q q 0 0 0 rg BT 178.49 670.10 Td (fective on a prospective basis for fiscal years and interim reporting periods within those years ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (beginning after December 15, 2013. ) Tj ET Q q 0 0 0 rg BT 199.21 658.10 Td (The Company does not believe the adoption of this guidance will have a material impact ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (on the Company's financial statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 623.25 Td (3.Real Estate Investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 599.25 Td (Investment property consisted of the following \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 561.75 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 561.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 561.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 561.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 531.75 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 531.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 531.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 531.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 501.75 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 501.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 501.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 501.75 90.00 -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 378.5 561.75 m 468.5 561.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 561.75 m 562.5 561.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 561.75 m 468.5 561.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 561.75 m 562.5 561.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 531.75 m 468.5 531.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 531.75 m 562.5 531.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 531.75 m 468.5 531.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 501.75 m 468.5 501.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 501.75 m 562.5 501.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 501.75 m 468.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 487.75 m 468.5 487.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 485.75 m 468.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 487.75 m 562.5 487.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 485.75 m 562.5 485.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 566.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 382.65 566.43 Td (December 31, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 476.95 566.43 Td (December 31, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 551.42 Td (Buildings and improvements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.00 551.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.65 551.42 Td (1,729,132) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.00 551.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 551.42 Td (1,769,940) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 536.42 Td (Less: accumulated depreciation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.80 536.47 Td (\(233,908) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 536.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.80 536.47 Td (\(202,654) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 536.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 521.42 Td (Buildings and improvements, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.65 521.42 Td (1,495,224) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 521.42 Td (1,567,286) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 506.42 Td (Land) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.15 506.42 Td (368,210) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 506.42 Td (382,840) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 491.42 Td (Investment property, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.00 491.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.65 491.42 Td (1,863,434) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.00 491.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 491.42 Td (1,950,126) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 463.25 Td (In 2012, the Company recorded impairment losses of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.23 463.25 Td ($53.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.12 463.25 Td ( to reduce the book values of certain investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 451.25 Td (properties to their fair value.See Note 13 Fair ) Tj ET Q q 0 0 0 rg BT 251.43 451.25 Td (V) Tj ET Q q 0 0 0 rg BT 257.54 451.25 Td (alue Disclosures for additional information.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 427.25 Td (Lease Intangibles) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 403.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.44 403.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.03 403.25 Td (, the cost basis and accumulated amortization related to lease intangibles was as follows ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 391.25 Td (\(inthousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 329.75 249.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 329.75 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 329.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 329.75 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 329.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 329.75 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 299.75 249.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 299.75 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 299.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 299.75 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 299.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 299.75 85.00 -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 299.5 353.75 m 384.5 353.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 353.75 m 388.5 353.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 353.75 m 473.5 353.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 353.75 m 477.5 353.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 353.75 m 562.5 353.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 329.75 m 384.5 329.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 329.75 m 473.5 329.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 329.75 m 562.5 329.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 329.75 m 384.5 329.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 299.75 m 384.5 299.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 299.75 m 473.5 299.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 299.75 m 562.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 285.75 m 384.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 283.75 m 384.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 285.75 m 473.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 283.75 m 473.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 285.75 m 562.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 283.75 m 562.5 283.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 358.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 393.10 358.43 Td (Lease Intangibles) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 334.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 308.30 334.43 Td (In-Place Leases) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 398.55 344.43 Td (Out-of-Market) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 403.95 334.43 Td (Lease ) Tj ET Q q 0 0 0 rg BT 430.34 334.43 Td (Assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.55 344.43 Td (Out-of-Market) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 484.60 334.43 Td (Lease Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 319.42 Td (Cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.00 319.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.15 319.42 Td (270,631) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.00 319.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.15 319.42 Td (47,669) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.00 319.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 319.42 Td (96,495) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 304.42 Td (Less: accumulated amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.80 304.47 Td (\(164,632) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 304.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.80 304.47 Td (\(26,079) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.65 304.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 304.47 Td (\(57,944) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 304.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 289.42 Td (Net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.00 289.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.15 289.42 Td (105,999) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.00 289.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.15 289.42 Td (21,590) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.00 289.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 289.42 Td (38,551) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 261.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.44 261.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 165.66 261.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.66 261.25 Td (, the cost basis and accumulated amortization related to lease intangibles was as follows ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 249.25 Td (\(inthousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 187.75 249.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 187.75 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 187.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 187.75 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 187.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 187.75 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 157.75 249.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 157.75 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 157.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 157.75 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 157.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 157.75 85.00 -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 299.5 211.75 m 384.5 211.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 211.75 m 388.5 211.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 211.75 m 473.5 211.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 211.75 m 477.5 211.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 211.75 m 562.5 211.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 187.75 m 384.5 187.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 187.75 m 473.5 187.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 187.75 m 562.5 187.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 157.75 m 384.5 157.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 157.75 m 473.5 157.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 157.75 m 562.5 157.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 143.75 m 384.5 143.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 141.75 m 384.5 141.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 143.75 m 473.5 143.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 141.75 m 473.5 141.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 143.75 m 562.5 143.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 141.75 m 562.5 141.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 216.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 393.10 216.43 Td (Lease Intangibles) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 192.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 308.30 192.43 Td (In-Place Leases) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 398.55 202.43 Td (Out-of-Market) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 403.95 192.43 Td (Lease ) Tj ET Q q 0 0 0 rg BT 430.34 192.43 Td (Assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.55 202.43 Td (Out-of-Market) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 484.60 192.43 Td (Lease Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 177.42 Td (Cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.00 177.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.15 177.42 Td (311,202) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.00 177.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.15 177.42 Td (52,824) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.00 177.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 177.42 Td (104,443) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 162.42 Td (Less: accumulated amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.80 162.47 Td (\(177,054) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 162.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.80 162.47 Td (\(26,879) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.65 162.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 162.47 Td (\(55,164) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 162.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 147.42 Td (Net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.00 147.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.15 147.42 Td (134,148) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.00 147.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.15 147.42 Td (25,945) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.00 147.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 147.42 Td (49,279) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 119.25 Td (Amortization expense was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.58 119.25 Td ($28.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.47 119.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.47 119.25 Td ($42.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.36 119.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.80 119.25 Td ($57.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.69 119.25 Td ( for in-place leases for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 107.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 107.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.58 107.25 Td (201) Tj ET Q q 0 0 0 rg BT 148.21 107.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.21 107.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.65 107.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.65 107.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 245.31 107.25 Td (. ) Tj ET Q q 0 0 0 rg BT 249.76 107.25 Td (Amortization of out-of-market leases, net, was an increase to rental revenue ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 95.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.83 95.25 Td ($6.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.72 95.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.72 95.25 Td ($8.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.61 95.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.05 95.25 Td ($14.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.94 95.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 289.60 95.25 Td (, for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.46 95.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.04 95.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.04 95.25 Td (201) Tj ET Q q 0 0 0 rg BT 471.67 95.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.67 95.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.11 95.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.11 95.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 151 0 obj <> endobj 152 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (73) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.44 742.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.03 742.10 Td (, anticipated amortization of in-place leases and out-of-market leases, net, including out-of-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (market ground leases, for each of the years ended December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.05 730.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.05 730.10 Td ( through December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.75 730.10 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.75 730.10 Td ( were as follows \(in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 671.60 360.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 671.60 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 671.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 671.60 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 643.60 360.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 643.60 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 643.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 643.60 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 615.60 360.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 615.60 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 615.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 615.60 74.00 -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 410.5 671.6 m 484.5 671.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 671.6 m 562.5 671.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 671.6 m 484.5 671.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 671.6 m 562.5 671.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 413.80 676.28 Td (In-Place Leases) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 493.05 686.28 Td (Out-of-Market) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 500.80 676.28 Td (Leases, Net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 662.17 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.00 662.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 662.17 Td (19,771) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.00 662.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 662.22 Td (\(4,906) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 662.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 648.17 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 648.17 Td (17,230) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 648.22 Td (\(4,345) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 648.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 634.17 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 634.17 Td (15,825) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 634.22 Td (\(3,555) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 634.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 620.17 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 620.17 Td (13,265) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 620.22 Td (\(2,509) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 620.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 606.17 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 606.17 Td (10,246) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.30 606.22 Td (\(923) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 606.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 578.10 Td (Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 554.10 Td (In connection with its directly-owned properties, the Company has entered into non-cancelable lease agreements with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 542.10 Td (tenants for space. ) Tj ET Q q 0 0 0 rg BT 121.64 542.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.08 542.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.67 542.10 Td (, the approximate fixed future minimum rentals for each of the years ending ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 530.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.58 530.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 530.10 Td ( through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.69 530.10 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.69 530.10 Td ( and thereafter were as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 483.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 483.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 453.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 453.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 423.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 423.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 393.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 393.60 90.00 -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 472.5 483.6 m 562.5 483.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 483.6 m 562.5 483.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 393.6 m 562.5 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 379.6 m 562.5 379.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 377.6 m 562.5 377.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 488.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 489.15 498.28 Td (Fixed Future) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 478.25 488.28 Td (Minimum Rentals) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 473.27 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.00 473.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 473.27 Td (193,464) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 458.27 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 458.27 Td (181,594) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 443.27 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 443.27 Td (174,273) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 428.27 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 428.27 Td (158,393) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 413.27 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 413.27 Td (128,465) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 398.27 Td (Thereafter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 398.27 Td (462,407) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 383.27 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.00 383.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 383.27 Td (1,298,596) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 355.10 Td (During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.55 355.10 Td (years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.65 355.10 Td ( ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.52 355.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.11 355.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.11 355.10 Td (201) Tj ET Q q 0 0 0 rg BT 261.74 355.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.74 355.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.17 355.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.17 355.10 Td (, the Company did not earn more than 10% of its revenue from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (any individual tenant.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 320.25 Td (4.Discontinued Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 296.25 Td (On January 22, 2010, the Company sold Distribution Park ) Tj ET Q q 0 0 0 rg BT 302.71 296.25 Td (Araucaria, an industrial property located in Curitiba, Brazil, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 284.25 Td (which it acquired in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.20 284.25 Td (December 2008) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.78 284.25 Td (. ) Tj ET Q q 0 0 0 rg BT 200.60 284.25 Td (The sales price was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.12 284.25 Td (69.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.01 284.25 Td ( BRL) Tj ET Q q 0 0 0 rg BT 351.59 284.25 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.42 284.25 Td ($38.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.31 284.25 Td (, based on the exchange rate in ef) Tj ET Q q 0 0 0 rg BT 544.40 284.25 Td (fect ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 272.25 Td (on the date of sale\). In connection with the sale of Distribution Park ) Tj ET Q q 0 0 0 rg BT 325.77 272.25 Td (Araucaria, the Company paid a disposition fee to its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 260.25 Td (Advisor of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.81 260.25 Td ($0.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.70 260.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 236.25 Td (On ) Tj ET Q q 0 0 0 rg BT 82.17 236.25 Td (April 22, 2010, the Company sold Distribution Parks Elouveira and ) Tj ET Q q 0 0 0 rg BT 354.74 236.25 Td (V) Tj ET Q q 0 0 0 rg BT 361.36 236.25 Td (inhedo, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.58 236.25 Td (two) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.58 236.25 Td ( industrial properties located in Sao ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 224.25 Td (Paolo, Brazil, which it acquired in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.41 224.25 Td (December 2008) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.99 224.25 Td (. ) Tj ET Q q 0 0 0 rg BT 257.81 224.25 Td (The sales price was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.33 224.25 Td (181.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.23 224.25 Td ( BRL) Tj ET Q q 0 0 0 rg BT 413.80 224.25 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.63 224.25 Td ($102.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.53 224.25 Td (, based on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 212.25 Td (exchange rate in ef) Tj ET Q q 0 0 0 rg BT 125.61 212.25 Td (fect on the date of sale\). In connection with the sale of Distribution Parks Elouveira and ) Tj ET Q q 0 0 0 rg BT 481.43 212.25 Td (V) Tj ET Q q 0 0 0 rg BT 488.05 212.25 Td (inhedo, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 200.25 Td (Company paid its ) Tj ET Q q 0 0 0 rg BT 122.50 200.25 Td (Advisor a disposition fee of $) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.09 200.25 Td (1.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.99 200.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 176.25 Td (On June 1, 201) Tj ET Q q 0 0 0 rg BT 128.18 176.25 Td (1, the Company sold ) Tj ET Q q 0 0 0 rg BT 212.90 176.25 Td (Atrium on Bay) Tj ET Q q 0 0 0 rg BT 272.25 176.25 Td (, a mixed-use of) Tj ET Q q 0 0 0 rg BT 336.49 176.25 Td (fice and retail complex located in the Downtown North ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 164.25 Td (submarket of the central business district of ) Tj ET Q q 0 0 0 rg BT 226.72 164.25 Td (T) Tj ET Q q 0 0 0 rg BT 232.13 164.25 Td (oronto, Canada, which the Company acquired in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.47 164.25 Td (February 2007) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.07 164.25 Td (.) Tj ET Q q 0 0 0 rg BT 494.38 164.25 Td (The sales price ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 152.25 Td (for ) Tj ET Q q 0 0 0 rg BT 63.61 152.25 Td (Atrium on Bay was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.16 152.25 Td (344.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.05 152.25 Td ( CAD \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.49 152.25 Td ($353 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.88 152.25 Td ( USD, based on the exchange rate in ef) Tj ET Q q 0 0 0 rg BT 434.48 152.25 Td (fect on the date of sale\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 153 0 obj <> endobj 154 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (74) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (The results of operations of Distribution Parks ) Tj ET Q q 0 0 0 rg BT 255.48 742.10 Td (Araucaria, Elouveira, ) Tj ET Q q 0 0 0 rg BT 343.58 742.10 Td (V) Tj ET Q q 0 0 0 rg BT 350.20 742.10 Td (inhedo and ) Tj ET Q q 0 0 0 rg BT 396.31 742.10 Td (Atrium on Bay and the gain realized on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (the disposition of these properties \(all of which are reflected in discontinued operations in all periods presented\) for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.02 730.10 Td (years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.12 730.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.38 718.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.96 718.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.96 718.10 Td (201) Tj ET Q q 0 0 0 rg BT 174.59 718.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.59 718.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.03 718.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.03 718.10 Td ( were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 650.60 297.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 650.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 650.60 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 650.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 650.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 650.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 620.60 297.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 620.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 620.60 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 620.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 620.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 620.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 590.60 297.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 590.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 590.60 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 590.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 590.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 590.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 560.60 297.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 560.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 560.60 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 560.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 560.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 560.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 530.60 297.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 530.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 530.60 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 530.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 530.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 530.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 490.60 297.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 490.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 490.60 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 490.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 490.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 490.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 460.60 297.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 460.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 460.60 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 460.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 460.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 460.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 430.60 297.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 430.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 430.60 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 430.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 430.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 430.60 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 347.5 680.6 m 412.5 680.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 680.6 m 493.5 680.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 680.6 m 562.5 680.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 620.6 m 412.5 620.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 620.6 m 493.5 620.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 620.6 m 562.5 620.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 530.6 m 412.5 530.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 530.6 m 493.5 530.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 530.6 m 562.5 530.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 515.6 m 412.5 515.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 515.6 m 493.5 515.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 515.6 m 562.5 515.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 490.6 m 412.5 490.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 490.6 m 493.5 490.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 490.6 m 562.5 490.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 445.6 m 412.5 445.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 445.6 m 493.5 445.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 445.6 m 562.5 445.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 415.6 m 412.5 415.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 415.6 m 493.5 415.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 415.6 m 562.5 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 401.6 m 412.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 399.6 m 412.5 399.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 401.6 m 493.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 399.6 m 493.5 399.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 401.6 m 562.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 399.6 m 562.5 399.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 369.50 685.28 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.75 685.28 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 519.50 685.28 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 423.50 670.28 Td (\(In thousands\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 655.28 Td (Revenues:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 640.27 Td (Rental revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.00 640.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.65 640.27 Td (319) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 640.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 640.27 Td (17,298) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 640.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 640.27 Td (42,223) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 625.27 Td (Other revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 625.27 Td (49) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 625.27 Td (2,365) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 625.27 Td (5,443) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 610.27 Td (Total revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.65 610.27 Td (368) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 610.27 Td (19,663) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 610.27 Td (47,666) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 595.28 Td (Expenses:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 580.27 Td (Property operating expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.65 580.27 Td (358) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 580.27 Td (5,332) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 580.27 Td (12,171) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 565.27 Td (Real property taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 565.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 565.27 Td (4,225) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 565.27 Td (9,800) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 550.27 Td (Property management fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 550.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 550.27 Td (475) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 550.27 Td (1,111) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 535.27 Td (Depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 535.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 535.27 Td (3,770) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 535.27 Td (9,772) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 520.27 Td (Total expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.65 520.27 Td (358) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 520.27 Td (13,802) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 520.27 Td (32,854) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 505.27 Td (Income from discontinued operations before interest income \(expense\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 495.27 Td (and taxes and gain on sale) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 495.27 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 495.27 Td (5,861) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 495.27 Td (14,812) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 480.27 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 480.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 480.32 Td (\(4,426) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 480.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 480.32 Td (\(10,103) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 480.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 465.27 Td (Interest income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 465.27 Td (28) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 465.27 Td (33) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 465.27 Td (119) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 450.27 Td (Provision for income taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 450.27 Td (55) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 450.27 Td (75) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.30 450.32 Td (\(320) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 450.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 435.27 Td (Income from discontinued operations before gain on sale) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 435.27 Td (93) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 435.27 Td (1,543) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 435.27 Td (4,508) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 420.27 Td (Gain on sale of discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.15 420.27 Td (2,064) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 415.00 425.43 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 420.27 Td (107,241) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 420.27 Td (22,537) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 405.28 Td (Income from discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.00 405.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.15 405.27 Td (2,157) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 405.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 405.27 Td (108,784) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 405.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 405.27 Td (27,045) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 377.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 377.10 Td (The additional gain on sale of discontinued operations recorded in 2012 is primarily related to the settlement of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 365.10 Td (reserves that were established during the closing of the sale of ) Tj ET Q q 0 0 0 rg BT 336.20 365.10 Td (Atrium on Bay) Tj ET Q q 0 0 0 rg BT 395.55 365.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 341.10 Td (The tables below show income \(loss\) and earnings \(loss\) per share attributable to common stockholders allocated between ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 329.10 Td (continuing operations and discontinued operations:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 288.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 288.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 288.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 288.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 288.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 288.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 258.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 258.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 258.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 258.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 258.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 258.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 204.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 204.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 204.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 204.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 204.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 204.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 303.6 m 423.5 303.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 303.6 m 492.5 303.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 303.6 m 561.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 258.6 m 423.5 258.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 244.60000000000002 m 423.5 244.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 242.60000000000002 m 423.5 242.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 258.6 m 492.5 258.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 244.60000000000002 m 492.5 244.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 242.60000000000002 m 492.5 242.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 258.6 m 561.5 258.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 244.60000000000002 m 561.5 244.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 242.60000000000002 m 561.5 242.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 204.60000000000002 m 358.5 204.60000000000002 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 380.50 308.28 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 449.75 308.28 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 518.50 308.28 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 371.60 293.28 Td (\(In thousands, except per share amounts\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 278.27 Td (Loss from continuing operations attributable to common stockholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 278.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.80 278.32 Td (\(78,359) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 278.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 278.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.80 278.32 Td (\(65,391) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 278.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 278.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.80 278.32 Td (\(66,013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 278.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 263.27 Td (Income from discontinued operations attributable to common stockholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.15 263.27 Td (2,052) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.15 263.27 Td (104,291) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 263.27 Td (26,106) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 248.27 Td (Net income \(loss\) attributable to common stockholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 248.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.80 248.32 Td (\(76,307) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 248.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 248.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.15 248.27 Td (38,900) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 248.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.80 248.32 Td (\(39,907) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 248.27 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 219.28 Td (Basic and diluted earnings \(loss\) per share attributable to common) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 209.28 Td (stockholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 194.27 Td (Income \(loss\) from continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 194.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.80 194.32 Td (\(0.34) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 194.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 194.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.80 194.32 Td (\(0.29) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 194.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 194.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.80 194.32 Td (\(0.30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 194.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 179.27 Td (Income \(loss\) from discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 179.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 179.27 Td (0.01) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 179.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 179.27 Td (0.46) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 179.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 179.27 Td (0.12) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 155 0 obj <> endobj 156 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (75) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (5.Investments in Unconsolidated Entities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 718.25 Td (As discussed in Note 1 - Or) Tj ET Q q 0 0 0 rg BT 185.03 718.25 Td (ganization, the Company owns indirect investments in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.99 718.25 Td (30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.99 718.25 Td ( properties through its interests in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (the Core Fund, Distribution Park Rio and the Grocery-Anchored Portfolio.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 73.32 682.25 Td (The table below presents the activity of the Company) Tj ET Q q 0 0 0 rg BT 289.93 682.25 Td (s unconsolidated entities as of and for the periods presented \(in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 629.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 629.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 629.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 629.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 629.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 629.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 599.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 599.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 599.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 599.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 599.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 599.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 569.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 569.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 569.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 569.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 569.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 569.75 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 629.75 m 424.5 629.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 629.75 m 493.5 629.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 629.75 m 562.5 629.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 629.75 m 424.5 629.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 569.75 m 424.5 569.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 569.75 m 493.5 569.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 569.75 m 562.5 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 555.75 m 424.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 553.75 m 424.5 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 555.75 m 493.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 553.75 m 493.5 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 555.75 m 562.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 553.75 m 562.5 553.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 649.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 386.40 649.43 Td (For) Tj ET Q q 0 0 0 rg BT 401.77 649.43 Td ( the ) Tj ET Q q 0 0 0 rg BT 419.73 649.43 Td (Y) Tj ET Q q 0 0 0 rg BT 425.84 649.43 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 519.52 649.43 Td ( 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 634.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.50 634.43 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.75 634.43 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 519.50 634.43 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 619.42 Td (Beginning balance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 619.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 619.42 Td (348,986) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 619.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 619.42 Td (373,798) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 619.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 619.42 Td (379,057) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 604.42 Td (Distributions declared) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 604.47 Td (\(26,697) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 604.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 604.47 Td (\(16,117) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 604.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 604.47 Td (\(12,160) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 604.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 589.42 Td (Equity in earnings \(losses\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 589.42 Td (9,460) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 589.47 Td (\(5,138) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 589.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 589.42 Td (5,513) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 574.42 Td (Effect of exchange rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.80 574.47 Td (\(2,331) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 574.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 574.47 Td (\(3,557) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 574.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 574.42 Td (1,388) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 559.42 Td (Ending balance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 559.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 559.42 Td (329,418) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 559.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 559.42 Td (348,986) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 559.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 559.42 Td (373,798) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 543.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 531.25 Td (Combined condensed financial information of these investments is summarized as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 443.75 322.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 443.75 93.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 443.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 443.75 93.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 417.75 322.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 417.75 93.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 417.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 417.75 93.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 391.75 322.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 391.75 93.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 391.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 391.75 93.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 365.75 322.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 365.75 93.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 365.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 365.75 93.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 339.75 322.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 339.75 93.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 339.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 339.75 93.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 313.75 322.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 313.75 93.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 313.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 313.75 93.00 -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 372.5 469.75 m 465.5 469.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 469.75 m 562.5 469.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 404.75 m 465.5 404.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 404.75 m 562.5 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 392.75 m 465.5 392.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 390.75 m 465.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 392.75 m 562.5 392.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 390.75 m 562.5 390.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 313.75 m 465.5 313.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 313.75 m 562.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 301.75 m 465.5 301.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 299.75 m 465.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 301.75 m 562.5 301.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 299.75 m 562.5 299.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 196.50 499.48 Td (Combined Condensed Consolidated Balance Sheets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 473.32 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 378.15 473.48 Td (December 31, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 475.45 473.48 Td (December 31, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 460.32 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 436.00 460.48 Td (\(In thousands\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 192.35 447.48 Td (ASSETS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.00 447.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.00 447.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 434.32 Td (Cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.00 434.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.15 434.32 Td (190,406) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.00 434.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 434.32 Td (216,922) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 421.32 Td (Investment property, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 421.32 Td (2,860,619) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 421.32 Td (3,193,481) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 408.32 Td (Other assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.15 408.32 Td (634,910) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 408.32 Td (847,504) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 395.32 Td (Total Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.00 395.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 395.32 Td (3,685,935) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.00 395.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 395.32 Td (4,257,907) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 147.55 369.48 Td (LIABILITIES AND EQUITY) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.00 369.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.00 369.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 356.32 Td (Debt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.00 356.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 356.32 Td (1,934,336) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.00 356.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 356.32 Td (2,353,780) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 343.32 Td (Other liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.15 343.32 Td (268,631) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 343.32 Td (305,494) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 330.32 Td (Redeemable noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.15 330.32 Td (378,419) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 330.32 Td (411,768) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 317.32 Td (Equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 317.32 Td (1,104,549) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 317.32 Td (1,186,865) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 304.32 Td (Total Liabilities and Equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.00 304.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 304.32 Td (3,685,935) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.00 304.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 304.32 Td (4,257,907) Tj ET Q BT /F2 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 190.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 190.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 190.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 190.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 190.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 190.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 160.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 160.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 160.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 160.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 160.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 160.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 130.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 130.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 130.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 130.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 130.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 130.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 99.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 99.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 99.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 99.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 99.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 99.75 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 220.75 m 424.5 220.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 220.75 m 493.5 220.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 220.75 m 562.5 220.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 160.75 m 424.5 160.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 160.75 m 493.5 160.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 160.75 m 562.5 160.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 130.75 m 424.5 130.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 130.75 m 493.5 130.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 130.75 m 562.5 130.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 99.75 m 424.5 99.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 99.75 m 493.5 99.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 99.75 m 562.5 99.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 85.75 m 424.5 85.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 83.75 m 424.5 83.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 85.75 m 493.5 85.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 83.75 m 493.5 83.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 85.75 m 562.5 85.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 83.75 m 562.5 83.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 174.15 269.48 Td (Combined Condensed Consolidated Statements of Operations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 386.40 240.43 Td (For) Tj ET Q q 0 0 0 rg BT 401.77 240.43 Td ( the ) Tj ET Q q 0 0 0 rg BT 419.73 240.43 Td (Y) Tj ET Q q 0 0 0 rg BT 425.84 240.43 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 519.52 240.43 Td ( 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 225.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.50 225.43 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.75 225.43 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 519.50 225.43 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 210.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 429.50 210.43 Td (\(In thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 180.42 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 180.42 Td (otal revenues and gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 180.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 180.42 Td (415,949) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 180.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 180.42 Td (403,019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 180.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 180.42 Td (406,870) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 165.42 Td (Total expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 165.42 Td (474,103) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 165.42 Td (455,085) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 165.42 Td (439,974) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 150.42 Td (Income \(loss\) from continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 150.47 Td (\(58,154) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 150.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 150.47 Td (\(52,066) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 150.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 150.47 Td (\(33,104) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 150.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 135.42 Td (Income \(loss\) from discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 135.42 Td (227,822) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 135.42 Td (34,165) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 135.42 Td (110,738) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 120.42 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 120.42 Td (169,668) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 120.47 Td (\(17,901) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 120.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 120.42 Td (77,634) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 104.42 Td (Less \(income\) loss allocated to noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.80 104.47 Td (\(134,715) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 104.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 104.47 Td (\(1,750) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 104.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 104.47 Td (\(60,266) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 104.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 89.42 Td (Net income \(loss\) attributable to parent) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 89.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 89.42 Td (34,953) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 89.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 89.47 Td (\(19,651) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 89.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 89.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 89.42 Td (17,368) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 157 0 obj <> endobj 158 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (76) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (The following discusses items of significance for the periods presented for our equity method investments:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (In December 2012, the Core Fund sold Johnson Ranch Corporate Centre, Roseville Corporate Center) Tj ET Q q 0 0 0 rg BT 472.79 718.10 Td (, Summit at Douglas ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Ridge and Olympus Corporate Centre \(collectively) Tj ET Q q 0 0 0 rg BT 253.46 706.10 Td (, the Roseville Disposition Group\), a portfolio of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.09 706.10 Td (four) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.75 706.10 Td ( properties located in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Roseville, California which it acquired in May 2007 for a contract purchase price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.50 694.10 Td ($200.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.39 694.10 Td (. ) Tj ET Q q 0 0 0 rg BT 454.71 694.10 Td (The contract sales price ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.05 682.10 Td ($73.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.94 682.10 Td (. ) Tj ET Q q 0 0 0 rg BT 128.89 682.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 178.79 682.10 Td (, the Core Fund recorded impairment losses of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.81 682.10 Td ($17.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.70 682.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.14 682.10 Td ($101.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.03 682.10 Td ( related to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (Roseville Disposition Group and Douglas Corporate Center \(also located in Roseville, California\), during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 658.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.02 658.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 221.24 658.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.24 658.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 278.90 658.10 Td (. ) Tj ET Q q 0 0 0 rg BT 285.84 658.10 Td (As a result of the sale of the Roseville Disposition Group, the Core ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Fund reclassified the results of operations for these properties into discontinued operations for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.76 646.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 634.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.00 634.10 Td (201) Tj ET Q q 0 0 0 rg BT 89.63 634.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.63 634.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.07 634.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.07 634.10 Td (, as reflected in the table above. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.17 634.10 Td ( Further) Tj ET Q q 0 0 0 rg BT 294.71 634.10 Td (, due to the deterioration in the financial condition of Douglas ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (Corporate Center) Tj ET Q q 0 0 0 rg BT 118.74 622.10 Td (, the Core Fund elected to not make debt service payments on the secured, nonrecourse mortgage loan at the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (property) Tj ET Q q 0 0 0 rg BT 83.23 610.10 Td (. ) Tj ET Q q 0 0 0 rg BT 88.05 610.10 Td (This resulted in a default, and ef) Tj ET Q q 0 0 0 rg BT 216.99 610.10 Td (fective January 2, 2013, a foreclosure on the property by the lender in which the Core ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (Fund relinquished all rights and title to the property and was relieved of the entire value of the mortgage loan. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.82 598.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td (Also, during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.30 574.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.88 574.10 Td (, the Core Fund recorded an impairment loss of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.51 574.10 Td ($72.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.40 574.10 Td ( on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.40 574.10 Td (two) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.40 574.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (additional properties, Charlotte Plaza and Carillon, both located in Charlotte, North Carolina. ) Tj ET Q q 0 0 0 rg BT 425.28 562.10 Td (The total impairment loss ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (recognized by the Core Fund during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.99 550.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.57 550.10 Td ( was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.12 550.10 Td ($90.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.02 550.10 Td (. ) Tj ET Q q 0 0 0 rg BT 418.33 550.10 Td (These impairments related to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (properties located in Roseville, California and Charlotte, North Carolina resulted in a decrease in the Company) Tj ET Q q 0 0 0 rg BT 496.81 538.10 Td (s equity in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (earnings \(losses\) attributable to the Company) Tj ET Q q 0 0 0 rg BT 234.13 526.10 Td (s investment in the Core Fund of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.72 526.10 Td ($19.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.62 526.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.05 526.10 Td ($18.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.95 526.10 Td ( for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.32 526.10 Td (years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.42 526.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.38 514.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.96 514.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.40 514.10 Td (201) Tj ET Q q 0 0 0 rg BT 189.03 514.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.03 514.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 246.69 514.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 490.10 Td (In ) Tj ET Q q 0 0 0 rg BT 78.28 490.10 Td (August 2012, the Core Fund sold One Shell Plaza and ) Tj ET Q q 0 0 0 rg BT 296.69 490.10 Td (T) Tj ET Q q 0 0 0 rg BT 302.10 490.10 Td (wo Shell Plaza \(collectively) Tj ET Q q 0 0 0 rg BT 413.36 490.10 Td (, Shell Plaza\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.78 490.10 Td (two) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.78 490.10 Td ( of) Tj ET Q q 0 0 0 rg BT 503.42 490.10 Td (fice properties ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (located in downtown Houston, ) Tj ET Q q 0 0 0 rg BT 175.08 478.10 Td (T) Tj ET Q q 0 0 0 rg BT 180.49 478.10 Td (exas which it acquired in May 2004 for a contract purchase price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.44 478.10 Td ($351.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.33 478.10 Td (.) Tj ET Q q 0 0 0 rg BT 519.65 478.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (contract sales price was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.18 466.10 Td ($550.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.07 466.10 Td (. ) Tj ET Q q 0 0 0 rg BT 215.52 466.10 Td (As a result of this sale, the Core Fund reclassified the results of operations for this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (property into discontinued operations for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.07 454.10 Td (years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.17 454.10 Td ( ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.04 454.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.63 454.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.63 454.10 Td (201) Tj ET Q q 0 0 0 rg BT 379.26 454.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.26 454.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.70 454.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.70 454.10 Td (, as reflected in the table above.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 430.10 Td (In 2012, a subsidiary of the Core Fund executed discounted pay-of) Tj ET Q q 0 0 0 rg BT 334.70 430.10 Td (f agreements with lenders concerning the debt secured ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (by One Renaissance Square and ) Tj ET Q q 0 0 0 rg BT 180.61 418.10 Td (T) Tj ET Q q 0 0 0 rg BT 186.02 418.10 Td (wo Renaissance Square, of) Tj ET Q q 0 0 0 rg BT 293.58 418.10 Td (fice buildings located in Phoenix, ) Tj ET Q q 0 0 0 rg BT 429.67 418.10 Td (Arizona, to release the Core ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (Fund from all outstanding debt and obligations, including the outstanding principal balances of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.71 406.10 Td ($188.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.60 406.10 Td (, at a discounted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.33 394.10 Td ($168.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.22 394.10 Td (.) Tj ET Q q 0 0 0 rg BT 159.17 394.10 Td (As a result of the debt extinguishment, the Core Fund recognized a gain on debt extinguishment of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td ($18.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 382.10 Td (, net of service costs and fees. ) Tj ET Q q 0 0 0 rg BT 225.61 382.10 Td (These discounted pay-of) Tj ET Q q 0 0 0 rg BT 323.73 382.10 Td (f transactions resulted in an increase in the Company) Tj ET Q q 0 0 0 rg BT 538.11 382.10 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (equity in earnings \(losses\) attributable to the Company) Tj ET Q q 0 0 0 rg BT 271.90 370.10 Td (s investment in the Core Fund of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.50 370.10 Td ($4.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.39 370.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 358.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 334.10 Td (In December 201) Tj ET Q q 0 0 0 rg BT 137.04 334.10 Td (1, the Core Fund sold a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.87 334.10 Td (49%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.20 334.10 Td ( noncontrolling limited partner interest in the subsidiary that owns One North ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 322.10 Td (acker) Tj ET Q q 0 0 0 rg BT 79.88 322.10 Td (, an of) Tj ET Q q 0 0 0 rg BT 104.97 322.10 Td (fice building located in Chicago, Illinois, which it acquired in March 2008 for a contract purchase price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.05 322.10 Td ($540.0 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 310.10 Td (. ) Tj ET Q q 0 0 0 rg BT 86.21 310.10 Td (The contract sales price for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.26 310.10 Td (49%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.59 310.10 Td ( noncontrolling interest in One North ) Tj ET Q q 0 0 0 rg BT 381.49 310.10 Td (W) Tj ET Q q 0 0 0 rg BT 390.13 310.10 Td (acker was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.33 310.10 Td ($298.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.22 310.10 Td (. Due to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (Core Fund retaining its controlling interest in the asset, this transaction was accounted for as an equity transaction, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (therefore, no gain was recognized on the sale.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 262.10 Td (In ) Tj ET Q q 0 0 0 rg BT 78.28 262.10 Td (August 201) Tj ET Q q 0 0 0 rg BT 124.30 262.10 Td (1, the Core Fund sold ) Tj ET Q q 0 0 0 rg BT 213.00 262.10 Td (Three First National Plaza, an of) Tj ET Q q 0 0 0 rg BT 343.34 262.10 Td (fice building located in Chicago, Illinois, which it ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (acquired in March 2005 for a contract purchase price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.45 250.10 Td ($245.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.35 250.10 Td (.) Tj ET Q q 0 0 0 rg BT 341.67 250.10 Td (The contract sales price was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.89 250.10 Td ($344.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.78 250.10 Td (.) Tj ET Q q 0 0 0 rg BT 522.73 250.10 Td (As a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (result of this sale, the Core Fund reclassified the results of operations for this property into discontinued operations for the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.38 226.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 149.59 226.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.59 226.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.03 226.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.03 226.10 Td (, as reflected in the table above.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 202.10 Td (In May 2010, the Core Fund sold 600 Lexington, an of) Tj ET Q q 0 0 0 rg BT 287.24 202.10 Td (fice property located in New ) Tj ET Q q 0 0 0 rg BT 403.76 202.10 Td (Y) Tj ET Q q 0 0 0 rg BT 409.98 202.10 Td (ork, New ) Tj ET Q q 0 0 0 rg BT 449.32 202.10 Td (Y) Tj ET Q q 0 0 0 rg BT 455.54 202.10 Td (ork, which it acquired in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (February 2004 for a contract purchase price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.25 190.10 Td ($91.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.14 190.10 Td (. ) Tj ET Q q 0 0 0 rg BT 299.46 190.10 Td (The contract sales price was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.69 190.10 Td ($193.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.58 190.10 Td (. ) Tj ET Q q 0 0 0 rg BT 480.53 190.10 Td (As a result of this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (sale, the Core Fund reclassified the results of operations for this property into discontinued operations for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (December 31, 2010, as reflected in the table above.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 142.10 Td (Grocery-Anchored Portfolio) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 118.10 Td (In November 2008, the Companyacquired a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.50 118.10 Td (70%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.83 118.10 Td ( interest in a joint venture with a subsidiary of ) Tj ET Q q 0 0 0 rg BT 453.28 118.10 Td (W) Tj ET Q q 0 0 0 rg BT 461.92 118.10 Td (eingarten Realty ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (Investors \(W) Tj ET Q q 0 0 0 rg BT 105.57 106.10 Td (eingarten\).Concurrently) Tj ET Q q 0 0 0 rg BT 210.15 106.10 Td (, the joint venture entered into an agreement to acquire a portfolio of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.71 106.10 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.71 106.10 Td ( grocery-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (anchored retail centers owned by ) Tj ET Q q 0 0 0 rg BT 184.48 94.10 Td (W) Tj ET Q q 0 0 0 rg BT 193.12 94.10 Td (eingarten for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.98 94.10 Td ($271.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.87 94.10 Td (. ) Tj ET Q q 0 0 0 rg BT 310.69 94.10 Td (W) Tj ET Q q 0 0 0 rg BT 319.33 94.10 Td (eingarten will continue to manage this portfolio for the joint ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (venture, though the Company) Tj ET Q q 0 0 0 rg BT 171.65 82.10 Td (s approval is required for any significant actions of the joint venture.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 58.10 Td (The Company has concluded its investment in the joint venture with ) Tj ET Q q 0 0 0 rg BT 343.60 58.10 Td (W) Tj ET Q q 0 0 0 rg BT 352.24 58.10 Td (eingarten qualifies as a variable interest entity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (\(VIE\) under ) Tj ET Q q 0 0 0 rg BT 109.41 46.10 Td (ASC 810 Consolidation. ) Tj ET Q q 0 0 0 rg BT 218.68 46.10 Td (The joint venture is financed with a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.35 46.10 Td ($100.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.25 46.10 Td ( secured note which was solely ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 159 0 obj <> endobj 160 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (77) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (guaranteed by ) Tj ET Q q 0 0 0 rg BT 108.68 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 117.32 742.10 Td (eingarten through December 2012. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.21 742.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 268.47 742.10 Td (fective December 2012, the Company received notice from ) Tj ET Q q 0 0 0 rg BT 507.92 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 516.55 742.10 Td (eingarten ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.31 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 75.95 730.10 Td (eingarten elected to not renew its guarantee with respect to the entire principal balance. However) Tj ET Q q 0 0 0 rg BT 463.44 730.10 Td (, certain other payment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (guarantees from ) Tj ET Q q 0 0 0 rg BT 117.01 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 125.65 718.10 Td (eingarten are still in place which results in the protection of the Company) Tj ET Q q 0 0 0 rg BT 422.23 718.10 Td (s equity from expected losses and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (continues to provide a guaranteed return to the Company) Tj ET Q q 0 0 0 rg BT 277.06 706.10 Td (. Further) Tj ET Q q 0 0 0 rg BT 313.60 706.10 Td (, substantially all of the joint venture's decisions do not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (involve and are not conducted on behalf of the Company) Tj ET Q q 0 0 0 rg BT 276.78 694.10 Td (, due to the fact that while Hines has a 70% equity interest in the joint ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (venture, it has only a 50% voting right with respect to major decisions to be made by the joint venture. ) Tj ET Q q 0 0 0 rg BT 462.13 682.10 Td (As a result, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (Company has determined that ) Tj ET Q q 0 0 0 rg BT 172.01 670.10 Td (W) Tj ET Q q 0 0 0 rg BT 180.65 670.10 Td (eingarten is and remains the primary beneficiary of this ) Tj ET Q q 0 0 0 rg BT 404.56 670.10 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 426.04 670.10 Td (Therefore, the Company has not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (consolidated the entity) Tj ET Q q 0 0 0 rg BT 139.88 658.10 Td (. In the event that the terms of the additional payment guarantees provided by ) Tj ET Q q 0 0 0 rg BT 452.10 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 460.74 658.10 Td (eingarten are modified, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (the Company will re-evaluate its accounting treatment for this investment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.14 646.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.46 646.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 409.17 646.10 Td (s maximum loss exposure is expected ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (to change in future periods as a result of income earned, distributions received and contributions made.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.82 634.10 Td ( Other than the initial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (capital contribution provided by the Company at the inception of the joint venture, the Company has not provided any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (additional subordinated financial support. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td (The table below includes the Company) Tj ET Q q 0 0 0 rg BT 227.13 586.10 Td (s maximum loss exposure related to this investment as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.20 586.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.78 586.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.21 574.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.21 574.10 Td (, which is equal to the carrying value of its investment in the joint venture reflected in the balance sheet line ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (item Investments in unconsolidated entities for each period. ) Tj ET Q q 0 0 0 rg BT 299.65 562.10 Td (Amounts are in thousands:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 515.60 168.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 515.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 515.60 168.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 515.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 515.60 168.00 -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 50.5 515.6 m 218.5 515.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 515.6 m 390.5 515.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 515.6 m 562.5 515.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 119.80 520.28 Td (Period) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 235.05 530.28 Td (Investment in Gr) Tj ET Q q 0 0 0 rg BT 308.20 530.28 Td (ocery-Anchor) Tj ET Q q 0 0 0 rg BT 366.89 530.28 Td (ed ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 282.05 520.28 Td (Portfolio ) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 322.31 524.81 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 428.40 520.28 Td (Maximum Risk of Loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 505.27 Td (December 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.00 505.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.15 505.27 Td (53,793) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.00 505.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 505.27 Td (53,793) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 490.27 Td (December 31, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.00 490.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.15 490.27 Td (59,904) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.00 490.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 490.27 Td (59,904) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 462.10 Td (Represents the carrying amount of the investment in the Grocery-Anchored Portfolio, which includes the net ef) Tj ET Q q 0 0 0 rg BT 512.69 462.10 Td (fect of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 450.10 Td (contributions made, distributions received and the Company) Tj ET Q q 0 0 0 rg BT 312.12 450.10 Td (s share of equity in earnings \(losses\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 161 0 obj <> endobj 162 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (78) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (6.Debt Financing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (The following table includes all of the Company) Tj ET Q q 0 0 0 rg BT 264.90 718.25 Td (s outstanding notes payable balances as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.24 718.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.83 718.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.21 706.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.21 706.25 Td ( \(in thousands, except interest rates\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 636.75 217.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 636.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 636.75 54.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 636.75 21.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 636.75 45.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 636.75 19.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 636.75 66.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 636.75 17.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 636.75 69.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 589.75 217.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 589.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 589.75 54.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 589.75 21.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 589.75 45.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 589.75 19.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 589.75 66.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 589.75 17.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 589.75 69.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 539.75 217.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 539.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 539.75 54.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 539.75 21.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 539.75 45.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 539.75 19.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 539.75 66.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 539.75 17.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 539.75 69.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 489.75 217.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 489.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 489.75 54.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 489.75 21.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 489.75 45.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 489.75 19.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 489.75 66.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 489.75 17.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 489.75 69.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 439.75 217.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 439.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 439.75 54.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 439.75 21.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 439.75 45.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 439.75 19.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 439.75 66.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 439.75 17.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 439.75 69.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 399.75 217.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 399.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 399.75 54.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 399.75 21.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 399.75 45.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 399.75 19.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 399.75 66.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 399.75 17.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 399.75 69.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 359.75 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 359.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 359.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 359.75 21.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 359.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 359.75 19.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 359.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 359.75 17.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 359.75 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 329.75 217.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 329.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 329.75 54.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 329.75 21.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 329.75 45.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 329.75 19.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 329.75 66.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 329.75 17.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 329.75 69.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 280.75 217.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 280.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 280.75 54.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 280.75 21.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 280.75 45.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 280.75 19.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 280.75 66.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 280.75 17.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 280.75 69.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 240.75 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 240.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 240.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 240.75 21.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 240.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 240.75 19.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 240.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 240.75 17.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 240.75 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 210.75 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 210.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 210.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 210.75 21.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 210.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 210.75 19.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 210.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 210.75 17.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 210.75 69.00 -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 50.5 651.75 m 267.5 651.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 651.75 m 325.5 651.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 651.75 m 391.5 651.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 651.75 m 476.5 651.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 651.75 m 562.5 651.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 225.75 m 476.5 225.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 225.75 m 562.5 225.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 195.75 m 476.5 195.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 195.75 m 562.5 195.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 181.75 m 476.5 181.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 179.75 m 476.5 179.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 181.75 m 562.5 181.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 179.75 m 562.5 179.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 656.43 Td (Description) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 278.55 666.43 Td (Maturity) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 288.00 656.43 Td (Date) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 351.90 666.43 Td (Interest) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 358.50 656.43 Td (Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.00 656.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 423.25 686.43 Td (Principal) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 416.30 676.43 Td (Outstanding) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 416.00 666.43 Td (at December) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 425.50 656.43 Td (31, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 507.75 686.43 Td (Principal) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 500.80 676.43 Td (Outstanding) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 500.50 666.43 Td (at December) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 510.25 656.43 Td (31, 2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 641.43 Td (SECURED MORTGAGE DEBT) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.00 641.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.00 641.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.00 641.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.00 641.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.00 641.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 626.42 Td (The Prudential Insurance Company of America) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 616.42 Td (One Wilshire) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.40 616.42 Td (2/1/2013) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 328.00 621.58 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 616.42 Td (5.98) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 616.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.00 616.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.00 616.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 616.42 Td (159,500) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 479.00 621.58 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.00 616.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 616.42 Td (159,500) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 602.32 Td (New York State Teachers Retirement System ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 592.37 Td (2555 Grand) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.40 594.42 Td (5/1/2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 594.42 Td (5.38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 594.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.00 594.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.15 594.42 Td (86,000) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 479.00 599.58 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 594.42 Td (86,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 579.42 Td (New York State Teachers Retirement System ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 569.42 Td (Williams Tower) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.40 569.42 Td (6/1/2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 569.42 Td (5.50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 569.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.00 569.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 569.42 Td (165,000) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 479.00 574.58 Td (\(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 569.42 Td (165,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 554.42 Td (Artesia Mortgage Capital Corporation Arapahoe) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 544.42 Td (Business Park I) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.80 544.42 Td (6/11/2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 544.42 Td (5.33) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 544.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.00 544.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.15 544.42 Td (9,418) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 479.00 549.58 Td (\(4\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 544.42 Td (9,556) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 529.42 Td (Artesia Mortgage Capital Corporation Arapahoe) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 519.42 Td (Business Park II) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.15 519.42 Td (11/11/2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 519.42 Td (5.53) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 519.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.00 519.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.15 519.42 Td (9,910) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 479.00 524.58 Td (\(5\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 519.42 Td (10,066) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 504.42 Td (Metropolitan Life Insurance Company) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 494.42 Td (1515S.Street) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.40 494.42 Td (9/1/2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 494.42 Td (4.25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 494.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.00 494.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.15 494.42 Td (39,737) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 479.00 499.58 Td (\(6\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 494.42 Td (40,691) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 479.42 Td (IXIS Real Estate Capital Inc. Raytheon/DIRECTV) Tj ET Q q 0 0 0 rg BT 263.61 479.42 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 469.42 Td (Buildings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.40 469.42 Td (12/5/2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 469.42 Td (5.68) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 469.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.00 469.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.15 469.42 Td (50,334) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 479.00 474.58 Td (\(7\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 469.42 Td (51,222) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 454.42 Td (Artesia Mortgage Capital Corporation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 444.42 Td (345 Inverness Drive) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.80 444.42 Td (12/11/2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 444.42 Td (5.85) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 444.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.00 444.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.15 444.42 Td (14,920) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 479.00 449.58 Td (\(8\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 444.42 Td (15,123) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 429.42 Td (John Hancock Life Insurance Company ) Tj ET Q q 0 0 0 rg BT 226.29 429.42 Td (Airport ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 419.42 Td (Corporate Center) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.40 419.42 Td (9/1/2021) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 419.42 Td (5.14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 419.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.00 419.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.15 419.42 Td (79,000) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 479.00 424.58 Td (\(9\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 419.42 Td (79,000) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 404.43 Td (HSH POOLED MOR) Tj ET Q q 0 0 0 rg BT 145.43 404.43 Td (TGAGE F) Tj ET Q q 0 0 0 rg BT 189.42 404.43 Td (ACILITY) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.00 404.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.00 404.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.00 404.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.00 404.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.00 404.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 389.42 Td (HSH Nordbank Citymark, 321 North Clark, 1900) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 379.42 Td (and 2000 Alameda) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.40 379.42 Td (8/1/2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 379.42 Td (5.86) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 379.42 Td (%) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 394.00 384.58 Td (\(10\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 379.42 Td (185,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 379.42 Td (185,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 364.42 Td (HSH Nordbank 3400 Data Drive, 2100 Powell) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.40 364.42 Td (1/23/2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 364.42 Td (5.25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 364.42 Td (%) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 394.00 369.58 Td (\(11\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.15 364.42 Td (98,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 364.42 Td (98,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 349.42 Td (HSH Nordbank Daytona and Laguna Buildings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.40 349.42 Td (5/2/2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 349.42 Td (5.36) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 349.42 Td (%) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 394.00 354.58 Td (\(12\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 349.42 Td (119,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 349.42 Td (119,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 334.42 Td (HSH Nordbank 3 Huntington Quadrangle) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.40 334.42 Td (7/19/2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 334.42 Td (5.98) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 334.42 Td (%) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 394.00 339.58 Td (\(13\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.15 334.42 Td (48,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 334.42 Td (48,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 319.42 Td (HSH Nordbank Seattle Design Center/5th and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 309.42 Td (Bell) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.40 309.42 Td (8/14/2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 309.42 Td (6.03) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 309.42 Td (%) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 394.00 314.58 Td (\(14\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.15 309.42 Td (70,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 309.42 Td (70,000) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 295.43 Td (MET LIFE SECURED MORTGAGE) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 285.43 Td (FACILITY) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.00 285.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.00 285.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.00 285.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.00 285.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.00 285.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 270.42 Td (Met Life JPMorgan Chase Tower/ Minneapolis) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 260.42 Td (Office/Flex Portfolio) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.40 260.42 Td (1/1/2013) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 328.00 265.58 Td (\(15\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 260.42 Td (5.70) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 260.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.00 260.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 260.42 Td (160,000) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 479.00 265.58 Td (\(15\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 260.42 Td (205,000) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 245.43 Td (OTHER NOTESPAYABLE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.00 245.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.00 245.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.00 245.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.00 245.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.00 245.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 230.42 Td (KeyBank Revolving Credit Facility) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.40 230.42 Td (2/3/2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 230.42 Td (3.46) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 230.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.00 230.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.15 230.42 Td (32,000) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 479.00 235.58 Td (\(16\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 230.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 215.43 Td (TOTAL PRINCIPAL OUTSTANDING) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.00 215.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.00 215.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.00 215.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.65 215.42 Td (1,325,819) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 215.42 Td (1,341,158) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 200.42 Td (Unamortized Discount) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 143.81 204.95 Td (\(17\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.00 200.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.00 200.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.00 200.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.80 200.47 Td (\(2,255) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.65 200.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 200.47 Td (\(2,934) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 200.42 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 185.43 Td (NOTES PAYABLE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.00 185.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.00 185.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.00 185.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.00 185.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.65 185.42 Td (1,323,564) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.00 185.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 185.42 Td (1,338,224) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 169.25 Td (__________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 145.25 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 145.25 Td (The Company entered into mortgage financing in connection with its acquisition of One ) Tj ET Q q 0 0 0 rg BT 441.01 145.25 Td (W) Tj ET Q q 0 0 0 rg BT 450.05 145.25 Td (ilshire. ) Tj ET Q q 0 0 0 rg BT 479.86 145.25 Td (The mortgage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 133.25 Td (agreement provided for an interest-only loan with a principal amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.63 133.25 Td ($159.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.52 133.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.02 133.25 Td (In October 2012, a subsidiary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 121.25 Td (of the Operating Partnership executed a 90-day extension with Prudential to extend the maturity date of the loan from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 109.25 Td (November1, 2012 to February1, 2013.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.58 109.25 Td ( ) Tj ET Q q 0 0 0 rg BT 246.53 109.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 296.43 109.25 Td (, in January 2013, a subsidiary of the Operating Partnership ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 97.25 Td (executed a new loan agreement with the Bank of China for a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.91 97.25 Td ($200.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 97.25 Td ( secured mortgage loan and repaid the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 85.25 Td (Prudential loan. ) Tj ET Q q 0 0 0 rg BT 151.64 85.25 Td (The loan has a floating interest rate based on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.96 85.25 Td (LIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.96 85.25 Td ( plus ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.63 85.25 Td (2.75%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.46 85.25 Td ( and expires ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.28 85.25 Td (January31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.88 85.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.38 85.25 Td (with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 73.25 Td (the option to renew for an additional year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.22 73.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 163 0 obj <> endobj 164 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (79) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (The Company entered into an interest-only loan with the New ) Tj ET Q q 0 0 0 rg BT 336.12 742.10 Td (Y) Tj ET Q q 0 0 0 rg BT 342.34 742.10 Td (ork State ) Tj ET Q q 0 0 0 rg BT 380.48 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 385.89 742.10 Td (eachers) Tj ET Q q 0 0 0 rg BT 418.46 742.10 Td ( Retirement System \(NYSTRS\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (in the principal amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.36 730.10 Td ($86.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.25 730.10 Td ( secured by its interest in 2555 Grand.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (The Company entered into an interest-only loan with NYSTRS in the principal amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.60 706.10 Td ($165.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.49 706.10 Td ( secured by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 694.10 Td (its interest in ) Tj ET Q q 0 0 0 rg BT 139.98 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 149.02 694.10 Td (illiams) Tj ET Q q 0 0 0 rg BT 178.56 694.10 Td (T) Tj ET Q q 0 0 0 rg BT 183.97 694.10 Td (ower) Tj ET Q q 0 0 0 rg BT 203.41 694.10 Td (. Subsequent to December 31, 2012, we sold ) Tj ET Q q 0 0 0 rg BT 386.53 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 395.57 694.10 Td (illiams ) Tj ET Q q 0 0 0 rg BT 425.11 694.10 Td (T) Tj ET Q q 0 0 0 rg BT 430.52 694.10 Td (ower and retired the outstanding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (principal balance of this loan.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (\(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td (The Company assumed a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.31 658.10 Td ($9.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.20 658.10 Td ( note in connection with its acquisition of ) Tj ET Q q 0 0 0 rg BT 405.96 658.10 Td (Arapahoe Business Park I. ) Tj ET Q q 0 0 0 rg BT 514.36 658.10 Td (The note ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (was interest-only until ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.93 646.10 Td (June1) Tj ET Q q 0 0 0 rg BT 203.39 646.10 Td (1, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.39 646.10 Td (, at which time the principal began amortizing until its maturity) Tj ET Q q 0 0 0 rg BT 486.29 646.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (\(5\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 622.10 Td (The Company assumed a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.31 622.10 Td ($10.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.20 622.10 Td ( amortizing note in connection with its acquisition of ) Tj ET Q q 0 0 0 rg BT 456.78 622.10 Td (Arapahoe Business Park ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 610.10 Td (II.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (\(6\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 586.10 Td (This interest-only loan) Tj ET Q q 0 0 0 rg BT 179.32 586.10 Td (s original principal amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.68 586.10 Td ($45.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.57 586.10 Td ( was entered into by the Company in connection ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 574.10 Td (with its acquisition of 1515S.Street. In ) Tj ET Q q 0 0 0 rg BT 247.10 574.10 Td (August 201) Tj ET Q q 0 0 0 rg BT 293.12 574.10 Td (1, the Company executed a mortgage agreement with Metropolitan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 562.10 Td (Life Insurance Company and retired the existing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.32 562.10 Td ($45.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.21 562.10 Td ( note payable.) Tj ET Q q 0 0 0 rg BT 396.84 562.10 Td (The new mortgage is a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.42 562.10 Td (five) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.97 562.10 Td ( year) Tj ET Q q 0 0 0 rg BT 525.28 562.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.28 562.10 Td ($41.0 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 550.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.89 550.10 Td ( loan with a fixed interest rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.62 550.10 Td (4.25%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.45 550.10 Td (. ) Tj ET Q q 0 0 0 rg BT 278.27 550.10 Td (The mortgage has a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.35 550.10 Td (25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.35 550.10 Td (-year amortization schedule and is secured by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 538.10 Td (our interest in 1515 S. Street.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (\(7\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 514.10 Td (The Company assumed an amortizing mortgage note in the principal amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.47 514.10 Td ($54.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.37 514.10 Td ( in connection with its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 502.10 Td (acquisition of the Raytheon/DirecTV) Tj ET Q q 0 0 0 rg BT 234.39 502.10 Td ( Buildings.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (\(8\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 478.10 Td (The Company assumed a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.31 478.10 Td ($15.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.20 478.10 Td ( notein connection with its acquisition of 345 Inverness Drive. ) Tj ET Q q 0 0 0 rg BT 497.42 478.10 Td (The note was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 466.10 Td (interest-only until ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.88 466.10 Td (June1) Tj ET Q q 0 0 0 rg BT 185.34 466.10 Td (1, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.34 466.10 Td (, at which time the principal began amortizing until its maturity) Tj ET Q q 0 0 0 rg BT 468.24 466.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (\(9\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 442.10 Td (In ) Tj ET Q q 0 0 0 rg BT 96.28 442.10 Td (August 201) Tj ET Q q 0 0 0 rg BT 142.30 442.10 Td (1, the Company executed a mortgage agreement with John Hancock Life Insurance Company \(USA\) to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 430.10 Td (refinance ) Tj ET Q q 0 0 0 rg BT 125.14 430.10 Td (Airport Corporate Center) Tj ET Q q 0 0 0 rg BT 226.59 430.10 Td () Tj ET Q q 0 0 0 rg BT 229.37 430.10 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.76 430.10 Td ($65.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.65 430.10 Td ( mortgage. ) Tj ET Q q 0 0 0 rg BT 334.74 430.10 Td (The new mortgage is a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.31 430.10 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.31 430.10 Td (-year) Tj ET Q q 0 0 0 rg BT 458.45 430.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.45 430.10 Td ($79.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.34 430.10 Td ( mortgage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 418.10 Td (with a fixed rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.58 418.10 Td (5.14%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.41 418.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.23 418.10 Td (The mortgage requires interest payments for the first two years, at which time the mortgage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 406.10 Td (begins amortizing until its maturity) Tj ET Q q 0 0 0 rg BT 226.44 406.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.94 406.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (\(10\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 382.10 Td (This loan has a floating interest rate based on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.55 382.10 Td (LIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.55 382.10 Td ( plus ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.22 382.10 Td (0.4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.05 382.10 Td (. ) Tj ET Q q 0 0 0 rg BT 346.87 382.10 Td (The Company entered into an interest rate swap ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 370.10 Td (agreement which ef) Tj ET Q q 0 0 0 rg BT 164.67 370.10 Td (fectively fixed the interest rate of this borrowing at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.99 370.10 Td (5.86%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.82 370.10 Td ( \(including the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.64 370.10 Td (0.4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.47 370.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 496.33 370.10 Td (gin\). See Note 7 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 358.10 Td ( Derivative Instruments) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 190.42 358.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.92 358.10 Td (for additional information regarding the Company) Tj ET Q q 0 0 0 rg BT 396.48 358.10 Td (s derivatives.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (\(1) Tj ET Q q 0 0 0 rg BT 57.96 334.10 Td (1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 334.10 Td (This loan has a floating interest rate based on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.55 334.10 Td (LIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.55 334.10 Td ( plus ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.22 334.10 Td (0.4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.05 334.10 Td (. ) Tj ET Q q 0 0 0 rg BT 346.87 334.10 Td (The Company entered into an interest rate swap ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 322.10 Td (agreement which ef) Tj ET Q q 0 0 0 rg BT 164.67 322.10 Td (fectively fixed the interest rate of this borrowing at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.99 322.10 Td (5.25%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.82 322.10 Td ( \(including the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.64 322.10 Td (0.4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.47 322.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 496.33 322.10 Td (gin\). See Note 7 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 310.10 Td ( Derivative Instruments) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 190.42 310.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.92 310.10 Td (for additional information regarding the Company) Tj ET Q q 0 0 0 rg BT 396.48 310.10 Td (s derivatives.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (\(12\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 286.10 Td (This loan has a floating interest rate based on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.55 286.10 Td (LIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.55 286.10 Td ( plus ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.22 286.10 Td (0.4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.05 286.10 Td (. ) Tj ET Q q 0 0 0 rg BT 346.87 286.10 Td (The Company entered into an interest rate swap ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 274.10 Td (agreement which ef) Tj ET Q q 0 0 0 rg BT 164.67 274.10 Td (fectively fixed the interest rate of this borrowing at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.99 274.10 Td (5.36%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.82 274.10 Td ( \(including the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.64 274.10 Td (0.4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.47 274.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 496.33 274.10 Td (gin\). See Note 7 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 262.10 Td ( Derivative Instruments) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 190.42 262.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.92 262.10 Td (for additional information regarding the Company) Tj ET Q q 0 0 0 rg BT 396.48 262.10 Td (s derivatives.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (\(13\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 238.10 Td (This loan has a floating interest rate based on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.55 238.10 Td (LIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.55 238.10 Td ( plus ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.22 238.10 Td (0.4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.05 238.10 Td (. ) Tj ET Q q 0 0 0 rg BT 346.87 238.10 Td (The Company entered into an interest rate swap ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 226.10 Td (agreement which ef) Tj ET Q q 0 0 0 rg BT 164.67 226.10 Td (fectively fixed the interest rate of this borrowing at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.99 226.10 Td (5.98%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.82 226.10 Td ( \(including the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.64 226.10 Td (0.4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.47 226.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 496.33 226.10 Td (gin\). See Note 7 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 214.10 Td ( Derivative Instruments) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 190.42 214.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.92 214.10 Td (for additional information regarding the Company) Tj ET Q q 0 0 0 rg BT 396.48 214.10 Td (s derivatives.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (\(14\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 190.10 Td (This loan has a floating interest rate based on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.55 190.10 Td (LIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.55 190.10 Td ( plus ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.22 190.10 Td (0.45%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.05 190.10 Td (. ) Tj ET Q q 0 0 0 rg BT 351.87 190.10 Td (The Company entered into an interest rate swap ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 178.10 Td (agreement which ef) Tj ET Q q 0 0 0 rg BT 164.67 178.10 Td (fectively fixed the interest rate of this borrowing at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.99 178.10 Td (6.03%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.82 178.10 Td ( \(including the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.64 178.10 Td (0.45%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.47 178.10 Td ( mar) Tj ET Q q 0 0 0 rg BT 501.33 178.10 Td (gin\). See Note ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 166.10 Td (7 Derivative Instruments) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 197.92 166.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.42 166.10 Td (for additional information regarding the Company) Tj ET Q q 0 0 0 rg BT 403.98 166.10 Td (s derivatives.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (\(15\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 142.10 Td (In December 2012, the Company paid down ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.96 142.10 Td ($45.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.85 142.10 Td ( in principal related to our Minneapolis Of) Tj ET Q q 0 0 0 rg BT 489.34 142.10 Td (fice/Flex ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 130.10 Td (Portfolio. ) Tj ET Q q 0 0 0 rg BT 128.50 130.10 Td (Also, in January 2013, the Company entered into an amended and restated promissory note for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 118.10 Td (remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.04 118.10 Td ($160.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.93 118.10 Td ( in principal. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.07 118.10 Td (The loan has a maturity date of February 1, 2016, subject to two, one year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 106.10 Td (extension options) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.27 106.10 Td ( and has a floating interest rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.33 106.10 Td (LIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.33 106.10 Td ( plus ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.00 106.10 Td (2.50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.83 106.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (\(16\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 82.10 Td (The Company entered into a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.35 82.10 Td ($45.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.24 82.10 Td ( revolving line of credit with KeyBank pursuant to a Credit ) Tj ET Q q 0 0 0 rg BT 494.80 82.10 Td (Agreement in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 70.10 Td (February 201) Tj ET Q q 0 0 0 rg BT 139.23 70.10 Td (1 and a Promissory Note in February 201) Tj ET Q q 0 0 0 rg BT 304.11 70.10 Td (1.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.43 70.10 Td (The facility \(as amended\) provided for an original expiration ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 58.10 Td (date of ) Tj ET Q q 0 0 0 rg BT 115.43 58.10 Td (August 3, 201) Tj ET Q q 0 0 0 rg BT 171.45 58.10 Td (1, subject to extension at the Company) Tj ET Q q 0 0 0 rg BT 329.48 58.10 Td (s election for an additional 18-month period. In ) Tj ET Q q 0 0 0 rg BT 523.32 58.10 Td (August ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 46.10 Td (201) Tj ET Q q 0 0 0 rg BT 100.63 46.10 Td (1, the Company exercised its option to extend the maturity date to February 3, 2013.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.06 46.10 Td ( Interest was determined, at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 165 0 obj <> endobj 166 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (80) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (the Company) Tj ET Q q 0 0 0 rg BT 142.38 742.10 Td (s election, based on \(i\) the Prime Rate, \(ii\) the Federal Funds Rate or \(iii\) LIBOR plus a mar) Tj ET Q q 0 0 0 rg BT 511.56 742.10 Td (gin of at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (least ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.83 730.10 Td (3.25%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.66 730.10 Td (. Subsequent to December 31, 2012, the Company paid down its outstanding balance on its revolving line ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td (of credit prior to its maturity and did not renew it upon its expiration. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 700.10 Td (\(17\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 700.10 Td (The Company assumed notes payable in connection with various acquisitions, which were recorded at their estimated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 688.10 Td (fair value as of the date of acquisition.) Tj ET Q q 0 0 0 rg BT 244.10 688.10 Td (The dif) Tj ET Q q 0 0 0 rg BT 273.07 688.10 Td (ference between the fair value at acquisition and the principal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 676.10 Td (outstanding is amortized over the term of the related note.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 652.10 Td (HSH Pooled Mortgage Facility) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 628.10 Td (In ) Tj ET Q q 0 0 0 rg BT 78.28 628.10 Td (August 2006 \(as amended in January 2007\), certain of the Company) Tj ET Q q 0 0 0 rg BT 354.04 628.10 Td (s subsidiaries entered into a credit agreement with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (HSH Nordbank providing for a secured credit facility in the maximum principal amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.02 616.10 Td ($520.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.91 616.10 Td ( \(the HSH Credit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (Facility\), subject to certain borrowing limitations. ) Tj ET Q q 0 0 0 rg BT 255.88 604.10 Td (The total borrowing capacity under the HSH Credit Facility was based upon ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (a percentage of the appraised values of the properties that the Company selected to serve as collateral under this facility) Tj ET Q q 0 0 0 rg BT 527.77 592.10 Td (, subject ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (to certain debt service coverage limitations. ) Tj ET Q q 0 0 0 rg BT 226.32 580.10 Td (Amounts drawn under the HSH Credit Facility bear interest at variable interest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (rates based on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.15 568.10 Td (one-month LIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.97 568.10 Td ( plus an applicable mar) Tj ET Q q 0 0 0 rg BT 277.53 568.10 Td (gin.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 544.10 Td (The Company purchased interest rate protection in the form of interest rate swap agreements prior to borrowing any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (amounts under the HSH Credit Facility to secure it against fluctuations of LIBOR. Loans under the HSH Credit Facility may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (prepaid in whole or in part, subject to the payment of certain prepayment fees and breakage costs. ) Tj ET Q q 0 0 0 rg BT 442.92 520.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.36 520.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.94 520.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (the Company had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.04 508.10 Td ($520.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.93 508.10 Td ( outstanding under the HSH Credit Facility) Tj ET Q q 0 0 0 rg BT 353.49 508.10 Td (, therefore it has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.96 508.10 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.96 508.10 Td ( remaining borrowing capacity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (under this facility) Tj ET Q q 0 0 0 rg BT 119.89 496.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 472.10 Td (The Operating Partnership provides customary non-recourse carve-out guarantees under the HSH Credit Facility and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (limited guarantees with respect to the payment and performance of \(i\)certain tenant improvement and leasing commission ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (obligations in the event the properties securing the loan fail to meet a combined occupancy requirement of at or above 85% and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (\(ii\)certain major capital repairs with respect to the properties securing the loans.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.38 436.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.83 436.10 Td (As of December31, 2012, certain properties ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (failed to meet this occupancy requirement.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.49 424.10 Td (See Note 12 Commitments and Contingencies for additional details of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (potential guaranty obligation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 388.10 Td (The HSH Credit Facility provides that an event of default will exist if a change in majority ownership or control occurs for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.17 376.10 Td (Advisor or Hines, or if the ) Tj ET Q q 0 0 0 rg BT 171.65 376.10 Td (Advisor no longer provides advisory services or manages the day-to-day operations of Hines ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 71.47 364.10 Td (. ) Tj ET Q q 0 0 0 rg BT 76.29 364.10 Td (The HSH Credit Facility also contains other customary events of default, some with corresponding cure periods, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (including, without limitation, payment defaults, cross-defaults to other agreements evidencing indebtedness and bankruptcy-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (related defaults, and customary covenants, including limitations on the incurrence of debt and granting of liens and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (maintenance of certain financial ratios.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.76 328.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.08 328.10 Td (The Company is not aware of any instances of noncompliance relating to covenants of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (the HSH Credit Facility as of December31, 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.51 316.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 304.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 292.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.90 292.10 Td (, HSH Nordbank has the right to have the properties serving as collateral under this facility appraised every ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (two years. Should the aggregate outstanding principal amounts under this facility exceed 55% of the lender) Tj ET Q q 0 0 0 rg BT 479.14 280.10 Td () Tj ET Q q 0 0 0 rg BT 481.91 280.10 Td (s appraised values, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (the Company must rebalance through making partial payment or providing additional collateral to eliminate such excess.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.75 268.10 Td ( In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (May 201) Tj ET Q q 0 0 0 rg BT 85.46 256.10 Td (1, the Company replaced the HSH Nordbank Collateral deposit with a letter of credit from the Bank of Montreal.) Tj ET Q q 0 0 0 rg BT 542.00 256.10 Td (As ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (collateral for the letter of credit, the Company posted a cash deposit of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.35 244.10 Td ($107.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.24 244.10 Td ( with the Bank of Montreal, which is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (classified as restricted cash in the consolidated balance sheets. In October 2012, HSH Nordbank notified the Company that the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (outstanding principal amounts under the facility exceeded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.09 220.10 Td (55%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.42 220.10 Td ( of the appraised values of the properties and therefore the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (Company was required to provide additional collateral in the amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.09 208.10 Td ($9.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.98 208.10 Td ( to rebalance the portfolio which is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (classified as restricted cash in the consolidated balance sheets. ) Tj ET Q q 0 0 0 rg BT 301.39 196.10 Td (The Company obtained a letter of credit from the Bank of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (Montreal in October 2012 in order to meet the additional collateral required by HSH Nordbank. If real estate values decline, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (the Company could be required to pay additional amounts to rebalance the collateral for the properties under this credit facility) Tj ET Q q 0 0 0 rg BT 556.67 172.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 148.10 Td (Additional Debt Secured by Investment Property) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 124.10 Td (From time to time, the Company obtains mortgage financing for its properties outside of the credit facilities described ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (above. Other than the exceptions described in the notes to the table above, these mortgages contain fixed rates of interest and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td (are secured by the property to which they relate. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.29 100.10 Td (These mortgage agreements contain customary events of default, with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (corresponding grace periods, including payment defaults, cross-defaults to other agreements and bankruptcy-related defaults, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 Td (and customary covenants, including limitations on liens and indebtedness and maintenance of certain financial ratios. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (addition, the Company has executed customary recourse carve-out guarantees of certain obligations under its mortgage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 167 0 obj <> endobj 168 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (81) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (agreements and the other loan documents.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.28 742.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.60 742.10 Td (The Company is not aware of any instances of noncompliance of covenants related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (to these agreements as of December31, 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.10 730.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (The following table summarizes required principal payments on the Company) Tj ET Q q 0 0 0 rg BT 383.20 706.10 Td (s outstanding notes payable for each of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.98 694.10 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.06 694.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.56 694.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.56 694.10 Td ( through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.67 694.10 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.75 694.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.25 694.10 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.25 694.10 Td ( and for the period thereafter \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 642.60 118.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 168.50 642.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 642.60 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 642.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 642.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 642.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 642.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 642.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 642.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 642.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 642.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 642.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 168.5 656.6 m 228.5 656.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 656.6 m 242.5 656.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 656.6 m 302.5 656.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 656.6 m 306.5 656.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 656.6 m 366.5 656.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 656.6 m 370.5 656.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 656.6 m 430.5 656.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 656.6 m 434.5 656.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 656.6 m 494.5 656.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 656.6 m 498.5 656.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 656.6 m 558.5 656.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 168.5 656.6 m 228.5 656.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 168.5 642.6 m 228.5 642.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 642.6 m 302.5 642.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 642.6 m 366.5 642.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 642.6 m 430.5 642.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 642.6 m 494.5 642.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 642.6 m 558.5 642.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 168.5 642.6 m 228.5 642.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 642.6 m 302.5 642.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 290.20 661.28 Td (Principal Payments due by Period) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 188.00 647.28 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 262.00 647.28 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 326.00 647.28 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 390.00 647.28 Td (2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.00 647.28 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 505.10 647.28 Td (Thereafter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 632.27 Td (Notes Payable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.00 632.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.15 632.27 Td (605,255) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 231.00 637.43 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.00 632.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.15 632.27 Td (3,757) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.00 632.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.15 632.27 Td (22,291) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.00 632.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.15 632.27 Td (284,433) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 632.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.15 632.27 Td (336,343) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.00 632.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.15 632.27 Td (73,740) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 604.10 Td (See footnotes 1, 3, 15 and 16 to the table describing the Company) Tj ET Q q 0 0 0 rg BT 352.06 604.10 Td (s outstanding notes payable balances above. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 592.10 Td (Including the ef) Tj ET Q q 0 0 0 rg BT 149.13 592.10 Td (fects of our mortgage financing and retirements subsequent to December 31, 2012, our required ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 580.10 Td (principal payments for the year ended December 31, 2013 has been reduced to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.54 580.10 Td ($88.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.43 580.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 557.25 Td (7.Derivative Instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 533.25 Td (The Company has several interest rate swap transactions with HSH Nordbank. ) Tj ET Q q 0 0 0 rg BT 384.41 533.25 Td (These swap transactions were entered into ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 521.25 Td (as economic hedges against the variability of future interest rates on the Company) Tj ET Q q 0 0 0 rg BT 381.01 521.25 Td (s variable interest rate borrowings with HSH ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 509.25 Td (Nordbank. ) Tj ET Q q 0 0 0 rg BT 94.81 509.25 Td (The Company has not designated any of its derivative instruments as hedging instruments for accounting purposes. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 497.25 Td (The interest rate swaps have been recorded at their estimated fair value in the accompanying balance sheets and changes in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 485.25 Td (fair value were recorded in gain \(loss\) on derivative instruments, net in the Company) Tj ET Q q 0 0 0 rg BT 392.68 485.25 Td (s consolidated statements of operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 473.25 Td (\(see Note 13 - Fair ) Tj ET Q q 0 0 0 rg BT 130.97 473.25 Td (V) Tj ET Q q 0 0 0 rg BT 137.08 473.25 Td (alue Disclosures for additional information\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 461.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 449.25 Td (The tables below provide additional information regarding each of the Company) Tj ET Q q 0 0 0 rg BT 392.90 449.25 Td (s outstanding interest rate swaps \(all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 437.25 Td (amounts are in thousands except for interest rates\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 402.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 149.50 402.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 153.50 402.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 402.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 402.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 402.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 402.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 402.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 402.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 372.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 149.50 372.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 153.50 372.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 372.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 372.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 372.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 372.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 372.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 372.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 342.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 149.50 342.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 153.50 342.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 342.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 342.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 342.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 342.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 342.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 342.75 99.00 -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 50.5 402.75 m 149.5 402.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 153.5 402.75 m 252.5 402.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 402.75 m 355.5 402.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 402.75 m 458.5 402.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 402.75 m 561.5 402.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 69.35 407.43 Td (Effective Date) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 168.15 407.43 Td (Expiration Date) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 268.65 407.43 Td (Notional Amount) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 380.65 417.43 Td (Interest Rate) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 389.30 407.43 Td (Received) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 472.70 407.43 Td (Interest Rate Paid) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 392.42 Td (August 1, 2006) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.60 392.42 Td (August 1, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.00 392.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.15 392.42 Td (185,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.50 392.42 Td (LIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 392.42 Td (5.4575) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 392.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 377.42 Td (January 12, 2007) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.40 377.42 Td (January 12, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.00 377.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.15 377.42 Td (98,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.50 377.42 Td (LIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 377.42 Td (4.8505) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 377.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 362.42 Td (May 1, 2007) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.15 362.42 Td (May 1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.00 362.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.15 362.42 Td (119,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.50 362.42 Td (LIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 362.42 Td (4.9550) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 362.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 347.42 Td (July 17, 2007) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.80 347.42 Td (July 17, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.00 347.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.15 347.42 Td (48,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.50 347.42 Td (LIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 347.42 Td (5.5800) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 347.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 332.42 Td (July 27, 2007) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.80 332.42 Td (July 24, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.00 332.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.15 332.42 Td (70,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.50 332.42 Td (LIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 332.42 Td (5.5800) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 332.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 268.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 268.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 268.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 268.75 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 282.75 m 493.5 282.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 282.75 m 497.5 282.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 282.75 m 562.5 282.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 268.75 m 493.5 268.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 268.75 m 562.5 268.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 253.75 m 493.5 253.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 268.75 m 562.5 268.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 253.75 m 562.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 239.75 m 493.5 239.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 237.75 m 493.5 237.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 239.75 m 562.5 239.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 237.75 m 562.5 237.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 451.25 296.48 Td (Liability Derivatives) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 431.85 286.48 Td (Fair) Tj ET Q q 0 0 0 rg BT 449.99 286.48 Td ( value as of December) Tj ET Q q 0 0 0 rg BT 543.12 286.48 Td ( 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 273.43 Td (Derivatives not designated as hedging instruments for accounting purposes:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.50 273.43 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 519.75 273.43 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 258.42 Td (Interest rate swap contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 258.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 258.42 Td (101,211) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 258.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 258.42 Td (109,891) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 243.42 Td (Total derivatives) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 243.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 243.42 Td (101,211) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 243.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 243.42 Td (109,891) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 215.25 Td (Gain \(loss\) on derivative instruments, net, includes the following for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.30 215.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.89 215.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.89 215.25 Td (201) Tj ET Q q 0 0 0 rg BT 489.52 215.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.52 215.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.96 215.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.96 215.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 174.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 174.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 174.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 174.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 174.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 174.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 144.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 144.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 144.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 144.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 144.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 144.75 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 189.75 m 423.5 189.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 189.75 m 427.5 189.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 189.75 m 492.5 189.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 189.75 m 496.5 189.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 189.75 m 561.5 189.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 174.75 m 423.5 174.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 174.75 m 492.5 174.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 174.75 m 561.5 174.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 144.75 m 423.5 144.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 144.75 m 492.5 144.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 144.75 m 561.5 144.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 130.75 m 423.5 130.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 128.75 m 423.5 128.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 130.75 m 492.5 130.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 128.75 m 492.5 128.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 130.75 m 561.5 130.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 128.75 m 561.5 128.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.50 194.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 385.40 194.43 Td (For) Tj ET Q q 0 0 0 rg BT 400.77 194.43 Td ( the ) Tj ET Q q 0 0 0 rg BT 418.73 194.43 Td (Y) Tj ET Q q 0 0 0 rg BT 424.84 194.43 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 518.52 194.43 Td ( 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.50 179.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 380.50 179.43 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 449.75 179.43 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 518.50 179.43 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 164.42 Td (Gain \(loss\) on interest rate swaps) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 164.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.15 164.42 Td (8,680) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 164.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.80 164.47 Td (\(24,590) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 164.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 164.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.80 164.47 Td (\(18,525) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 164.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 149.42 Td (Loss on foreign currency swap ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 177.80 153.95 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.65 149.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 149.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.30 149.47 Td (\(110) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 149.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 134.42 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 134.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.15 134.42 Td (8,680) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 134.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.80 134.47 Td (\(24,590) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 134.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 134.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.80 134.47 Td (\(18,635) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 134.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 100.25 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 100.25 Td (The Company entered into a foreign currency swap in February 2010 in relation to its sale of Distribution Park ) Tj ET Q q 0 0 0 rg BT 513.17 100.25 Td (Araucaria. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 88.25 Td (This amount is recorded in income from discontinued operations, net of taxes in the consolidated statements of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 169 0 obj <> endobj 170 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (82) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (8.Distributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (W) Tj ET Q q 0 0 0 rg BT 77.04 718.25 Td (ith the authorization of its board of directors, the Company has declared as of daily record dates and aggregated and paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (such distributions quarterly) Tj ET Q q 0 0 0 rg BT 158.78 706.25 Td (. ) Tj ET Q q 0 0 0 rg BT 163.60 706.25 Td (The Company intends to continue this distribution policy for so long as its board of directors ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (decides this policy is in the best interests of its stockholders. Beginning July 1, 2010, the annual distribution rate was decreased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.94 682.25 Td ($0.00165699) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.44 682.25 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.22 682.25 Td ($0.00138082) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.72 682.25 Td ( per share, per day) Tj ET Q q 0 0 0 rg BT 262.64 682.25 Td (, which represented a change in the annualized distribution rate from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.76 682.25 Td (6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.09 682.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.28 670.25 Td (5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.61 670.25 Td ( \(based on the Company) Tj ET Q q 0 0 0 rg BT 173.59 670.25 Td (s prior primary of) Tj ET Q q 0 0 0 rg BT 244.22 670.25 Td (fering price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.92 670.25 Td ($10.08) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.42 670.25 Td ( per share\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 646.25 Td (W) Tj ET Q q 0 0 0 rg BT 77.04 646.25 Td (ith the authorization of its board of directors, the Company continued to declare distributions in the amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td ($0.00138082) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.50 634.25 Td ( per share, per day through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.18 634.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.78 634.25 Td (, which represents an annual distribution rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.78 634.25 Td (6.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.61 634.25 Td (, based on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 622.25 Td (s estimated share value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.46 622.25 Td ($7.78) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.96 622.25 Td (, determined on May 24, 201) Tj ET Q q 0 0 0 rg BT 335.40 622.25 Td (1 or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.73 622.25 Td (6.6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.56 622.25 Td (, based on the Company) Tj ET Q q 0 0 0 rg BT 473.71 622.25 Td (s estimated share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.99 610.25 Td ($7.61) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.49 610.25 Td (, determined on November 29, 2012 \(assuming the current distribution rate is maintained for a twelve-month ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (period\). ) Tj ET Q q 0 0 0 rg BT 85.83 598.25 Td (As a result of the new estimated share value determined on November 29, 2012, participants in the Company) Tj ET Q q 0 0 0 rg BT 524.87 598.25 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (dividend reinvestment plan began acquiring shares at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.21 586.25 Td ($7.61) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.71 586.25 Td ( per share for distributions declared beginning in the fourth quarter ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (of 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 550.25 Td (W) Tj ET Q q 0 0 0 rg BT 77.04 550.25 Td (ith respect to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.91 550.25 Td ($0.00138082) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.41 550.25 Td ( per share, per day distributions declared for July 201) Tj ET Q q 0 0 0 rg BT 411.31 550.25 Td (1 through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.41 550.25 Td (March 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.01 550.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.01 550.25 Td ($0.00041425) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.51 550.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (of the per share, per day distributions were or will be designated by the Company as special distributions which represent a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (return of a portion of the stockholders) Tj ET Q q 0 0 0 rg BT 204.21 526.25 Td ( invested capital and, as such, reduce their remaining investment in the Company) Tj ET Q q 0 0 0 rg BT 527.92 526.25 Td (. ) Tj ET Q q 0 0 0 rg BT 532.73 526.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (special distributions were or will be funded with a portion of the proceeds from sales of investment property) Tj ET Q q 0 0 0 rg BT 482.29 514.25 Td (. ) Tj ET Q q 0 0 0 rg BT 487.11 514.25 Td (The above ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (designation of a portion of the distributions as special distributions does not impact the tax treatment of the distributions to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 490.25 Td (s stockholders. See Note 16 Subsequent Events for a description of additional distributions declared and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (reduction in the per share, per day distribution rate with respect to distributions declared for ) Tj ET Q q 0 0 0 rg BT 418.78 478.25 Td (April 2013. In addition, see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (Subsequent Events in Note 16 for a description of the new estimated value per share of our common shares, ef) Tj ET Q q 0 0 0 rg BT 491.36 466.25 Td (fective as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (April 2, 2013 as well as the new pricing under the Company) Tj ET Q q 0 0 0 rg BT 293.84 454.25 Td (s dividend reinvestment plan and share redemption program.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 430.25 Td (The table below outlines the Company) Tj ET Q q 0 0 0 rg BT 225.47 430.25 Td (s total distributions declared to stockholders andnoncontrolling interests for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.98 418.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.56 418.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.56 418.25 Td (201) Tj ET Q q 0 0 0 rg BT 198.19 418.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.19 418.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.63 418.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.63 418.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 295.29 418.25 Td (, including the breakout between the distributions paid in cash and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (those reinvested pursuant to the Company) Tj ET Q q 0 0 0 rg BT 220.80 406.25 Td (s dividend reinvestment plan \(all amounts are in thousands\).) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 335.75 177.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 335.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 335.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 335.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 335.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 335.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 335.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 335.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 335.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 305.75 177.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 305.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 305.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 305.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 305.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 305.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 305.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 305.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 305.75 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 359.75 m 306.5 359.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 359.75 m 310.5 359.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 359.75 m 385.5 359.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 359.75 m 389.5 359.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 359.75 m 464.5 359.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 359.75 m 544.5 359.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 335.75 m 227.5 335.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 335.75 m 306.5 335.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 335.75 m 385.5 335.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 335.75 m 464.5 335.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 335.75 m 544.5 335.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 335.75 m 227.5 335.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 364.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 319.70 364.43 Td (Stockholders) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 474.35 374.43 Td (Noncontrolling) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.95 364.43 Td (Interests) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 340.43 Td (Year Ended) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 257.65 350.43 Td (Cash) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 240.40 340.43 Td (Distributions) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 319.40 350.43 Td (Distributions) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 324.15 340.43 Td (Reinvested) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 395.25 340.43 Td (Total Declared) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 475.25 340.43 Td (Total Declared) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 325.42 Td (December 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.00 325.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.15 325.42 Td (69,181) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.00 325.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 325.42 Td (47,082) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.00 325.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.15 325.42 Td (116,263) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.00 325.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 325.42 Td (559) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 310.42 Td (December 31, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.00 310.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.15 310.42 Td (64,734) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.00 310.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 310.42 Td (48,890) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.00 310.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.15 310.42 Td (113,624) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.00 310.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.15 310.42 Td (5,014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 295.42 Td (December 31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.00 295.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.15 295.42 Td (64,165) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.00 295.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 295.42 Td (58,183) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.00 295.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.15 295.42 Td (122,348) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.00 295.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.15 295.42 Td (4,524) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 171 0 obj <> endobj 172 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (83) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (9.Related Party ) Tj ET Q q 0 0 0 rg BT 123.96 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 129.89 742.25 Td (ransactions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 718.25 Td (The table below outlines fees incurredand expense reimbursements payable to Hines, the ) Tj ET Q q 0 0 0 rg BT 424.88 718.25 Td (Advisor and Hines Securities, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (Inc. \(the Dealer Manager\) for each of the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.70 706.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.29 706.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.29 706.25 Td (201) Tj ET Q q 0 0 0 rg BT 373.92 706.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.92 706.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.35 706.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.35 706.25 Td ( and amounts outstanding as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 694.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.02 694.25 Td (201) Tj ET Q q 0 0 0 rg BT 162.65 694.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.65 694.25 Td (. ) Tj ET Q q 0 0 0 rg BT 172.10 694.25 Td (A) Tj ET Q q 0 0 0 rg BT 178.77 694.25 Td ( description of each of the fees included in the table follows. ) Tj ET Q q 0 0 0 rg BT 422.30 694.25 Td (All amounts are in thousands:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 643.75 189.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 643.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 643.75 61.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 643.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 643.75 61.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 643.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 643.75 61.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 643.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 643.75 60.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 643.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 643.75 60.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 593.75 189.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 593.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 593.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 593.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 593.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 593.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 593.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 593.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 593.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 593.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 593.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 554.75 189.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 554.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 554.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 554.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 554.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 554.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 554.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 554.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 554.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 554.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 554.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 524.75 189.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 524.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 524.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 524.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 524.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 524.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 524.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 524.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 524.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 524.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 524.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 494.75 189.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 494.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 494.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 494.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 494.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 494.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 494.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 494.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 494.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 494.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 494.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 464.75 189.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 464.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 464.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 464.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 464.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 464.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 464.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 464.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 464.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 464.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 464.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 424.75 189.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 424.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 424.75 61.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 424.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 424.75 61.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 424.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 424.75 61.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 424.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 424.75 60.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 424.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 424.75 60.00 -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 243.5 657.75 m 304.5 657.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 657.75 m 308.5 657.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 657.75 m 369.5 657.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 657.75 m 373.5 657.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 657.75 m 434.5 657.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 657.75 m 498.5 657.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 657.75 m 502.5 657.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 657.75 m 562.5 657.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 643.75 m 304.5 643.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 643.75 m 369.5 643.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 643.75 m 434.5 643.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 643.75 m 498.5 643.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 643.75 m 562.5 643.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 643.75 m 498.5 643.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 609.75 m 498.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 607.75 m 498.5 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 609.75 m 562.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 607.75 m 562.5 607.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 579.75 m 239.5 579.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 389.75 m 498.5 389.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 389.75 m 562.5 389.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 375.75 m 498.5 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 373.75 m 498.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 375.75 m 562.5 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 373.75 m 562.5 373.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.50 662.43 Td (Incurred for the Year Ended December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 442.70 662.43 Td (Unpaid as of December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 648.43 Td (Type and Recipient) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 263.50 648.43 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 328.75 648.43 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 393.50 648.43 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.00 648.43 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 522.25 648.43 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 633.42 Td (Participation Interest in the Operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 623.42 Td (Partnership HALP) Tj ET Q q 0 0 0 rg BT 134.29 623.42 Td ( ) Tj ET Q q 0 0 0 rg BT 136.24 623.42 Td (Associates Limited ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 613.42 Td (Partnership ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 101.05 617.95 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.00 613.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.15 613.42 Td (19,435) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 613.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.15 613.42 Td (3,635) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.00 613.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 613.42 Td (15,490) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 613.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 613.42 Td (92,404) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 613.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 613.42 Td (76,968) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 584.43 Td (Due to Affiliates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.00 584.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 584.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 584.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 584.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 569.42 Td (Selling Commissions & Dealer Manager Fee) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 559.42 Td ( the Dealer Manager) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.00 559.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.65 559.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 559.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.65 559.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.00 559.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 559.42 Td (118) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 559.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 559.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 559.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 559.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 544.42 Td (Issuer Costs -the Advisor) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.00 544.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.65 544.42 Td (242) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 544.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.65 544.42 Td (73) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.00 544.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 544.42 Td (163) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 544.42 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 544.42 Td (19) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 529.42 Td (Asset Management Fee the Advisor) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.00 529.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.15 529.42 Td (10,216) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 529.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.15 529.42 Td (12,538) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.00 529.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 529.42 Td (15,054) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 529.42 Td (2,597) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 529.42 Td (2,519) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 514.42 Td (Disposition Fee - the ) Tj ET Q q 0 0 0 rg BT 138.55 514.42 Td (Advisor ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 173.27 518.95 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.00 514.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.65 514.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 514.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.65 514.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.00 514.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 514.42 Td (1,410) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 514.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 514.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 499.42 Td (Debt Financing Fee the Advisor) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.00 499.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.65 499.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 499.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.65 499.42 Td (410) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.00 499.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 499.42 Td (650) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 499.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 499.42 Td (410) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 484.42 Td (Other - ) Tj ET Q q 0 0 0 rg BT 83.92 484.42 Td (The ) Tj ET Q q 0 0 0 rg BT 101.41 484.42 Td (Advisor ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 136.13 488.95 Td (\(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.00 484.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.15 484.42 Td (4,115) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 484.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.15 484.42 Td (3,931) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.00 484.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 484.42 Td (3,913) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 484.42 Td (674) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 484.42 Td (700) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 469.42 Td (Property Management Fee Hines) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.00 469.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.15 469.42 Td (6,399) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 469.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.15 469.42 Td (6,819) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.00 469.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 469.42 Td (7,373) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 469.42 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.30 469.47 Td (\(29) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 469.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 454.42 Td (Leasing Fee Hines) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.00 454.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.15 454.42 Td (4,797) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 454.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.15 454.42 Td (3,097) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.00 454.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 454.42 Td (2,686) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 454.42 Td (2,992) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 454.42 Td (1,525) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 439.42 Td (Tenant Construction Management Fees ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 429.42 Td (Hines) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.00 429.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.65 429.42 Td (32) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 429.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.65 429.42 Td (29) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.00 429.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 429.42 Td (20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 429.42 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 429.42 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 414.42 Td (Expense Reimbursements Hines \(with) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 404.42 Td (respect to management and operation of the) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 394.42 Td (Companys properties\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.00 394.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.15 394.42 Td (16,227) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 394.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.15 394.42 Td (16,432) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.00 394.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 394.42 Td (17,163) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 394.42 Td (877) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 394.42 Td (666) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 379.42 Td (Due to Affiliates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 379.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 379.42 Td (7,158) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 379.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 379.42 Td (5,823) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 363.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 351.25 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 351.25 Td (The Company recorded a liability related to the Participation Interest based on its estimated settlement value in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 339.25 Td (accompanying consolidated balance sheets. ) Tj ET Q q 0 0 0 rg BT 246.64 339.25 Td (This liability is remeasured at fair value based on the related redemption price ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 327.25 Td (in place as of each balance sheet date plus any unpaid distributions. ) Tj ET Q q 0 0 0 rg BT 342.36 327.25 Td (Adjustments required to remeasure this liability to fair ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 315.25 Td (value are included in the asset management fees in the accompanying consolidated statement of operations. ) Tj ET Q q 0 0 0 rg BT 502.02 315.25 Td (As described ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 303.25 Td (previously) Tj ET Q q 0 0 0 rg BT 109.57 303.25 Td (, in May 201) Tj ET Q q 0 0 0 rg BT 160.30 303.25 Td (1, the board of directors established an estimated value per share and per share redemption price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 291.25 Td ($7.78) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.50 291.25 Td (, which was reduced from the prior redemption price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.59 291.25 Td ($9.15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.09 291.25 Td ( and, accordingly) Tj ET Q q 0 0 0 rg BT 405.58 291.25 Td (, the fair value of the Participation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 279.25 Td (Interest liability as of June 30, 201) Tj ET Q q 0 0 0 rg BT 206.21 279.25 Td (1 was reduced by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.41 279.25 Td ($12.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.30 279.25 Td (. ) Tj ET Q q 0 0 0 rg BT 339.25 279.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 389.15 279.25 Td (, as described previously) Tj ET Q q 0 0 0 rg BT 487.37 279.25 Td (, the board of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 267.25 Td (directors established a new estimated value per share and per share redemption price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.52 267.25 Td ($7.61) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.02 267.25 Td ( in November 2012 and, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 255.25 Td (accordingly) Tj ET Q q 0 0 0 rg BT 114.55 255.25 Td (, the fair value of the Participation Interest liability as of December 31, 2012 was reduced by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.48 255.25 Td ($2.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.37 255.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 231.25 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 231.25 Td (This ) Tj ET Q q 0 0 0 rg BT 88.52 231.25 Td (fee ) Tj ET Q q 0 0 0 rg BT 103.48 231.25 Td (was ) Tj ET Q q 0 0 0 rg BT 121.78 231.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 141.74 231.25 Td (in ) Tj ET Q q 0 0 0 rg BT 152.27 231.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 198.88 231.25 Td (with ) Tj ET Q q 0 0 0 rg BT 219.41 231.25 Td (the ) Tj ET Q q 0 0 0 rg BT 234.37 231.25 Td (disposition ) Tj ET Q q 0 0 0 rg BT 281.02 231.25 Td (of ) Tj ET Q q 0 0 0 rg BT 292.09 231.25 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 343.17 231.25 Td (Parks ) Tj ET Q q 0 0 0 rg BT 367.54 231.25 Td (Araucaria, ) Tj ET Q q 0 0 0 rg BT 412.20 231.25 Td (Elouveira ) Tj ET Q q 0 0 0 rg BT 453.81 231.25 Td (and ) Tj ET Q q 0 0 0 rg BT 470.80 231.25 Td (V) Tj ET Q q 0 0 0 rg BT 477.42 231.25 Td (inhedo. ) Tj ET Q q 0 0 0 rg BT 509.89 231.25 Td (See ) Tj ET Q q 0 0 0 rg BT 527.07 231.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 549.26 231.25 Td (4 ) Tj ET Q q 0 0 0 rg BT 557.00 231.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 219.25 Td (Discontinued ) Tj ET Q q 0 0 0 rg BT 123.83 219.25 Td (Operations ) Tj ET Q q 0 0 0 rg BT 170.20 219.25 Td (for ) Tj ET Q q 0 0 0 rg BT 184.36 219.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 226.85 219.25 Td (information.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 201.25 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 201.25 Td (Includes ) Tj ET Q q 0 0 0 rg BT 104.63 201.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 141.28 201.25 Td (the ) Tj ET Q q 0 0 0 rg BT 155.65 201.25 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 190.62 201.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 210.60 201.25 Td (on ) Tj ET Q q 0 0 0 rg BT 223.36 201.25 Td (behalf ) Tj ET Q q 0 0 0 rg BT 251.10 201.25 Td (of ) Tj ET Q q 0 0 0 rg BT 262.19 201.25 Td (the ) Tj ET Q q 0 0 0 rg BT 277.16 201.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 318.81 201.25 Td (such ) Tj ET Q q 0 0 0 rg BT 339.90 201.25 Td (as ) Tj ET Q q 0 0 0 rg BT 350.98 201.25 Td (general ) Tj ET Q q 0 0 0 rg BT 383.16 201.25 Td (and ) Tj ET Q q 0 0 0 rg BT 400.36 201.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 460.33 201.25 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 501.48 201.25 Td (These ) Tj ET Q q 0 0 0 rg BT 528.12 201.25 Td (amounts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 189.25 Td (are ) Tj ET Q q 0 0 0 rg BT 82.71 189.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 122.41 189.25 Td (reimbursed ) Tj ET Q q 0 0 0 rg BT 169.89 189.25 Td (to ) Tj ET Q q 0 0 0 rg BT 180.17 189.25 Td (the ) Tj ET Q q 0 0 0 rg BT 194.34 189.25 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 229.06 189.25 Td (during ) Tj ET Q q 0 0 0 rg BT 257.67 189.25 Td (the ) Tj ET Q q 0 0 0 rg BT 272.38 189.25 Td (month ) Tj ET Q q 0 0 0 rg BT 300.44 189.25 Td (following ) Tj ET Q q 0 0 0 rg BT 341.83 189.25 Td (the ) Tj ET Q q 0 0 0 rg BT 356.54 189.25 Td (period ) Tj ET Q q 0 0 0 rg BT 384.59 189.25 Td (in ) Tj ET Q q 0 0 0 rg BT 394.87 189.25 Td (which ) Tj ET Q q 0 0 0 rg BT 421.81 189.25 Td (they ) Tj ET Q q 0 0 0 rg BT 441.53 189.25 Td (are ) Tj ET Q q 0 0 0 rg BT 456.23 189.25 Td (incurred.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 171.25 Td (In ) Tj ET Q q 0 0 0 rg BT 77.59 171.25 Td (August ) Tj ET Q q 0 0 0 rg BT 108.09 171.25 Td (2012, ) Tj ET Q q 0 0 0 rg BT 132.20 171.25 Td (an ) Tj ET Q q 0 0 0 rg BT 143.25 171.25 Td (af) Tj ET Q q 0 0 0 rg BT 150.84 171.25 Td (filiate ) Tj ET Q q 0 0 0 rg BT 175.77 171.25 Td (of ) Tj ET Q q 0 0 0 rg BT 185.71 171.25 Td (Hines ) Tj ET Q q 0 0 0 rg BT 210.65 171.25 Td (signed ) Tj ET Q q 0 0 0 rg BT 238.37 171.25 Td (a ) Tj ET Q q 0 0 0 rg BT 244.42 171.25 Td (lease ) Tj ET Q q 0 0 0 rg BT 266.02 171.25 Td (renewal ) Tj ET Q q 0 0 0 rg BT 299.28 171.25 Td (for ) Tj ET Q q 0 0 0 rg BT 312.55 171.25 Td (space ) Tj ET Q q 0 0 0 rg BT 336.37 171.25 Td (in ) Tj ET Q q 0 0 0 rg BT 345.64 171.25 Td (W) Tj ET Q q 0 0 0 rg BT 354.68 171.25 Td (illiams ) Tj ET Q q 0 0 0 rg BT 383.39 171.25 Td (T) Tj ET Q q 0 0 0 rg BT 388.80 171.25 Td (ower) Tj ET Q q 0 0 0 rg BT 408.24 171.25 Td (. ) Tj ET Q q 0 0 0 rg BT 412.35 171.25 Td ( ) Tj ET Q q 0 0 0 rg BT 413.96 171.25 Td (During ) Tj ET Q q 0 0 0 rg BT 443.91 171.25 Td (the ) Tj ET Q q 0 0 0 rg BT 457.73 171.25 Td (years ) Tj ET Q q 0 0 0 rg BT 480.44 171.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.93 171.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 159.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 159.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.69 159.25 Td (201) Tj ET Q q 0 0 0 rg BT 90.32 159.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.32 159.25 Td ( ) Tj ET Q q 0 0 0 rg BT 98.51 159.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.14 159.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.14 159.25 Td (, ) Tj ET Q q 0 0 0 rg BT 141.83 159.25 Td (the ) Tj ET Q q 0 0 0 rg BT 157.24 159.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 199.32 159.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 237.48 159.25 Td (rental ) Tj ET Q q 0 0 0 rg BT 263.44 159.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 302.17 159.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.69 159.25 Td ($4.8 ) Tj ET Q q 0 0 0 rg BT 334.38 159.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.27 159.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.96 159.25 Td ($4.3 ) Tj ET Q q 0 0 0 rg BT 389.65 159.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.54 159.25 Td ( ) Tj ET Q q 0 0 0 rg BT 421.73 159.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.36 159.25 Td ($4.4 ) Tj ET Q q 0 0 0 rg BT 460.05 159.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.95 159.25 Td (, ) Tj ET Q q 0 0 0 rg BT 494.64 159.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 542.30 159.25 Td (. ) Tj ET Q q 0 0 0 rg BT 547.99 159.25 Td ( ) Tj ET Q q 0 0 0 rg BT 551.18 159.25 Td (In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 147.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 96.29 147.25 Td (with ) Tj ET Q q 0 0 0 rg BT 116.48 147.25 Td (the ) Tj ET Q q 0 0 0 rg BT 131.11 147.25 Td (lease ) Tj ET Q q 0 0 0 rg BT 153.51 147.25 Td (renewal, ) Tj ET Q q 0 0 0 rg BT 190.07 147.25 Td (the ) Tj ET Q q 0 0 0 rg BT 204.70 147.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 246.00 147.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 283.39 147.25 Td (a ) Tj ET Q q 0 0 0 rg BT 290.24 147.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 323.76 147.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 147.25 Td ($4.2 ) Tj ET Q q 0 0 0 rg BT 354.42 147.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.31 147.25 Td ( ) Tj ET Q q 0 0 0 rg BT 385.72 147.25 Td (for ) Tj ET Q q 0 0 0 rg BT 399.80 147.25 Td (tenant ) Tj ET Q q 0 0 0 rg BT 426.64 147.25 Td (improvements ) Tj ET Q q 0 0 0 rg BT 486.27 147.25 Td (to ) Tj ET Q q 0 0 0 rg BT 496.46 147.25 Td (be ) Tj ET Q q 0 0 0 rg BT 508.31 147.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 527.94 147.25 Td (in ) Tj ET Q q 0 0 0 rg BT 538.13 147.25 Td (future ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 135.25 Td (periods.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 111.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 97.24 111.25 Td (Agreement) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 87.25 Td (Pursuant to the ) Tj ET Q q 0 0 0 rg BT 129.94 87.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 169.11 87.25 Td (Agreement, which, if not renewed, expires on December 31, 2013, the Company is required to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 75.25 Td (pay the following fees and expense reimbursements:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 173 0 obj <> endobj 174 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (84) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (Asset Management Fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.19 742.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.01 742.10 Td (The Company pays asset management fees to the ) Tj ET Q q 0 0 0 rg BT 378.84 742.10 Td (Advisor for services related to managing, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (operating, directing and supervising the operations and administration of the Company and its assets.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.08 730.10 Td ( Prior to July 1, 201) Tj ET Q q 0 0 0 rg BT 533.16 730.10 Td (1, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (asset management fees were earned by the ) Tj ET Q q 0 0 0 rg BT 221.87 718.10 Td (Advisor monthly in an amount equal to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.57 718.10 Td (0.0625%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.40 718.10 Td ( of the net equity capital the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Company has invested in real estate investments as of the end of each month.For the period July 1, 201) Tj ET Q q 0 0 0 rg BT 467.31 706.10 Td (1 through December ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (31, 2012, our ) Tj ET Q q 0 0 0 rg BT 105.28 694.10 Td (Advisor agreed to waive a portion of its monthly cash asset management fee such that the fee was reduced from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (0.0625%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.83 682.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.61 682.10 Td (0.0417%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.44 682.10 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.27 682.10 Td (0.75%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.10 682.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.88 682.10 Td (0.50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.71 682.10 Td ( on an annual basis\) of the net equity capital we have invested in real estate investments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (as of the end of each month. ) Tj ET Q q 0 0 0 rg BT 165.34 670.10 Td (This waiver is not a deferral and accordingly) Tj ET Q q 0 0 0 rg BT 343.78 670.10 Td (, these fees will not be paid to the ) Tj ET Q q 0 0 0 rg BT 479.86 670.10 Td (Advisor in cash at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (any time in the future. ) Tj ET Q q 0 0 0 rg BT 143.03 658.10 Td (Asset management fees are expensed in the consolidated statements of operations and unpaid amounts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (are included in due to af) Tj ET Q q 0 0 0 rg BT 146.72 646.10 Td (filiates in the consolidated balance sheets.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (Debt Financing Fee ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 151.03 622.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.03 622.10 Td ( ) Tj ET Q q 0 0 0 rg BT 163.35 622.10 Td (The Company pays financing fees to the ) Tj ET Q q 0 0 0 rg BT 326.92 622.10 Td (Advisor for services related to identifying and evaluating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (potential financing and refinancing sources, negotiating and executing financing agreements and monitoring the debt facilities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.06 610.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (These fees are equal to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.12 598.10 Td (1.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.95 598.10 Td ( of the amount \(i\) obtained under any property loan or \(ii\) made available to the Company under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (any other debt financing. ) Tj ET Q q 0 0 0 rg BT 151.91 586.10 Td (As the Company incurs the financing fees payable to the ) Tj ET Q q 0 0 0 rg BT 380.19 586.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 412.01 586.10 Td (, these fees will be deferred and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (amortized into interest expense using a straight-line method, which approximates the ef) Tj ET Q q 0 0 0 rg BT 399.72 574.10 Td (fective interest method, over the life of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (the related debt.In the case of a debt modification, the Company will expense the financing fees payable to the ) Tj ET Q q 0 0 0 rg BT 498.46 562.10 Td (Advisor as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (incurred.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td (Reimbursement by the ) Tj ET Q q 0 0 0 rg BT 159.18 526.10 Td (Advisor to the Company) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.12 526.10 Td ( ) Tj ET Q q 0 0 0 rg BT 270.93 526.10 Td (The ) Tj ET Q q 0 0 0 rg BT 288.43 526.10 Td (Advisor must reimburse the Company quarterly for any amounts by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (which operating expenses exceed, in any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.77 514.10 Td (four) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.43 514.10 Td ( consecutive fiscal quarters, the greater of \(i\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.74 514.10 Td (2.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.57 514.10 Td ( of the Company) Tj ET Q q 0 0 0 rg BT 504.28 514.10 Td (s average ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (invested assets, which consists of the average book value of its real estate properties, both equity interests in and loans secured ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (by real estate, before reserves for depreciation or bad debts or other similar non-cash reserves, or \(ii\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.56 490.10 Td (25.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.39 490.10 Td ( of its net income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (\(as defined by the Company) Tj ET Q q 0 0 0 rg BT 165.53 478.10 Td (s ) Tj ET Q q 0 0 0 rg BT 171.37 478.10 Td (Amended and Restated ) Tj ET Q q 0 0 0 rg BT 266.06 478.10 Td (Articles of Incorporation\), excluding the gain on sale of any of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 466.10 Td (s assets, unless Hines REIT) Tj ET Q q 0 0 0 rg BT 204.71 466.10 Td (s independent directors determine that such excess was justified. Operating expenses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (generally include all expenses paid or incurred by the Company as determined by generally accepted accounting principles, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (except certain expenses identified in Hines REIT) Tj ET Q q 0 0 0 rg BT 248.82 442.10 Td (s ) Tj ET Q q 0 0 0 rg BT 254.66 442.10 Td (Amended and Restated ) Tj ET Q q 0 0 0 rg BT 349.36 442.10 Td (Articles of Incorporation. For the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 430.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.58 430.10 Td (201) Tj ET Q q 0 0 0 rg BT 148.21 430.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.21 430.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.65 430.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.65 430.10 Td (, the Company did not exceed this limitation.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 406.10 Td (Dealer Manager ) Tj ET Q q 0 0 0 rg BT 129.18 406.10 Td (Agreement) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 382.10 Td (The Company retained an af) Tj ET Q q 0 0 0 rg BT 181.66 382.10 Td (filiate of the ) Tj ET Q q 0 0 0 rg BT 232.48 382.10 Td (Advisor to serve as Dealer Manager for its public of) Tj ET Q q 0 0 0 rg BT 440.84 382.10 Td (ferings.) Tj ET Q q 0 0 0 rg BT 473.43 382.10 Td (The dealer manager ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (agreement for the ) Tj ET Q q 0 0 0 rg BT 122.84 370.10 Td (Third Of) Tj ET Q q 0 0 0 rg BT 157.92 370.10 Td (fering provided for selling commissions equal to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.83 370.10 Td (7.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.66 370.10 Td ( of the gross proceeds from sales of common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (stock, all of which was reallowed to participating broker dealers, and no selling commissions related to shares issued pursuant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (to the dividend reinvestment plan. It also provided for a dealer manager fee equal to up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.99 346.10 Td (2.2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.82 346.10 Td ( of gross proceeds from the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (sales of common stock other than issuances pursuant to the dividend reinvestment plan, a portion of which was reallowed to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (participating broker dealers. Selling commissions and dealer manager fees were of) Tj ET Q q 0 0 0 rg BT 379.98 322.10 Td (fset against additional paid-in capital in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (accompanying consolidated statements of equity) Tj ET Q q 0 0 0 rg BT 243.74 310.10 Td (. ) Tj ET Q q 0 0 0 rg BT 248.56 310.10 Td (The Company terminated the ) Tj ET Q q 0 0 0 rg BT 367.79 310.10 Td (Third Of) Tj ET Q q 0 0 0 rg BT 402.88 310.10 Td (fering ef) Tj ET Q q 0 0 0 rg BT 436.84 310.10 Td (fective January 1, 2010, other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (than with respect to the sale of shares pursuant to its dividend reinvestment plan.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 274.10 Td (On July 1, 2010, the Company commenced the DRP) Tj ET Q q 0 0 0 rg BT 277.60 274.10 Td ( Of) Tj ET Q q 0 0 0 rg BT 290.48 274.10 Td (fering. Consistent with previous of) Tj ET Q q 0 0 0 rg BT 429.45 274.10 Td (ferings, the Dealer Manager will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (not receive selling commissions or a dealer manager fee with respect to shares sold pursuant to the Company) Tj ET Q q 0 0 0 rg BT 488.49 262.10 Td (s dividend ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (reinvestment plan under the DRP) Tj ET Q q 0 0 0 rg BT 182.93 250.10 Td ( Of) Tj ET Q q 0 0 0 rg BT 195.81 250.10 Td (fering.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 226.10 Td (Property Management and Leasing ) Tj ET Q q 0 0 0 rg BT 206.96 226.10 Td (Agreements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 202.10 Td (The Company has entered into property management and leasing agreements with Hines to manage the leasing and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (operations of properties in which it directly invests. ) Tj ET Q q 0 0 0 rg BT 258.01 190.10 Td (As compensation for its services, Hines receives the following:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 166.10 Td (A) Tj ET Q q 0 0 0 rg BT 74.67 166.10 Td ( property management fee equal to the lesser of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.09 166.10 Td (2.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.92 166.10 Td ( of the annual gross revenues received from the properties or the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 154.10 Td (amount of property management fees recoverable from tenants of the property under the leases. Property management fees ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 142.10 Td (are expensed in the consolidated statements of operations and unpaid amounts are included in due to af) Tj ET Q q 0 0 0 rg BT 479.91 142.10 Td (filiates in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 130.10 Td (consolidated balance sheets.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 112.10 Td (A) Tj ET Q q 0 0 0 rg BT 74.67 112.10 Td ( leasing fee of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.53 112.10 Td (1.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.36 112.10 Td ( of gross revenues payable over the term of each executed lease including any lease renewal, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 100.10 Td (extension, expansion or similar event and certain construction management and re-development construction management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 88.10 Td (fees, in the event Hines renders such services. Leasing fees are recorded in deferred lease costs and are amortized over the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 76.10 Td (life of the lease to which they relate. Unpaid amounts are included in due to af) Tj ET Q q 0 0 0 rg BT 381.04 76.10 Td (filiates in the consolidated balance sheets.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 58.10 Td (The Company is generally required to reimburse Hines for certain operating costs incurred in providing property ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 46.10 Td (management and leasing services pursuant to the property management and leasing agreements. Included in this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 175 0 obj <> endobj 176 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (85) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (reimbursement of operating costs are the cost of personnel and overhead expenses related to such personnel who are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (located at the property as well as of) Tj ET Q q 0 0 0 rg BT 209.71 730.10 Td (f-site personnel located in Hines) Tj ET Q q 0 0 0 rg BT 341.70 730.10 Td ( headquarters and regional of) Tj ET Q q 0 0 0 rg BT 458.14 730.10 Td (fices, to the extent the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (same relate to or support the performance of Hines) Tj ET Q q 0 0 0 rg BT 274.04 718.10 Td (s duties under the agreement. However) Tj ET Q q 0 0 0 rg BT 429.69 718.10 Td (, the reimbursable cost of these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (of) Tj ET Q q 0 0 0 rg BT 76.15 706.10 Td (f-site personnel and overhead expenses will be limited to the lesser of the amount that is recovered from the tenants ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td (under their leases and/or a limit calculated based on the rentable square feet covered by the agreement. ) Tj ET Q q 0 0 0 rg BT 480.97 694.10 Td (These costs, net of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (payments, resulted in liabilities which have been included in due to af) Tj ET Q q 0 0 0 rg BT 347.18 682.10 Td (filiates in the consolidated balance sheets.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 658.10 Td (The Participation Interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td (Pursuant to the ) Tj ET Q q 0 0 0 rg BT 129.94 634.10 Td (Amended and Restated ) Tj ET Q q 0 0 0 rg BT 224.64 634.10 Td (Agreement of Limited Partnership of the Operating Partnership, HALP) Tj ET Q q 0 0 0 rg BT 508.92 634.10 Td ( owns a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (profits interest in the Operating Partnership. ) Tj ET Q q 0 0 0 rg BT 228.39 622.10 Td (The number of units underlying the Participation Interest increases on a monthly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (basis in relation to the portion of any asset management fees or acquisition fees that is paid through equity units rather than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (cash.) Tj ET Q q 0 0 0 rg BT 75.09 598.10 Td (Thelimited partnershipinterest in the Operating Partnership attributable to the Participation Interest was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.08 598.10 Td (4.8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.91 598.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.35 598.10 Td (4.1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.18 598.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.66 586.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.24 586.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.68 586.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 242.90 586.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.90 586.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 300.56 586.10 Td (. ) Tj ET Q q 0 0 0 rg BT 305.38 586.10 Td (The Participation Interest entitles HALP) Tj ET Q q 0 0 0 rg BT 466.63 586.10 Td ( to receive distributions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (from the Operating Partnership based upon its percentage interest in the Operating Partnership at the time of distribution. ) Tj ET Q q 0 0 0 rg BT 536.64 574.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (Company recorded a liability related to the Participation Interest in the accompanying consolidated balance sheets based on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (estimated settlement value of this ownership interest plus any unpaid distributions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td (The conversion and redemption features of the participation interest are accounted for in accordance with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 76.12 514.10 Td (.Redemptions of the Participation Interest for cash will be accounted for as a reduction to the liability discussed above to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (the extent of such liability) Tj ET Q q 0 0 0 rg BT 153.77 502.10 Td (. Conversions into common shares of the Company will be recorded as an increase to the outstanding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (common shares and additional paid-in capital accounts and a corresponding reduction in the liability discussed above. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (Redemptions and conversions of the Participation Interest will result in a corresponding reduction in the ownership percentage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (of the Operating Partnership attributable to the Participation Interest and will have no impact on the calculation of subsequent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (increases in the Participation Interest.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.22 454.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 431.25 Td (10. Changes in ) Tj ET Q q 0 0 0 rg BT 114.46 431.25 Td (Assets and Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 407.25 Td (The ef) Tj ET Q q 0 0 0 rg BT 93.63 407.25 Td (fect of the changes in asset and liability accounts on cash flows from operating activities for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 395.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 395.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.58 395.25 Td (201) Tj ET Q q 0 0 0 rg BT 148.21 395.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.21 395.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.65 395.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.65 395.25 Td ( is as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 369.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 369.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 369.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 369.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 369.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 369.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 339.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 339.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 339.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 339.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 339.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 339.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 309.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 309.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 309.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 309.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 309.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 309.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 279.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 279.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 279.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 279.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 279.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 279.75 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 369.75 m 424.5 369.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 369.75 m 493.5 369.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 369.75 m 562.5 369.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 264.75 m 424.5 264.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 264.75 m 493.5 264.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 264.75 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 359.5 250.75 m 424.5 250.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 248.75 m 424.5 248.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 250.75 m 493.5 250.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 248.75 m 493.5 248.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 250.75 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 497.5 248.75 m 562.5 248.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 374.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.50 374.43 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.75 374.43 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 519.50 374.43 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 359.42 Td (Change in other assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 359.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.65 359.42 Td (220) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 359.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.30 359.47 Td (\(544) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 359.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 359.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.30 359.47 Td (\(708) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 359.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 344.42 Td (Change in tenant and other receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.80 344.47 Td (\(2,779) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 344.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 344.47 Td (\(7,761) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 344.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 344.47 Td (\(5,583) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 344.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 329.42 Td (Change in deferred leasing costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 329.47 Td (\(70,757) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 329.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 329.47 Td (\(51,679) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 329.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 329.47 Td (\(59,623) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 329.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 314.42 Td (Change in accounts payable and accrued expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 314.42 Td (30,401) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 314.47 Td (\(7,947) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 314.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 314.42 Td (17,027) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 299.42 Td (Change in participation interest liability) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 299.42 Td (14,222) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 299.42 Td (3,635) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 299.42 Td (15,490) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 284.42 Td (Change in other liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.65 284.42 Td (667) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.30 284.47 Td (\(102) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 284.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.30 284.47 Td (\(853) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 284.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 269.42 Td (Change in due to affiliates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 269.42 Td (1,353) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.30 269.47 Td (\(337) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 269.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 269.47 Td (\(4,814) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 269.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 254.42 Td (Changes in assets and liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 254.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 254.47 Td (\(26,673) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 254.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 254.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 254.47 Td (\(64,735) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 254.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 254.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 254.47 Td (\(39,064) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 254.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 227.25 Td (1) Tj ET Q q 0 0 0 rg BT 54.45 227.25 Td (1. Supplemental Cash Flow Disclosur) Tj ET Q q 0 0 0 rg BT 213.45 227.25 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 203.25 Td (Supplemental cash flow disclosures for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.38 203.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.96 203.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.96 203.25 Td (201) Tj ET Q q 0 0 0 rg BT 390.59 203.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.59 203.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.03 203.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.03 203.25 Td ( are as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 150.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 150.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 150.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 150.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 150.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 150.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 120.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 120.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 120.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 120.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 120.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 120.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 90.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 90.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 90.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 90.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 90.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 90.75 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 165.75 m 424.5 165.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 165.75 m 493.5 165.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 165.75 m 562.5 165.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.50 170.43 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.75 170.43 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 519.50 170.43 Td (2010) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 53.00 155.43 Td (Supplemental Disclosure of Cash Flow Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 140.42 Td (Cash paid for interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 140.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 140.42 Td (75,838) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 140.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 140.42 Td (81,191) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 140.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 140.42 Td (87,642) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 125.42 Td (Cash paid for income taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 125.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.65 125.42 Td (539) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 125.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 125.42 Td (1,203) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 125.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 125.42 Td (1,875) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 53.00 110.43 Td (Supplemental Schedule of Non-Cash Activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 110.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 95.42 Td (Distributions declared and unpaid) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 95.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 95.42 Td (29,573) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 95.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 95.42 Td (30,215) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 95.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 95.42 Td (29,426) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 80.42 Td (Distributions reinvested) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 80.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 80.42 Td (47,568) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 80.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 80.42 Td (49,603) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 80.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 80.42 Td (62,045) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 65.42 Td (Loan transferred upon disposition of investment property) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 65.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 65.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 65.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 65.42 Td (199,278) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 65.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 65.42 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 177 0 obj <> endobj 178 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (86) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (12.Commitments and Contingencies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (In May 2012, DirecTV) Tj ET Q q 0 0 0 rg BT 160.02 718.25 Td ( signed a lease renewal for its space in the Raytheon/DirecTV) Tj ET Q q 0 0 0 rg BT 406.96 718.25 Td ( of) Tj ET Q q 0 0 0 rg BT 417.61 718.25 Td (fice properties located in El ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (Segundo, California.In connection with this renewal, the Company committed to fund ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.60 706.25 Td ($14.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.49 706.25 Td ( of tenant improvements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (and leasing commissions related to its space, to be paid in future periods.) Tj ET Q q 0 0 0 rg BT 346.60 694.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.04 694.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.63 694.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.63 694.25 Td ($12.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.52 694.25 Td ( of this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (commitment remained unfunded and is recorded in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.88 682.25 Td (accounts payable and accrued expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.58 682.25 Td ( in the accompanying consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (balance sheet.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 646.25 Td (The credit agreement for the HSH pooled mortgage facility requires that the properties financed by this facility maintain a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (combined occupancy at or above ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.11 634.25 Td (85%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.44 634.25 Td (. ) Tj ET Q q 0 0 0 rg BT 209.39 634.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.83 634.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.42 634.25 Td (, certain properties caused the Company to fail to meet this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (occupancy requirement. ) Tj ET Q q 0 0 0 rg BT 150.51 622.25 Td (As a result, the facility) Tj ET Q q 0 0 0 rg BT 244.10 622.25 Td (s limited payment guaranty to which the Company is a party has been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (triggered, requiring the Company to commit to fund a property leasing guaranty in an amount that would be required to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (increase the occupancy of all individual borrowings base assets to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.03 598.25 Td (90%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.36 598.25 Td (. ) Tj ET Q q 0 0 0 rg BT 341.31 598.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.75 598.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.34 598.25 Td (, the Company believes the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (amount of this potential guaranty obligation is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.47 586.25 Td ($20.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.36 586.25 Td (. ) Tj ET Q q 0 0 0 rg BT 298.68 586.25 Td (This guaranty will be dischar) Tj ET Q q 0 0 0 rg BT 415.14 586.25 Td (ged once the portfolio of properties ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (financed by this facility achieves a combined occupancy greater than or equal to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.48 574.25 Td (85%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.81 574.25 Td ( or once all outstanding payments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (interest and principal are paid in full. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.00 562.25 Td (No) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.22 562.25 Td ( liability was recorded in relation to this guaranty) Tj ET Q q 0 0 0 rg BT 411.74 562.25 Td (, as the Company believes the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (probability of the Company being required to perform under this guaranty is remote. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 526.25 Td (The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. ) Tj ET Q q 0 0 0 rg BT 506.32 526.25 Td (These ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (matters are generally covered by insurance. ) Tj ET Q q 0 0 0 rg BT 226.12 514.25 Td (While the resolution of these matters cannot be predicted with certainty) Tj ET Q q 0 0 0 rg BT 511.48 514.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 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 412.46 502.25 Td (fect on the Company) Tj ET Q q 0 0 0 rg BT 498.82 502.25 Td (s consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (financial statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 467.25 Td (13. Fair) Tj ET Q q 0 0 0 rg BT 83.14 467.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.46 467.25 Td (V) Tj ET Q q 0 0 0 rg BT 91.77 467.25 Td (alue Disclosur) Tj ET Q q 0 0 0 rg BT 151.87 467.25 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 443.25 Td (In general, fair values determined by Level 1 inputs utilize quoted prices \(unadjusted\)in active markets for identical assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 431.25 Td (or liabilities the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 419.25 Td (prices included in Level 1 that are observable for the asset or liability) Tj ET Q q 0 0 0 rg BT 326.47 419.25 Td (, either directly or indirectly) Tj ET Q q 0 0 0 rg BT 438.28 419.25 Td (. Level 2 inputs include ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 407.25 Td (quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 395.25 Td (liability) Tj ET Q q 0 0 0 rg BT 80.46 395.25 Td (, such as interest rates and yield curves observable at commonly quoted intervals. Level 3 inputs are unobservable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 383.25 Td (inputs for the asset or liability) Tj ET Q q 0 0 0 rg BT 169.05 383.25 Td (, and include situations where there is little, if any) Tj ET Q q 0 0 0 rg BT 368.07 383.25 Td (, market activity for the asset or liability) Tj ET Q q 0 0 0 rg BT 527.93 383.25 Td (. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 371.25 Td (instances in which the inputs used to measure fair value may fall into dif) Tj ET Q q 0 0 0 rg BT 340.02 371.25 Td (ferent levels of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 494.84 371.25 Td (, the level in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 359.25 Td (fair value hierarchy within which the fair value measurement in its entirety has been determined is based on the lowest level ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 347.25 Td (input significant to the fair value measurement in its entirety) Tj ET Q q 0 0 0 rg BT 291.23 347.25 Td (. ) Tj ET Q q 0 0 0 rg BT 296.04 347.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 355.76 347.25 Td (s assessment of the significance of a particular ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 335.25 Td (input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability) Tj ET Q q 0 0 0 rg BT 535.87 335.25 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 311.25 Td (Assets and Liabilities Measured at Fair V) Tj ET Q q 0 0 0 rg BT 220.02 311.25 Td (alue on a Recurring Basis) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 287.25 Td (The Company records liabilities related to the fair values of its interest rate swap contracts. ) Tj ET Q q 0 0 0 rg BT 434.36 287.25 Td (The valuation of these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 275.25 Td (instruments is determined based on assumptions that management believes market participants would use in pricing, using ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 263.25 Td (widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 251.25 Td (derivative.) Tj ET Q q 0 0 0 rg BT 97.30 251.25 Td (This analysis reflects the contractual terms of the derivatives, including the period to maturity) Tj ET Q q 0 0 0 rg BT 471.54 251.25 Td (, and uses observable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 239.25 Td (market-based inputs, including interest rate curves and implied volatilities.) Tj ET Q q 0 0 0 rg BT 353.63 239.25 Td (The fair values of our interest rate contracts have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 227.25 Td (been determined using the market standard methodology of netting the discounted future fixed cash receipts \(or payments\) and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 215.25 Td (the discounted expected variable cash payments \(or receipts\).) Tj ET Q q 0 0 0 rg BT 300.27 215.25 Td (The variable cash payments \(or receipts\) are based on an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 203.25 Td (expectation of future interest rates \(forward curves\) derived from observable market interest rate curves.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 179.25 Td (Although the Company has determined the majority of the inputs used to value its derivatives fall within Level 2 of the fair ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 167.25 Td (value hierarchy) Tj ET Q q 0 0 0 rg BT 111.26 167.25 Td (, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 155.25 Td (current credit spreads to evaluate the likelihood of default by the Company and its counterparty) Tj ET Q q 0 0 0 rg BT 430.89 155.25 Td (, HSH Nordbank. In adjusting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 143.25 Td (the fair values of its derivative contracts for the ef) Tj ET Q q 0 0 0 rg BT 249.46 143.25 Td (fect of nonperformance risk, the Company has considered the impact of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 131.25 Td (netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees. However) Tj ET Q q 0 0 0 rg BT 498.89 131.25 Td (, as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 119.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 119.25 Td (, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 107.25 Td (valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 95.25 Td (valuations of its derivatives. ) Tj ET Q q 0 0 0 rg BT 164.70 95.25 Td (As a result, the Company has determined its derivative valuations are classified in Level 2 of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 83.25 Td (fair value hierarchy) Tj ET Q q 0 0 0 rg BT 127.64 83.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 71.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 59.25 Td (The following fair value hierarchy table sets forth the Company) Tj ET Q q 0 0 0 rg BT 325.97 59.25 Td (s interest rate swaps which are measured at fair value on a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 47.25 Td (recurring basis, which equals book value, by level within the fair value hierarchy as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.94 47.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.52 47.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.96 47.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 179 0 obj <> endobj 180 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (87) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 742.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.63 742.10 Td ( \(in thousands\).) Tj ET Q q 0 0 0 rg BT 136.39 742.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 196.10 742.10 Td (s derivative financial instruments are recorded in interest rate swap contracts in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (accompanying consolidated balance sheets.) Tj ET Q q 0 0 0 rg BT 228.64 730.10 Td (The Company has not designated any of its derivative instruments as hedging ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (instruments for accounting purposes.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 646.60 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.50 646.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.50 646.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 646.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 646.60 112.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 646.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 646.60 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 646.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 646.60 91.00 -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 260.5 680.6 m 372.5 680.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 680.6 m 376.5 680.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 680.6 m 467.5 680.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 680.6 m 471.5 680.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 680.6 m 562.5 680.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 646.6 m 181.5 646.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 185.5 646.6 m 256.5 646.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 646.6 m 372.5 646.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 646.6 m 467.5 646.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 646.6 m 562.5 646.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 646.6 m 181.5 646.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 185.5 646.6 m 256.5 646.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 646.6 m 372.5 646.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 646.6 m 467.5 646.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 646.6 m 562.5 646.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 685.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.00 685.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 338.40 685.28 Td (Basis of Fair Value Measurements) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 651.28 Td (Description) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 198.20 651.28 Td (Fair Value) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 265.30 671.28 Td (Quoted Prices In Active) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 270.25 661.28 Td (Markets for Identical) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 284.05 651.28 Td (Items \(Level 1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 384.50 671.28 Td (Significant Other) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.90 661.28 Td (Observable Inputs) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 402.75 651.28 Td (\(Level 2\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 493.40 671.28 Td (Significant) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.05 661.28 Td (Unobservable) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 482.60 651.28 Td (Inputs \(Level 3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 636.27 Td (December 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.00 636.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.15 636.27 Td (101,211) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.00 636.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.65 636.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.00 636.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.15 636.27 Td (101,211) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.00 636.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 636.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 621.27 Td (December 31, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.00 621.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.15 621.27 Td (109,891) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.00 621.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.65 621.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.00 621.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.15 621.27 Td (109,891) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.00 621.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 621.27 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 593.10 Td (Financial Instruments Fair V) Tj ET Q q 0 0 0 rg BT 180.99 593.10 Td (alue Disclosures) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 569.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.44 569.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.03 569.10 Td (, management estimated that the fair value of notes payable, which had a carrying value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.33 569.10 Td ($1.3 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 557.10 Td (billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.11 557.10 Td (, was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.17 557.10 Td ($1.3 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.28 557.10 Td (. ) Tj ET Q q 0 0 0 rg BT 149.73 557.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.17 557.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 247.38 557.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.38 557.10 Td (, management estimated that the fair value of notes payable, which had a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 545.10 Td (carrying value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.80 545.10 Td ($1.3 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.91 545.10 Td (, was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.97 545.10 Td ($1.3 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.08 545.10 Td (. ) Tj ET Q q 0 0 0 rg BT 240.90 545.10 Td (The discount rates used approximate current lending rates for loans or groups of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 533.10 Td (loans with similar maturities and credit quality) Tj ET Q q 0 0 0 rg BT 235.98 533.10 Td (, assumes the debt is outstanding through maturity and considers the debt) Tj ET Q q 0 0 0 rg BT 531.48 533.10 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 521.10 Td (collateral \(if applicable\). Management has utilized market information as available or present value techniques to estimate the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 509.10 Td (amounts required to be disclosed. ) Tj ET Q q 0 0 0 rg BT 186.46 509.10 Td (The Company has determined the majority of the inputs used to value its notes payable fall ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 497.10 Td (within Level 2 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 214.00 497.10 Td (, the credit quality adjustments associated with its fair value of notes payable utilize ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 485.10 Td (Level 3 inputs. However) Tj ET Q q 0 0 0 rg BT 148.46 485.10 Td (, as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.12 485.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.71 485.10 Td (, the Company has assessed the significance of the impact of the credit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 473.10 Td (quality adjustments on the overall valuations of its fair market value of notes payable and has determined that they are not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 461.10 Td (significant.) Tj ET Q q 0 0 0 rg BT 99.16 461.10 Td (As a result, the Company has determined these financial instruments utilize Level 2 inputs. Since such amounts are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 449.10 Td (estimates that are based on limited available market information for similar transactions, there can be no assurance that the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 437.10 Td (disclosed values could be realized.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 413.10 Td (Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, restricted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 401.10 Td (cash, distributions receivable, tenant and other receivables, accounts payable and accrued expenses, other liabilities, due to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 389.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 389.10 Td (filiates and distributions payable. ) Tj ET Q q 0 0 0 rg BT 195.16 389.10 Td (The carrying value of these items reasonably approximates their fair value based on their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 377.10 Td (highly-liquid nature and/or short-term maturities.Due to the short-term nature of these instruments, Level 1 and Level 2 inputs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 365.10 Td (are utilized to estimate the fair value of these financial instruments.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 341.10 Td (Assets and Liabilities Measured at Fair V) Tj ET Q q 0 0 0 rg BT 229.02 341.10 Td (alue on a Nonrecurring Basis) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 317.10 Td (Real estate assets are reviewed for impairment each reporting period if events or changes in circumstances indicate that the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 305.10 Td (carrying amount of the individual property may not be recoverable. During 2012, the Company determined that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.76 305.10 Td (two) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.76 305.10 Td ( investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 293.10 Td (properties were impaired due to a shortened expected hold period, which reduced the projected undiscounted cash flows for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 281.10 Td (these two assets.) Tj ET Q q 0 0 0 rg BT 120.83 281.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 170.73 281.10 Td (, during 2012, the Company determined that a building in our Minneapolis Of) Tj ET Q q 0 0 0 rg BT 482.16 281.10 Td (fice/Flex portfolio ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 269.10 Td (was impaired due to a change in leasing assumptions and appraised values, which reduced the projected undiscounted cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 257.10 Td (flows for this asset. ) Tj ET Q q 0 0 0 rg BT 132.59 257.10 Td (These changes in assumptions resulted in the net book value of the assets exceeding the projected ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 245.10 Td (undiscounted cash flows.) Tj ET Q q 0 0 0 rg BT 155.26 245.10 Td (As a result, these assets were written down to fair value since fair value was less than net book ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 233.10 Td (value.) Tj ET Q q 0 0 0 rg BT 76.47 233.10 Td (The determination of fair value was based upon significant unobservable inputs, and therefore, these fair value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 221.10 Td (measurements are classified as Level 3 measurements in the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 370.60 221.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 197.10 Td (In September 2010, the Company sold a land parcel and recorded an additional impairment char) Tj ET Q q 0 0 0 rg BT 452.41 197.10 Td (ge of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.44 197.10 Td ($0.8 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 185.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 185.10 Td ( in the period of sale based on the net sales price. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 181 0 obj <> endobj 182 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (88) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (The following table summarizes activity for the Company) Tj ET Q q 0 0 0 rg BT 302.66 742.10 Td (s assets measured at fair value, on a non-recurring basis, as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 730.10 Td ( and for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.90 730.10 Td (years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.00 730.10 Td ( ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.88 730.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.46 730.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.46 730.10 Td (201) Tj ET Q q 0 0 0 rg BT 325.09 730.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.09 730.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.53 730.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.53 730.10 Td ( \(in thousands\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 638.60 108.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 638.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 638.60 61.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 638.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 638.60 77.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 638.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 638.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 638.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 638.60 69.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 638.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 638.60 61.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 598.60 108.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 598.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 598.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 598.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 598.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 598.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 598.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 598.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 598.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 598.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 598.60 61.00 -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 158.5 692.6 m 218.5 692.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 692.6 m 279.5 692.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 692.6 m 283.5 692.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 692.6 m 360.5 692.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 692.6 m 364.5 692.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 692.6 m 424.5 692.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 692.6 m 428.5 692.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 692.6 m 497.5 692.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 638.6 m 158.5 638.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 158.5 638.6 m 218.5 638.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 638.6 m 279.5 638.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 638.6 m 360.5 638.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 638.6 m 424.5 638.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 638.6 m 497.5 638.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 638.6 m 562.5 638.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 284.90 697.28 Td (Basis of Fair Value Measurements) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 643.28 Td (During the year ended) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 163.25 643.28 Td (Description) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 226.20 653.28 Td (Fair) Tj ET Q q 0 0 0 rg BT 244.34 653.28 Td ( ) Tj ET Q q 0 0 0 rg BT 246.66 653.28 Td (V) Tj ET Q q 0 0 0 rg BT 252.97 653.28 Td (alue ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 230.00 643.28 Td (of ) Tj ET Q q 0 0 0 rg BT 240.28 643.28 Td (Assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 291.35 683.28 Td (Quoted Prices) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 302.15 673.28 Td (In ) Tj ET Q q 0 0 0 rg BT 313.55 673.28 Td (Active) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 295.90 663.28 Td (Markets for) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 289.40 653.28 Td (Identical Items) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 302.75 643.28 Td (\(Level 1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 370.90 683.28 Td (Significant) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.30 673.28 Td (Other) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 369.55 663.28 Td (Observable) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 380.10 653.28 Td (Inputs) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 375.25 643.28 Td (\(Level 2\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 439.40 673.28 Td (Significant) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 433.05 663.28 Td (Unobservable) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 448.60 653.28 Td (Inputs) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 443.75 643.28 Td (\(Level 3\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 505.65 653.28 Td (Impairment) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 521.75 643.28 Td (Loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 618.27 Td (December 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.75 628.27 Td (Investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.05 618.27 Td (property) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.25 618.27 Td ($85,184) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.00 618.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.50 618.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.25 618.27 Td ($85,184) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.25 618.27 Td ($53,483) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 603.27 Td (December 31, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.65 603.27 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.00 603.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.00 603.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.50 603.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.00 603.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.00 603.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 588.27 Td (December 31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.25 588.27 Td (Land parcel) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.00 588.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.00 588.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.50 588.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.00 588.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.50 588.27 Td ($811) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 572.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 560.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 127.71 560.10 Td (s estimated fair value of the investment properties was based on a comparison of recent market activity and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 548.10 Td (discounted cash flow models, which includes estimates of property specific inflows and outflows over a specific holding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 536.10 Td (period.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.05 536.10 Td (Significant unobservable quantitative inputs used in determining the fair value of each investment include: discount ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 524.10 Td (rates ranging from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.36 524.10 Td (8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.69 524.10 Td ( through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.80 524.10 Td (13%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.13 524.10 Td (, a capitalization rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.75 524.10 Td (8.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.58 524.10 Td (, stabilized occupancy rates ranging from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.01 524.10 Td (82%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.34 524.10 Td ( through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.45 524.10 Td (93%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.78 524.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 512.10 Td (and current market rental rates ranging from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.64 512.10 Td ($1) Tj ET Q q 0 0 0 rg BT 239.27 512.10 Td (1.20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.77 512.10 Td ( per square foot to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.03 512.10 Td ($21.50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.53 512.10 Td ( per square foot.) Tj ET Q q 0 0 0 rg BT 429.32 512.10 Td (These inputs are based on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 500.10 Td (location, type and nature of each property) Tj ET Q q 0 0 0 rg BT 216.23 500.10 Td (, current and anticipated market conditions and management) Tj ET Q q 0 0 0 rg BT 460.58 500.10 Td (s knowledge and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 488.10 Td (expertise in real estate.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 465.25 Td (14.Reportable Segments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 441.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 127.71 441.25 Td (s investments in real estate are geographically diversified and management evaluates the operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 429.25 Td (performance of each at an individual property level. ) Tj ET Q q 0 0 0 rg BT 260.00 429.25 Td (The Company has determined it has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.64 429.25 Td (four) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.30 429.25 Td ( reportable segments: 1\) of) Tj ET Q q 0 0 0 rg BT 530.30 429.25 Td (fice ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 417.25 Td (properties, 2\) a domestic industrial property) Tj ET Q q 0 0 0 rg BT 224.86 417.25 Td (, 3\) domestic retail properties and 4\) an international industrial property) Tj ET Q q 0 0 0 rg BT 511.06 417.25 Td (. ) Tj ET Q q 0 0 0 rg BT 515.88 417.25 Td (The of) Tj ET Q q 0 0 0 rg BT 542.08 417.25 Td (fice ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 405.25 Td (properties segment consists of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.31 405.25 Td (20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.31 405.25 Td ( of) Tj ET Q q 0 0 0 rg BT 193.96 405.25 Td (fice properties that the Company owns directly as well as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.56 405.25 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.56 405.25 Td ( of) Tj ET Q q 0 0 0 rg BT 446.21 405.25 Td (fice properties that are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 393.25 Td (owned indirectly through the Company) Tj ET Q q 0 0 0 rg BT 209.97 393.25 Td (s investment in the Core Fund. ) Tj ET Q q 0 0 0 rg BT 335.06 393.25 Td (The domestic industrial property segment consists of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 381.25 Td (one) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.44 381.25 Td ( directly-owned industrial property located in Dallas, ) Tj ET Q q 0 0 0 rg BT 278.64 381.25 Td (T) Tj ET Q q 0 0 0 rg BT 284.05 381.25 Td (exas. ) Tj ET Q q 0 0 0 rg BT 306.64 381.25 Td (The domestic retail segment consists of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 381.25 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.15 381.25 Td ( grocery-anchored ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 369.25 Td (shopping centers that are owned indirectly through the Company) Tj ET Q q 0 0 0 rg BT 312.16 369.25 Td (s investment in a joint venture with ) Tj ET Q q 0 0 0 rg BT 455.57 369.25 Td (W) Tj ET Q q 0 0 0 rg BT 464.20 369.25 Td (eingarten Realty ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 357.25 Td (Investors. ) Tj ET Q q 0 0 0 rg BT 91.48 357.25 Td (The international industrial property segment consists of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.04 357.25 Td (one) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.48 357.25 Td ( industrial property located in Rio de Janeiro, Brazil, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 345.25 Td (that is owned indirectly through the Company) Tj ET Q q 0 0 0 rg BT 236.64 345.25 Td (s investment in a joint venture with a Hines af) Tj ET Q q 0 0 0 rg BT 420.58 345.25 Td (filiate.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 321.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 127.71 321.25 Td (s indirect investments are accounted for using the equity method of accounting. ) Tj ET Q q 0 0 0 rg BT 447.35 321.25 Td (As such, the activities of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 309.25 Td (these investments are reflected in investmentsin unconsolidated entities in the consolidated balance sheets and equity in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 297.25 Td (earnings \(losses\) of unconsolidated entities, net in the consolidated statements of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 273.25 Td (The tables below provide additional information related to each of the Company) Tj ET Q q 0 0 0 rg BT 392.07 273.25 Td (s segments \(in thousands\) and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 261.25 Td (reconciliation to the Company) Tj ET Q q 0 0 0 rg BT 174.14 261.25 Td (s net income or loss, as applicable. Corporate-Level ) Tj ET Q q 0 0 0 rg BT 387.95 261.25 Td (Accounts includes amounts incurred by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 249.25 Td (the corporate-level entities which are not allocated to any of the reportable segments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 183 0 obj <> endobj 184 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (89) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 703.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 703.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 703.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 703.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 703.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 703.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 673.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 673.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 673.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 673.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 673.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 673.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 628.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 628.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 628.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 628.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 628.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 628.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 598.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 598.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 598.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 598.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 598.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 598.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 553.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 553.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 553.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 553.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 553.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 553.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 523.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 523.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 523.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 523.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 523.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 523.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 454.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 454.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 454.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 454.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 454.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 454.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 424.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 424.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 424.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 424.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 424.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 424.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 394.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 394.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 394.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 394.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 394.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 394.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 364.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 364.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 364.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 364.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 364.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 364.50 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 359.5 733.5 m 424.5 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 733.5 m 428.5 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 733.5 m 493.5 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 733.5 m 497.5 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 733.5 m 562.5 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 718.5 m 424.5 718.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 718.5 m 493.5 718.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 718.5 m 562.5 718.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 673.5 m 424.5 673.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 673.5 m 493.5 673.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 673.5 m 562.5 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 659.5 m 424.5 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 657.5 m 424.5 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 659.5 m 493.5 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 657.5 m 493.5 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 659.5 m 562.5 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 657.5 m 562.5 657.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 598.5 m 424.5 598.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 598.5 m 493.5 598.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 598.5 m 562.5 598.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 584.5 m 424.5 584.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 582.5 m 424.5 582.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 584.5 m 493.5 584.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 582.5 m 493.5 582.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 584.5 m 562.5 584.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 582.5 m 562.5 582.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 508.5 m 424.5 508.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 508.5 m 493.5 508.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 508.5 m 562.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 494.5 m 424.5 494.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 492.5 m 424.5 492.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 494.5 m 493.5 494.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 492.5 m 493.5 492.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 494.5 m 562.5 494.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 492.5 m 562.5 492.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 478.5 m 493.5 478.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 478.5 m 562.5 478.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 454.5 m 493.5 454.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 454.5 m 562.5 454.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 349.5 m 493.5 349.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 349.5 m 562.5 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 335.5 m 493.5 335.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 333.5 m 493.5 333.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 335.5 m 562.5 335.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 333.5 m 562.5 333.5 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 405.10 738.18 Td (Year Ended December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.50 723.18 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.75 723.18 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 519.50 723.18 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 708.18 Td (Total property revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 693.17 Td (Office properties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 693.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 693.17 Td (268,397) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 693.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 693.17 Td (272,727) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 693.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 693.17 Td (286,092) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 678.17 Td (Domestic industrial properties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 678.17 Td (3,066) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 678.17 Td (5,605) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 678.17 Td (4,453) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 663.18 Td (Total segment property revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 663.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 663.17 Td (271,463) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 663.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 663.17 Td (278,332) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 663.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 663.17 Td (290,545) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 633.18 Td (Pr) Tj ET Q q 0 0 0 rg BT 63.37 633.18 Td (operty r) Tj ET Q q 0 0 0 rg BT 97.89 633.18 Td (evenues in excess of expenses ) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 223.71 637.71 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 618.17 Td (Of) Tj ET Q q 0 0 0 rg BT 75.37 618.17 Td (fice properties segment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 618.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 618.17 Td (149,530) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 618.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 618.17 Td (156,803) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 618.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 618.17 Td (168,540) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 603.17 Td (Domestic industrial properties segment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 603.17 Td (1,976) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 603.17 Td (4,673) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 603.17 Td (3,489) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 588.18 Td (Total segment property revenues in excess of expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 588.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 588.17 Td (151,506) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 588.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 588.17 Td (161,476) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 588.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 588.17 Td (172,029) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 558.18 Td (Equity in earnings \(losses\) of unconsolidated entities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 543.17 Td (Equity in earnings \(losses\) of domestic office properties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 543.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 543.17 Td (7,058) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 543.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 543.22 Td (\(7,529) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 543.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 543.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 543.17 Td (2,705) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 528.17 Td (Equity in earnings of domestic retail properties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.65 528.17 Td (100) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.30 528.22 Td (\(9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 528.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 528.17 Td (287) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 513.17 Td (Equity in earnings of international industrial properties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 513.17 Td (2,302) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 513.17 Td (2,400) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 513.17 Td (2,521) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 498.18 Td (Equity in earnings \(losses\) of unconsolidated entities, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 498.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 498.17 Td (9,460) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 498.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 498.22 Td (\(5,138) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 498.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 498.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 498.17 Td (5,513) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 459.18 Td (Total assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 431.40 469.18 Td (December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.50 459.18 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 500.40 469.18 Td (December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 519.75 459.18 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 444.17 Td (Office properties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 444.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.65 444.17 Td (2,243,240) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 444.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 444.17 Td (2,303,433) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 429.17 Td (Domestic industrial properties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 429.17 Td (39,214) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 429.17 Td (39,605) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 414.17 Td (Investment in unconsolidated entities -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 399.17 Td (Office properties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 399.17 Td (250,138) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 399.17 Td (260,990) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 384.17 Td (Domestic retail properties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 384.17 Td (53,793) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 384.17 Td (59,904) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 369.17 Td (International industrial properties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 369.17 Td (25,487) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 369.17 Td (28,092) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 354.17 Td (Corporate-level accounts ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 167.73 358.70 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 354.17 Td (155,337) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 354.17 Td (219,988) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 339.18 Td (Total assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 339.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.65 339.17 Td (2,767,209) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 339.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 339.17 Td (2,912,012) Tj ET Q BT /F2 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 279.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 279.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 279.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 279.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 279.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 279.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 249.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 249.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 249.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 249.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 249.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 249.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 219.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 219.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 219.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 219.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 219.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 219.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 189.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 189.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 189.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 189.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 189.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 189.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 159.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 159.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 159.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 159.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 159.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 159.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 129.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 129.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 129.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 129.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 129.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 129.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 99.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 99.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 99.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 99.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 99.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 99.50 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 359.5 309.5 m 424.5 309.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 309.5 m 428.5 309.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 309.5 m 493.5 309.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 309.5 m 497.5 309.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 309.5 m 562.5 309.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 294.5 m 424.5 294.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 294.5 m 493.5 294.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 294.5 m 562.5 294.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 99.5 m 424.5 99.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 85.5 m 424.5 85.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 83.5 m 424.5 83.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 99.5 m 493.5 99.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 85.5 m 493.5 85.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 83.5 m 493.5 83.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 99.5 m 562.5 99.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 85.5 m 562.5 85.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 83.5 m 562.5 83.5 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 405.10 314.18 Td (Year Ended December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.50 299.18 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.75 299.18 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 519.50 299.18 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 284.18 Td (Reconciliation to net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 269.17 Td (Total segment property revenues in excess of expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 269.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 269.17 Td (151,506) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 269.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 269.17 Td (161,476) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 269.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 269.17 Td (172,029) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 254.17 Td (Depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 254.22 Td (\(79,720) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 254.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 254.22 Td (\(92,518) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 254.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.80 254.22 Td (\(102,012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 254.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 239.17 Td (Asset management fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 239.22 Td (\(29,651) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 239.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 239.22 Td (\(16,173) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 239.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 239.22 Td (\(30,544) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 239.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 224.17 Td (General and administrative) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.80 224.22 Td (\(6,874) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 224.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 224.22 Td (\(6,740) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 224.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 224.22 Td (\(6,925) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 224.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 209.17 Td (Impairment losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 209.22 Td (\(53,483) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 209.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 209.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.30 209.22 Td (\(811) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 209.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 194.17 Td (Other gains \(losses\), net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 194.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 194.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 194.17 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 179.17 Td (Gain \(loss\) on derivative instruments, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 179.17 Td (8,680) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 179.22 Td (\(24,590) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 179.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 179.22 Td (\(18,525) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 179.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 164.17 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 164.22 Td (\(78,022) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 164.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 164.22 Td (\(81,207) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 164.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 164.22 Td (\(80,889) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 164.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 149.17 Td (Interest income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.65 149.17 Td (743) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 149.17 Td (514) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 149.17 Td (270) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 134.17 Td (Provision for income taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.30 134.22 Td (\(544) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 134.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.30 134.22 Td (\(494) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 134.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.30 134.22 Td (\(543) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 134.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 119.17 Td (Equity in earnings \(losses\) of unconsolidated entities, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 119.17 Td (9,460) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 119.22 Td (\(5,138) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 119.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 119.17 Td (5,513) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 104.17 Td (Income from discontinued operations, net of tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 104.17 Td (2,157) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 104.17 Td (108,784) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 104.17 Td (27,045) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 89.17 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 89.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 89.22 Td (\(75,748) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 89.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 89.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 89.17 Td (43,914) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 89.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 89.22 Td (\(35,383) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 89.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 185 0 obj <> endobj 186 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (90) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (Revenues less property operating expenses, real property taxes and property management fees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 724.10 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 724.10 Td (This amount primarily consists of the Company) Tj ET Q q 0 0 0 rg BT 261.87 724.10 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.26 724.10 Td ($1) Tj ET Q q 0 0 0 rg BT 277.89 724.10 Td (17.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.78 724.10 Td ( cash collateral deposit related to the letters of credit with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 712.10 Td (the Bank of Montreal \(see Note 2 Summary of Significant ) Tj ET Q q 0 0 0 rg BT 309.89 712.10 Td (Accounting Policies Restricted Cash for additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 700.10 Td (information\) and cash and cash equivalents at the corporate level, which includes proceeds from the sale of ) Tj ET Q q 0 0 0 rg BT 498.40 700.10 Td (Atrium on Bay) Tj ET Q q 0 0 0 rg BT 557.75 700.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 677.25 Td (15. Quarterly Financial Data \(unaudited\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 653.25 Td (The following table presents selected unaudited quarterly financial data for each quarter during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 641.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 641.25 Td ( \(in thousands, except per share information\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 592.75 228.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 592.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 592.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 592.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 592.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 592.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 592.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 592.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 552.75 228.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 552.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 552.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 552.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 552.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 552.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 552.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 552.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 522.75 228.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 522.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 522.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 522.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 522.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 522.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 522.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 522.75 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 278.5 616.75 m 346.5 616.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 616.75 m 350.5 616.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 616.75 m 418.5 616.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 616.75 m 422.5 616.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 616.75 m 490.5 616.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 616.75 m 494.5 616.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 616.75 m 562.5 616.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 592.75 m 346.5 592.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 592.75 m 418.5 592.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 592.75 m 490.5 592.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 592.75 m 562.5 592.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 592.75 m 346.5 592.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 592.75 m 418.5 592.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 370.60 621.43 Td (For the Quarter Ended) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 290.15 607.43 Td (March 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 302.00 597.43 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 366.20 607.43 Td (June 30,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 374.00 597.43 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 425.50 607.43 Td (September 30,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 446.00 597.43 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 498.90 607.43 Td (December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 518.00 597.43 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 582.42 Td (Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.00 582.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.15 582.42 Td (68,461) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.00 582.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.15 582.42 Td (67,762) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.00 582.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.15 582.42 Td (68,525) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.00 582.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 582.42 Td (66,715) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 567.42 Td (Equity in earnings \(losses\) of unconsolidated entities,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 557.42 Td (net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.80 557.47 Td (\(1,147) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.65 557.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 557.42 Td (1,041) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.15 557.42 Td (27,573) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 557.47 Td (\(18,007) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 557.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 542.42 Td (Income \(loss\) from discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.15 542.42 Td (2,180) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.65 542.42 Td (544) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.30 542.47 Td (\(313) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.65 542.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.30 542.47 Td (\(254) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 542.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 527.42 Td (Net income \(loss\) attributable to common stockholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.80 527.47 Td (\(5,561) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.65 527.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.80 527.47 Td (\(58,802) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.65 527.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.15 527.42 Td (16,287) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 527.47 Td (\(28,231) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 527.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 512.42 Td (Income \(loss\) per common share, basic and diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.80 512.47 Td (\(0.02) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.65 512.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.80 512.47 Td (\(0.26) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.65 512.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.15 512.42 Td (0.07) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.80 512.47 Td (\(0.12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 512.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 484.25 Td (The following table presents selected unaudited quarterly financial data for each quarter during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 472.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.21 472.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.21 472.25 Td ( \(in thousands, except per share information\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 423.75 228.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 423.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 423.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 423.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 423.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 423.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 423.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 423.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 393.75 228.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 393.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 393.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 393.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 393.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 393.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 393.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 393.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 363.75 228.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 363.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 363.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 363.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 363.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 363.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 363.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 363.75 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 277.5 447.75 m 345.5 447.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 447.75 m 349.5 447.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 447.75 m 417.5 447.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 447.75 m 421.5 447.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 447.75 m 489.5 447.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 447.75 m 493.5 447.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 447.75 m 561.5 447.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 423.75 m 345.5 423.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 423.75 m 417.5 423.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 423.75 m 489.5 423.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 423.75 m 561.5 423.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 423.75 m 345.5 423.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 423.75 m 417.5 423.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 423.75 m 489.5 423.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 423.75 m 561.5 423.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 369.60 452.43 Td (For the Quarter Ended) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 289.15 438.43 Td (March 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 301.25 428.43 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 365.20 438.43 Td (June 30,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 373.25 428.43 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 424.50 438.43 Td (September 30,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 445.25 428.43 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 497.90 438.43 Td (December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 517.25 428.43 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 413.42 Td (Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.00 413.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.15 413.42 Td (68,907) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.00 413.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.15 413.42 Td (71,640) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.00 413.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.15 413.42 Td (68,495) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.00 413.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 413.42 Td (69,290) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 398.42 Td (Equity in losses of unconsolidated entities, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.80 398.47 Td (\(1,826) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.65 398.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.80 398.47 Td (\(19,299) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.65 398.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.15 398.42 Td (17,594) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 398.47 Td (\(1,607) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 398.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 383.42 Td (Income \(loss\) from discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.65 383.42 Td (876) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.15 383.42 Td (107,908) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.65 383.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 383.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 368.42 Td (Net income \(loss\) attributable to common stockholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.80 368.47 Td (\(10,433) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.65 368.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.15 368.42 Td (79,465) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.80 368.47 Td (\(19,839) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.65 368.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.80 368.47 Td (\(10,293) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 368.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 353.42 Td (Income \(loss\) per common share, basic and diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.80 353.47 Td (\(0.05) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.65 353.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.15 353.42 Td (0.35) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.80 353.47 Td (\(0.09) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.65 353.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.80 353.47 Td (\(0.04) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 353.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 326.25 Td (16. Subsequent Events) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 302.25 Td (In January 2013, the Company sold its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.15 302.25 Td (50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.48 302.25 Td ( interest in Distribution Park Rio, an indirectly-owned industrial property in Rio ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 290.25 Td (de Janeiro, Brazil, to an af) Tj ET Q q 0 0 0 rg BT 155.05 290.25 Td (filiate of Hines, which the Company acquired in June 2007 for an initial investment of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.75 290.25 Td ($28.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 556.64 290.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 278.25 Td (The net proceeds received for our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.15 278.25 Td (50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.48 278.25 Td ( interest in Distribution Park Rio was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.86 278.25 Td ($43.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.75 278.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 254.25 Td (In March 2013, the Company sold ) Tj ET Q q 0 0 0 rg BT 203.02 254.25 Td (W) Tj ET Q q 0 0 0 rg BT 212.06 254.25 Td (illiams ) Tj ET Q q 0 0 0 rg BT 241.60 254.25 Td (T) Tj ET Q q 0 0 0 rg BT 247.01 254.25 Td (ower) Tj ET Q q 0 0 0 rg BT 266.60 254.25 Td (, an of) Tj ET Q q 0 0 0 rg BT 291.69 254.25 Td (fice building with an adjacent parking garage located in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 242.25 Td (Galleria/W) Tj ET Q q 0 0 0 rg BT 93.62 242.25 Td (est Loop submarket of Houston, ) Tj ET Q q 0 0 0 rg BT 224.53 242.25 Td (T) Tj ET Q q 0 0 0 rg BT 229.94 242.25 Td (exas, which it acquired in May 2008 for a net contract purchase price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.11 242.25 Td ($271.5 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 230.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 230.25 Td (.) Tj ET Q q 0 0 0 rg BT 86.21 230.25 Td (The net contract sales price was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.15 230.25 Td ($412.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.04 230.25 Td (. ) Tj ET Q q 0 0 0 rg BT 282.36 230.25 Td (The Company did not consider this property as held for sale as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 218.25 Td (December 31, 2012 due to the following: \(i\) the signing of the purchase and sale agreement \(PSA\) with respect to the sale of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 206.25 Td (the property did not occur until January 2013, which resulted in an amended purchase price from the buyer) Tj ET Q q 0 0 0 rg BT 478.01 206.25 Td () Tj ET Q q 0 0 0 rg BT 480.79 206.25 Td (s original of) Tj ET Q q 0 0 0 rg BT 528.94 206.25 Td (fer) Tj ET Q q 0 0 0 rg BT 539.63 206.25 Td (, \(ii\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 194.25 Td (it is common within the real estate industry for there to be continuous negotiations between the buyer and seller from the initial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 182.25 Td (letter of intent through the contractual closing date, which often result in amendments to the terms of the PSA, and \(iii\) given ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 170.25 Td (the complexities of the due diligence process, it would be unlikely to find another buyer and close on the sale within twelve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 158.25 Td (months should the buyer decide not to purchase the property) Tj ET Q q 0 0 0 rg BT 291.24 158.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 187 0 obj <> endobj 188 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (91) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (In February 2013, the Company) Tj ET Q q 0 0 0 rg BT 198.81 742.10 Td (s board of directors received notice of Charles N. Hazen's decision to retire from his role ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (as President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 195.05 730.10 Td (ficer of the Company of us and the general partner of the ) Tj ET Q q 0 0 0 rg BT 424.41 730.10 Td (Advisor in order to pursue ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (personal interests. On the same date, our board of directors accepted Sherri ) Tj ET Q q 0 0 0 rg BT 352.49 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 361.01 718.10 Td (. Schugart's resignation as our Chief Operating ) Tj ET Q BT /F2 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 60.37 706.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 78.29 706.10 Td (, which position will be left unfilled, and appointed her as our President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 461.90 706.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 479.66 706.10 Td (. Ms. Schugart ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (simultaneously resigned as the Chief Operating Of) Tj ET Q q 0 0 0 rg BT 252.55 694.10 Td (ficer of the general partner of the ) Tj ET Q q 0 0 0 rg BT 386.65 694.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 418.47 694.10 Td (, which position will also be left ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (unfilled, and was appointed as its President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 320.03 682.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 337.79 682.10 Td (. In addition to the resignation from the positions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (described above, Mr) Tj ET Q q 0 0 0 rg BT 131.36 670.10 Td (. Hazen resigned as a director of the Dealer Manager) Tj ET Q q 0 0 0 rg BT 341.97 670.10 Td (, for which Ms. Schugart currently serves as a director) Tj ET Q q 0 0 0 rg BT 558.29 670.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (The resignations and appointments described above were ef) Tj ET Q q 0 0 0 rg BT 288.90 658.10 Td (fective as of March 15, 2013. Mr) Tj ET Q q 0 0 0 rg BT 420.53 658.10 Td (. Hazen will remain an employee ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (of Hines for one year following his retirement to participate in and advise on various matters within Hines.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.11 646.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (Special Distribution ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.72 598.10 Td (March25, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.32 598.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 207.70 598.10 Td (s board of directors authorized it to declare a distribution of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.46 598.10 Td ($197 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.85 598.10 Td (, resulting in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (distribution to stockholders of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.77 586.10 Td ($0.80) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.27 586.10 Td ( per share to be paid on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.52 586.10 Td (April30, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.13 586.10 Td ( to all stockholders of record as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.42 586.10 Td (April2, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.03 586.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (This distribution will be designated by the Company as a special distribution, which will be a return of a portion of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (stockholders' invested capital and, as such, will reduce their remaining investment in the Company) Tj ET Q q 0 0 0 rg BT 444.11 562.10 Td (. ) Tj ET Q q 0 0 0 rg BT 448.93 562.10 Td (The special distribution ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (represents a portion of the proceeds from the sale of ) Tj ET Q q 0 0 0 rg BT 260.30 550.10 Td (W) Tj ET Q q 0 0 0 rg BT 269.34 550.10 Td (illiams ) Tj ET Q q 0 0 0 rg BT 298.88 550.10 Td (T) Tj ET Q q 0 0 0 rg BT 304.29 550.10 Td (ower and other strategic asset sales. ) Tj ET Q q 0 0 0 rg BT 449.33 550.10 Td (The special distribution will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (be paid on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.60 538.10 Td (April30, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.21 538.10 Td ( and the designation as a special distribution will not impact the tax treatment of the distribution to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (Company's stockholders. ) Tj ET Q q 0 0 0 rg BT 152.45 526.10 Td (The special distribution is not subject to reinvestment pursuant to the Company's dividend ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (reinvestment plan and will be paid in cash.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 490.10 Td (New Estimated Per) Tj ET Q q 0 0 0 rg BT 150.02 490.10 Td ( Shar) Tj ET Q q 0 0 0 rg BT 172.90 490.10 Td (e Net ) Tj ET Q q 0 0 0 rg BT 196.77 490.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 221.87 490.10 Td (V) Tj ET Q q 0 0 0 rg BT 228.17 490.10 Td (alue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 466.10 Td (As disclosed previously) Tj ET Q q 0 0 0 rg BT 162.90 466.10 Td (, approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.16 466.10 Td (30%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.49 466.10 Td ( of distributions that were declared for the quarters ended December 31, 2012 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (and March 31, 2013 were designated by the Company as special distributions, which represent a return of a portion of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (stockholders' invested capital and, as such, reduced their remaining investment in the Company) Tj ET Q q 0 0 0 rg BT 431.05 442.10 Td (. For each of the quarters ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (December 31, 2012 and March 31, 2013, the portion of the distribution that was designated as a special distribution was equal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.28 418.10 Td ($0.03) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.78 418.10 Td ( per share. ) Tj ET Q q 0 0 0 rg BT 128.96 418.10 Td (The combination of the special distribution of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.76 418.10 Td ($0.80) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.26 418.10 Td ( per share described above with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.81 418.10 Td ($0.03) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.31 418.10 Td ( per share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (special distributions for each of the quarters ended December 31, 2012 and March 31, 2013 results in total special distributions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.83 394.10 Td ($0.86) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.33 394.10 Td ( per share since the Company's last announcement of an estimated per share net asset value \(NA) Tj ET Q q 0 0 0 rg BT 470.93 394.10 Td (V\) of its common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 75.93 382.10 Td (These special distributions reduce the estimated per share NA) Tj ET Q q 0 0 0 rg BT 321.78 382.10 Td (V) Tj ET Q q 0 0 0 rg BT 328.82 382.10 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.15 382.10 Td ($7.61) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 382.10 Td (, resulting in a new estimated per share NA) Tj ET Q q 0 0 0 rg BT 536.36 382.10 Td (V) Tj ET Q q 0 0 0 rg BT 543.40 382.10 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td ($6.75) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 370.10 Td (, ef) Tj ET Q q 0 0 0 rg BT 85.09 370.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 114.24 370.10 Td (April 2, 2013.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 346.10 Td (April 2013 Distributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 322.10 Td (W) Tj ET Q q 0 0 0 rg BT 77.04 322.10 Td (ith the authorization of its board of directors, the Company declared distributions for the month of ) Tj ET Q q 0 0 0 rg BT 471.12 322.10 Td (April 2013. ) Tj ET Q q 0 0 0 rg BT 519.54 322.10 Td (These ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (distributions will be calculated based on stockholders of record each day during the month of ) Tj ET Q q 0 0 0 rg BT 424.62 310.10 Td (April 2013 in an amount equal to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td ($0.00073973) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.50 298.10 Td ( per share, per day and will be paid in July 2013 in cash or reinvested in stock for those participating in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (Company's dividend reinvestment plan. ) Tj ET Q q 0 0 0 rg BT 210.76 286.10 Td (This rate per share, per day) Tj ET Q q 0 0 0 rg BT 318.95 286.10 Td (, reflects a reduction from the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.73 286.10 Td ($0.00138082) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.23 286.10 Td ( per share, per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (day rate that was declared between July 1, 2010 and March 31, 2013. ) Tj ET Q q 0 0 0 rg BT 329.17 274.10 Td (This rate per share, per day represents a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.49 274.10 Td (4.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.32 274.10 Td ( annualized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (yield based on the Company's new estimated per share NA) Tj ET Q q 0 0 0 rg BT 284.06 262.10 Td (V) Tj ET Q q 0 0 0 rg BT 291.10 262.10 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.43 262.10 Td ($6.75) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.93 262.10 Td (, assuming such distribution rate is maintained for a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (twelve-month period. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 226.10 Td (Shar) Tj ET Q q 0 0 0 rg BT 88.38 226.10 Td (e Pur) Tj ET Q q 0 0 0 rg BT 111.25 226.10 Td (chase Price for) Tj ET Q q 0 0 0 rg BT 174.37 226.10 Td ( Dividend Reinvestment Plan) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 202.10 Td (As the new estimated per share NA) Tj ET Q q 0 0 0 rg BT 208.33 202.10 Td (V) Tj ET Q q 0 0 0 rg BT 215.37 202.10 Td ( will take ef) Tj ET Q q 0 0 0 rg BT 262.67 202.10 Td (fect on ) Tj ET Q q 0 0 0 rg BT 292.11 202.10 Td (April 2, 2013, participants in the Company's dividend reinvestment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (plan will acquire shares at a fixed price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.21 190.10 Td ($6.75) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.71 190.10 Td ( per share rather than at the current price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.17 190.10 Td ($7.61) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.67 190.10 Td (, beginning with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (distributions to be paid for the second quarter of 2013, which will be aggregated and paid in July 2013. ) Tj ET Q q 0 0 0 rg BT 464.45 178.10 Td (Therefore, the shares to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (be issued under the Company's dividend reinvestment plan in connection with distributions previously declared for January) Tj ET Q q 0 0 0 rg BT 542.99 166.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (February and March of 2013, which will be aggregated and paid in ) Tj ET Q q 0 0 0 rg BT 319.64 154.10 Td (April 2013, will be issued at the current price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.31 154.10 Td ($7.61) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.81 154.10 Td ( per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (share. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 189 0 obj <> endobj 190 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (92) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 742.25 Td (Shar) Tj ET Q q 0 0 0 rg BT 88.38 742.25 Td (e Redemption Pr) Tj ET Q q 0 0 0 rg BT 160.41 742.25 Td (ogram ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.72 718.25 Td (March25, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.32 718.25 Td (, the Company's board of directors amended and restated the Company's share redemption program and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (reinstated the program ef) Tj ET Q q 0 0 0 rg BT 150.05 706.25 Td (fective for share redemption requests received on or after ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.78 706.25 Td (April1, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.39 706.25 Td (, subject to the conditions and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (limitations described in the amended and restated share redemption program. Prior to its reinstatement, the share redemption ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (program had been suspended by the board of directors since ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.70 682.25 Td (November30, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.41 682.25 Td (, except with respect to redemption requests ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (made in connection with the death or disability \(as defined in the Internal Revenue Code of 1986, as amended \(the Code\) of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (stockholder) Tj ET Q q 0 0 0 rg BT 96.10 658.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 634.25 Td (Beginning with share redemption requests received on or after ) Tj ET Q q 0 0 0 rg BT 319.31 634.25 Td (April 1, 2013, the Company's share redemption price will be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td ($5.75) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 622.25 Td ( per share, which is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.48 622.25 Td (85%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.81 622.25 Td ( of the Company's revised estimated per share NA) Tj ET Q q 0 0 0 rg BT 370.15 622.25 Td (V) Tj ET Q q 0 0 0 rg BT 376.08 622.25 Td (. ) Tj ET Q q 0 0 0 rg BT 380.90 622.25 Td (The redemption price was determined by the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (Company's board of directors in its sole discretion. ) Tj ET Q q 0 0 0 rg BT 255.75 610.25 Td (This new share redemption price will apply to ordinary share redemption ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (requests received on or after ) Tj ET Q q 0 0 0 rg BT 165.22 598.25 Td (April 1, 2013, which, if redeemed, will be redeemed in July 2013. ) Tj ET Q q 0 0 0 rg BT 431.00 598.25 Td (Any shares that are redeemed in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (April 2013 pursuant to eligible redemption requests in connection with the death or disability of a stockholder that are received ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (prior to ) Tj ET Q q 0 0 0 rg BT 81.67 574.25 Td (April 1, 2013 will be redeemed at the current redemption price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.74 574.25 Td ($7.61) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.24 574.25 Td ( per share. ) Tj ET Q q 0 0 0 rg BT 414.05 574.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 463.96 574.25 Td (, any shares that are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (redeemed pursuant to eligible redemption requests in connection with the death or disability of a stockholder that are received ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (on or after ) Tj ET Q q 0 0 0 rg BT 93.59 550.25 Td (April 1, 2013, will be redeemed at the new estimated per share NA) Tj ET Q q 0 0 0 rg BT 360.00 550.25 Td (V) Tj ET Q q 0 0 0 rg BT 367.04 550.25 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.37 550.25 Td ($6.75) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.87 550.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 293.50 526.25 Td (*****) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 191 0 obj <> endobj 192 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (93) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item9.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 79.99 742.25 Td (Changes in and Disagreements with ) Tj ET Q q 0 0 0 rg BT 236.04 742.25 Td (Accountants on ) Tj ET Q q 0 0 0 rg BT 302.91 742.25 Td (Accounting and Financial Disclosure) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (None.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 695.25 Td (Item9A.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 87.21 695.25 Td (Controls and Procedures) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 671.25 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 89.82 671.25 Td (e Contr) Tj ET Q q 0 0 0 rg BT 122.13 671.25 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 165.29 671.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 194.55 671.25 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 647.25 Td (In accordance with Exchange ) Tj ET Q q 0 0 0 rg BT 187.94 647.25 Td (Act Rules13a-15 and 15d-15, we carried out an evaluation, under the supervision and with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 635.25 Td (the participation of management, including our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 318.34 635.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 430.90 635.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 448.81 635.25 Td (, of the ef) Tj ET Q q 0 0 0 rg BT 486.95 635.25 Td (fectiveness of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 623.25 Td (disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, our Chief ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 611.25 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 102.85 611.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 215.41 611.25 Td (ficer concluded that our disclosure controls and procedures were ef) Tj ET Q q 0 0 0 rg BT 483.73 611.25 Td (fective as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 599.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 599.25 Td (, to provide reasonable assurance that information required to be disclosed in our reports filed or submitted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 587.25 Td (under the Exchange ) Tj ET Q q 0 0 0 rg BT 131.36 587.25 Td (Act is \(i\)recorded, processed, summarized and reported within the time periods specified in the Securities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 575.25 Td (and Exchange Commission) Tj ET Q q 0 0 0 rg BT 162.21 575.25 Td (s rules and forms, and \(ii\)accumulated and communicated to our management, including our Chief ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 563.25 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 102.85 563.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 215.41 563.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 233.32 563.25 Td (, as appropriate to allow timely decisions regarding required disclosure.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 539.25 Td (Management) Tj ET Q q 0 0 0 rg BT 109.06 539.25 Td (s Report on Internal Contr) Tj ET Q q 0 0 0 rg BT 223.87 539.25 Td (ol Over) Tj ET Q q 0 0 0 rg BT 255.63 539.25 Td ( Financial Reporting) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 515.25 Td (Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 503.25 Td (system of internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 491.25 Td (financial reporting and the preparation of consolidated financial statements for external purposes in accordance with generally ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 479.25 Td (accepted accounting principles. Our internal control over financial reporting includes those policies and procedures that:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 455.25 Td (\(i\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 455.25 Td (pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 443.25 Td (dispositions of our assets;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 425.25 Td (\(ii\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 425.25 Td (provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 413.25 Td (statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 401.25 Td (being made only in accordance with authorizations of our management and directors;and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 383.25 Td (\(iii\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 383.25 Td (provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 371.25 Td (disposition of our assets that could have a material ef) Tj ET Q q 0 0 0 rg BT 307.26 371.25 Td (fect on the financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 347.25 Td (Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. ) Tj ET Q q 0 0 0 rg BT 536.20 347.25 Td (Also, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 335.25 Td (projections of any evaluation of ef) Tj ET Q q 0 0 0 rg BT 187.27 335.25 Td (fectiveness to future periods are subject to the risk that controls may become inadequate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 323.25 Td (because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 299.25 Td (Our management) Tj ET Q q 0 0 0 rg BT 139.92 299.25 Td (s assessment of the ef) Tj ET Q q 0 0 0 rg BT 226.38 299.25 Td (fectiveness of our internal control system as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.77 299.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.36 299.25 Td ( was based on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 287.25 Td (the framework for ef) Tj ET Q q 0 0 0 rg BT 132.83 287.25 Td (fective internal control over financial reporting described in Internal Control Integrated Framework ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 275.25 Td (issued by the Committee of Sponsoring Or) Tj ET Q q 0 0 0 rg BT 220.92 275.25 Td (ganizations of the ) Tj ET Q q 0 0 0 rg BT 294.33 275.25 Td (T) Tj ET Q q 0 0 0 rg BT 300.08 275.25 Td (readway Commission \(COSO\). Based on our assessment, as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 263.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 263.25 Td (, our system of internal control over financial reporting was ef) Tj ET Q q 0 0 0 rg BT 376.93 263.25 Td (fective at the reasonable assurance level.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 239.25 Td (This annual report does not include an attestation report of the Company) Tj ET Q q 0 0 0 rg BT 360.98 239.25 Td (s independent registered public accounting firm ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 227.25 Td (regarding control over financial reporting. Management) Tj ET Q q 0 0 0 rg BT 278.53 227.25 Td (s report was not subject to attestation by the company) Tj ET Q q 0 0 0 rg BT 495.98 227.25 Td (s independent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 215.25 Td (registered public accounting firm pursuant to Section 989G of the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 366.69 215.25 Td (W) Tj ET Q q 0 0 0 rg BT 375.33 215.25 Td (all Street and Consumer Protection ) Tj ET Q q 0 0 0 rg BT 517.25 215.25 Td (Act, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 203.25 Td (exempts non-accelerated filers from the auditor attestation requirement of section 404 \(b\) of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 501.23 203.25 Td (Act.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 191.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 179.25 Td (March28, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.60 179.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 155.25 Td (Change in Internal Contr) Tj ET Q q 0 0 0 rg BT 158.99 155.25 Td (ols) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 131.25 Td (No changes have occurred in our internal controls over financial reporting \(asdefined in Rule13a-15\(f\) of the Exchange ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 119.25 Td (Act\) during the quarter ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.79 119.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.37 119.25 Td ( that has materially af) Tj ET Q q 0 0 0 rg BT 335.82 119.25 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 517.24 119.25 Td (fect, our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 107.25 Td (internal controls over financial reporting.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 84.25 Td (Item9B.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.66 84.25 Td (Other Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 60.25 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 193 0 obj <> endobj 194 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (94) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 285.90 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 291.27 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 305.36 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 311.85 742.25 Td (III) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 719.25 Td (Item10.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 84.99 719.25 Td (Directors, Executive Of) Tj ET Q q 0 0 0 rg BT 186.73 719.25 Td (ficers and Corporate Governance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 695.25 Td (The information required by this Item is incorporated by reference to our Definitive Proxy Statement to be filed with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 683.25 Td (SEC no later than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.77 683.25 Td (April30, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.38 683.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 660.25 Td (Item1) Tj ET Q q 0 0 0 rg BT 76.94 660.25 Td (1.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 84.44 660.25 Td (Executive Compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 636.25 Td (The information required by this Item is incorporated by reference to our Definitive Proxy Statement to be filed with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 624.25 Td (SEC no later than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.77 624.25 Td (April30, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.38 624.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 601.25 Td (Item12.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 84.99 601.25 Td (Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 577.25 Td (The information required by this Item is incorporated by reference to our Definitive Proxy Statement to be filed with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 565.25 Td (SEC no later than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.77 565.25 Td (April30, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.38 565.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 542.25 Td (Item13.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 84.99 542.25 Td (Certain Relationships and Related T) Tj ET Q q 0 0 0 rg BT 239.64 542.25 Td (ransactions, and Director Independence) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 518.25 Td (The information required by this Item is incorporated by reference to our Definitive Proxy Statement to be filed with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 506.25 Td (SEC no later than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.77 506.25 Td (April30, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.38 506.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 483.25 Td (Item14.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 84.99 483.25 Td (Principal ) Tj ET Q q 0 0 0 rg BT 130.45 483.25 Td (Accountant Fees and Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 459.25 Td (The information required by this Item is incorporated by reference to our Definitive Proxy Statement to be filed with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 447.25 Td (SEC no later than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.77 447.25 Td (April30, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.38 447.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 195 0 obj <> endobj 196 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (95) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 286.30 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 291.67 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 305.76 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 312.25 742.25 Td (IV) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 719.25 Td (Item15.) 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BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 695.23 Td (AS OF DECEMBER 31, 2012 AND 2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 682.23 Td (\(In thousands\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 403.00 662.23 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 512.00 662.23 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 649.23 Td (ASSETS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 629.07 Td (Investment property - net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.00 629.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 629.07 Td (2,647,298) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.00 629.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.65 629.07 Td (2,973,537) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 616.07 Td (Cash and cash equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 616.07 Td (187,386) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 616.07 Td (213,648) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 603.07 Td (Restricted cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.15 603.07 Td (36,029) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 603.07 Td (52,076) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 590.07 Td (Tenant and other receivables - net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.15 590.07 Td (99,796) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 590.07 Td (104,784) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 577.07 Td (Deferred financing costs - net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.15 577.07 Td (4,303) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 577.07 Td (6,334) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 564.07 Td (Deferred leasing costs - net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 564.07 Td (353,993) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 564.07 Td (387,168) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 551.07 Td (Intangible lease assets - net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 551.07 Td (117,954) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 551.07 Td (240,241) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 538.07 Td (Prepaid expenses and other assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.15 538.07 Td (9,663) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 538.07 Td (35,310) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 513.07 Td (TOTAL ASSETS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.00 513.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 513.07 Td (3,456,422) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.00 513.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.65 513.07 Td (4,013,098) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 476.23 Td (LIABILITIES AND EQUITY) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 451.07 Td (Liabilities:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 438.07 Td ( Accounts payable and accrued expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.00 438.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 438.07 Td (165,626) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.00 438.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 438.07 Td (199,867) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 425.07 Td ( Due to affiliates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.15 425.07 Td (10,379) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 425.07 Td (17,587) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 412.07 Td ( Intangible lease liabilities - net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.15 412.07 Td (19,600) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 412.07 Td (26,176) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 399.07 Td ( Other liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.15 399.07 Td (37,995) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 399.07 Td (40,910) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 386.07 Td ( Distributions payable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.15 386.07 Td (17,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 386.07 Td (10,971) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 372.17 Td ( Dividends and distributions payable to redeemable noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.15 372.17 Td (10,664) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 372.17 Td (3,073) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 358.07 Td ( Notes payable - net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 358.07 Td (1,808,432) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.65 358.07 Td (2,227,090) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 333.07 Td ( Total liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 333.07 Td (2,069,696) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.65 333.07 Td (2,525,674) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 308.07 Td (Commitments and contingencies \(See note 14\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 283.07 Td (Redeemable noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 283.07 Td (378,419) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 283.07 Td (411,768) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 258.07 Td (Partners' equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 258.07 Td (904,995) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 258.07 Td (925,403) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 245.07 Td (Noncontrolling interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 245.07 Td (103,312) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 245.07 Td (150,253) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 220.07 Td (Total equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 220.07 Td (1,008,307) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.65 220.07 Td (1,075,656) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 195.07 Td (TOTAL LIABILITIES AND EQUITY) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.00 195.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 195.07 Td (3,456,422) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.00 195.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.65 195.07 Td (4,013,098) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 156.00 Td (See notes to consolidated financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 201 0 obj <> endobj 202 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (98) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49 678.5 m 295 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 295 678.5 m 304 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 304 678.5 m 378 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378 678.5 m 387 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 387 678.5 m 396 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 396 678.5 m 470 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 470 678.5 m 479 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479 678.5 m 488 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488 678.5 m 562 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49 678.5 m 295 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 295 678.5 m 304 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 304 678.5 m 378 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378 678.5 m 387 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 387 678.5 m 396 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 396 678.5 m 470 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 470 678.5 m 479 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479 678.5 m 488 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488 678.5 m 562 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 295 658.5 m 304 658.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 304 658.5 m 378 658.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378 658.5 m 387 658.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 387 658.5 m 396 658.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 396 658.5 m 470 658.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 470 658.5 m 479 658.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479 658.5 m 488 658.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488 658.5 m 562 658.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 295 658.5 m 304 658.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 304 658.5 m 378 658.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378 658.5 m 387 658.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 387 658.5 m 396 658.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 396 658.5 m 470 658.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 470 658.5 m 479 658.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479 658.5 m 488 658.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488 658.5 m 562 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 619.5 m 304 619.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 619.5 m 378 619.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 619.5 m 396 619.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 619.5 m 470 619.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 619.5 m 488 619.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 619.5 m 562 619.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 619.5 m 304 619.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 619.5 m 378 619.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 619.5 m 396 619.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 619.5 m 470 619.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 619.5 m 488 619.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 619.5 m 562 619.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 491.5 m 304 491.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 491.5 m 378 491.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 491.5 m 396 491.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 491.5 m 470 491.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 491.5 m 488 491.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 491.5 m 562 491.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 491.5 m 304 491.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 491.5 m 378 491.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 491.5 m 396 491.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 491.5 m 470 491.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 491.5 m 488 491.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 491.5 m 562 491.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 466.5 m 304 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 466.5 m 378 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 466.5 m 396 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 466.5 m 470 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 466.5 m 488 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 466.5 m 562 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 466.5 m 304 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 466.5 m 378 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 466.5 m 396 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 466.5 m 470 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 466.5 m 488 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 466.5 m 562 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 351.5 m 304 351.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 351.5 m 378 351.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 351.5 m 396 351.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 351.5 m 470 351.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 351.5 m 488 351.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 351.5 m 562 351.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 351.5 m 304 351.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 351.5 m 378 351.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 351.5 m 396 351.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 351.5 m 470 351.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 351.5 m 488 351.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 351.5 m 562 351.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 301.5 m 304 301.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 301.5 m 378 301.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 301.5 m 396 301.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 301.5 m 470 301.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 301.5 m 488 301.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 301.5 m 562 301.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 301.5 m 304 301.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 301.5 m 378 301.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 301.5 m 396 301.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 301.5 m 470 301.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 301.5 m 488 301.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 301.5 m 562 301.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 238.5 m 304 238.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 238.5 m 378 238.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 238.5 m 396 238.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 238.5 m 470 238.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 238.5 m 488 238.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 238.5 m 562 238.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 238.5 m 304 238.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 238.5 m 378 238.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 238.5 m 396 238.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 238.5 m 470 238.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 238.5 m 488 238.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 238.5 m 562 238.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 163.5 m 304 163.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 163.5 m 378 163.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 163.5 m 396 163.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 163.5 m 470 163.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 163.5 m 488 163.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 163.5 m 562 163.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 163.5 m 304 163.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 163.5 m 378 163.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 163.5 m 396 163.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 163.5 m 470 163.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 163.5 m 488 163.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 163.5 m 562 163.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 139.5 m 304 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 137.5 m 304 137.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 139.5 m 378 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 137.5 m 378 137.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 139.5 m 396 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 137.5 m 396 137.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 139.5 m 470 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 137.5 m 470 137.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 139.5 m 488 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 137.5 m 488 137.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 139.5 m 562 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 137.5 m 562 137.5 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 739.23 Td (HINES US CORE OFFICE FUND LP) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 708.23 Td (CONSOLIDATED STATEMENTS OF OPERATIONS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 695.23 Td (FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 682.23 Td (\(In thousands\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.50 662.23 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 422.50 662.23 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 514.50 662.23 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 649.23 Td (Revenues:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 636.07 Td ( Rental revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.50 636.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.65 636.07 Td (336,751) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.50 636.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 636.07 Td (343,507) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.50 636.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 636.07 Td (347,846) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 623.07 Td ( Other revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.65 623.07 Td (27,402) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.65 623.07 Td (26,772) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.65 623.07 Td (25,721) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 598.07 Td ( Total revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.65 598.07 Td (364,153) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 598.07 Td (370,279) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 598.07 Td (373,567) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 573.07 Td (Expenses:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 560.07 Td ( Depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.65 560.07 Td (106,489) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 560.07 Td (118,716) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 560.07 Td (131,706) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 547.07 Td ( Property operating expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.65 547.07 Td (91,247) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.65 547.07 Td (89,849) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.65 547.07 Td (88,161) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 534.07 Td ( Real property taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.65 534.07 Td (55,865) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.65 534.07 Td (63,090) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.65 534.07 Td (59,093) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 521.07 Td ( Property management fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.65 521.07 Td (9,244) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.65 521.07 Td (9,208) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 521.07 Td (9,424) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 508.07 Td ( General and administrative) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.65 508.07 Td (10,324) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.65 508.07 Td (8,513) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 508.07 Td (7,877) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 495.07 Td ( Impairment loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.65 495.07 Td (76,476) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.65 495.07 Td (27,388) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 495.07 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 470.07 Td ( Total expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.65 470.07 Td (349,645) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 470.07 Td (316,764) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 470.07 Td (296,261) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 445.07 Td (Income from continuing operations before interest income,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 432.07 Td ( interest expense, gain on extinguishment of debt, loss on) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 419.07 Td ( derivative instruments and income tax expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.65 419.07 Td (14,508) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.65 419.07 Td (53,515) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.65 419.07 Td (77,306) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 394.07 Td (Interest income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.15 394.07 Td (245) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.15 394.07 Td (73) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.15 394.07 Td (175) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 381.07 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.30 381.12 Td (\(97,260) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.15 381.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.30 381.12 Td (\(112,221) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 381.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.30 381.12 Td (\(117,801) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 381.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 368.07 Td (Gain on extinguishment of debt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.65 368.07 Td (18,318) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.65 368.07 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 368.07 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 355.07 Td (Loss on derivative instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.80 355.12 Td (\(535) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.15 355.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.80 355.12 Td (\(296) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 355.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 355.07 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 330.07 Td (Loss from continuing operations before income tax expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.30 330.12 Td (\(64,724) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.15 330.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.30 330.12 Td (\(58,929) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 330.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.30 330.12 Td (\(40,320) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 330.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 305.07 Td (Income tax expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.80 305.12 Td (\(35) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.15 305.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.80 305.12 Td (\(28) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 305.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.80 305.12 Td (\(16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 305.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 280.07 Td (Loss from continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.30 280.12 Td (\(64,759) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.15 280.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.30 280.12 Td (\(58,957) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 280.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.30 280.12 Td (\(40,336) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 280.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 255.07 Td (\(Loss\) income from discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.30 255.12 Td (\(20,530) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.15 255.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.30 255.12 Td (\(79,949) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 255.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 255.07 Td (3,908) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 242.07 Td (Gain on sale of investment property) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.65 242.07 Td (248,352) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 242.07 Td (114,114) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 242.07 Td (106,830) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 217.07 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.65 217.07 Td (163,063) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.30 217.12 Td (\(24,792) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 217.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.65 217.07 Td (70,402) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 192.07 Td (Less income allocated to redeemable noncontrolling) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 182.12 Td (interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.30 192.12 Td (\(132,337) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.15 192.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.30 192.12 Td (\(1,554) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 192.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.30 192.12 Td (\(60,266) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 192.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 167.07 Td (Less income allocated to noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.30 167.12 Td (\(2,378) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.15 167.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.80 167.12 Td (\(196) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 167.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 167.07 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 142.07 Td (Net income \(loss\) attributable to partners) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.50 142.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.65 142.07 Td (28,348) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.50 142.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.30 142.12 Td (\(26,542) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 142.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.50 142.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.65 142.07 Td (10,136) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 91.00 Td (See notes to consolidated financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 203 0 obj <> endobj 204 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (99) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49 678.5 m 217 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 217 678.5 m 229 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 229 678.5 m 296 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 296 678.5 m 305 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305 678.5 m 317 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 317 678.5 m 384 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 384 678.5 m 393 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 393 678.5 m 405 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 405 678.5 m 472 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472 678.5 m 483 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483 678.5 m 495 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 495 678.5 m 562 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49 678.5 m 217 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 217 678.5 m 229 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 229 678.5 m 296 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 296 678.5 m 305 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305 678.5 m 317 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 317 678.5 m 384 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 384 678.5 m 393 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 393 678.5 m 405 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 405 678.5 m 472 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472 678.5 m 483 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483 678.5 m 495 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 495 678.5 m 562 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 217 631.5 m 229 631.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 229 631.5 m 296 631.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 296 631.5 m 305 631.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305 631.5 m 317 631.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 317 631.5 m 384 631.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 384 631.5 m 393 631.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 393 631.5 m 405 631.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 405 631.5 m 472 631.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483 631.5 m 495 631.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 495 631.5 m 562 631.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 217 631.5 m 229 631.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 229 631.5 m 296 631.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 296 631.5 m 305 631.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305 631.5 m 317 631.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 317 631.5 m 384 631.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 384 631.5 m 393 631.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 393 631.5 m 405 631.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 405 631.5 m 472 631.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483 631.5 m 495 631.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 495 631.5 m 562 631.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217 558.5 m 229 558.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229 558.5 m 296 558.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305 558.5 m 317 558.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 558.5 m 384 558.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 558.5 m 393 558.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 558.5 m 405 558.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 558.5 m 472 558.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 558.5 m 495 558.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 558.5 m 562 558.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217 558.5 m 229 558.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229 558.5 m 296 558.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305 558.5 m 317 558.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 558.5 m 384 558.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 558.5 m 405 558.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 558.5 m 472 558.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 558.5 m 495 558.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 558.5 m 562 558.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217 468.5 m 229 468.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229 468.5 m 296 468.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305 468.5 m 317 468.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 468.5 m 384 468.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 468.5 m 405 468.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 468.5 m 472 468.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 468.5 m 495 468.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 468.5 m 562 468.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217 468.5 m 229 468.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229 468.5 m 296 468.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305 468.5 m 317 468.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 468.5 m 384 468.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 468.5 m 405 468.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 468.5 m 472 468.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 468.5 m 495 468.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 468.5 m 562 468.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217 390.5 m 229 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229 390.5 m 296 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305 390.5 m 317 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 390.5 m 384 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 390.5 m 405 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 390.5 m 472 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 390.5 m 495 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 390.5 m 562 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217 390.5 m 229 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217 379.5 m 229 379.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217 377.5 m 229 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229 390.5 m 296 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229 379.5 m 296 379.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229 377.5 m 296 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305 390.5 m 317 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305 379.5 m 317 379.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305 377.5 m 317 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 390.5 m 384 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 379.5 m 384 379.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 377.5 m 384 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 390.5 m 405 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 379.5 m 405 379.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 377.5 m 405 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 390.5 m 472 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 379.5 m 472 379.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 377.5 m 472 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 390.5 m 495 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 379.5 m 495 379.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 377.5 m 495 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 390.5 m 562 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 379.5 m 562 379.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 377.5 m 562 377.5 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 739.23 Td (HINES US CORE OFFICE FUND LP) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 708.23 Td (CONSOLIDATED STATEMENTS OF EQUITY) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 695.23 Td (FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 682.23 Td (\(In thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 662.07 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 495.85 662.18 Td (Redeemable) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 236.00 648.23 Td (Partners') Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 311.85 648.23 Td (Noncontrolling) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 421.05 648.23 Td (Total) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 489.85 648.23 Td (Noncontrolling) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 241.50 635.23 Td (Equity) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 325.45 635.23 Td (Interests) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 417.50 635.23 Td (Equity) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 503.45 635.23 Td (Interests) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 622.23 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 609.23 Td (BALANCE - January 1, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.50 609.12 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.65 609.12 Td (889,625) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.50 609.12 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 609.12 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 609.12 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 609.12 Td (889,625) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.50 609.12 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 609.12 Td (469,203) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 597.12 Td (Contributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.65 597.12 Td (59,175) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 597.12 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.65 597.12 Td (59,175) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 597.12 Td (3,822) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 585.12 Td (Distributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.30 585.12 Td (\(13,400) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.15 585.12 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 585.12 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.30 585.12 Td (\(13,400) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.15 585.12 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.30 585.12 Td (\(79,255) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 585.12 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 573.12 Td (Net income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.65 573.12 Td (10,136) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 573.12 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.65 573.12 Td (10,136) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.65 573.12 Td (60,266) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 561.12 Td ( Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.30 561.12 Td (\(2,370) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.15 561.12 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 561.12 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.30 561.12 Td (\(2,370) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.15 561.12 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 561.12 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 543.12 Td (BALANCE - December 31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.65 543.12 Td (943,166) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 543.12 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 543.12 Td (943,166) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 543.12 Td (454,036) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 531.12 Td (Contributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.65 531.12 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 531.12 Td (490) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 531.12 Td (490) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 531.12 Td (3,979) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 519.12 Td (Distributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.30 519.12 Td (\(25,200) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.15 519.12 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 519.12 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.30 519.12 Td (\(25,200) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.15 519.12 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.30 519.12 Td (\(53,831) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 519.12 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 507.12 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.30 507.12 Td (\(26,542) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.15 507.12 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 507.12 Td (196) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.30 507.12 Td (\(26,346) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.15 507.12 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 507.12 Td (1,554) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 495.12 Td ( Sale of noncontrolling limited partner) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 483.12 Td ( interest in subsidiary) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.65 483.12 Td (33,493) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.65 483.12 Td (149,567) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 483.12 Td (183,060) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 483.12 Td (6,870) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 471.12 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.15 471.12 Td (486) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 471.12 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 471.12 Td (486) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.80 471.12 Td (\(840) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 471.12 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 453.12 Td (BALANCE - December 31, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.65 453.12 Td (925,403) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.65 453.12 Td (150,253) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.15 453.12 Td (1,075,656) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 453.12 Td (411,768) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 441.12 Td (Contributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.65 441.12 Td (162,700) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.65 441.12 Td (1,470) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 441.12 Td (164,170) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 441.12 Td (2,222) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 429.12 Td (Distributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.30 429.12 Td (\(65,500) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.15 429.12 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.30 429.12 Td (\(50,789) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.15 429.12 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.30 429.12 Td (\(116,289) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.15 429.12 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.30 429.12 Td (\(168,867) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 429.12 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 417.12 Td (Net income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.65 417.12 Td (28,348) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.65 417.12 Td (2,378) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.65 417.12 Td (30,726) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 417.12 Td (132,337) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 405.12 Td ( Redemption of partners' interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.30 405.12 Td (\(148,384) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.15 405.12 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 405.12 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.30 405.12 Td (\(148,384) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.15 405.12 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 405.12 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 393.12 Td ( Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.65 393.12 Td (2,428) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 393.12 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.65 393.12 Td (2,428) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.15 393.12 Td (959) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 381.12 Td (BALANCE - December 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.50 381.12 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.65 381.12 Td (904,995) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.50 381.12 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.65 381.12 Td (103,312) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 381.12 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.15 381.12 Td (1,008,307) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.50 381.12 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 381.12 Td (378,419) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 331.00 Td (See notes to consolidated financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 205 0 obj <> endobj 206 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (100) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49 678.5 m 58 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 58 678.5 m 64 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 64 678.5 m 73 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 73 678.5 m 335 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 335 678.5 m 344 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 344 678.5 m 406 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406 678.5 m 413 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 413 678.5 m 422 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 422 678.5 m 484 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 484 678.5 m 491 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491 678.5 m 500 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500 678.5 m 562 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49 678.5 m 58 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 58 678.5 m 64 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 64 678.5 m 73 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 73 678.5 m 335 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 335 678.5 m 344 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 344 678.5 m 406 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406 678.5 m 413 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 413 678.5 m 422 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 422 678.5 m 484 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 484 678.5 m 491 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491 678.5 m 500 678.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500 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J 0 j 3 M 491 84.5 m 500 84.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 86.5 m 562 86.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 84.5 m 562 84.5 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 51.50 739.90 Td (HINES US CORE OFFICE FUND LP) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 51.50 708.90 Td (CONSOLIDATED STATEMENTS OF CASH FLOWS) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 51.50 695.90 Td (FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 51.50 682.90 Td (\(In thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 661.76 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.50 661.90 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.50 661.90 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.50 661.90 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 51.50 648.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 51.50 635.90 Td (CASH FLOWS FROM OPERATING ACTIVITIES:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 622.76 Td ( Net income \(loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 337.50 622.76 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 373.25 622.76 Td (163,063) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 415.50 622.76 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.75 622.76 Td (\(24,792) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.50 622.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 493.50 622.76 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 622.76 Td (70,402) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 610.76 Td ( Adjustments to reconcile net income \(loss\) to net cash from) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 598.76 Td ( operating activities:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 586.76 Td (Depreciation and amortization) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 373.25 586.76 Td (155,005) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.25 586.76 Td (183,342) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 586.76 Td (187,630) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 574.76 Td (Impairment loss) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 377.75 574.76 Td (90,109) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.25 574.76 Td (101,057) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 553.25 574.76 Td ( -) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 562.76 Td (Gain on sale of investment property) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 370.25 562.76 Td (\(248,352) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.50 562.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.25 562.76 Td (\(114,114) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.50 562.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.25 562.76 Td (\(106,830) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.50 562.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 550.76 Td (Gain on extinguishment of debt) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.75 550.76 Td (\(18,318) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.50 550.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.25 550.76 Td ( -) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 553.25 550.76 Td ( -) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 538.76 Td (Loss on derivative instruments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.00 538.76 Td (535) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 538.76 Td (296) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 553.25 538.76 Td ( -) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 526.76 Td (Changes in assets and liabilities:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.50 514.76 Td (Tenant and other receivables) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 379.25 514.76 Td (\(6,348) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.50 514.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.75 514.76 Td (\(15,274) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.50 514.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.25 514.76 Td (\(4,572) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.50 514.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.50 502.76 Td (Deferred leasing costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.75 502.76 Td (\(84,224) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.50 502.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.25 502.76 Td (\(220,371) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.50 502.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 502.76 Td (\(92,814) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.50 502.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.50 490.76 Td (Prepaid expenses and other assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 379.25 490.76 Td (\(6,935) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.50 490.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.00 490.76 Td (\(341) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.50 490.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.25 490.76 Td (1,226) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.50 478.76 Td (Accounts payable and accrued expenses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.75 478.76 Td (\(11,772) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.50 478.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 478.76 Td (74,257) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 478.76 Td (10,048) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.50 466.76 Td (Due to affiliates) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 379.25 466.76 Td (\(4,226) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.50 466.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 466.76 Td (6,688) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 466.76 Td (585) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.50 454.76 Td (Other liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 382.25 454.76 Td (4,334) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 454.76 Td (2,205) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.25 454.76 Td (3,993) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.50 442.76 Td (Net cash from operating activities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 377.75 442.76 Td (32,871) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.25 442.76 Td (\(7,047) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.50 442.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 442.76 Td (69,668) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 424.76 Td (CASH FLOWS FROM INVESTING ACTIVITIES:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 412.76 Td ( Investments in investment property) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.75 412.76 Td (\(25,327) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.50 412.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.75 412.76 Td (\(25,268) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.50 412.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 412.76 Td (\(14,258) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.50 412.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 400.76 Td ( Proceeds from sale of investment property, net) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 373.25 400.76 Td (567,117) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.25 400.76 Td (325,363) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 400.76 Td (133,904) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 388.76 Td ( Decrease \(increase\) in restricted cash) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 377.75 388.76 Td (16,047) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.75 388.76 Td (\(32,969) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.50 388.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.25 388.76 Td (\(7,587) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.50 388.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 376.76 Td ( Decrease \(increase\) in other assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 377.75 376.76 Td (32,343) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.75 376.76 Td (\(32,343) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.50 376.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 553.25 376.76 Td ( -) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.50 364.76 Td (Net cash from investing activities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 373.25 364.76 Td (590,180) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.25 364.76 Td (234,783) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 364.76 Td (112,059) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 346.76 Td (CASH FLOWS FROM FINANCING ACTIVITIES:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 334.76 Td ( Contributions from partners) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 373.25 334.76 Td (162,700) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.25 334.76 Td ( -) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 334.76 Td (59,175) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 322.76 Td ( Contributions from redeemable noncontrolling interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 382.25 322.76 Td (2,222) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 322.76 Td (3,979) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.25 322.76 Td (3,822) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 310.76 Td ( Contributions from noncontrolling interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 382.25 310.76 Td (1,470) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 310.76 Td (490) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 553.25 310.76 Td ( -) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 298.76 Td ( Distributions to partners) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.75 298.76 Td (\(59,471) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.50 298.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.75 298.76 Td (\(16,111) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.50 298.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 298.76 Td (\(13,736) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.50 298.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 286.76 Td ( Dividends and distributions to redeemable noncontrolling interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 370.25 286.76 Td (\(161,276) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.50 286.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.75 286.76 Td (\(55,317) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.50 286.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 286.76 Td (\(84,092) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.50 286.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 274.76 Td ( Distributions to noncontrolling interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.75 274.76 Td (\(50,789) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.50 274.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.25 274.76 Td ( -) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 553.25 274.76 Td ( -) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 262.76 Td ( Redemption of partners' interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 370.25 262.76 Td (\(148,384) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.50 262.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.25 262.76 Td ( -) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 553.25 262.76 Td ( -) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 250.76 Td ( Payment of accrued redemption of partnership interest) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.25 250.76 Td ( -) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.75 250.76 Td (\(30,000) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.50 250.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 553.25 250.76 Td ( -) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 238.76 Td ( Cash proceeds from sale of noncontrolling limited partner) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 226.76 Td ( interest in subsidiary) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.25 226.76 Td ( -) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.25 226.76 Td (189,930) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 553.25 226.76 Td ( -) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 214.76 Td ( Proceeds from notes payable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 373.25 214.76 Td (392,000) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.25 214.76 Td (116,200) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 214.76 Td (150,500) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 202.76 Td ( Repayments of notes payable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 370.25 202.76 Td (\(790,116) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.50 202.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.25 202.76 Td (\(354,312) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.50 202.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.25 202.76 Td (\(256,612) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.50 202.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 190.76 Td ( Payments of retainage amounts) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.25 190.76 Td ( -) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.25 190.76 Td ( -) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 542.00 190.76 Td (\(392) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.50 190.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 178.76 Td ( Increase in security deposit liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 382.25 178.76 Td (3,639) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 178.76 Td (1,154) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 178.76 Td (490) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 166.76 Td ( Additions to deferred financing costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 379.25 166.76 Td (\(2,512) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.50 166.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.25 166.76 Td (\(1,100) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.50 166.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.25 166.76 Td (\(5,606) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.50 166.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 154.76 Td ( Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 382.25 154.76 Td (1,204) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.00 154.76 Td (\(354) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.50 154.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.25 154.76 Td (\(2,370) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.50 154.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.50 142.76 Td (Net cash from financing activities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 370.25 142.76 Td (\(649,313) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.50 142.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.25 142.76 Td (\(145,441) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.50 142.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.25 142.76 Td (\(148,821) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.50 142.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 124.76 Td (NET CHANGE IN CASH AND CASH EQUIVALENTS) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.75 124.76 Td (\(26,262) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.50 124.76 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 124.76 Td (82,295) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 124.76 Td (32,906) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 106.76 Td (CASH AND CASH EQUIVALENTS- Beginning of year) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 373.25 106.76 Td (213,648) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.25 106.76 Td (131,353) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 106.76 Td (98,447) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 88.76 Td (CASH AND CASH EQUIVALENTS- End of year) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 337.50 88.76 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 373.25 88.76 Td (187,386) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 415.50 88.76 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.25 88.76 Td (213,648) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 493.50 88.76 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 88.76 Td (131,353) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 50.00 Td (See notes to consolidated financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 207 0 obj <> endobj 208 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (101) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (HINES US CORE OFFICE FUND LP) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 716.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 704.25 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 86.22 704.25 Td (T) Tj ET Q q 0 0 0 rg BT 92.71 704.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 162.81 704.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 241.99 704.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 255.98 704.25 Td (A) Tj ET Q q 0 0 0 rg BT 262.46 704.25 Td (TEMENTS ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 321.36 704.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 668.25 Td (1.ORGANIZA) Tj ET Q q 0 0 0 rg BT 116.76 668.25 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 644.25 Td (Hines ) Tj ET Q q 0 0 0 rg BT 94.82 644.25 Td (US ) Tj ET Q q 0 0 0 rg BT 111.10 644.25 Td (Core ) Tj ET Q q 0 0 0 rg BT 134.03 644.25 Td (Of) Tj ET Q q 0 0 0 rg BT 144.40 644.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 162.87 644.25 Td (Fund ) Tj ET Q q 0 0 0 rg BT 186.93 644.25 Td (LP) Tj ET Q q 0 0 0 rg BT 198.22 644.25 Td ( ) Tj ET Q q 0 0 0 rg BT 201.72 644.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 220.75 644.25 Td (Partnership\) ) Tj ET Q q 0 0 0 rg BT 282.00 644.25 Td (was ) Tj ET Q q 0 0 0 rg BT 301.04 644.25 Td (or) Tj ET Q q 0 0 0 rg BT 309.19 644.25 Td (ganized ) Tj ET Q q 0 0 0 rg BT 343.78 644.25 Td (in ) Tj ET Q q 0 0 0 rg BT 354.28 644.25 Td (August ) Tj ET Q q 0 0 0 rg BT 386.66 644.25 Td (2003 ) Tj ET Q q 0 0 0 rg BT 410.15 644.25 Td (as ) Tj ET Q q 0 0 0 rg BT 421.97 644.25 Td (a ) Tj ET Q q 0 0 0 rg BT 429.90 644.25 Td (Delaware ) Tj ET Q q 0 0 0 rg BT 471.70 644.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 503.52 644.25 Td (partnership ) Tj ET Q q 0 0 0 rg BT 552.00 644.25 Td (by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 632.25 Td (af) Tj ET Q q 0 0 0 rg BT 75.59 632.25 Td (filiates ) Tj ET Q q 0 0 0 rg BT 107.77 632.25 Td (of ) Tj ET Q q 0 0 0 rg BT 121.06 632.25 Td (Hines ) Tj ET Q q 0 0 0 rg BT 149.36 632.25 Td (Interests ) Tj ET Q q 0 0 0 rg BT 188.20 632.25 Td (Limited ) Tj ET Q q 0 0 0 rg BT 224.83 632.25 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 275.34 632.25 Td (\(Hines\) ) Tj ET Q q 0 0 0 rg BT 319.18 632.25 Td (for ) Tj ET Q q 0 0 0 rg BT 335.80 632.25 Td (the ) Tj ET Q q 0 0 0 rg BT 352.98 632.25 Td (purpose ) Tj ET Q q 0 0 0 rg BT 389.61 632.25 Td (of ) Tj ET Q q 0 0 0 rg BT 402.91 632.25 Td (investing ) Tj ET Q q 0 0 0 rg BT 444.54 632.25 Td (in ) Tj ET Q q 0 0 0 rg BT 457.28 632.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 493.92 632.25 Td (of) Tj ET Q q 0 0 0 rg BT 502.06 632.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 522.02 632.25 Td (properties ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 620.25 Td (\(Properties\) ) Tj ET Q q 0 0 0 rg BT 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(general ) Tj ET Q q 0 0 0 rg BT 142.22 608.25 Td (partner ) Tj ET Q q 0 0 0 rg BT 173.21 608.25 Td (is ) Tj ET Q q 0 0 0 rg BT 182.56 608.25 Td (Hines ) Tj ET Q q 0 0 0 rg BT 208.57 608.25 Td (USCore ) Tj ET Q q 0 0 0 rg BT 245.97 608.25 Td (Of) Tj ET Q q 0 0 0 rg BT 256.34 608.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 274.01 608.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 305.57 608.25 Td (LLC ) Tj ET Q q 0 0 0 rg BT 327.14 608.25 Td (\(Capital\), ) Tj ET Q q 0 0 0 rg BT 376.74 608.25 Td (an ) Tj ET Q q 0 0 0 rg BT 388.85 608.25 Td (af) Tj ET Q q 0 0 0 rg BT 396.44 608.25 Td (filiate ) Tj ET Q q 0 0 0 rg BT 422.44 608.25 Td (of ) Tj ET Q q 0 0 0 rg BT 433.45 608.25 Td (Hines. ) Tj ET Q q 0 0 0 rg BT 461.96 608.25 Td ( ) Tj ET Q q 0 0 0 rg BT 464.45 608.25 Td (The ) Tj ET Q q 0 0 0 rg BT 482.67 608.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 525.90 608.25 Td (investors ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 596.25 Td (are ) Tj ET Q q 0 0 0 rg BT 82.95 596.25 Td (primarily ) Tj ET Q q 0 0 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488.75 m 163.5 488.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 163.5 488.75 m 278.5 488.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 488.75 m 362.5 488.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 488.75 m 420.5 488.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 488.75 m 478.5 488.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 488.75 m 490.5 488.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 488.75 m 549.5 488.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 549.5 488.75 m 561.5 488.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 488.75 m 163.5 488.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 163.5 488.75 m 278.5 488.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 488.75 m 362.5 488.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 488.75 m 420.5 488.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 488.75 m 478.5 488.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i 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(Ownership) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 506.30 532.48 Td (by the) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 493.90 522.48 Td (Partnership) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 509.60 512.48 Td (as of) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 497.90 502.48 Td (December) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 494.90 492.48 Td (31, 2012 \(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 365.15 473.43 Td (\(Unaudited\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 423.15 473.43 Td (\(Unaudited\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 459.37 Td (One Atlantic Center) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.00 459.37 Td (Atlanta, Georgia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.80 459.37 Td (July 2006) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.60 459.37 Td (1,100,312) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 459.37 Td (91) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.00 459.37 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 459.37 Td (82.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.00 459.37 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 447.37 Td (333West Wacker) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.00 447.37 Td (Chicago, Illinois) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.35 447.37 Td (April 2006) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 447.37 Td (857,558) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 447.37 Td (77) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 447.37 Td (66.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 435.37 Td (One North Wacker) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.00 435.37 Td (Chicago, Illinois) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.40 435.37 Td (March 2008) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.60 435.37 Td (1,373,754) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 435.37 Td (91) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 435.37 Td (42.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 423.37 Td (425 Lexington Avenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.00 423.37 Td (New York, New York) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.60 423.37 Td (August 2003) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 423.37 Td (700,034) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.65 423.37 Td (100) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 423.37 Td (40.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 411.37 Td (499 Park Avenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.00 411.37 Td (New York, New York) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.60 411.37 Td (August 2003) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 411.37 Td (296,005) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 411.37 Td (91) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 411.37 Td (40.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 399.37 Td (Riverfront Plaza) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.00 399.37 Td (Richmond, Virginia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.25 399.37 Td (November 2006) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 399.37 Td (951,616) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 399.37 Td (98) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 399.37 Td (82.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 387.37 Td (525BStreet) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.00 387.37 Td (SanDiego, California) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.60 387.37 Td (August 2005) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 387.37 Td (449,180) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 387.37 Td (78) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 387.37 Td (82.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 375.37 Td (The KPMG Building) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.00 375.37 Td (SanFrancisco, California) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.70 375.37 Td (September 2004) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 375.37 Td (379,328) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 375.37 Td (93) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 375.37 Td (82.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 363.37 Td (101 Second Street) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.00 363.37 Td (SanFrancisco, California) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.70 363.37 Td (September 2004) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 363.37 Td (388,370) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 363.37 Td (94) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 363.37 Td (82.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 351.37 Td (720 Olive Way) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.00 351.37 Td (Seattle, Washington) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.40 351.37 Td (January 2006) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 351.37 Td (300,710) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 351.37 Td (86) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 351.37 Td (66.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 339.37 Td (1200 Nineteenth Street) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.00 339.37 Td (Washington,D.C.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.60 339.37 Td (August 2003) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 339.37 Td (337,578) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 339.37 Td (86) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 339.37 Td (40.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 326.42 Td (Warner Center) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.00 326.42 Td (WoodlandHills,California) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.25 326.42 Td (October 2006) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 326.42 Td (808,274) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 326.42 Td (90) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 326.42 Td (66.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 312.37 Td (Douglas Corporate Center) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.00 312.37 Td (Sacramento, California) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.15 312.37 Td (May 2007) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 312.37 Td (214,606) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 312.37 Td (89) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 312.37 Td (66.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 300.37 Td (Wells Fargo Center) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.00 300.37 Td (Sacramento, California) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.15 300.37 Td (May 2007) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 300.37 Td (502,365) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 300.37 Td (82) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 300.37 Td (66.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 288.37 Td (Charlotte Plaza) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.00 288.37 Td (Charlotte, North Carolina) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.15 288.37 Td (June 2007) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 288.37 Td (625,026) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 288.37 Td (91) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 288.37 Td (82.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 276.37 Td (Carillon) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.00 276.37 Td (Charlotte, North Carolina) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.80 276.37 Td (July 2007) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 276.37 Td (473,405) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 276.37 Td (79) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 276.37 Td (82.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 264.37 Td (Renaissance Square) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.00 264.37 Td (Phoenix, Arizona) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.40 264.37 Td (December 2007) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 264.37 Td (965,508) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 264.37 Td (74) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 264.37 Td (82.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.60 252.37 Td (10,723,629) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 252.37 Td (88) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 226.25 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 226.25 Td (This ) Tj ET Q q 0 0 0 rg BT 118.61 226.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 167.74 226.25 Td (shows ) Tj ET Q q 0 0 0 rg BT 198.58 226.25 Td (the ) Tj ET Q q 0 0 0 rg BT 216.62 226.25 Td (Partnership's ) Tj ET Q q 0 0 0 rg BT 273.69 226.25 Td (ef) Tj ET Q q 0 0 0 rg BT 281.28 226.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 314.31 226.25 Td (ownership ) Tj ET Q q 0 0 0 rg BT 361.81 226.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 397.07 226.25 Td (in ) Tj ET Q q 0 0 0 rg BT 410.68 226.25 Td (the ) Tj ET Q q 0 0 0 rg BT 428.73 226.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 475.65 226.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 519.24 226.25 Td (companies ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 214.25 Td (\(Companies\) ) Tj ET Q q 0 0 0 rg BT 157.36 214.25 Td (that ) Tj ET Q q 0 0 0 rg BT 174.17 214.25 Td (own ) Tj ET Q q 0 0 0 rg BT 193.22 214.25 Td (the ) Tj ET Q q 0 0 0 rg BT 207.26 214.25 Td (Properties. ) Tj ET Q q 0 0 0 rg BT 252.13 214.25 Td ( ) Tj ET Q q 0 0 0 rg BT 253.82 214.25 Td (The ) Tj ET Q q 0 0 0 rg BT 271.19 214.25 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 318.56 214.25 Td (holds ) Tj ET Q q 0 0 0 rg BT 342.06 214.25 Td (an ) Tj ET Q q 0 0 0 rg BT 353.32 214.25 Td (indirect ) Tj ET Q q 0 0 0 rg BT 385.69 214.25 Td (ownership ) Tj ET Q q 0 0 0 rg BT 429.17 214.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 460.43 214.25 Td (in ) Tj ET Q q 0 0 0 rg BT 470.03 214.25 Td (the ) Tj ET Q q 0 0 0 rg BT 484.07 214.25 Td (Companies ) Tj ET Q q 0 0 0 rg BT 530.89 214.25 Td (through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 202.25 Td (its ) Tj ET Q q 0 0 0 rg BT 106.57 202.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 156.47 202.25 Td (in ) Tj ET Q q 0 0 0 rg BT 166.37 202.25 Td (Hines ) Tj ET Q q 0 0 0 rg BT 191.83 202.25 Td (NY) Tj ET Q q 0 0 0 rg BT 205.90 202.25 Td ( ) Tj ET Q q 0 0 0 rg BT 208.02 202.25 Td (Core ) Tj ET Q q 0 0 0 rg BT 229.58 202.25 Td (Of) Tj ET Q q 0 0 0 rg BT 239.96 202.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 256.91 202.25 Td (T) Tj ET Q q 0 0 0 rg BT 262.67 202.25 Td (rust ) Tj ET Q q 0 0 0 rg BT 279.79 202.25 Td (\(NY) Tj ET Q q 0 0 0 rg BT 301.63 202.25 Td ( ) Tj ET Q q 0 0 0 rg BT 303.60 202.25 Td (T) Tj ET Q q 0 0 0 rg BT 309.36 202.25 Td (rust\) ) Tj ET Q q 0 0 0 rg BT 334.25 202.25 Td (\(40.6% ) Tj ET Q q 0 0 0 rg BT 365.54 202.25 Td (at ) Tj ET Q q 0 0 0 rg BT 374.88 202.25 Td (December ) Tj ET Q q 0 0 0 rg BT 418.09 202.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 432.71 202.25 Td (2012\) ) Tj ET Q q 0 0 0 rg BT 458.17 202.25 Td (and ) Tj ET Q q 0 0 0 rg BT 474.73 202.25 Td (Hines ) Tj ET Q q 0 0 0 rg BT 500.18 202.25 Td (US ) Tj ET Q q 0 0 0 rg BT 515.09 202.25 Td (Core ) Tj ET Q q 0 0 0 rg BT 536.65 202.25 Td (Of) Tj ET Q q 0 0 0 rg BT 547.02 202.25 Td (fice ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 190.25 Td (T) Tj ET Q q 0 0 0 rg BT 100.76 190.25 Td (rust ) Tj ET Q q 0 0 0 rg BT 118.26 190.25 Td (\(Core ) Tj ET Q q 0 0 0 rg BT 147.96 190.25 Td (Of) Tj ET Q q 0 0 0 rg BT 158.33 190.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 175.64 190.25 Td (T) Tj ET Q q 0 0 0 rg BT 181.40 190.25 Td (rust\) ) Tj ET Q q 0 0 0 rg BT 206.67 190.25 Td (\(99.9% ) Tj ET Q q 0 0 0 rg BT 238.33 190.25 Td (at ) Tj ET Q q 0 0 0 rg BT 248.04 190.25 Td (December ) Tj ET Q q 0 0 0 rg BT 291.63 190.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 306.63 190.25 Td (2012\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 166.25 Td (On ) Tj ET Q q 0 0 0 rg BT 83.75 166.25 Td (January ) Tj ET Q q 0 0 0 rg BT 118.38 166.25 Td (2, ) Tj ET Q q 0 0 0 rg BT 129.40 166.25 Td (2013, ) Tj ET Q q 0 0 0 rg BT 155.43 166.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 193.40 166.25 Td (to ) Tj ET Q q 0 0 0 rg BT 204.70 166.25 Td (foreclosure, ) Tj ET Q q 0 0 0 rg BT 255.71 166.25 Td (the ) Tj ET Q q 0 0 0 rg BT 271.45 166.25 Td (Fund ) Tj ET Q q 0 0 0 rg BT 295.54 166.25 Td (transferred ) Tj ET Q q 0 0 0 rg BT 342.38 166.25 Td (ownership ) Tj ET Q q 0 0 0 rg BT 387.56 166.25 Td (of ) Tj ET Q q 0 0 0 rg BT 399.42 166.25 Td (Douglas ) Tj ET Q q 0 0 0 rg BT 436.28 166.25 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 479.79 166.25 Td (Center ) Tj ET Q q 0 0 0 rg BT 509.98 166.25 Td (to ) Tj ET Q q 0 0 0 rg BT 521.28 166.25 Td (the ) Tj ET Q q 0 0 0 rg BT 537.03 166.25 Td (lender ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 154.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 111.59 154.25 Td (with ) Tj ET Q q 0 0 0 rg BT 131.87 154.25 Td (this ) Tj ET Q q 0 0 0 rg BT 148.82 154.25 Td (property) Tj ET Q q 0 0 0 rg BT 182.05 154.25 Td (. ) Tj ET Q q 0 0 0 rg BT 187.05 154.25 Td ( ) Tj ET Q q 0 0 0 rg BT 189.55 154.25 Td (See ) Tj ET Q q 0 0 0 rg BT 206.49 154.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 228.42 154.25 Td (15 ) Tj ET Q q 0 0 0 rg BT 240.92 154.25 Td (- ) Tj ET Q q 0 0 0 rg BT 246.75 154.25 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 295.36 154.25 Td (Events ) Tj ET Q q 0 0 0 rg BT 325.08 154.25 Td (- ) Tj ET Q q 0 0 0 rg BT 330.91 154.25 Td (Foreclosure ) Tj ET Q q 0 0 0 rg BT 380.62 154.25 Td (of ) Tj ET Q q 0 0 0 rg BT 391.45 154.25 Td (Douglas ) Tj ET Q q 0 0 0 rg BT 427.28 154.25 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 469.76 154.25 Td (Center) Tj ET Q q 0 0 0 rg BT 495.87 154.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 209 0 obj <> endobj 210 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (102) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (2.SUMMAR) Tj ET Q q 0 0 0 rg BT 108.25 742.25 Td (Y) Tj ET Q q 0 0 0 rg BT 115.10 742.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 131.12 742.25 Td ( SIGNIFICANT) Tj ET Q q 0 0 0 rg BT 200.12 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 202.07 742.25 Td (ACCOUNTING POLICIES) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (Use ) Tj ET Q q 0 0 0 rg BT 86.51 718.25 Td (of ) Tj ET Q q 0 0 0 rg BT 97.81 718.25 Td (Estimates) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 137.81 718.25 Td (- ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.61 718.25 Td (The ) Tj ET Q q 0 0 0 rg BT 165.12 718.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 213.61 718.25 Td (of ) Tj ET Q q 0 0 0 rg BT 224.90 718.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 262.85 718.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 308.02 718.25 Td (in ) Tj ET Q q 0 0 0 rg BT 318.76 718.25 Td (conformity ) Tj ET Q q 0 0 0 rg BT 366.16 718.25 Td (with ) Tj ET Q q 0 0 0 rg BT 386.90 718.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 433.74 718.25 Td (principles ) Tj ET Q q 0 0 0 rg BT 476.13 718.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 516.30 718.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 554.23 718.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.25 Td (the ) Tj ET Q q 0 0 0 rg BT 83.27 706.25 Td (United ) Tj ET Q q 0 0 0 rg BT 113.55 706.25 Td (States ) Tj ET Q q 0 0 0 rg BT 140.49 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 151.20 706.25 Td (America ) Tj ET Q q 0 0 0 rg BT 188.68 706.25 Td (\(GAAP\) ) Tj ET Q q 0 0 0 rg BT 234.50 706.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 269.77 706.25 Td (management ) Tj ET Q q 0 0 0 rg BT 323.91 706.25 Td (to ) Tj ET Q q 0 0 0 rg BT 334.75 706.25 Td (make ) Tj ET Q q 0 0 0 rg BT 359.46 706.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 399.73 706.25 Td (and ) Tj ET Q q 0 0 0 rg BT 417.22 706.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 469.73 706.25 Td (that ) Tj ET Q q 0 0 0 rg BT 487.78 706.25 Td (af) Tj ET Q q 0 0 0 rg BT 495.37 706.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 513.41 706.25 Td (the ) Tj ET Q q 0 0 0 rg BT 528.68 706.25 Td (reported ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 694.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 104.42 694.25 Td (of ) Tj ET Q q 0 0 0 rg BT 115.27 694.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 141.13 694.25 Td (and ) Tj ET Q q 0 0 0 rg BT 158.10 694.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 197.84 694.25 Td (and ) Tj ET Q q 0 0 0 rg BT 214.81 694.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 257.89 694.25 Td (of ) Tj ET Q q 0 0 0 rg BT 268.74 694.25 Td (contingent ) Tj ET Q q 0 0 0 rg BT 313.48 694.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 339.34 694.25 Td (and ) Tj ET Q q 0 0 0 rg BT 356.31 694.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 396.05 694.25 Td (at ) Tj ET Q q 0 0 0 rg BT 405.80 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 420.54 694.25 Td (date ) Tj ET Q q 0 0 0 rg BT 439.73 694.25 Td (of ) Tj ET Q q 0 0 0 rg BT 450.59 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 465.33 694.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 502.84 694.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 547.58 694.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 82.63 682.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 118.35 682.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 154.65 682.25 Td (of ) Tj ET Q q 0 0 0 rg BT 165.39 682.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 203.34 682.25 Td (and ) Tj ET Q q 0 0 0 rg BT 220.19 682.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 258.70 682.25 Td (during ) Tj ET Q q 0 0 0 rg BT 287.22 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 301.85 682.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 340.92 682.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 370.84 682.25 Td (Actual ) Tj ET Q q 0 0 0 rg BT 399.91 682.25 Td (results ) Tj ET Q q 0 0 0 rg BT 428.43 682.25 Td (could ) Tj ET Q q 0 0 0 rg BT 453.05 682.25 Td (dif) Tj ET Q q 0 0 0 rg BT 463.98 682.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 477.49 682.25 Td (from ) Tj ET Q q 0 0 0 rg BT 499.34 682.25 Td (these ) Tj ET Q q 0 0 0 rg BT 522.30 682.25 Td (estimates.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 658.25 Td (Basis ) Tj ET Q q 0 0 0 rg BT 92.35 658.25 Td (of ) Tj ET Q q 0 0 0 rg BT 102.79 658.25 Td (Presentation) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 155.02 658.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.14 658.25 Td (-) Tj ET Q q 0 0 0 rg BT 162.79 658.25 Td (The ) Tj ET Q q 0 0 0 rg BT 180.45 658.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 233.11 658.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 270.21 658.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 314.54 658.25 Td (include ) Tj ET Q q 0 0 0 rg BT 346.09 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 360.42 658.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 397.52 658.25 Td (of ) Tj ET Q q 0 0 0 rg BT 407.97 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 422.30 658.25 Td (Partnership, ) Tj ET Q q 0 0 0 rg BT 472.47 658.25 Td (as ) Tj ET Q q 0 0 0 rg BT 482.91 658.25 Td (well ) Tj ET Q q 0 0 0 rg BT 502.25 658.25 Td (as ) Tj ET Q q 0 0 0 rg BT 512.69 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 527.03 658.25 Td (accounts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 646.25 Td (of ) Tj ET Q q 0 0 0 rg BT 78.89 646.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 110.32 646.25 Td (over ) Tj ET Q q 0 0 0 rg BT 130.65 646.25 Td (which ) Tj ET Q q 0 0 0 rg BT 157.64 646.25 Td (the ) Tj ET Q q 0 0 0 rg BT 172.42 646.25 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 220.52 646.25 Td (exercises ) Tj ET Q q 0 0 0 rg BT 259.72 646.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 297.26 646.25 Td (and ) Tj ET Q q 0 0 0 rg BT 314.25 646.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 354.57 646.25 Td (control. ) Tj ET Q q 0 0 0 rg BT 387.39 646.25 Td (All ) Tj ET Q q 0 0 0 rg BT 402.72 646.25 Td (intercompany ) Tj ET Q q 0 0 0 rg BT 460.26 646.25 Td (balances ) Tj ET Q q 0 0 0 rg BT 497.24 646.25 Td (and ) Tj ET Q q 0 0 0 rg BT 514.24 646.25 Td (transactions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 634.25 Td (have ) Tj ET Q q 0 0 0 rg BT 89.38 634.25 Td (been ) Tj ET Q q 0 0 0 rg BT 110.75 634.25 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 155.46 634.25 Td (in ) Tj ET Q q 0 0 0 rg BT 165.74 634.25 Td (consolidation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 610.25 Td (The ) Tj ET Q q 0 0 0 rg BT 86.23 610.25 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 134.46 610.25 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 174.35 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 189.25 610.25 Td (need ) Tj ET Q q 0 0 0 rg BT 210.81 610.25 Td (to ) Tj ET Q q 0 0 0 rg BT 221.28 610.25 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 269.50 610.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 290.52 610.25 Td (ventures ) Tj ET Q q 0 0 0 rg BT 327.08 610.25 Td (in ) Tj ET Q q 0 0 0 rg BT 337.55 610.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 385.19 610.25 Td (with ) Tj ET Q q 0 0 0 rg BT 405.65 610.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 431.77 610.25 Td (. ) Tj ET Q q 0 0 0 rg BT 436.96 610.25 Td ( ) Tj ET Q q 0 0 0 rg BT 439.64 610.25 Td (Joint ) Tj ET Q q 0 0 0 rg BT 461.77 610.25 Td (ventures ) Tj ET Q q 0 0 0 rg BT 498.34 610.25 Td (are ) Tj ET Q q 0 0 0 rg BT 513.23 610.25 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 554.22 610.25 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 598.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 110.45 598.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 145.12 598.25 Td (or ) Tj ET Q q 0 0 0 rg BT 155.92 598.25 Td (not ) Tj ET Q q 0 0 0 rg BT 171.17 598.25 Td (the ) Tj ET Q q 0 0 0 rg BT 185.85 598.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 232.20 598.25 Td (qualifies ) Tj ET Q q 0 0 0 rg BT 269.11 598.25 Td (as ) Tj ET Q q 0 0 0 rg BT 279.90 598.25 Td (a ) Tj ET Q q 0 0 0 rg BT 286.81 598.25 Td (variable ) Tj ET Q q 0 0 0 rg BT 321.48 598.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 353.38 598.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 378.63 598.25 Td (\(VIE\). ) Tj ET Q q 0 0 0 rg BT 415.79 598.25 Td ( ) Tj ET Q q 0 0 0 rg BT 418.26 598.25 Td (If ) Tj ET Q q 0 0 0 rg BT 427.39 598.25 Td (the ) Tj ET Q q 0 0 0 rg BT 442.07 598.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 488.42 598.25 Td (qualifies ) Tj ET Q q 0 0 0 rg BT 525.32 598.25 Td (as ) Tj ET Q q 0 0 0 rg BT 536.12 598.25 Td (a ) Tj ET Q q 0 0 0 rg BT 542.85 598.25 Td (VIE, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 586.25 Td (an ) Tj ET Q q 0 0 0 rg BT 78.86 586.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 112.50 586.25 Td (is ) Tj ET Q q 0 0 0 rg BT 120.59 586.25 Td (then ) Tj ET Q q 0 0 0 rg BT 139.23 586.25 Td (performed ) Tj ET Q q 0 0 0 rg BT 182.29 586.25 Td (to ) Tj ET Q q 0 0 0 rg BT 191.49 586.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 232.89 586.25 Td (if ) Tj ET Q q 0 0 0 rg BT 240.42 586.25 Td (the ) Tj ET Q q 0 0 0 rg BT 254.06 586.25 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 301.03 586.25 Td (is ) Tj ET Q q 0 0 0 rg BT 309.12 586.25 Td (the ) Tj ET Q q 0 0 0 rg BT 322.76 586.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 355.83 586.25 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 402.22 586.25 Td (of ) Tj ET Q q 0 0 0 rg BT 411.97 586.25 Td (the ) Tj ET Q q 0 0 0 rg BT 425.51 586.25 Td (VIE ) Tj ET Q q 0 0 0 rg BT 443.59 586.25 Td (by ) Tj ET Q q 0 0 0 rg BT 455.01 586.25 Td (analyzing ) Tj ET Q q 0 0 0 rg BT 495.30 586.25 Td (if ) Tj ET Q q 0 0 0 rg BT 502.83 586.25 Td (the ) Tj ET Q q 0 0 0 rg BT 516.47 586.25 Td (Partnership ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 574.25 Td (has ) Tj ET Q q 0 0 0 rg BT 84.31 574.25 Td (both ) Tj ET Q q 0 0 0 rg BT 105.07 574.25 Td (the ) Tj ET Q q 0 0 0 rg BT 120.27 574.25 Td (power ) Tj ET Q q 0 0 0 rg BT 148.24 574.25 Td (to ) Tj ET Q q 0 0 0 rg BT 158.99 574.25 Td (direct ) Tj ET Q q 0 0 0 rg BT 184.74 574.25 Td (the ) Tj ET Q q 0 0 0 rg BT 199.93 574.25 Td (entity's ) Tj ET Q q 0 0 0 rg BT 231.38 574.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 276.57 574.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 318.42 574.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 357.50 574.25 Td (and ) Tj ET Q q 0 0 0 rg BT 374.92 574.25 Td (the ) Tj ET Q q 0 0 0 rg BT 390.12 574.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 433.65 574.25 Td (to ) Tj ET Q q 0 0 0 rg BT 444.41 574.25 Td (absorb ) Tj ET Q q 0 0 0 rg BT 474.05 574.25 Td (potentially ) Tj ET Q q 0 0 0 rg BT 519.80 574.25 Td (significant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 562.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 94.61 562.25 Td (or ) Tj ET Q q 0 0 0 rg BT 105.67 562.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 137.25 562.25 Td (potentially ) Tj ET Q q 0 0 0 rg BT 182.74 562.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 227.68 562.25 Td (benefits. ) Tj ET Q q 0 0 0 rg BT 264.55 562.25 Td ( ) Tj ET Q q 0 0 0 rg BT 267.08 562.25 Td (The ) Tj ET Q q 0 0 0 rg BT 285.35 562.25 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 333.62 562.25 Td (also ) Tj ET Q q 0 0 0 rg BT 352.45 562.25 Td (considers ) Tj ET Q q 0 0 0 rg BT 392.94 562.25 Td (the ) Tj ET Q q 0 0 0 rg BT 407.88 562.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 433.38 562.25 Td (and ) Tj ET Q q 0 0 0 rg BT 450.54 562.25 Td (decision ) Tj ET Q q 0 0 0 rg BT 486.58 562.25 Td (making ) Tj ET Q q 0 0 0 rg BT 519.30 562.25 Td (abilities ) Tj ET Q q 0 0 0 rg BT 553.68 562.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 550.25 Td (each ) Tj ET Q q 0 0 0 rg BT 89.01 550.25 Td (holder ) Tj ET Q q 0 0 0 rg BT 117.26 550.25 Td (of ) Tj ET Q q 0 0 0 rg BT 128.28 550.25 Td (variable ) Tj ET Q q 0 0 0 rg BT 163.18 550.25 Td (interests. ) Tj ET Q q 0 0 0 rg BT 201.70 550.25 Td ( ) Tj ET Q q 0 0 0 rg BT 204.21 550.25 Td (The ) Tj ET Q q 0 0 0 rg BT 222.45 550.25 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 270.69 550.25 Td (will ) Tj ET Q q 0 0 0 rg BT 288.95 550.25 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 337.18 550.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 358.22 550.25 Td (ventures ) Tj ET Q q 0 0 0 rg BT 394.79 550.25 Td (that ) Tj ET Q q 0 0 0 rg BT 412.48 550.25 Td (are ) Tj ET Q q 0 0 0 rg BT 427.39 550.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 475.06 550.25 Td (to ) Tj ET Q q 0 0 0 rg BT 485.54 550.25 Td (be ) Tj ET Q q 0 0 0 rg BT 497.67 550.25 Td (variable ) Tj ET Q q 0 0 0 rg BT 532.57 550.25 Td (interest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 538.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 99.15 538.25 Td (for ) Tj ET Q q 0 0 0 rg BT 113.07 538.25 Td (which ) Tj ET Q q 0 0 0 rg BT 139.77 538.25 Td (it ) Tj ET Q q 0 0 0 rg BT 147.60 538.25 Td (is ) Tj ET Q q 0 0 0 rg BT 156.53 538.25 Td (the ) Tj ET Q q 0 0 0 rg BT 171.01 538.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 204.93 538.25 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 249.25 538.25 Td (. ) Tj ET Q q 0 0 0 rg BT 253.85 538.25 Td (The ) Tj ET Q q 0 0 0 rg BT 271.67 538.25 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 319.48 538.25 Td (will ) Tj ET Q q 0 0 0 rg BT 337.30 538.25 Td (also ) Tj ET Q q 0 0 0 rg BT 355.67 538.25 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 403.48 538.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 424.08 538.25 Td (ventures ) Tj ET Q q 0 0 0 rg BT 460.22 538.25 Td (that ) Tj ET Q q 0 0 0 rg BT 477.48 538.25 Td (are ) Tj ET Q q 0 0 0 rg BT 491.95 538.25 Td (not ) Tj ET Q q 0 0 0 rg BT 506.99 538.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 554.24 538.25 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 526.25 Td (be ) Tj ET Q q 0 0 0 rg BT 80.22 526.25 Td (variable ) Tj ET Q q 0 0 0 rg BT 115.20 526.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 147.41 526.25 Td (entities, ) Tj ET Q q 0 0 0 rg BT 181.57 526.25 Td (but ) Tj ET Q q 0 0 0 rg BT 197.12 526.25 Td (for ) Tj ET Q q 0 0 0 rg BT 211.56 526.25 Td (which ) Tj ET Q q 0 0 0 rg BT 238.77 526.25 Td (it ) Tj ET Q q 0 0 0 rg BT 247.11 526.25 Td (exercises ) Tj ET Q q 0 0 0 rg BT 286.53 526.25 Td (control ) Tj ET Q q 0 0 0 rg BT 317.63 526.25 Td (over ) Tj ET Q q 0 0 0 rg BT 338.18 526.25 Td (major ) Tj ET Q q 0 0 0 rg BT 364.28 526.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 404.82 526.25 Td (decisions, ) Tj ET Q q 0 0 0 rg BT 447.32 526.25 Td (such ) Tj ET Q q 0 0 0 rg BT 468.42 526.25 Td (as ) Tj ET Q q 0 0 0 rg BT 479.53 526.25 Td (approval ) Tj ET Q q 0 0 0 rg BT 517.29 526.25 Td (of ) Tj ET Q q 0 0 0 rg BT 528.40 526.25 Td (budgets, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 514.25 Td (selection ) Tj ET Q q 0 0 0 rg BT 106.13 514.25 Td (of ) Tj ET Q q 0 0 0 rg BT 117.06 514.25 Td (property ) Tj ET Q q 0 0 0 rg BT 153.53 514.25 Td (managers, ) Tj ET Q q 0 0 0 rg BT 196.94 514.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 218.97 514.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 275.15 514.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 321.62 514.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 354.21 514.25 Td (and ) Tj ET Q q 0 0 0 rg BT 371.24 514.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 406.04 514.25 Td (in ) Tj ET Q q 0 0 0 rg BT 416.41 514.25 Td (financing. ) Tj ET Q q 0 0 0 rg BT 458.69 514.25 Td (As ) Tj ET Q q 0 0 0 rg BT 472.40 514.25 Td (of ) Tj ET Q q 0 0 0 rg BT 483.32 514.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 542.00 514.25 Td (2012 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 502.25 Td (and ) Tj ET Q q 0 0 0 rg BT 84.94 502.25 Td (201) Tj ET Q q 0 0 0 rg BT 99.57 502.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 109.57 502.25 Td (the ) Tj ET Q q 0 0 0 rg BT 124.28 502.25 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 172.33 502.25 Td (has ) Tj ET Q q 0 0 0 rg BT 188.16 502.25 Td (no ) Tj ET Q q 0 0 0 rg BT 200.66 502.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 236.49 502.25 Td (in ) Tj ET Q q 0 0 0 rg BT 246.58 502.25 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 269.64 502.25 Td (or ) Tj ET Q q 0 0 0 rg BT 280.47 502.25 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 343.51 502.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 379.33 502.25 Td (in ) Tj ET Q q 0 0 0 rg BT 389.61 502.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 410.45 502.25 Td (ventures.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 478.25 Td (Management ) Tj ET Q q 0 0 0 rg BT 121.96 478.25 Td (has ) Tj ET Q q 0 0 0 rg BT 137.04 478.25 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 177.10 478.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 223.29 478.25 Td (events ) Tj ET Q q 0 0 0 rg BT 250.59 478.25 Td (through ) Tj ET Q q 0 0 0 rg BT 283.45 478.25 Td (March ) Tj ET Q q 0 0 0 rg BT 311.31 478.25 Td (27, ) Tj ET Q q 0 0 0 rg BT 325.56 478.25 Td (2013, ) Tj ET Q q 0 0 0 rg BT 349.81 478.25 Td (which ) Tj ET Q q 0 0 0 rg BT 376.00 478.25 Td (is ) Tj ET Q q 0 0 0 rg BT 384.43 478.25 Td (the ) Tj ET Q q 0 0 0 rg BT 398.40 478.25 Td (date ) Tj ET Q q 0 0 0 rg BT 416.80 478.25 Td (the ) Tj ET Q q 0 0 0 rg BT 430.77 478.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 483.07 478.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 519.80 478.25 Td (statements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 466.25 Td (were ) Tj ET Q q 0 0 0 rg BT 89.93 466.25 Td (issued.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 454.25 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 442.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 116.49 442.25 Td (Property) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 152.04 442.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.97 442.25 Td (-Real ) Tj ET Q q 0 0 0 rg BT 182.06 442.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 207.76 442.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 234.02 442.25 Td (are ) Tj ET Q q 0 0 0 rg BT 249.16 442.25 Td (stated ) Tj ET Q q 0 0 0 rg BT 275.42 442.25 Td (at ) Tj ET Q q 0 0 0 rg BT 285.57 442.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 304.61 442.25 Td (less ) Tj ET Q q 0 0 0 rg BT 322.55 442.25 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 376.01 442.25 Td (depreciation. ) Tj ET Q q 0 0 0 rg BT 430.86 442.25 Td ( ) Tj ET Q q 0 0 0 rg BT 433.79 442.25 Td (Depreciation ) Tj ET Q q 0 0 0 rg BT 488.37 442.25 Td (is ) Tj ET Q q 0 0 0 rg BT 497.97 442.25 Td (computed ) Tj ET Q q 0 0 0 rg BT 540.34 442.25 Td (using ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 430.25 Td (the ) Tj ET Q q 0 0 0 rg BT 81.65 430.25 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 131.40 430.25 Td (method. ) Tj ET Q q 0 0 0 rg BT 165.22 430.25 Td (The ) Tj ET Q q 0 0 0 rg BT 182.20 430.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 221.95 430.25 Td (useful ) Tj ET Q q 0 0 0 rg BT 247.82 430.25 Td (lives ) Tj ET Q q 0 0 0 rg BT 268.14 430.25 Td (for ) Tj ET Q q 0 0 0 rg BT 281.23 430.25 Td (computing ) Tj ET Q q 0 0 0 rg BT 325.43 430.25 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 376.28 430.25 Td (are ) Tj ET Q q 0 0 0 rg BT 389.92 430.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 428.55 430.25 Td (10years ) Tj ET Q q 0 0 0 rg BT 463.58 430.25 Td (for ) Tj ET Q q 0 0 0 rg BT 476.67 430.25 Td (furniture ) Tj ET Q q 0 0 0 rg BT 513.09 430.25 Td (and ) Tj ET Q q 0 0 0 rg BT 528.96 430.25 Td (fixtures, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 418.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 107.27 418.25 Td (15 ) Tj ET Q q 0 0 0 rg BT 119.34 418.25 Td (to ) Tj ET Q q 0 0 0 rg BT 129.18 418.25 Td (20years ) Tj ET Q q 0 0 0 rg BT 164.85 418.25 Td (for ) Tj ET Q q 0 0 0 rg BT 178.58 418.25 Td (electrical ) Tj ET Q q 0 0 0 rg BT 217.28 418.25 Td (and ) Tj ET Q q 0 0 0 rg BT 233.79 418.25 Td (mechanical ) Tj ET Q q 0 0 0 rg BT 281.38 418.25 Td (installations, ) Tj ET Q q 0 0 0 rg BT 334.28 418.25 Td (and ) Tj ET Q q 0 0 0 rg BT 350.79 418.25 Td (40years ) Tj ET Q q 0 0 0 rg BT 386.45 418.25 Td (for ) Tj ET Q q 0 0 0 rg BT 400.18 418.25 Td (buildings. ) Tj ET Q q 0 0 0 rg BT 441.98 418.25 Td (Major ) Tj ET Q q 0 0 0 rg BT 468.48 418.25 Td (replacements ) Tj ET Q q 0 0 0 rg BT 523.30 418.25 Td (where ) Tj ET Q q 0 0 0 rg BT 549.80 418.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 406.25 Td (betterment ) Tj ET Q q 0 0 0 rg BT 113.26 406.25 Td (extends ) Tj ET Q q 0 0 0 rg BT 146.31 406.25 Td (the ) Tj ET Q q 0 0 0 rg BT 161.02 406.25 Td (useful ) Tj ET Q q 0 0 0 rg BT 187.96 406.25 Td (life ) Tj ET Q q 0 0 0 rg BT 203.79 406.25 Td (of ) Tj ET Q q 0 0 0 rg BT 214.62 406.25 Td (the ) Tj ET Q q 0 0 0 rg BT 229.33 406.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 255.16 406.25 Td (are ) Tj ET Q q 0 0 0 rg BT 269.87 406.25 Td (capitalized. ) Tj ET Q q 0 0 0 rg BT 318.18 406.25 Td (Maintenance ) Tj ET Q q 0 0 0 rg BT 372.32 406.25 Td (and ) Tj ET Q q 0 0 0 rg BT 389.25 406.25 Td (repair ) Tj ET Q q 0 0 0 rg BT 415.07 406.25 Td (items ) Tj ET Q q 0 0 0 rg BT 439.24 406.25 Td (are ) Tj ET Q q 0 0 0 rg BT 453.94 406.25 Td (expensed ) Tj ET Q q 0 0 0 rg BT 493.65 406.25 Td (as ) Tj ET Q q 0 0 0 rg BT 504.48 406.25 Td (incurred.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 382.25 Td (Real ) Tj ET Q q 0 0 0 rg BT 88.94 382.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 114.31 382.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 140.25 382.25 Td (are ) Tj ET Q q 0 0 0 rg BT 155.07 382.25 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 194.32 382.25 Td (each ) Tj ET Q q 0 0 0 rg BT 215.25 382.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 254.51 382.25 Td (period ) Tj ET Q q 0 0 0 rg BT 282.67 382.25 Td (for ) Tj ET Q q 0 0 0 rg BT 296.94 382.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 345.65 382.25 Td (if ) Tj ET Q q 0 0 0 rg BT 354.36 382.25 Td (events ) Tj ET Q q 0 0 0 rg BT 382.52 382.25 Td (or ) Tj ET Q q 0 0 0 rg BT 393.46 382.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 428.28 382.25 Td (in ) Tj ET Q q 0 0 0 rg BT 438.67 382.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 497.92 382.25 Td (indicate ) Tj ET Q q 0 0 0 rg BT 532.18 382.25 Td (that ) Tj ET Q q 0 0 0 rg BT 549.78 382.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 370.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 103.42 370.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 135.52 370.25 Td (of ) Tj ET Q q 0 0 0 rg BT 145.95 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 160.28 370.25 Td (individual ) Tj ET Q q 0 0 0 rg BT 202.93 370.25 Td (property ) Tj ET Q q 0 0 0 rg BT 238.91 370.25 Td (may ) Tj ET Q q 0 0 0 rg BT 258.23 370.25 Td (not ) Tj ET Q q 0 0 0 rg BT 273.12 370.25 Td (be ) Tj ET Q q 0 0 0 rg BT 284.66 370.25 Td (recoverable. ) Tj ET Q q 0 0 0 rg BT 335.90 370.25 Td (In ) Tj ET Q q 0 0 0 rg BT 346.33 370.25 Td (such ) Tj ET Q q 0 0 0 rg BT 366.76 370.25 Td (an ) Tj ET Q q 0 0 0 rg BT 378.31 370.25 Td (event, ) Tj ET Q q 0 0 0 rg BT 404.57 370.25 Td (a ) Tj ET Q q 0 0 0 rg BT 411.11 370.25 Td (comparison ) Tj ET Q q 0 0 0 rg BT 459.87 370.25 Td (is ) Tj ET Q q 0 0 0 rg BT 468.64 370.25 Td (made ) Tj ET Q q 0 0 0 rg BT 492.40 370.25 Td (of ) Tj ET Q q 0 0 0 rg BT 502.84 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 517.16 370.25 Td (current ) Tj ET Q q 0 0 0 rg BT 547.58 370.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 358.25 Td (projected ) Tj ET Q q 0 0 0 rg BT 108.54 358.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 149.64 358.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 170.75 358.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 196.31 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 207.97 358.25 Td (each ) Tj ET Q q 0 0 0 rg BT 229.63 358.25 Td (property ) Tj ET Q q 0 0 0 rg BT 266.84 358.25 Td (on ) Tj ET Q q 0 0 0 rg BT 280.18 358.25 Td (an ) Tj ET Q q 0 0 0 rg BT 292.95 358.25 Td (undiscounted ) Tj ET Q q 0 0 0 rg BT 349.62 358.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 372.95 358.25 Td (to ) Tj ET Q q 0 0 0 rg BT 384.07 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 399.62 358.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 436.28 358.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 469.61 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 481.28 358.25 Td (such ) Tj ET Q q 0 0 0 rg BT 502.94 358.25 Td (property) Tj ET Q q 0 0 0 rg BT 536.17 358.25 Td (. ) Tj ET Q q 0 0 0 rg BT 542.01 358.25 Td (Such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 346.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 104.71 346.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 138.11 346.25 Td (would ) Tj ET Q q 0 0 0 rg BT 166.50 346.25 Td (be ) Tj ET Q q 0 0 0 rg BT 179.34 346.25 Td (adjusted, ) Tj ET Q q 0 0 0 rg BT 218.56 346.25 Td (if ) Tj ET Q q 0 0 0 rg BT 228.07 346.25 Td (necessary) Tj ET Q q 0 0 0 rg BT 266.29 346.25 Td (, ) Tj ET Q q 0 0 0 rg BT 272.18 346.25 Td (to ) Tj ET Q q 0 0 0 rg BT 283.36 346.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 325.08 346.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 342.35 346.25 Td (values ) Tj ET Q q 0 0 0 rg BT 371.29 346.25 Td (to ) Tj ET Q q 0 0 0 rg BT 382.47 346.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 411.40 346.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 460.90 346.25 Td (in ) Tj ET Q q 0 0 0 rg BT 472.07 346.25 Td (the ) Tj ET Q q 0 0 0 rg BT 487.69 346.25 Td (value ) Tj ET Q q 0 0 0 rg BT 512.74 346.25 Td (of ) Tj ET Q q 0 0 0 rg BT 524.47 346.25 Td (the ) Tj ET Q q 0 0 0 rg BT 540.08 346.25 Td (asset. ) Tj ET Q q 0 0 0 rg BT 564.52 346.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 334.25 Td (Estimates ) Tj ET Q q 0 0 0 rg BT 109.38 334.25 Td (of ) Tj ET Q q 0 0 0 rg BT 120.21 334.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 136.59 334.25 Td (values ) Tj ET Q q 0 0 0 rg BT 164.63 334.25 Td (are ) Tj ET Q q 0 0 0 rg BT 179.34 334.25 Td (based ) Tj ET Q q 0 0 0 rg BT 204.61 334.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 227.10 334.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 266.82 334.25 Td (of ) Tj ET Q q 0 0 0 rg BT 277.64 334.25 Td (future ) Tj ET Q q 0 0 0 rg BT 304.02 334.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 324.29 334.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 349.01 334.25 Td (and ) Tj ET Q q 0 0 0 rg BT 365.95 334.25 Td (other ) Tj ET Q q 0 0 0 rg BT 388.99 334.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 428.70 334.25 Td (techniques ) Tj ET Q q 0 0 0 rg BT 473.97 334.25 Td (that ) Tj ET Q q 0 0 0 rg BT 491.46 334.25 Td (the ) Tj ET Q q 0 0 0 rg BT 506.18 334.25 Td (Fund ) Tj ET Q q 0 0 0 rg BT 529.24 334.25 Td (believes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 322.25 Td (are ) Tj ET Q q 0 0 0 rg BT 82.62 322.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 112.81 322.25 Td (to ) Tj ET Q q 0 0 0 rg BT 123.01 322.25 Td (those ) Tj ET Q q 0 0 0 rg BT 146.54 322.25 Td (used ) Tj ET Q q 0 0 0 rg BT 167.28 322.25 Td (by ) Tj ET Q q 0 0 0 rg BT 179.70 322.25 Td (market ) Tj ET Q q 0 0 0 rg BT 209.88 322.25 Td (participants. ) Tj ET Q q 0 0 0 rg BT 261.45 322.25 Td ( ) Tj ET Q q 0 0 0 rg BT 263.86 322.25 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 312.93 322.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 339.24 322.25 Td (related ) Tj ET Q q 0 0 0 rg BT 368.86 322.25 Td (to ) Tj ET Q q 0 0 0 rg BT 379.05 322.25 Td (five ) Tj ET Q q 0 0 0 rg BT 397.02 322.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 439.42 322.25 Td (located ) Tj ET Q q 0 0 0 rg BT 470.71 322.25 Td (in ) Tj ET Q q 0 0 0 rg BT 480.91 322.25 Td (the ) Tj ET Q q 0 0 0 rg BT 495.54 322.25 Td (suburban ) Tj ET Q q 0 0 0 rg BT 534.62 322.25 Td (area ) Tj ET Q q 0 0 0 rg BT 553.68 322.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 310.25 Td (Sacramento, ) Tj ET Q q 0 0 0 rg BT 120.53 310.25 Td (California ) Tj ET Q q 0 0 0 rg BT 163.90 310.25 Td (totaling ) Tj ET Q q 0 0 0 rg BT 197.28 310.25 Td ($17.2 ) Tj ET Q q 0 0 0 rg BT 222.61 310.25 Td (million ) Tj ET Q q 0 0 0 rg BT 254.33 310.25 Td (and ) Tj ET Q q 0 0 0 rg BT 271.60 310.25 Td ($101.1 ) Tj ET Q q 0 0 0 rg BT 301.93 310.25 Td (million ) Tj ET Q q 0 0 0 rg BT 333.65 310.25 Td (were ) Tj ET Q q 0 0 0 rg BT 355.90 310.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 402.59 310.25 Td (for ) Tj ET Q q 0 0 0 rg BT 417.08 310.25 Td (the ) Tj ET Q q 0 0 0 rg BT 432.13 310.25 Td (years ) Tj ET Q q 0 0 0 rg BT 456.06 310.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 482.76 310.25 Td (December ) Tj ET Q q 0 0 0 rg BT 526.67 310.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 542.00 310.25 Td (2012 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 298.25 Td (and ) Tj ET Q q 0 0 0 rg BT 84.75 298.25 Td (201) Tj ET Q q 0 0 0 rg BT 99.38 298.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 109.20 298.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 156.86 298.25 Td (. ) Tj ET Q q 0 0 0 rg BT 161.68 298.25 Td ( ) Tj ET Q q 0 0 0 rg BT 163.99 298.25 Td ( ) Tj ET Q q 0 0 0 rg BT 166.31 298.25 Td (No ) Tj ET Q q 0 0 0 rg BT 180.85 298.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 229.26 298.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 247.14 298.25 Td (related ) Tj ET Q q 0 0 0 rg BT 276.66 298.25 Td (to ) Tj ET Q q 0 0 0 rg BT 286.75 298.25 Td (these ) Tj ET Q q 0 0 0 rg BT 309.61 298.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 351.91 298.25 Td (was ) Tj ET Q q 0 0 0 rg BT 369.78 298.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 407.07 298.25 Td (for ) Tj ET Q q 0 0 0 rg BT 421.05 298.25 Td (the ) Tj ET Q q 0 0 0 rg BT 435.58 298.25 Td (year ) Tj ET Q q 0 0 0 rg BT 455.10 298.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 481.30 298.25 Td (December ) Tj ET Q q 0 0 0 rg BT 524.70 298.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 539.51 298.25 Td (2010. ) Tj ET Q q 0 0 0 rg BT 564.51 298.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 286.25 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 117.31 286.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 143.85 286.25 Td (related ) Tj ET Q q 0 0 0 rg BT 173.71 286.25 Td (to ) Tj ET Q q 0 0 0 rg BT 184.14 286.25 Td (two ) Tj ET Q q 0 0 0 rg BT 201.80 286.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 244.44 286.25 Td (located ) Tj ET Q q 0 0 0 rg BT 275.97 286.25 Td (in ) Tj ET Q q 0 0 0 rg BT 286.40 286.25 Td (Charlotte, ) Tj ET Q q 0 0 0 rg BT 328.77 286.25 Td (North ) Tj ET Q q 0 0 0 rg BT 354.75 286.25 Td (Carolina ) Tj ET Q q 0 0 0 rg BT 391.84 286.25 Td (totaling ) Tj ET Q q 0 0 0 rg BT 425.05 286.25 Td ($72.9 ) Tj ET Q q 0 0 0 rg BT 450.20 286.25 Td (million ) Tj ET Q q 0 0 0 rg BT 481.75 286.25 Td (were ) Tj ET Q q 0 0 0 rg BT 503.83 286.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 550.35 286.25 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 274.25 Td (the ) Tj ET Q q 0 0 0 rg BT 81.96 274.25 Td (year ) Tj ET Q q 0 0 0 rg BT 100.90 274.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 126.52 274.25 Td (December ) Tj ET Q q 0 0 0 rg BT 169.34 274.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 183.58 274.25 Td (2012. ) Tj ET Q q 0 0 0 rg BT 207.81 274.25 Td ( ) Tj ET Q q 0 0 0 rg BT 209.55 274.25 Td (No ) Tj ET Q q 0 0 0 rg BT 223.51 274.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 271.35 274.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 288.65 274.25 Td (related ) Tj ET Q q 0 0 0 rg BT 317.59 274.25 Td (to ) Tj ET Q q 0 0 0 rg BT 327.11 274.25 Td (these ) Tj ET Q q 0 0 0 rg BT 349.39 274.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 391.12 274.25 Td (was ) Tj ET Q q 0 0 0 rg BT 408.41 274.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 445.12 274.25 Td (for ) Tj ET Q q 0 0 0 rg BT 458.52 274.25 Td (the ) Tj ET Q q 0 0 0 rg BT 472.47 274.25 Td (years ) Tj ET Q q 0 0 0 rg BT 495.31 274.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 520.92 274.25 Td (December ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 262.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 82.29 262.25 Td (201) Tj ET Q q 0 0 0 rg BT 96.92 262.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 103.72 262.25 Td (and ) Tj ET Q q 0 0 0 rg BT 119.95 262.25 Td (2010. ) Tj ET Q q 0 0 0 rg BT 144.24 262.25 Td ( ) Tj ET Q q 0 0 0 rg BT 145.90 262.25 Td (The ) Tj ET Q q 0 0 0 rg BT 163.25 262.25 Td (determination ) Tj ET Q q 0 0 0 rg BT 220.58 262.25 Td (of ) Tj ET Q q 0 0 0 rg BT 230.70 262.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 264.70 262.25 Td (a ) Tj ET Q q 0 0 0 rg BT 270.93 262.25 Td (property ) Tj ET Q q 0 0 0 rg BT 306.60 262.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 352.28 262.25 Td (is ) Tj ET Q q 0 0 0 rg BT 360.74 262.25 Td (impaired ) Tj ET Q q 0 0 0 rg BT 398.08 262.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 432.08 262.25 Td (a ) Tj ET Q q 0 0 0 rg BT 438.31 262.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 482.31 262.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 514.10 262.25 Td (of ) Tj ET Q q 0 0 0 rg BT 524.23 262.25 Td (judgment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 250.25 Td (by ) Tj ET Q q 0 0 0 rg BT 80.16 250.25 Td (management ) Tj ET Q q 0 0 0 rg BT 133.41 250.25 Td (at ) Tj ET Q q 0 0 0 rg BT 142.78 250.25 Td (the ) Tj ET Q q 0 0 0 rg BT 157.16 250.25 Td (time ) Tj ET Q q 0 0 0 rg BT 177.09 250.25 Td (of ) Tj ET Q q 0 0 0 rg BT 187.58 250.25 Td (the ) Tj ET Q q 0 0 0 rg BT 201.95 250.25 Td (evaluation. ) Tj ET Q q 0 0 0 rg BT 248.26 250.25 Td ( ) Tj ET Q q 0 0 0 rg BT 250.42 250.25 Td (If ) Tj ET Q q 0 0 0 rg BT 259.24 250.25 Td (market ) Tj ET Q q 0 0 0 rg BT 289.16 250.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 332.98 250.25 Td (deteriorate ) Tj ET Q q 0 0 0 rg BT 377.89 250.25 Td (or ) Tj ET Q q 0 0 0 rg BT 388.38 250.25 Td (if ) Tj ET Q q 0 0 0 rg BT 396.64 250.25 Td (management's ) Tj ET Q q 0 0 0 rg BT 455.58 250.25 Td (plans ) Tj ET Q q 0 0 0 rg BT 478.85 250.25 Td (for ) Tj ET Q q 0 0 0 rg BT 492.67 250.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 522.03 250.25 Td (properties ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 238.25 Td (change, ) Tj ET Q q 0 0 0 rg BT 100.89 238.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 142.96 238.25 Td (impairments ) Tj ET Q q 0 0 0 rg BT 195.03 238.25 Td (could ) Tj ET Q q 0 0 0 rg BT 219.32 238.25 Td (be ) Tj ET Q q 0 0 0 rg BT 230.84 238.25 Td (required ) Tj ET Q q 0 0 0 rg BT 266.23 238.25 Td (in ) Tj ET Q q 0 0 0 rg BT 276.09 238.25 Td (the ) Tj ET Q q 0 0 0 rg BT 290.38 238.25 Td (future. ) Tj ET Q q 0 0 0 rg BT 318.84 238.25 Td ( ) Tj ET Q q 0 0 0 rg BT 320.92 238.25 Td (\(See ) Tj ET Q q 0 0 0 rg BT 340.76 238.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 362.28 238.25 Td (12 ) Tj ET Q q 0 0 0 rg BT 374.35 238.25 Td (-Fair ) Tj ET Q q 0 0 0 rg BT 398.22 238.25 Td (V) Tj ET Q q 0 0 0 rg BT 404.33 238.25 Td (alue ) Tj ET Q q 0 0 0 rg BT 423.07 238.25 Td (Disclosures ) Tj ET Q q 0 0 0 rg BT 471.81 238.25 Td (- ) Tj ET Q q 0 0 0 rg BT 476.75 238.25 Td (Assets ) Tj ET Q q 0 0 0 rg BT 504.95 238.25 Td (and ) Tj ET Q q 0 0 0 rg BT 521.46 238.25 Td (Liabilities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 226.25 Td (Measured ) Tj ET Q q 0 0 0 rg BT 109.93 226.25 Td (at ) Tj ET Q q 0 0 0 rg BT 119.65 226.25 Td (Fair ) Tj ET Q q 0 0 0 rg BT 138.07 226.25 Td (V) Tj ET Q q 0 0 0 rg BT 144.19 226.25 Td (alue ) Tj ET Q q 0 0 0 rg BT 163.34 226.25 Td (on ) Tj ET Q q 0 0 0 rg BT 175.84 226.25 Td (a ) Tj ET Q q 0 0 0 rg BT 182.78 226.25 Td (Nonrecurring ) Tj ET Q q 0 0 0 rg BT 239.15 226.25 Td (Basis ) Tj ET Q q 0 0 0 rg BT 263.32 226.25 Td (- ) Tj ET Q q 0 0 0 rg BT 269.15 226.25 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 318.30 226.25 Td (of ) Tj ET Q q 0 0 0 rg BT 329.13 226.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 376.06 226.25 Td (Property\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 202.25 Td (Cash ) Tj ET Q q 0 0 0 rg BT 91.49 202.25 Td (and ) Tj ET Q q 0 0 0 rg BT 109.43 202.25 Td (Cash ) Tj ET Q q 0 0 0 rg BT 132.92 202.25 Td (Equivalents) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 181.82 202.25 Td (- ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.02 202.25 Td (The ) Tj ET Q q 0 0 0 rg BT 207.93 202.25 Td (Fund ) Tj ET Q q 0 0 0 rg BT 230.87 202.25 Td (defines ) Tj ET Q q 0 0 0 rg BT 262.11 202.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 282.25 202.25 Td (and ) Tj ET Q q 0 0 0 rg BT 299.06 202.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 319.20 202.25 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 367.11 202.25 Td (as ) Tj ET Q q 0 0 0 rg BT 377.81 202.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 397.95 202.25 Td (on ) Tj ET Q q 0 0 0 rg BT 410.32 202.25 Td (hand ) Tj ET Q q 0 0 0 rg BT 432.13 202.25 Td (and ) Tj ET Q q 0 0 0 rg BT 448.94 202.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 495.19 202.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 544.23 202.25 Td (with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 190.25 Td (original ) Tj ET Q q 0 0 0 rg BT 101.60 190.25 Td (maturities ) Tj ET Q q 0 0 0 rg BT 144.09 190.25 Td (of ) Tj ET Q q 0 0 0 rg BT 154.92 190.25 Td (three ) Tj ET Q q 0 0 0 rg BT 177.41 190.25 Td (months ) Tj ET Q q 0 0 0 rg BT 209.36 190.25 Td (or ) Tj ET Q q 0 0 0 rg BT 220.19 190.25 Td (less.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 166.25 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 110.54 166.25 Td (Cash) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 131.66 166.25 Td (- ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.93 166.25 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 180.90 166.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 200.11 166.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 238.75 166.25 Td (consists ) Tj ET Q q 0 0 0 rg BT 271.86 166.25 Td (of ) Tj ET Q q 0 0 0 rg BT 281.62 166.25 Td (tenant ) Tj ET Q q 0 0 0 rg BT 307.49 166.25 Td (security ) Tj ET Q q 0 0 0 rg BT 340.58 166.25 Td (deposits ) Tj ET Q q 0 0 0 rg BT 374.79 166.25 Td (and ) Tj ET Q q 0 0 0 rg BT 390.67 166.25 Td (escrow ) Tj ET Q q 0 0 0 rg BT 420.42 166.25 Td (deposits ) Tj ET Q q 0 0 0 rg BT 454.63 166.25 Td (held ) Tj ET Q q 0 0 0 rg BT 473.28 166.25 Td (by ) Tj ET Q q 0 0 0 rg BT 484.72 166.25 Td (lenders ) Tj ET Q q 0 0 0 rg BT 515.03 166.25 Td (for ) Tj ET Q q 0 0 0 rg BT 528.13 166.25 Td (property ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 154.25 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 92.38 154.25 Td (tenant ) Tj ET Q q 0 0 0 rg BT 118.15 154.25 Td (improvements ) Tj ET Q q 0 0 0 rg BT 176.70 154.25 Td (and ) Tj ET Q q 0 0 0 rg BT 192.48 154.25 Td (leasing ) Tj ET Q q 0 0 0 rg BT 222.14 154.25 Td (commissions. ) Tj ET Q q 0 0 0 rg BT 277.91 154.25 Td (Approximately ) Tj ET Q q 0 0 0 rg BT 339.79 154.25 Td ($5.9 ) Tj ET Q q 0 0 0 rg BT 358.62 154.25 Td (million ) Tj ET Q q 0 0 0 rg BT 388.85 154.25 Td (of ) Tj ET Q q 0 0 0 rg BT 398.52 154.25 Td (the ) Tj ET Q q 0 0 0 rg BT 412.07 154.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 450.61 154.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 469.72 154.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 501.59 154.25 Td (as ) Tj ET Q q 0 0 0 rg BT 511.25 154.25 Td (of ) Tj ET Q q 0 0 0 rg BT 520.92 154.25 Td (December ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 142.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 82.30 142.25 Td (2012 ) Tj ET Q q 0 0 0 rg BT 104.09 142.25 Td (consists ) Tj ET Q q 0 0 0 rg BT 137.56 142.25 Td (of ) Tj ET Q q 0 0 0 rg BT 147.69 142.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 171.71 142.25 Td (used ) Tj ET Q q 0 0 0 rg BT 191.83 142.25 Td (as ) Tj ET Q q 0 0 0 rg BT 201.96 142.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 245.41 142.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 284.41 142.25 Td (on ) Tj ET Q q 0 0 0 rg BT 296.20 142.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 344.67 142.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 370.90 142.25 Td (of ) Tj ET Q q 0 0 0 rg BT 381.02 142.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 405.58 142.25 Td (\(see ) Tj ET Q q 0 0 0 rg BT 423.48 142.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 444.71 142.25 Td (6 ) Tj ET Q q 0 0 0 rg BT 451.51 142.25 Td (- ) Tj ET Q q 0 0 0 rg BT 456.64 142.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 481.76 142.25 Td (Payable ) Tj ET Q q 0 0 0 rg BT 515.22 142.25 Td (- ) Tj ET Q q 0 0 0 rg BT 520.34 142.25 Td (Revolving ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 130.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 95.50 130.25 Td (Facilities\). ) Tj ET Q q 0 0 0 rg BT 140.49 130.25 Td ( ) Tj ET Q q 0 0 0 rg BT 142.99 130.25 Td (Substantially ) Tj ET Q q 0 0 0 rg BT 197.71 130.25 Td (all ) Tj ET Q q 0 0 0 rg BT 210.20 130.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 249.90 130.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 270.17 130.25 Td (is ) Tj ET Q q 0 0 0 rg BT 279.34 130.25 Td (invested ) Tj ET Q q 0 0 0 rg BT 315.17 130.25 Td (in ) Tj ET Q q 0 0 0 rg BT 325.45 130.25 Td (demand ) Tj ET Q q 0 0 0 rg BT 359.60 130.25 Td (or ) Tj ET Q q 0 0 0 rg BT 370.43 130.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 414.59 130.25 Td (instruments.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 106.25 Td (T) Tj ET Q q 0 0 0 rg BT 73.19 106.25 Td (enant ) Tj ET Q q 0 0 0 rg BT 98.74 106.25 Td (and ) Tj ET Q q 0 0 0 rg BT 116.51 106.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 142.60 106.25 Td (Receivables ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 193.12 106.25 Td (- ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.66 106.25 Td (Receivable ) Tj ET Q q 0 0 0 rg BT 245.29 106.25 Td (balances ) Tj ET Q q 0 0 0 rg BT 281.92 106.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 330.79 106.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 360.77 106.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 400.19 106.25 Td (of ) Tj ET Q q 0 0 0 rg BT 410.73 106.25 Td (base ) Tj ET Q q 0 0 0 rg BT 430.71 106.25 Td (rents, ) Tj ET Q q 0 0 0 rg BT 454.85 106.25 Td (tenant ) Tj ET Q q 0 0 0 rg BT 481.49 106.25 Td (reimbursements ) Tj ET Q q 0 0 0 rg BT 547.57 106.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 94.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 116.16 94.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 164.88 94.25 Td (to ) Tj ET Q q 0 0 0 rg BT 175.85 94.25 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 227.36 94.25 Td (rent. ) Tj ET Q q 0 0 0 rg BT 250.39 94.25 Td (An ) Tj ET Q q 0 0 0 rg BT 265.80 94.25 Td (allowance ) Tj ET Q q 0 0 0 rg BT 309.52 94.25 Td (for ) Tj ET Q q 0 0 0 rg BT 324.36 94.25 Td (the ) Tj ET Q q 0 0 0 rg BT 339.77 94.25 Td (uncollectible ) Tj ET Q q 0 0 0 rg BT 394.60 94.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 426.68 94.25 Td (of ) Tj ET Q q 0 0 0 rg BT 438.19 94.25 Td (tenant ) Tj ET Q q 0 0 0 rg BT 465.81 94.25 Td (and ) Tj ET Q q 0 0 0 rg BT 483.44 94.25 Td (other ) Tj ET Q q 0 0 0 rg BT 507.17 94.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 555.33 94.25 Td (is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 82.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 115.44 82.25 Td (based ) Tj ET Q q 0 0 0 rg BT 140.67 82.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 163.14 82.25 Td (an ) Tj ET Q q 0 0 0 rg BT 175.04 82.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 209.72 82.25 Td (of ) Tj ET Q q 0 0 0 rg BT 220.51 82.25 Td (the ) Tj ET Q q 0 0 0 rg BT 235.19 82.25 Td (tenant's ) Tj ET Q q 0 0 0 rg BT 267.78 82.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 304.67 82.25 Td (history) Tj ET Q q 0 0 0 rg BT 331.80 82.25 Td (, ) Tj ET Q q 0 0 0 rg BT 336.76 82.25 Td (the ) Tj ET Q q 0 0 0 rg BT 351.44 82.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 388.89 82.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 429.12 82.25 Td (of ) Tj ET Q q 0 0 0 rg BT 439.92 82.25 Td (the ) Tj ET Q q 0 0 0 rg BT 454.59 82.25 Td (tenant, ) Tj ET Q q 0 0 0 rg BT 483.99 82.25 Td (business ) Tj ET Q q 0 0 0 rg BT 520.34 82.25 Td (conditions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 70.25 Td (in ) Tj ET Q q 0 0 0 rg BT 78.04 70.25 Td (the ) Tj ET Q q 0 0 0 rg BT 92.52 70.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 127.56 70.25 Td (in ) Tj ET Q q 0 0 0 rg BT 137.59 70.25 Td (which ) Tj ET Q q 0 0 0 rg BT 164.29 70.25 Td (the ) Tj ET Q q 0 0 0 rg BT 178.77 70.25 Td (tenant ) Tj ET Q q 0 0 0 rg BT 205.47 70.25 Td (operates ) Tj ET Q q 0 0 0 rg BT 241.04 70.25 Td (and ) Tj ET Q q 0 0 0 rg BT 257.74 70.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 298.87 70.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 342.80 70.25 Td (in ) Tj ET Q q 0 0 0 rg BT 352.84 70.25 Td (the ) Tj ET Q q 0 0 0 rg BT 367.32 70.25 Td (area ) Tj ET Q q 0 0 0 rg BT 386.22 70.25 Td (in ) Tj ET Q q 0 0 0 rg BT 396.26 70.25 Td (which ) Tj ET Q q 0 0 0 rg BT 422.96 70.25 Td (the ) Tj ET Q q 0 0 0 rg BT 437.44 70.25 Td (property ) Tj ET Q q 0 0 0 rg BT 473.58 70.25 Td (is ) Tj ET Q q 0 0 0 rg BT 482.51 70.25 Td (located. ) Tj ET Q q 0 0 0 rg BT 516.14 70.25 Td ( ) Tj ET Q q 0 0 0 rg BT 518.24 70.25 Td (T) Tj ET Q q 0 0 0 rg BT 523.65 70.25 Td (enant ) Tj ET Q q 0 0 0 rg BT 547.56 70.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 58.25 Td (other ) Tj ET Q q 0 0 0 rg BT 91.81 58.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 140.04 58.25 Td (are ) Tj ET Q q 0 0 0 rg BT 155.51 58.25 Td (shown ) Tj ET Q q 0 0 0 rg BT 184.88 58.25 Td (at ) Tj ET Q q 0 0 0 rg BT 195.36 58.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 214.73 58.25 Td (in ) Tj ET Q q 0 0 0 rg BT 225.77 58.25 Td (the ) Tj ET Q q 0 0 0 rg BT 241.24 58.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 295.05 58.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 328.84 58.25 Td (sheets, ) Tj ET Q q 0 0 0 rg BT 359.04 58.25 Td (net ) Tj ET Q q 0 0 0 rg BT 374.52 58.25 Td (of ) Tj ET Q q 0 0 0 rg BT 386.11 58.25 Td (an ) Tj ET Q q 0 0 0 rg BT 398.81 58.25 Td (allowance ) Tj ET Q q 0 0 0 rg BT 442.60 58.25 Td (for ) Tj ET Q q 0 0 0 rg BT 457.52 58.25 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 494.67 58.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 532.91 58.25 Td (of ) Tj ET Q q 0 0 0 rg BT 544.50 58.25 Td ($1.9 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 46.25 Td (million ) Tj ET Q q 0 0 0 rg BT 99.39 46.25 Td (and ) Tj ET Q q 0 0 0 rg BT 116.33 46.25 Td ($2.9 ) Tj ET Q q 0 0 0 rg BT 136.33 46.25 Td (million ) Tj ET Q q 0 0 0 rg BT 167.72 46.25 Td (at ) Tj ET Q q 0 0 0 rg BT 177.44 46.25 Td (December ) Tj ET Q q 0 0 0 rg BT 221.02 46.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 236.02 46.25 Td (2012 ) Tj ET Q q 0 0 0 rg BT 258.52 46.25 Td (and ) Tj ET Q q 0 0 0 rg BT 275.46 46.25 Td (201) Tj ET Q q 0 0 0 rg BT 290.09 46.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 300.09 46.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 347.75 46.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 211 0 obj <> endobj 212 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (103) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 106.27 730.10 Td (Financing ) Tj ET Q q 0 0 0 rg BT 151.23 730.10 Td (Costs) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 173.46 730.10 Td (- ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.91 730.10 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 218.05 730.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 257.43 730.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 279.04 730.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 308.44 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 318.38 730.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 342.76 730.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 364.38 730.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 399.31 730.10 Td (in ) Tj ET Q q 0 0 0 rg BT 408.70 730.10 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 448.09 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 461.92 730.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 484.65 730.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 517.35 730.10 Td (\(see ) Tj ET Q q 0 0 0 rg BT 535.07 730.10 Td (Note6 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (- ) Tj ET Q q 0 0 0 rg BT 74.79 718.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 101.58 718.10 Td (Payable\). ) Tj ET Q q 0 0 0 rg BT 142.28 718.10 Td (These ) Tj ET Q q 0 0 0 rg BT 169.62 718.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 193.08 718.10 Td (are ) Tj ET Q q 0 0 0 rg BT 208.75 718.10 Td (being ) Tj ET Q q 0 0 0 rg BT 234.43 718.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 277.87 718.10 Td (into ) Tj ET Q q 0 0 0 rg BT 296.89 718.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 329.79 718.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 365.46 718.10 Td (on ) Tj ET Q q 0 0 0 rg BT 378.92 718.10 Td (a ) Tj ET Q q 0 0 0 rg BT 386.82 718.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 438.60 718.10 Td (basis, 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(consolidated ) Tj ET Q q 0 0 0 rg BT 429.07 502.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 461.62 502.10 Td (sheets. ) Tj ET Q q 0 0 0 rg BT 490.58 502.10 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 531.47 502.10 Td (relating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 490.10 Td (to ) Tj ET Q q 0 0 0 rg BT 78.26 490.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 100.73 490.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 149.31 490.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 167.89 490.10 Td (are ) Tj ET Q q 0 0 0 rg BT 182.58 490.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 228.92 490.10 Td (at ) Tj ET Q q 0 0 0 rg BT 238.62 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.32 490.10 Td (time ) Tj ET Q q 0 0 0 rg BT 273.57 490.10 Td (a ) Tj ET Q q 0 0 0 rg BT 280.50 490.10 Td (tenant's ) Tj ET Q q 0 0 0 rg BT 313.10 490.10 Td (right ) Tj ET Q q 0 0 0 rg BT 334.47 490.10 Td (to ) Tj ET Q q 0 0 0 rg BT 344.73 490.10 Td (occupy ) Tj ET Q q 0 0 0 rg BT 376.09 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.79 490.10 Td (space ) Tj ET Q q 0 0 0 rg BT 415.48 490.10 Td (is ) Tj ET Q q 0 0 0 rg BT 424.63 490.10 Td (terminated ) Tj ET Q q 0 0 0 rg BT 469.87 490.10 Td (and ) Tj ET Q q 0 0 0 rg BT 486.79 490.10 Td (when ) Tj ET Q q 0 0 0 rg BT 510.93 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.63 490.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 548.68 490.10 Td (has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 478.10 Td (satisfied ) Tj ET Q q 0 0 0 rg BT 103.83 478.10 Td (all ) Tj ET Q q 0 0 0 rg BT 116.32 478.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 163.26 478.10 Td (under ) Tj ET Q q 0 0 0 rg BT 188.53 478.10 Td (the ) Tj ET Q q 0 0 0 rg BT 203.25 478.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 225.73 478.10 Td (agreement.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 454.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 92.12 454.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 129.01 454.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 158.13 454.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 196.70 454.10 Td (of ) Tj ET Q q 0 0 0 rg BT 206.38 454.10 Td (parking ) Tj ET Q q 0 0 0 rg BT 238.27 454.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 271.27 454.10 Td (and ) Tj ET Q q 0 0 0 rg BT 287.06 454.10 Td (tenant ) Tj ET Q q 0 0 0 rg BT 312.84 454.10 Td (reimbursements. ) Tj ET Q q 0 0 0 rg BT 380.56 454.10 Td (Parking ) Tj ET Q q 0 0 0 rg BT 413.02 454.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 446.02 454.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 487.90 454.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 523.14 454.10 Td (generated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 442.10 Td (from ) Tj ET Q q 0 0 0 rg BT 90.38 442.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 137.75 442.10 Td (and ) Tj ET Q q 0 0 0 rg BT 155.13 442.10 Td (transient ) Tj ET Q q 0 0 0 rg BT 192.51 442.10 Td (parking ) Tj ET Q q 0 0 0 rg BT 226.00 442.10 Td (and ) Tj ET Q q 0 0 0 rg BT 243.38 442.10 Td (is ) Tj ET Q q 0 0 0 rg BT 253.00 442.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 299.80 442.10 Td (in ) Tj ET Q q 0 0 0 rg BT 310.52 442.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 358.43 442.10 Td (with ) Tj ET Q q 0 0 0 rg BT 379.15 442.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 426.52 442.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 451.68 442.10 Td (or ) Tj ET Q q 0 0 0 rg BT 462.95 442.10 Td (as ) Tj ET Q q 0 0 0 rg BT 474.23 442.10 Td (services ) Tj ET Q q 0 0 0 rg BT 509.38 442.10 Td (are ) Tj ET Q q 0 0 0 rg BT 524.53 442.10 Td (rendered. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 430.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 93.27 430.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 131.31 430.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 164.35 430.10 Td (to ) Tj ET Q q 0 0 0 rg BT 174.63 430.10 Td (tenant ) Tj ET Q q 0 0 0 rg BT 201.56 430.10 Td (reimbursements ) Tj ET Q q 0 0 0 rg BT 267.93 430.10 Td (are ) Tj ET Q q 0 0 0 rg BT 282.64 430.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 329.00 430.10 Td (in ) Tj ET Q q 0 0 0 rg BT 339.28 430.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.00 430.10 Td (period ) Tj ET Q q 0 0 0 rg BT 382.04 430.10 Td (that ) Tj ET Q q 0 0 0 rg BT 399.54 430.10 Td (the ) Tj ET Q q 0 0 0 rg BT 414.25 430.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 448.96 430.10 Td (is ) Tj ET Q q 0 0 0 rg BT 458.13 430.10 Td (incurred. ) Tj ET Q q 0 0 0 rg BT 496.45 430.10 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 406.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 103.13 406.10 Td (T) Tj ET Q q 0 0 0 rg BT 108.32 406.10 Td (axes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.65 406.10 Td (- ) Tj ET Q q 0 0 0 rg BT 136.20 406.10 Td (The ) Tj ET Q q 0 0 0 rg BT 155.77 406.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 180.35 406.10 Td (is ) Tj ET Q q 0 0 0 rg BT 191.04 406.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 223.38 406.10 Td (to ) Tj ET Q q 0 0 0 rg BT 235.18 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.41 406.10 Td (State ) Tj ET Q q 0 0 0 rg BT 275.42 406.10 Td (of ) Tj ET Q q 0 0 0 rg BT 287.48 406.10 Td (T) Tj ET Q q 0 0 0 rg BT 292.89 406.10 Td (exas ) Tj ET Q q 0 0 0 rg BT 314.68 406.10 Td (mar) Tj ET Q q 0 0 0 rg BT 334.48 406.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 351.28 406.10 Td (tax. ) Tj ET Q q 0 0 0 rg BT 374.45 406.10 Td (which ) Tj ET Q q 0 0 0 rg BT 402.91 406.10 Td (covers ) Tj ET Q q 0 0 0 rg BT 433.03 406.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 456.48 406.10 Td (entities, ) Tj ET Q q 0 0 0 rg BT 491.88 406.10 Td (including ) Tj ET Q q 0 0 0 rg BT 533.67 406.10 Td (limited ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 394.10 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 121.52 394.10 Td (doing ) Tj ET Q q 0 0 0 rg BT 146.44 394.10 Td (business ) Tj ET Q q 0 0 0 rg BT 182.47 394.10 Td (in ) Tj ET Q q 0 0 0 rg BT 192.23 394.10 Td (T) Tj ET Q q 0 0 0 rg BT 197.65 394.10 Td (exas. ) Tj ET Q q 0 0 0 rg BT 220.05 394.10 Td ( ) Tj ET Q q 0 0 0 rg BT 222.20 394.10 Td (Currently) Tj ET Q q 0 0 0 rg BT 259.87 394.10 Td (, ) Tj ET Q q 0 0 0 rg BT 264.51 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.87 394.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 301.57 394.10 Td (holds ) Tj ET Q q 0 0 0 rg BT 325.38 394.10 Td (an ) Tj ET Q q 0 0 0 rg BT 336.96 394.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 368.54 394.10 Td (in ) Tj ET Q q 0 0 0 rg BT 378.46 394.10 Td (an ) Tj ET Q q 0 0 0 rg BT 390.04 394.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 414.95 394.10 Td (that ) Tj ET Q q 0 0 0 rg BT 432.09 394.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 460.89 394.10 Td (two ) Tj ET Q q 0 0 0 rg BT 478.03 394.10 Td (properties, ) Tj ET Q q 0 0 0 rg BT 522.66 394.10 Td (One ) Tj ET Q q 0 0 0 rg BT 541.46 394.10 Td (Shell ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 382.10 Td (Plaza ) Tj ET Q q 0 0 0 rg BT 91.81 382.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.24 382.10 Td (T) Tj ET Q q 0 0 0 rg BT 113.65 382.10 Td (wo ) Tj ET Q q 0 0 0 rg BT 128.03 382.10 Td (Shell ) Tj ET Q q 0 0 0 rg BT 150.74 382.10 Td (Plaza ) Tj ET Q q 0 0 0 rg BT 174.55 382.10 Td (\(collectively) Tj ET Q q 0 0 0 rg BT 223.87 382.10 Td (, ) Tj ET Q q 0 0 0 rg BT 228.53 382.10 Td (Shell ) Tj ET Q q 0 0 0 rg BT 255.68 382.10 Td (Plaza\), ) Tj ET Q q 0 0 0 rg BT 289.75 382.10 Td (located ) Tj ET Q q 0 0 0 rg BT 320.78 382.10 Td (in ) Tj ET Q q 0 0 0 rg BT 330.55 382.10 Td (T) Tj ET Q q 0 0 0 rg BT 335.96 382.10 Td (exas.On ) Tj ET Q q 0 0 0 rg BT 375.13 382.10 Td (August ) Tj ET Q q 0 0 0 rg BT 406.18 382.10 Td (9, ) Tj ET Q q 0 0 0 rg BT 415.83 382.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 440.48 382.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.85 382.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 477.57 382.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 496.39 382.10 Td (Shell ) Tj ET Q q 0 0 0 rg BT 519.10 382.10 Td (Plaza. ) Tj ET Q q 0 0 0 rg BT 545.41 382.10 Td ( ) Tj ET Q q 0 0 0 rg BT 547.56 382.10 Td (See ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 370.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 90.09 370.10 Td (4 ) Tj ET Q q 0 0 0 rg BT 97.75 370.10 Td (- ) Tj ET Q q 0 0 0 rg BT 103.73 370.10 Td (Discontinued ) Tj ET Q q 0 0 0 rg BT 159.71 370.10 Td (Operations. ) Tj ET Q q 0 0 0 rg BT 208.74 370.10 Td ( ) Tj ET Q q 0 0 0 rg BT 210.81 370.10 Td (As ) Tj ET Q q 0 0 0 rg BT 224.57 370.10 Td (of ) Tj ET Q q 0 0 0 rg BT 235.56 370.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 294.30 370.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 316.95 370.10 Td (and ) Tj ET Q q 0 0 0 rg BT 334.04 370.10 Td (201) Tj ET Q q 0 0 0 rg BT 348.67 370.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 358.83 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.70 370.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 396.91 370.10 Td (had ) Tj ET Q q 0 0 0 rg BT 414.00 370.10 Td (no ) Tj ET Q q 0 0 0 rg BT 426.66 370.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 471.52 370.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 515.27 370.10 Td (dif) Tj ET Q q 0 0 0 rg BT 526.20 370.10 Td (ferences, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 358.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 82.72 358.10 Td (credits ) Tj ET Q q 0 0 0 rg BT 111.87 358.10 Td (or ) Tj ET Q q 0 0 0 rg BT 122.70 358.10 Td (net ) Tj ET Q q 0 0 0 rg BT 137.42 358.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 177.68 358.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 195.74 358.10 Td (carry-forwards. ) Tj ET Q q 0 0 0 rg BT 260.15 358.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 346.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 334.10 Td (No ) Tj ET Q q 0 0 0 rg BT 82.32 334.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 122.20 334.10 Td (for ) Tj ET Q q 0 0 0 rg BT 135.97 334.10 Td (income ) Tj ET Q q 0 0 0 rg BT 167.50 334.10 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 192.65 334.10 Td (other ) Tj ET Q q 0 0 0 rg BT 215.30 334.10 Td (than ) Tj ET Q q 0 0 0 rg BT 234.62 334.10 Td (described ) Tj ET Q q 0 0 0 rg BT 275.04 334.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 303.52 334.10 Td (is ) Tj ET Q q 0 0 0 rg BT 312.29 334.10 Td (made ) Tj ET Q q 0 0 0 rg BT 336.04 334.10 Td (in ) Tj ET Q q 0 0 0 rg BT 345.92 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 360.24 334.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 397.33 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 407.76 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 422.08 334.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 444.75 334.10 Td (since ) Tj ET Q q 0 0 0 rg BT 467.39 334.10 Td (such ) Tj ET Q q 0 0 0 rg BT 487.83 334.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 510.48 334.10 Td (are ) Tj ET Q q 0 0 0 rg BT 524.78 334.10 Td (liabilities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 322.10 Td (of ) Tj ET Q q 0 0 0 rg BT 78.77 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 93.43 322.10 Td (partners ) Tj ET Q q 0 0 0 rg BT 128.08 322.10 Td (and ) Tj ET Q q 0 0 0 rg BT 144.95 322.10 Td (depend ) Tj ET Q q 0 0 0 rg BT 176.27 322.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 198.71 322.10 Td (their ) Tj ET Q q 0 0 0 rg BT 219.48 322.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 262.45 322.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 277.11 322.10 Td (situations. ) Tj ET Q q 0 0 0 rg BT 320.38 322.10 Td ( ) Tj ET Q q 0 0 0 rg BT 322.65 322.10 Td (The ) Tj ET Q q 0 0 0 rg BT 340.63 322.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 363.64 322.10 Td (does ) Tj ET Q q 0 0 0 rg BT 384.41 322.10 Td (not ) Tj ET Q q 0 0 0 rg BT 399.63 322.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 430.94 322.10 Td (it ) Tj ET Q q 0 0 0 rg BT 438.93 322.10 Td (has ) Tj ET Q q 0 0 0 rg BT 454.71 322.10 Td (any ) Tj ET Q q 0 0 0 rg BT 471.58 322.10 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 511.23 322.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 525.88 322.10 Td (positions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 310.10 Td (or ) Tj ET Q q 0 0 0 rg BT 78.83 310.10 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 135.19 310.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 149.91 310.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 184.06 310.10 Td (requiring ) Tj ET Q q 0 0 0 rg BT 223.22 310.10 Td (disclosure.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 286.10 Td (Redeemable ) Tj ET Q q 0 0 0 rg BT 119.79 286.10 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 184.95 286.10 Td (Interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.51 286.10 Td (- ) Tj ET Q q 0 0 0 rg BT 228.15 286.10 Td (Redeemable ) Tj ET Q q 0 0 0 rg BT 279.38 286.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 340.08 286.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 375.21 286.10 Td (are ) Tj ET Q q 0 0 0 rg BT 389.23 286.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 432.69 286.10 Td (of ) Tj ET Q q 0 0 0 rg BT 442.83 286.10 Td (future ) Tj ET Q q 0 0 0 rg BT 468.52 286.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 514.78 286.10 Td (of ) Tj ET Q q 0 0 0 rg BT 524.92 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 538.94 286.10 Td (Fund, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 274.10 Td (which ) Tj ET Q q 0 0 0 rg BT 94.92 274.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 119.61 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.31 274.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 166.23 274.10 Td (of ) Tj ET Q q 0 0 0 rg BT 177.04 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.73 274.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 253.10 274.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 285.01 274.10 Td (to ) Tj ET Q q 0 0 0 rg BT 295.27 274.10 Td (require ) Tj ET Q q 0 0 0 rg BT 326.06 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 340.76 274.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 363.80 274.10 Td (to ) Tj ET Q q 0 0 0 rg BT 374.06 274.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 412.07 274.10 Td (their ) Tj ET Q q 0 0 0 rg BT 432.88 274.10 Td (interest. ) Tj ET Q q 0 0 0 rg BT 467.29 274.10 Td ( ) Tj ET Q q 0 0 0 rg BT 469.59 274.10 Td (The ) Tj ET Q q 0 0 0 rg BT 487.62 274.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 510.66 274.10 Td (classifies ) Tj ET Q q 0 0 0 rg BT 549.79 274.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 262.10 Td (redeemable ) Tj ET Q q 0 0 0 rg BT 115.53 262.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 175.87 262.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 210.65 262.10 Td (as ) Tj ET Q q 0 0 0 rg BT 220.43 262.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 262.98 262.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 289.43 262.10 Td (that ) Tj ET Q q 0 0 0 rg BT 305.88 262.10 Td (is ) Tj ET Q q 0 0 0 rg BT 314.00 262.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 353.77 262.10 Td (at ) Tj ET Q q 0 0 0 rg BT 362.44 262.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 387.23 262.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 402.56 262.10 Td (value ) Tj ET Q q 0 0 0 rg BT 425.67 262.10 Td (and ) Tj ET Q q 0 0 0 rg BT 441.56 262.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 476.34 262.10 Td (for ) Tj ET Q q 0 0 0 rg BT 489.45 262.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.13 262.10 Td (noncontrolling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 250.10 Td (interests' ) Tj ET Q q 0 0 0 rg BT 105.88 250.10 Td (share ) Tj ET Q q 0 0 0 rg BT 129.74 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.82 250.10 Td (net ) Tj ET Q q 0 0 0 rg BT 155.79 250.10 Td (income ) Tj ET Q q 0 0 0 rg BT 187.98 250.10 Td (or ) Tj ET Q q 0 0 0 rg BT 199.07 250.10 Td (loss. ) Tj ET Q q 0 0 0 rg BT 219.89 250.10 Td ( ) Tj ET Q q 0 0 0 rg BT 222.64 250.10 Td (If ) Tj ET Q q 0 0 0 rg BT 232.06 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.03 250.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 295.33 250.10 Td (value ) Tj ET Q q 0 0 0 rg BT 319.74 250.10 Td (becomes ) Tj ET Q q 0 0 0 rg BT 357.48 250.10 Td (fixed, ) Tj ET Q q 0 0 0 rg BT 383.28 250.10 Td (redeemable ) Tj ET Q q 0 0 0 rg BT 432.11 250.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 493.75 250.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 529.83 250.10 Td (are ) Tj ET Q q 0 0 0 rg BT 544.79 250.10 Td (then ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 238.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 108.26 238.10 Td (as ) Tj ET Q q 0 0 0 rg BT 119.09 238.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 158.81 238.10 Td (and ) Tj ET Q q 0 0 0 rg BT 175.75 238.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 216.56 238.10 Td (at ) Tj ET Q q 0 0 0 rg BT 226.28 238.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 274.32 238.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 300.98 238.10 Td ( ) Tj ET Q q 0 0 0 rg BT 303.48 238.10 Td (See ) Tj ET Q q 0 0 0 rg BT 320.42 238.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 342.36 238.10 Td (9 ) Tj ET Q q 0 0 0 rg BT 349.86 238.10 Td (- ) Tj ET Q q 0 0 0 rg BT 355.69 238.10 Td (Governing ) Tj ET Q q 0 0 0 rg BT 400.40 238.10 Td (Agreements ) Tj ET Q q 0 0 0 rg BT 451.22 238.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.16 238.10 Td (Investor ) Tj ET Q q 0 0 0 rg BT 503.42 238.10 Td (Rights.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 214.10 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 129.77 214.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.42 214.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 168.30 214.10 Td (Risk) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 186.64 214.10 Td (- ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.78 214.10 Td (At ) Tj ET Q q 0 0 0 rg BT 207.10 214.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 265.50 214.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 287.82 214.10 Td (and ) Tj ET Q q 0 0 0 rg BT 304.57 214.10 Td (201) Tj ET Q q 0 0 0 rg BT 319.20 214.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 329.02 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 343.55 214.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 366.43 214.10 Td (had ) Tj ET Q q 0 0 0 rg BT 383.19 214.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 403.27 214.10 Td (and ) Tj ET Q q 0 0 0 rg BT 420.03 214.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 440.11 214.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 487.97 214.10 Td (and ) Tj ET Q q 0 0 0 rg BT 504.73 214.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 544.25 214.10 Td (cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 202.10 Td (deposited ) Tj ET Q q 0 0 0 rg BT 108.45 202.10 Td (in ) Tj ET Q q 0 0 0 rg BT 118.35 202.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 147.67 202.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 184.78 202.10 Td (institutions ) Tj ET Q q 0 0 0 rg BT 231.35 202.10 Td (in ) Tj ET Q q 0 0 0 rg BT 241.26 202.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 269.48 202.10 Td (of ) Tj ET Q q 0 0 0 rg BT 279.93 202.10 Td (federally ) Tj ET Q q 0 0 0 rg BT 317.59 202.10 Td (insured ) Tj ET Q q 0 0 0 rg BT 349.15 202.10 Td (levels.Management ) Tj ET Q q 0 0 0 rg BT 436.80 202.10 Td (regularly ) Tj ET Q q 0 0 0 rg BT 475.01 202.10 Td (monitors ) Tj ET Q q 0 0 0 rg BT 512.69 202.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.03 202.10 Td (financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 190.10 Td (stability ) Tj ET Q q 0 0 0 rg BT 102.43 190.10 Td (of ) Tj ET Q q 0 0 0 rg BT 112.97 190.10 Td (these ) Tj ET Q q 0 0 0 rg BT 135.72 190.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 172.91 190.10 Td (institutions ) Tj ET Q q 0 0 0 rg BT 219.57 190.10 Td (and ) Tj ET Q q 0 0 0 rg BT 236.21 190.10 Td (believes ) Tj ET Q q 0 0 0 rg BT 271.18 190.10 Td (that ) Tj ET Q q 0 0 0 rg BT 288.39 190.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.81 190.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 325.58 190.10 Td (is ) Tj ET Q q 0 0 0 rg BT 334.46 190.10 Td (not ) Tj ET Q q 0 0 0 rg BT 349.44 190.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 384.42 190.10 Td (to ) Tj ET Q q 0 0 0 rg BT 394.40 190.10 Td (any ) Tj ET Q q 0 0 0 rg BT 411.05 190.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 455.47 190.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 480.44 190.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 497.64 190.10 Td (in ) Tj ET Q q 0 0 0 rg BT 507.63 190.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 527.60 190.10 Td (and ) Tj ET Q q 0 0 0 rg BT 544.25 190.10 Td (cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 178.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 116.04 178.10 Td (or ) Tj ET Q q 0 0 0 rg BT 126.87 178.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 166.57 178.10 Td (cash. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 154.10 Td (Reclassification) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 133.55 154.10 Td (-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.38 154.10 Td (The ) Tj ET Q q 0 0 0 rg BT 157.32 154.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 180.27 154.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 199.33 154.10 Td (Shell ) Tj ET Q q 0 0 0 rg BT 222.28 154.10 Td (Plaza, ) Tj ET Q q 0 0 0 rg BT 248.82 154.10 Td (two ) Tj ET Q q 0 0 0 rg BT 266.21 154.10 Td (of) Tj ET Q q 0 0 0 rg BT 274.36 154.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 291.74 154.10 Td (buildings ) Tj ET Q q 0 0 0 rg BT 331.35 154.10 Td (located ) Tj ET Q q 0 0 0 rg BT 362.62 154.10 Td (in ) Tj ET Q q 0 0 0 rg BT 372.79 154.10 Td (Houston, ) Tj ET Q q 0 0 0 rg BT 411.39 154.10 Td (T) Tj ET Q q 0 0 0 rg BT 416.80 154.10 Td (exas ) Tj ET Q q 0 0 0 rg BT 436.96 154.10 Td (on ) Tj ET Q q 0 0 0 rg BT 448.83 154.10 Td (August ) Tj ET Q q 0 0 0 rg BT 480.11 154.10 Td (9, ) Tj ET Q q 0 0 0 rg BT 490.00 154.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 512.39 154.10 Td (and ) Tj ET Q q 0 0 0 rg BT 529.22 154.10 Td (Johnson ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 142.10 Td (Ranch ) Tj ET Q q 0 0 0 rg BT 95.48 142.10 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 137.41 142.10 Td (Centre, ) Tj ET Q q 0 0 0 rg BT 168.50 142.10 Td (Roseville ) Tj ET Q q 0 0 0 rg BT 208.21 142.10 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 250.13 142.10 Td (Center) Tj ET Q q 0 0 0 rg BT 276.39 142.10 Td (, ) Tj ET Q q 0 0 0 rg BT 280.83 142.10 Td (Summit ) Tj ET Q q 0 0 0 rg BT 314.44 142.10 Td (at ) Tj ET Q q 0 0 0 rg BT 323.59 142.10 Td (Douglas ) Tj ET Q q 0 0 0 rg BT 358.86 142.10 Td (Ridge ) Tj ET Q q 0 0 0 rg BT 384.68 142.10 Td (and ) Tj ET Q q 0 0 0 rg BT 401.06 142.10 Td (Olympus ) Tj ET Q q 0 0 0 rg BT 439.67 142.10 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 481.59 142.10 Td (Center ) Tj ET Q q 0 0 0 rg BT 510.18 142.10 Td (\(collectively) Tj ET Q q 0 0 0 rg BT 559.51 142.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 82.00 130.10 Td (Roseville ) Tj ET Q q 0 0 0 rg BT 125.99 130.10 Td (Disposition ) Tj ET Q q 0 0 0 rg BT 173.89 130.10 Td (Group\) ) Tj ET Q q 0 0 0 rg BT 208.99 130.10 Td (on ) Tj ET Q q 0 0 0 rg BT 220.77 130.10 Td (December ) Tj ET Q q 0 0 0 rg BT 263.63 130.10 Td (14, ) Tj ET Q q 0 0 0 rg BT 277.91 130.10 Td (2012. ) Tj ET Q q 0 0 0 rg BT 302.19 130.10 Td ( ) Tj ET Q q 0 0 0 rg BT 303.84 130.10 Td (The ) Tj ET Q q 0 0 0 rg BT 321.17 130.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 343.51 130.10 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 390.82 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.82 130.10 Td (results ) Tj ET Q q 0 0 0 rg BT 432.71 130.10 Td (of ) Tj ET Q q 0 0 0 rg BT 442.82 130.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 486.25 130.10 Td (for ) Tj ET Q q 0 0 0 rg BT 499.69 130.10 Td (these ) Tj ET Q q 0 0 0 rg BT 522.02 130.10 Td (properties ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 118.10 Td (as ) Tj ET Q q 0 0 0 rg BT 79.17 118.10 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 133.11 118.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 177.60 118.10 Td (in ) Tj ET Q q 0 0 0 rg BT 188.22 118.10 Td (the ) Tj ET Q q 0 0 0 rg BT 203.28 118.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 256.66 118.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 301.71 118.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.88 118.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 357.37 118.10 Td (for ) Tj ET Q q 0 0 0 rg BT 371.87 118.10 Td (all ) Tj ET Q q 0 0 0 rg BT 384.70 118.10 Td (years ) Tj ET Q q 0 0 0 rg BT 408.64 118.10 Td (presented. ) Tj ET Q q 0 0 0 rg BT 452.29 118.10 Td ( ) Tj ET Q q 0 0 0 rg BT 455.13 118.10 Td (See ) Tj ET Q q 0 0 0 rg BT 472.41 118.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 494.68 118.10 Td (4 ) Tj ET Q q 0 0 0 rg BT 502.52 118.10 Td (- ) Tj ET Q q 0 0 0 rg BT 508.69 118.10 Td (Discontinued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 106.10 Td (Operations ) Tj ET Q q 0 0 0 rg BT 114.38 106.10 Td (for ) Tj ET Q q 0 0 0 rg BT 128.54 106.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 171.03 106.10 Td (information. ) Tj ET Q q 0 0 0 rg BT 223.24 106.10 Td ( ) Tj ET Q q 0 0 0 rg BT 225.74 106.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 213 0 obj <> endobj 214 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (104) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 98.51 730.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 148.86 730.10 Td (Pronouncements) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 218.87 730.10 Td (- ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.27 730.10 Td (In ) Tj ET Q q 0 0 0 rg BT 238.16 730.10 Td (May ) Tj ET Q q 0 0 0 rg BT 259.06 730.10 Td (201) Tj ET Q q 0 0 0 rg BT 273.69 730.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 283.75 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.53 730.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 337.74 730.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 386.96 730.10 Td (Standards ) Tj ET Q q 0 0 0 rg BT 428.97 730.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 455.97 730.10 Td (\(F) Tj ET Q q 0 0 0 rg BT 468.56 730.10 Td (ASB\) ) Tj ET Q q 0 0 0 rg BT 498.34 730.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 525.91 730.10 Td (guidance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (on ) Tj ET Q q 0 0 0 rg BT 81.38 718.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 98.63 718.10 Td (value ) Tj ET Q q 0 0 0 rg BT 123.66 718.10 Td (measurements. ) Tj ET Q q 0 0 0 rg BT 186.74 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 189.87 718.10 Td (This ) Tj ET Q q 0 0 0 rg BT 211.03 718.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 250.50 718.10 Td (results ) Tj ET Q q 0 0 0 rg BT 279.98 718.10 Td (in ) Tj ET Q q 0 0 0 rg BT 291.14 718.10 Td (a ) Tj ET Q q 0 0 0 rg BT 298.95 718.10 Td (consistent ) Tj ET Q q 0 0 0 rg BT 342.32 718.10 Td (definition ) Tj ET Q q 0 0 0 rg BT 384.58 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 396.29 718.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 413.54 718.10 Td (value ) Tj ET Q q 0 0 0 rg BT 438.57 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 456.39 718.10 Td (common ) Tj ET Q q 0 0 0 rg BT 494.76 718.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 550.34 718.10 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 123.92 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.85 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 151.89 706.10 Td (expanded ) Tj ET Q q 0 0 0 rg BT 192.81 706.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 235.97 706.10 Td (about ) Tj ET Q q 0 0 0 rg BT 260.79 706.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 277.27 706.10 Td (value ) Tj ET Q q 0 0 0 rg BT 301.53 706.10 Td (between ) Tj ET Q q 0 0 0 rg BT 337.45 706.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 364.31 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 366.91 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 383.95 706.10 Td (International ) Tj ET Q q 0 0 0 rg BT 437.65 706.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 477.47 706.10 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 520.07 706.10 Td (Standards. ) Tj ET Q q 0 0 0 rg BT 564.50 706.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td (The ) Tj ET Q q 0 0 0 rg BT 85.86 694.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 123.16 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 133.80 694.10 Td (this ) Tj ET Q q 0 0 0 rg BT 150.55 694.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 188.96 694.10 Td (was ) Tj ET Q q 0 0 0 rg BT 206.82 694.10 Td (ef) Tj ET Q q 0 0 0 rg BT 214.41 694.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 243.92 694.10 Td (prospectively ) Tj ET Q q 0 0 0 rg BT 300.10 694.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 329.06 694.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 360.81 694.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 403.11 694.10 Td (after ) Tj ET Q q 0 0 0 rg BT 423.74 694.10 Td (December ) Tj ET Q q 0 0 0 rg BT 467.13 694.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 481.94 694.10 Td (201) Tj ET Q q 0 0 0 rg BT 496.57 694.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 506.37 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 508.52 694.10 Td (The ) Tj ET Q q 0 0 0 rg BT 526.37 694.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 549.24 694.10 Td (did ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (not ) Tj ET Q q 0 0 0 rg BT 83.28 682.10 Td (have ) Tj ET Q q 0 0 0 rg BT 104.66 682.10 Td (any ) Tj ET Q q 0 0 0 rg BT 121.59 682.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 156.30 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 166.58 682.10 Td (its ) Tj ET Q q 0 0 0 rg BT 178.53 682.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 212.69 682.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 267.95 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 284.89 682.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 340.70 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 351.53 682.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 367.91 682.10 Td (value ) Tj ET Q q 0 0 0 rg BT 392.06 682.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 414.56 682.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 452.06 682.10 Td (on ) Tj ET Q q 0 0 0 rg BT 464.56 682.10 Td (January ) Tj ET Q q 0 0 0 rg BT 498.16 682.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 508.16 682.10 Td (2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td (In ) Tj ET Q q 0 0 0 rg BT 78.55 658.10 Td (December ) Tj ET Q q 0 0 0 rg BT 121.86 658.10 Td (201) Tj ET Q q 0 0 0 rg BT 136.49 658.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 146.21 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.65 658.10 Td (F) Tj ET Q q 0 0 0 rg BT 165.47 658.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 187.15 658.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 214.37 658.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 252.69 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 262.69 658.10 Td (resolve ) Tj ET Q q 0 0 0 rg BT 293.79 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.23 658.10 Td (diversity ) Tj ET Q q 0 0 0 rg BT 345.45 658.10 Td (in ) Tj ET Q q 0 0 0 rg BT 355.45 658.10 Td (practice ) Tj ET Q q 0 0 0 rg BT 389.31 658.10 Td (about ) Tj ET Q q 0 0 0 rg BT 413.75 658.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 448.18 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.62 658.10 Td (derecognition ) Tj ET Q q 0 0 0 rg BT 519.83 658.10 Td (criteria ) Tj ET Q q 0 0 0 rg BT 550.36 658.10 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (real ) Tj ET Q q 0 0 0 rg BT 85.47 646.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 110.72 646.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 132.65 646.10 Td (applies ) Tj ET Q q 0 0 0 rg BT 163.46 646.10 Td (to ) Tj ET Q q 0 0 0 rg BT 173.73 646.10 Td (a ) Tj ET Q q 0 0 0 rg BT 180.66 646.10 Td (parent ) Tj ET Q q 0 0 0 rg BT 208.13 646.10 Td (that ) Tj ET Q q 0 0 0 rg BT 225.61 646.10 Td (ceases ) Tj ET Q q 0 0 0 rg BT 253.64 646.10 Td (to ) Tj ET Q q 0 0 0 rg BT 263.90 646.10 Td (have ) Tj ET Q q 0 0 0 rg BT 285.27 646.10 Td (a ) Tj ET Q q 0 0 0 rg BT 292.19 646.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 338.56 646.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 376.03 646.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 407.95 646.10 Td (in ) Tj ET Q q 0 0 0 rg BT 418.22 646.10 Td (a ) Tj ET Q q 0 0 0 rg BT 425.15 646.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 468.74 646.10 Td (that ) Tj ET Q q 0 0 0 rg BT 486.23 646.10 Td (is ) Tj ET Q q 0 0 0 rg BT 495.38 646.10 Td (in ) Tj ET Q q 0 0 0 rg BT 505.65 646.10 Td (substance ) Tj ET Q q 0 0 0 rg BT 547.01 646.10 Td (real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 93.01 634.10 Td (as ) Tj ET Q q 0 0 0 rg BT 103.58 634.10 Td (a ) Tj ET Q q 0 0 0 rg BT 110.26 634.10 Td (result ) Tj ET Q q 0 0 0 rg BT 134.72 634.10 Td (of ) Tj ET Q q 0 0 0 rg BT 145.30 634.10 Td (default ) Tj ET Q q 0 0 0 rg BT 175.30 634.10 Td (on ) Tj ET Q q 0 0 0 rg BT 187.55 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.01 634.10 Td (subsidiary's ) Tj ET Q q 0 0 0 rg BT 251.05 634.10 Td (nonrecourse ) Tj ET Q q 0 0 0 rg BT 302.17 634.10 Td (debt. ) Tj ET Q q 0 0 0 rg BT 324.13 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 326.21 634.10 Td (This ) Tj ET Q q 0 0 0 rg BT 346.23 634.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 384.57 634.10 Td (was ) Tj ET Q q 0 0 0 rg BT 402.36 634.10 Td (ef) Tj ET Q q 0 0 0 rg BT 409.95 634.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 439.40 634.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 481.63 634.10 Td (July ) Tj ET Q q 0 0 0 rg BT 500.55 634.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 510.29 634.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 532.54 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 549.22 634.10 Td (did ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (not ) Tj ET Q q 0 0 0 rg BT 83.28 622.10 Td (have ) Tj ET Q q 0 0 0 rg BT 104.66 622.10 Td (a ) Tj ET Q q 0 0 0 rg BT 111.59 622.10 Td (material ) Tj ET Q q 0 0 0 rg BT 146.85 622.10 Td (ef) Tj ET Q q 0 0 0 rg BT 154.44 622.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 171.93 622.10 Td (on ) Tj ET Q q 0 0 0 rg BT 184.43 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.14 622.10 Td (Fund's ) Tj ET Q q 0 0 0 rg BT 227.90 622.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 265.38 622.10 Td (statements. ) Tj ET Q q 0 0 0 rg BT 312.59 622.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td (In ) Tj ET Q q 0 0 0 rg BT 78.62 598.10 Td (February ) Tj ET Q q 0 0 0 rg BT 117.00 598.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 141.78 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 156.29 598.10 Td (F) Tj ET Q q 0 0 0 rg BT 161.11 598.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 182.84 598.10 Td (clarified ) Tj ET Q q 0 0 0 rg BT 218.44 598.10 Td (and ) Tj ET Q q 0 0 0 rg BT 235.16 598.10 Td (relocated ) Tj ET Q q 0 0 0 rg BT 274.09 598.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 312.47 598.10 Td (in ) Tj ET Q q 0 0 0 rg BT 322.53 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.53 598.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 385.47 598.10 Td (Standards ) Tj ET Q q 0 0 0 rg BT 427.19 598.10 Td (Codification ) Tj ET Q q 0 0 0 rg BT 479.47 598.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 497.30 598.10 Td (Codification\), ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td (corrected ) Tj ET Q q 0 0 0 rg BT 107.20 586.10 Td (unintended ) Tj ET Q q 0 0 0 rg BT 153.65 586.10 Td (application ) Tj ET Q q 0 0 0 rg BT 200.09 586.10 Td (of ) Tj ET Q q 0 0 0 rg BT 210.43 586.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 248.53 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 264.98 586.10 Td (made ) Tj ET Q q 0 0 0 rg BT 288.65 586.10 Td (minor ) Tj ET Q q 0 0 0 rg BT 314.54 586.10 Td (improvements ) Tj ET Q q 0 0 0 rg BT 373.77 586.10 Td (to ) Tj ET Q q 0 0 0 rg BT 383.56 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.78 586.10 Td (Codification ) Tj ET Q q 0 0 0 rg BT 449.79 586.10 Td (that ) Tj ET Q q 0 0 0 rg BT 466.79 586.10 Td (are ) Tj ET Q q 0 0 0 rg BT 481.01 586.10 Td (not ) Tj ET Q q 0 0 0 rg BT 495.80 586.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 533.34 586.10 Td (to ) Tj ET Q q 0 0 0 rg BT 543.13 586.10 Td (have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td (a ) Tj ET Q q 0 0 0 rg BT 75.41 574.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 120.59 574.10 Td (ef) Tj ET Q q 0 0 0 rg BT 128.18 574.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 146.13 574.10 Td (on ) Tj ET Q q 0 0 0 rg BT 159.10 574.10 Td (current ) Tj ET Q q 0 0 0 rg BT 190.39 574.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 237.23 574.10 Td (practice. ) Tj ET Q q 0 0 0 rg BT 274.34 574.10 Td ( ) Tj ET Q q 0 0 0 rg BT 276.66 574.10 Td (Amendments ) Tj ET Q q 0 0 0 rg BT 332.95 574.10 Td (made ) Tj ET Q q 0 0 0 rg BT 357.58 574.10 Td (to ) Tj ET Q q 0 0 0 rg BT 368.33 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.51 574.10 Td (Codification ) Tj ET Q q 0 0 0 rg BT 436.47 574.10 Td (without ) Tj ET Q q 0 0 0 rg BT 470.00 574.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 510.75 574.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 549.81 574.10 Td (are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 562.10 Td (ef) Tj ET Q q 0 0 0 rg BT 75.59 562.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 105.31 562.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 127.83 562.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 164.23 562.10 Td (and ) Tj ET Q q 0 0 0 rg BT 181.18 562.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 234.25 562.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 265.09 562.10 Td (to ) Tj ET Q q 0 0 0 rg BT 275.39 562.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 315.68 562.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 354.29 562.10 Td (will ) Tj ET Q q 0 0 0 rg BT 372.37 562.10 Td (be ) Tj ET Q q 0 0 0 rg BT 384.33 562.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 416.28 562.10 Td (when ) Tj ET Q q 0 0 0 rg BT 440.46 562.10 Td (required. ) Tj ET Q q 0 0 0 rg BT 478.80 562.10 Td ( ) Tj ET Q q 0 0 0 rg BT 481.13 562.10 Td (This ) Tj ET Q q 0 0 0 rg BT 501.43 562.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 540.04 562.10 Td (is ) Tj ET Q q 0 0 0 rg BT 549.23 562.10 Td (not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 550.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 106.03 550.10 Td (to ) Tj ET Q q 0 0 0 rg BT 116.31 550.10 Td (have ) Tj ET Q q 0 0 0 rg BT 137.69 550.10 Td (a ) Tj ET Q q 0 0 0 rg BT 144.63 550.10 Td (material ) Tj ET Q q 0 0 0 rg BT 179.88 550.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 209.60 550.10 Td (on ) Tj ET Q q 0 0 0 rg BT 222.10 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.81 550.10 Td (Fund's ) Tj ET Q q 0 0 0 rg BT 265.57 550.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 303.05 550.10 Td (statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (3. ) Tj ET Q q 0 0 0 rg BT 65.00 526.10 Td (REAL) Tj ET Q q 0 0 0 rg BT 92.23 526.10 Td ( ) Tj ET Q q 0 0 0 rg BT 94.73 526.10 Td (EST) Tj ET Q q 0 0 0 rg BT 112.89 526.10 Td (A) Tj ET Q q 0 0 0 rg BT 119.37 526.10 Td (TE ) Tj ET Q q 0 0 0 rg BT 135.21 526.10 Td (INVESTMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 502.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 114.93 502.10 Td (property ) Tj ET Q q 0 0 0 rg BT 151.31 502.10 Td (consisted ) Tj ET Q q 0 0 0 rg BT 191.03 502.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.86 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.57 502.10 Td (following ) Tj ET Q q 0 0 0 rg BT 257.96 502.10 Td (as ) Tj ET Q q 0 0 0 rg BT 268.79 502.10 Td (of ) Tj ET Q q 0 0 0 rg BT 279.62 502.10 Td (December ) Tj ET Q q 0 0 0 rg BT 323.21 502.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 338.21 502.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 360.71 502.10 Td (and ) Tj ET Q q 0 0 0 rg BT 377.64 502.10 Td (201) Tj ET Q q 0 0 0 rg BT 392.27 502.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 399.77 502.10 Td (\(in ) Tj ET Q q 0 0 0 rg BT 413.38 502.10 Td (thousands\): ) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 478.6 m 284.5 478.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 478.6 m 413.5 478.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 478.6 m 432.5 478.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 478.6 m 561.5 478.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 478.6 m 284.5 478.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 478.6 m 413.5 478.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 478.6 m 432.5 478.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 478.6 m 561.5 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 450.6 m 284.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 450.6 m 413.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 450.6 m 432.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 450.6 m 561.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 450.6 m 284.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 450.6 m 413.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 450.6 m 432.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 450.6 m 561.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 422.6 m 284.5 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 422.6 m 413.5 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 422.6 m 432.5 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 422.6 m 561.5 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 422.6 m 284.5 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 409.6 m 284.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 407.6 m 284.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 422.6 m 413.5 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 409.6 m 413.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 407.6 m 413.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 422.6 m 432.5 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 409.6 m 432.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 407.6 m 432.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 422.6 m 561.5 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 409.6 m 561.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 407.6 m 561.5 407.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 338.50 482.33 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 486.50 482.33 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 469.17 Td (Buildings and improvements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.00 469.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 469.17 Td (2,473,457) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.00 469.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.65 469.17 Td (2,766,865) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 455.17 Td (Less accumulated depreciation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.80 455.22 Td (\(364,528) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.65 455.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.80 455.22 Td (\(374,394) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 455.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 441.17 Td (Buildings and improvements, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 441.17 Td (2,108,929) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.65 441.17 Td (2,392,471) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 427.17 Td (Land) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.15 427.17 Td (538,369) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 427.17 Td (581,066) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 413.17 Td (Investment property, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.00 413.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 413.17 Td (2,647,298) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.00 413.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.65 413.17 Td (2,973,537) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 385.10 Td (As ) Tj ET Q q 0 0 0 rg BT 81.61 385.10 Td (of ) Tj ET Q q 0 0 0 rg BT 92.44 385.10 Td (December ) Tj ET Q q 0 0 0 rg BT 136.03 385.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 151.03 385.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 176.03 385.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 194.64 385.10 Td (and ) Tj ET Q q 0 0 0 rg BT 211.57 385.10 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 264.60 385.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 317.64 385.10 Td (related ) Tj ET Q q 0 0 0 rg BT 347.34 385.10 Td (to ) Tj ET Q q 0 0 0 rg BT 357.62 385.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 380.10 385.10 Td (intangibles ) Tj ET Q q 0 0 0 rg BT 426.49 385.10 Td (were ) Tj ET Q q 0 0 0 rg BT 448.42 385.10 Td (as ) Tj ET Q q 0 0 0 rg BT 459.25 385.10 Td (follows ) Tj ET Q q 0 0 0 rg BT 491.75 385.10 Td (\(in ) Tj ET Q q 0 0 0 rg BT 505.35 385.10 Td (thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 190 361.6 m 200 361.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 200 361.6 m 308 361.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 308 361.6 m 317 361.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 317 361.6 m 327 361.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 327 361.6 m 435 361.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 435 361.6 m 444 361.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 444 361.6 m 454 361.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 454 361.6 m 562 361.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 190 361.6 m 200 361.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 200 361.6 m 308 361.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 308 361.6 m 317 361.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 317 361.6 m 327 361.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 327 361.6 m 435 361.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 435 361.6 m 444 361.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 444 361.6 m 454 361.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 454 361.6 m 562 361.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 190 322.6 m 200 322.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 200 322.6 m 308 322.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 308 322.6 m 317 322.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 317 322.6 m 327 322.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 327 322.6 m 435 322.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 435 322.6 m 444 322.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 444 322.6 m 454 322.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 454 322.6 m 562 322.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 190 322.6 m 200 322.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 200 322.6 m 308 322.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 308 322.6 m 317 322.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 317 322.6 m 327 322.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 327 322.6 m 435 322.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 435 322.6 m 444 322.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 444 322.6 m 454 322.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 454 322.6 m 562 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190 294.6 m 200 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200 294.6 m 308 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 294.6 m 327 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 294.6 m 435 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 294.6 m 454 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 294.6 m 562 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190 294.6 m 200 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190 281.6 m 200 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190 279.6 m 200 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200 294.6 m 308 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200 281.6 m 308 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200 279.6 m 308 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 294.6 m 327 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 281.6 m 327 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 279.6 m 327 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 294.6 m 435 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 281.6 m 435 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 279.6 m 435 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 294.6 m 454 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 281.6 m 454 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 279.6 m 454 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 294.6 m 562 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 281.6 m 562 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 279.6 m 562 279.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 343.10 365.33 Td (Lease Intangibles) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 348.55 352.33 Td (Out-of-Market) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 475.55 352.33 Td (Out-of-Market) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 235.70 339.33 Td (In-Place) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 368.25 339.33 Td (Lease) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 495.25 339.33 Td (Lease) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 239.30 326.33 Td (Leases) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 367.15 326.33 Td (Assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 486.10 326.33 Td (Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 313.17 Td (Cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.50 313.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.65 313.17 Td (324,384) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.50 313.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.65 313.17 Td (48,832) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.50 313.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.65 313.17 Td (56,760) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 299.17 Td (Less accumulated amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.30 299.17 Td (\(220,941) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.15 299.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.30 299.22 Td (\(34,321) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.15 299.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.30 299.22 Td (\(37,160) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 299.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 285.17 Td (Net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.50 285.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.65 285.17 Td (103,443) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.50 285.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.65 285.17 Td (14,511) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.50 285.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.65 285.17 Td (19,600) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 257.10 Td (As ) Tj ET Q q 0 0 0 rg BT 81.61 257.10 Td (of ) Tj ET Q q 0 0 0 rg BT 92.44 257.10 Td (December ) Tj ET Q q 0 0 0 rg BT 136.03 257.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 151.03 257.10 Td (201) Tj ET Q q 0 0 0 rg BT 165.66 257.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 175.66 257.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 194.26 257.10 Td (and ) Tj ET Q q 0 0 0 rg BT 211.20 257.10 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 264.23 257.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 317.27 257.10 Td (related ) Tj ET Q q 0 0 0 rg BT 346.97 257.10 Td (to ) Tj ET Q q 0 0 0 rg BT 357.25 257.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 379.73 257.10 Td (intangibles ) Tj ET Q q 0 0 0 rg BT 426.12 257.10 Td (were ) Tj ET Q q 0 0 0 rg BT 448.04 257.10 Td (as ) Tj ET Q q 0 0 0 rg BT 458.87 257.10 Td (follows ) Tj ET Q q 0 0 0 rg BT 491.37 257.10 Td (\(in ) Tj ET Q q 0 0 0 rg BT 504.98 257.10 Td (thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 209 233.60000000000002 m 314 233.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 314 233.60000000000002 m 323 233.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 323 233.60000000000002 m 333 233.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 333 233.60000000000002 m 438 233.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 438 233.60000000000002 m 447 233.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 447 233.60000000000002 m 457 233.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 457 233.60000000000002 m 562 233.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 209 233.60000000000002 m 314 233.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 314 233.60000000000002 m 323 233.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 323 233.60000000000002 m 333 233.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 333 233.60000000000002 m 438 233.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 438 233.60000000000002 m 447 233.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 447 233.60000000000002 m 457 233.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 457 233.60000000000002 m 562 233.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 209 194.60000000000002 m 314 194.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 314 194.60000000000002 m 323 194.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 323 194.60000000000002 m 333 194.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 333 194.60000000000002 m 438 194.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 438 194.60000000000002 m 447 194.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 447 194.60000000000002 m 457 194.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 457 194.60000000000002 m 562 194.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 209 194.60000000000002 m 314 194.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 314 194.60000000000002 m 323 194.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 323 194.60000000000002 m 333 194.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 333 194.60000000000002 m 438 194.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 438 194.60000000000002 m 447 194.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 447 194.60000000000002 m 457 194.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 457 194.60000000000002 m 562 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199 166.60000000000002 m 209 166.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209 166.60000000000002 m 314 166.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323 166.60000000000002 m 333 166.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 166.60000000000002 m 438 166.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 166.60000000000002 m 457 166.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 166.60000000000002 m 562 166.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199 166.60000000000002 m 209 166.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199 153.60000000000002 m 209 153.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199 151.60000000000002 m 209 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209 166.60000000000002 m 314 166.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209 153.60000000000002 m 314 153.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209 151.60000000000002 m 314 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323 166.60000000000002 m 333 166.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323 153.60000000000002 m 333 153.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323 151.60000000000002 m 333 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 166.60000000000002 m 438 166.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 153.60000000000002 m 438 153.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 151.60000000000002 m 438 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 166.60000000000002 m 457 166.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 153.60000000000002 m 457 153.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 151.60000000000002 m 457 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 166.60000000000002 m 562 166.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 153.60000000000002 m 562 153.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 151.60000000000002 m 562 151.60000000000002 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 347.60 237.33 Td (Lease Intangibles) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 353.05 224.33 Td (Out-of-Market) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.05 224.33 Td (Out-of-Market) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 243.20 211.33 Td (In-Place) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 372.75 211.33 Td (Lease) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 496.75 211.33 Td (Lease) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 246.80 198.33 Td (Leases) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 371.65 198.33 Td (Assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.60 198.33 Td (Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 185.17 Td (Cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.50 185.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.65 185.17 Td (514,483) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.50 185.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.65 185.17 Td (154,955) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.50 185.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.65 185.17 Td (67,363) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 171.17 Td (Less accumulated amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.30 171.22 Td (\(324,828) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.15 171.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.30 171.22 Td (\(104,369) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.15 171.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.30 171.22 Td (\(41,187) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 171.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 157.17 Td (Net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.50 157.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.65 157.17 Td (189,655) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.50 157.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.65 157.17 Td (50,586) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.50 157.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.65 157.17 Td (26,176) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 129.10 Td (In-place ) Tj ET Q q 0 0 0 rg BT 102.15 129.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 127.41 129.10 Td (are ) Tj ET Q q 0 0 0 rg BT 141.01 129.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 182.38 129.10 Td (to ) Tj ET Q q 0 0 0 rg BT 191.55 129.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 243.48 129.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 277.08 129.10 Td (over ) Tj ET Q q 0 0 0 rg BT 296.24 129.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.85 129.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 351.78 129.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 373.16 129.10 Td (terms. ) Tj ET Q q 0 0 0 rg BT 399.27 129.10 Td ( ) Tj ET Q q 0 0 0 rg BT 400.35 129.10 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 455.07 129.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 488.66 129.10 Td (was ) Tj ET Q q 0 0 0 rg BT 505.61 129.10 Td ($37.8million, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 117.10 Td ($60.6 ) Tj ET Q q 0 0 0 rg BT 93.46 117.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 127.81 117.10 Td (and ) Tj ET Q q 0 0 0 rg BT 145.21 117.10 Td ($77.8million ) Tj ET Q q 0 0 0 rg BT 202.07 117.10 Td (for ) Tj ET Q q 0 0 0 rg BT 216.69 117.10 Td (in-place ) Tj ET Q q 0 0 0 rg BT 251.85 117.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 278.69 117.10 Td (for ) Tj ET Q q 0 0 0 rg BT 293.31 117.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.49 117.10 Td (years ) Tj ET Q q 0 0 0 rg BT 332.55 117.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 359.39 117.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 418.43 117.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 443.90 117.10 Td (201) Tj ET Q q 0 0 0 rg BT 458.52 117.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 468.99 117.10 Td (and ) Tj ET Q q 0 0 0 rg BT 486.39 117.10 Td (2010, ) Tj ET Q q 0 0 0 rg BT 511.85 117.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.51 117.10 Td (. ) Tj ET Q q 0 0 0 rg BT 564.51 117.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 105.10 Td (Out-of-market ) Tj ET Q q 0 0 0 rg BT 127.97 105.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 154.07 105.10 Td (are ) Tj ET Q q 0 0 0 rg BT 168.50 105.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 210.70 105.10 Td (as ) Tj ET Q q 0 0 0 rg BT 221.24 105.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 271.24 105.10 Td (to ) Tj ET Q q 0 0 0 rg BT 281.23 105.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 306.22 105.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 340.08 105.10 Td (over ) Tj ET Q q 0 0 0 rg BT 360.07 105.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.51 105.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 417.27 105.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 439.47 105.10 Td (terms. ) Tj ET Q q 0 0 0 rg BT 466.41 105.10 Td ( ) Tj ET Q q 0 0 0 rg BT 468.14 105.10 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 523.68 105.10 Td (of ) Tj ET Q q 0 0 0 rg BT 534.23 105.10 Td (out-of-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 93.10 Td (market ) Tj ET Q q 0 0 0 rg BT 99.53 93.10 Td (leases, ) Tj ET Q q 0 0 0 rg BT 129.67 93.10 Td (net, ) Tj ET Q q 0 0 0 rg BT 148.15 93.10 Td (was ) Tj ET Q q 0 0 0 rg BT 167.47 93.10 Td (a ) Tj ET Q q 0 0 0 rg BT 175.67 93.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 213.85 93.10 Td (to ) Tj ET Q q 0 0 0 rg BT 225.39 93.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 251.92 93.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 287.33 93.10 Td (of ) Tj ET Q q 0 0 0 rg BT 299.42 93.10 Td ($1.4million, ) Tj ET Q q 0 0 0 rg BT 354.58 93.10 Td ($6.4 ) Tj ET Q q 0 0 0 rg BT 375.84 93.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 411.00 93.10 Td (and ) Tj ET Q q 0 0 0 rg BT 429.20 93.10 Td ($5.9million ) Tj ET Q q 0 0 0 rg BT 481.85 93.10 Td (for ) Tj ET Q q 0 0 0 rg BT 497.28 93.10 Td (the ) Tj ET Q q 0 0 0 rg BT 513.26 93.10 Td (years ) Tj ET Q q 0 0 0 rg BT 538.12 93.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 81.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 126.58 81.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 151.58 81.10 Td (201) Tj ET Q q 0 0 0 rg BT 166.21 81.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 176.21 81.10 Td (and ) Tj ET Q q 0 0 0 rg BT 193.15 81.10 Td (2010, ) Tj ET Q q 0 0 0 rg BT 218.15 81.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 265.81 81.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 215 0 obj <> endobj 216 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (105) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (Anticipated ) Tj ET Q q 0 0 0 rg BT 117.15 742.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 170.19 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.02 742.10 Td (in-place ) Tj ET Q q 0 0 0 rg BT 215.72 742.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 242.10 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 259.04 742.10 Td (out-of-market ) Tj ET Q q 0 0 0 rg BT 317.07 742.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 343.44 742.10 Td (for ) Tj ET Q q 0 0 0 rg BT 357.60 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 372.32 742.10 Td (next ) Tj ET Q q 0 0 0 rg BT 392.04 742.10 Td (five ) Tj ET Q q 0 0 0 rg BT 410.08 742.10 Td (years ) Tj ET Q q 0 0 0 rg BT 433.68 742.10 Td (is ) Tj ET Q q 0 0 0 rg BT 442.85 742.10 Td (as ) Tj ET Q q 0 0 0 rg BT 453.68 742.10 Td (follows ) Tj ET Q q 0 0 0 rg BT 486.18 742.10 Td (\(in ) Tj ET Q q 0 0 0 rg BT 499.79 742.10 Td (thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49 697.6 m 184 697.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 184 697.6 m 194 697.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 194 697.6 m 310 697.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 310 697.6 m 320 697.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 320 697.6 m 436 697.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 436 697.6 m 446 697.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 446 697.6 m 562 697.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49 697.6 m 184 697.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 184 697.6 m 194 697.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 194 697.6 m 310 697.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 310 697.6 m 320 697.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 320 697.6 m 436 697.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 436 697.6 m 446 697.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 446 697.6 m 562 697.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 702.28 Td (Years Ending December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 218.30 702.28 Td (In-Place Leases) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 332.05 710.33 Td (Out-of-Market Lease) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 364.15 700.33 Td (Assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.05 710.33 Td (Out-of-Market Lease) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 482.10 700.33 Td (Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 680.17 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.50 680.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.65 680.17 Td (23,082) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.50 680.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.65 680.17 Td (2,855) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.50 680.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.30 680.22 Td (\(4,704) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 680.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 667.17 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.65 667.17 Td (18,813) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.65 667.17 Td (2,609) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.30 667.22 Td (\(3,381) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 667.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 654.17 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.65 654.17 Td (14,661) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.65 654.17 Td (2,473) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.30 654.22 Td (\(2,194) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 654.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 641.17 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.65 641.17 Td (11,819) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.65 641.17 Td (2,293) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.30 641.22 Td (\(1,579) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 641.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 628.17 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.65 628.17 Td (9,573) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.65 628.17 Td (1,483) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.80 628.22 Td (\(948) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 628.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (4. DISCONTINUED OPERA) Tj ET Q q 0 0 0 rg BT 179.55 601.10 Td (TIONS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 577.10 Td (On ) Tj ET Q q 0 0 0 rg BT 82.21 577.10 Td (May ) Tj ET Q q 0 0 0 rg BT 102.52 577.10 Td (20, ) Tj ET Q q 0 0 0 rg BT 117.01 577.10 Td (2010, ) Tj ET Q q 0 0 0 rg BT 141.49 577.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.69 577.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 178.24 577.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 196.89 577.10 Td (600 ) Tj ET Q q 0 0 0 rg BT 213.88 577.10 Td (Lexington ) Tj ET Q q 0 0 0 rg BT 256.53 577.10 Td (A) Tj ET Q q 0 0 0 rg BT 263.01 577.10 Td (venue, ) Tj ET Q q 0 0 0 rg BT 291.37 577.10 Td (an ) Tj ET Q q 0 0 0 rg BT 302.79 577.10 Td (of) Tj ET Q q 0 0 0 rg BT 310.94 577.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 327.91 577.10 Td (property ) Tj ET Q q 0 0 0 rg BT 363.78 577.10 Td (located ) Tj ET Q q 0 0 0 rg BT 394.63 577.10 Td (in ) Tj ET Q q 0 0 0 rg BT 404.40 577.10 Td (New ) Tj ET Q q 0 0 0 rg BT 424.97 577.10 Td (Y) Tj ET Q q 0 0 0 rg BT 431.19 577.10 Td (ork, ) Tj ET Q q 0 0 0 rg BT 449.00 577.10 Td (New ) Tj ET Q q 0 0 0 rg BT 469.58 577.10 Td (Y) Tj ET Q q 0 0 0 rg BT 475.80 577.10 Td (ork, ) Tj ET Q q 0 0 0 rg BT 493.61 577.10 Td (which ) Tj ET Q q 0 0 0 rg BT 520.03 577.10 Td (it ) Tj ET Q q 0 0 0 rg BT 527.58 577.10 Td (acquired ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 565.10 Td (in ) Tj ET Q q 0 0 0 rg BT 78.47 565.10 Td (February ) Tj ET Q q 0 0 0 rg BT 117.25 565.10 Td (2004. ) Tj ET Q q 0 0 0 rg BT 142.44 565.10 Td ( ) Tj ET Q q 0 0 0 rg BT 144.93 565.10 Td (The ) Tj ET Q q 0 0 0 rg BT 163.17 565.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 198.06 565.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 220.19 565.10 Td (price ) Tj ET Q q 0 0 0 rg BT 242.86 565.10 Td (was ) Tj ET Q q 0 0 0 rg BT 261.10 565.10 Td ($193.0 ) Tj ET Q q 0 0 0 rg BT 291.29 565.10 Td (million ) Tj ET Q q 0 0 0 rg BT 322.87 565.10 Td (and ) Tj ET Q q 0 0 0 rg BT 339.99 565.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.90 565.10 Td (net ) Tj ET Q q 0 0 0 rg BT 369.80 565.10 Td (book ) Tj ET Q q 0 0 0 rg BT 392.49 565.10 Td (value ) Tj ET Q q 0 0 0 rg BT 416.83 565.10 Td (was ) Tj ET Q q 0 0 0 rg BT 435.07 565.10 Td ($79.1 ) Tj ET Q q 0 0 0 rg BT 460.26 565.10 Td (million ) Tj ET Q q 0 0 0 rg BT 491.84 565.10 Td (on ) Tj ET Q q 0 0 0 rg BT 504.53 565.10 Td (the ) Tj ET Q q 0 0 0 rg BT 519.43 565.10 Td (date ) Tj ET Q q 0 0 0 rg BT 538.78 565.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.80 565.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 553.10 Td (sale. ) Tj ET Q q 0 0 0 rg BT 88.55 553.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.87 553.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.91 553.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 131.97 553.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 178.34 553.10 Td (a ) Tj ET Q q 0 0 0 rg BT 185.28 553.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 204.99 553.10 Td (totaling ) Tj ET Q q 0 0 0 rg BT 238.04 553.10 Td ($106.8 ) Tj ET Q q 0 0 0 rg BT 268.04 553.10 Td (million ) Tj ET Q q 0 0 0 rg BT 299.44 553.10 Td (on ) Tj ET Q q 0 0 0 rg BT 311.94 553.10 Td (the ) Tj ET Q q 0 0 0 rg BT 326.65 553.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 344.70 553.10 Td (of ) Tj ET Q q 0 0 0 rg BT 355.53 553.10 Td (this ) Tj ET Q q 0 0 0 rg BT 372.48 553.10 Td (asset.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 529.10 Td (On ) Tj ET Q q 0 0 0 rg BT 81.58 529.10 Td (August ) Tj ET Q q 0 0 0 rg BT 112.22 529.10 Td (26, ) Tj ET Q q 0 0 0 rg BT 126.46 529.10 Td (201) Tj ET Q q 0 0 0 rg BT 141.09 529.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 150.34 529.10 Td (the ) Tj ET Q q 0 0 0 rg BT 164.30 529.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 186.61 529.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 204.90 529.10 Td (Three ) Tj ET Q q 0 0 0 rg BT 229.96 529.10 Td (First ) Tj ET Q q 0 0 0 rg BT 250.04 529.10 Td (National ) Tj ET Q q 0 0 0 rg BT 286.22 529.10 Td (Plaza, ) Tj ET Q q 0 0 0 rg BT 312.13 529.10 Td (an ) Tj ET Q q 0 0 0 rg BT 323.31 529.10 Td (of) Tj ET Q q 0 0 0 rg BT 331.46 529.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 348.19 529.10 Td (property ) Tj ET Q q 0 0 0 rg BT 383.81 529.10 Td (located ) Tj ET Q q 0 0 0 rg BT 414.43 529.10 Td (in ) Tj ET Q q 0 0 0 rg BT 423.95 529.10 Td (Chicago, ) Tj ET Q q 0 0 0 rg BT 461.52 529.10 Td (Illinois, ) Tj ET Q q 0 0 0 rg BT 494.10 529.10 Td (which ) Tj ET Q q 0 0 0 rg BT 520.29 529.10 Td (it ) Tj ET Q q 0 0 0 rg BT 527.59 529.10 Td (acquired ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 517.10 Td (in ) Tj ET Q q 0 0 0 rg BT 78.68 517.10 Td (March ) Tj ET Q q 0 0 0 rg BT 107.69 517.10 Td (2005. ) Tj ET Q q 0 0 0 rg BT 133.09 517.10 Td ( ) Tj ET Q q 0 0 0 rg BT 135.79 517.10 Td (The ) Tj ET Q q 0 0 0 rg BT 154.24 517.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 189.35 517.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 211.69 517.10 Td (price ) Tj ET Q q 0 0 0 rg BT 234.58 517.10 Td (was ) Tj ET Q q 0 0 0 rg BT 253.04 517.10 Td ($344.0 ) Tj ET Q q 0 0 0 rg BT 283.44 517.10 Td (million ) Tj ET Q q 0 0 0 rg BT 315.24 517.10 Td (and ) Tj ET Q q 0 0 0 rg BT 332.58 517.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.71 517.10 Td (net ) Tj ET Q q 0 0 0 rg BT 362.83 517.10 Td (book ) Tj ET Q q 0 0 0 rg BT 385.73 517.10 Td (value ) Tj ET Q q 0 0 0 rg BT 410.29 517.10 Td (was ) Tj ET Q q 0 0 0 rg BT 428.75 517.10 Td ($220.5 ) Tj ET Q q 0 0 0 rg BT 459.16 517.10 Td (million ) Tj ET Q q 0 0 0 rg BT 490.95 517.10 Td (on ) Tj ET Q q 0 0 0 rg BT 503.86 517.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.98 517.10 Td (date ) Tj ET Q q 0 0 0 rg BT 538.54 517.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.78 517.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 505.10 Td (sale. ) Tj ET Q q 0 0 0 rg BT 88.55 505.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.87 505.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.91 505.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 131.97 505.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 178.34 505.10 Td (a ) Tj ET Q q 0 0 0 rg BT 185.28 505.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 204.99 505.10 Td (totaling ) Tj ET Q q 0 0 0 rg BT 238.04 505.10 Td ($1) Tj ET Q q 0 0 0 rg BT 247.67 505.10 Td (14.1 ) Tj ET Q q 0 0 0 rg BT 267.67 505.10 Td (million ) Tj ET Q q 0 0 0 rg BT 299.06 505.10 Td (on ) Tj ET Q q 0 0 0 rg BT 311.56 505.10 Td (the ) Tj ET Q q 0 0 0 rg BT 326.28 505.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 344.33 505.10 Td (of ) Tj ET Q q 0 0 0 rg BT 355.16 505.10 Td (this ) Tj ET Q q 0 0 0 rg BT 372.11 505.10 Td (asset.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 481.10 Td (On ) Tj ET Q q 0 0 0 rg BT 82.25 481.10 Td (August ) Tj ET Q q 0 0 0 rg BT 113.75 481.10 Td (9, ) Tj ET Q q 0 0 0 rg BT 123.86 481.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 148.97 481.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.79 481.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 186.96 481.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 206.24 481.10 Td (Shell ) Tj ET Q q 0 0 0 rg BT 229.40 481.10 Td (Plaza, ) Tj ET Q q 0 0 0 rg BT 256.16 481.10 Td (which ) Tj ET Q q 0 0 0 rg BT 283.21 481.10 Td (it ) Tj ET Q q 0 0 0 rg BT 291.37 481.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 328.41 481.10 Td (in ) Tj ET Q q 0 0 0 rg BT 338.79 481.10 Td (May ) Tj ET Q q 0 0 0 rg BT 359.73 481.10 Td (2004. ) Tj ET Q q 0 0 0 rg BT 384.84 481.10 Td ( ) Tj ET Q q 0 0 0 rg BT 387.26 481.10 Td (The ) Tj ET Q q 0 0 0 rg BT 405.41 481.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 440.22 481.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 462.27 481.10 Td (price ) Tj ET Q q 0 0 0 rg BT 484.86 481.10 Td (was ) Tj ET Q q 0 0 0 rg BT 503.02 481.10 Td ($550.0 ) Tj ET Q q 0 0 0 rg BT 533.12 481.10 Td (million ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 469.10 Td (and ) Tj ET Q q 0 0 0 rg BT 84.67 469.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.11 469.10 Td (net ) Tj ET Q q 0 0 0 rg BT 113.55 469.10 Td (book ) Tj ET Q q 0 0 0 rg BT 135.78 469.10 Td (value ) Tj ET Q q 0 0 0 rg BT 159.66 469.10 Td (was ) Tj ET Q q 0 0 0 rg BT 177.44 469.10 Td ($274.4 ) Tj ET Q q 0 0 0 rg BT 207.17 469.10 Td (million ) Tj ET Q q 0 0 0 rg BT 238.28 469.10 Td (on ) Tj ET Q q 0 0 0 rg BT 250.51 469.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.95 469.10 Td (date ) Tj ET Q q 0 0 0 rg BT 283.83 469.10 Td (of ) Tj ET Q q 0 0 0 rg BT 294.39 469.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.83 469.10 Td (sale. ) Tj ET Q q 0 0 0 rg BT 329.11 469.10 Td ( ) Tj ET Q q 0 0 0 rg BT 331.17 469.10 Td (The ) Tj ET Q q 0 0 0 rg BT 348.95 469.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 371.74 469.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 417.82 469.10 Td (a ) Tj ET Q q 0 0 0 rg BT 424.49 469.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 443.93 469.10 Td (totaling ) Tj ET Q q 0 0 0 rg BT 476.71 469.10 Td ($248.4 ) Tj ET Q q 0 0 0 rg BT 506.44 469.10 Td (million ) Tj ET Q q 0 0 0 rg BT 537.56 469.10 Td (on ) Tj ET Q q 0 0 0 rg BT 549.78 469.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 457.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 86.05 457.10 Td (of ) Tj ET Q q 0 0 0 rg BT 96.88 457.10 Td (these ) Tj ET Q q 0 0 0 rg BT 119.92 457.10 Td (assets.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 433.10 Td (On ) Tj ET Q q 0 0 0 rg BT 82.83 433.10 Td (December ) Tj ET Q q 0 0 0 rg BT 126.51 433.10 Td (14, ) Tj ET Q q 0 0 0 rg BT 141.62 433.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 166.72 433.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.54 433.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 204.71 433.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 223.98 433.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.80 433.10 Td (Roseville ) Tj ET Q q 0 0 0 rg BT 279.18 433.10 Td (Disposition ) Tj ET Q q 0 0 0 rg BT 327.90 433.10 Td (Group, ) Tj ET Q q 0 0 0 rg BT 358.56 433.10 Td (which ) Tj ET Q q 0 0 0 rg BT 385.60 433.10 Td (it ) Tj ET Q q 0 0 0 rg BT 393.76 433.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 430.79 433.10 Td (in ) Tj ET Q q 0 0 0 rg BT 441.17 433.10 Td (May ) Tj ET Q q 0 0 0 rg BT 462.11 433.10 Td (2007. ) Tj ET Q q 0 0 0 rg BT 487.21 433.10 Td ( ) Tj ET Q q 0 0 0 rg BT 489.63 433.10 Td (The ) Tj ET Q q 0 0 0 rg BT 507.78 433.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 542.58 433.10 Td (sales ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 421.10 Td (price ) Tj ET Q q 0 0 0 rg BT 90.21 421.10 Td (was ) Tj ET Q q 0 0 0 rg BT 107.99 421.10 Td ($73.0 ) Tj ET Q q 0 0 0 rg BT 132.72 421.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 166.34 421.10 Td (exclusive ) Tj ET Q q 0 0 0 rg BT 206.33 421.10 Td (of ) Tj ET Q q 0 0 0 rg BT 216.89 421.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 262.99 421.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 285.22 421.10 Td (of ) Tj ET Q q 0 0 0 rg BT 295.78 421.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 355.76 421.10 Td ($853,000. ) Tj ET Q q 0 0 0 rg BT 397.99 421.10 Td ( ) Tj ET Q q 0 0 0 rg BT 400.06 421.10 Td (The ) Tj ET Q q 0 0 0 rg BT 417.83 421.10 Td (net ) Tj ET Q q 0 0 0 rg BT 432.28 421.10 Td (book ) Tj ET Q q 0 0 0 rg BT 454.51 421.10 Td (value ) Tj ET Q q 0 0 0 rg BT 478.39 421.10 Td (was ) Tj ET Q q 0 0 0 rg BT 496.17 421.10 Td ($72.1 ) Tj ET Q q 0 0 0 rg BT 520.90 421.10 Td (million ) Tj ET Q q 0 0 0 rg BT 552.02 421.10 Td (on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 409.10 Td (the ) Tj ET Q q 0 0 0 rg BT 82.72 409.10 Td (date ) Tj ET Q q 0 0 0 rg BT 101.87 409.10 Td (of ) Tj ET Q q 0 0 0 rg BT 112.70 409.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.42 409.10 Td (sale. ) Tj ET Q q 0 0 0 rg BT 147.97 409.10 Td ( ) Tj ET Q q 0 0 0 rg BT 150.29 409.10 Td (There ) Tj ET Q q 0 0 0 rg BT 176.10 409.10 Td (was ) Tj ET Q q 0 0 0 rg BT 194.15 409.10 Td (no ) Tj ET Q q 0 0 0 rg BT 206.65 409.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 226.37 409.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 272.73 409.10 Td (on ) Tj ET Q q 0 0 0 rg BT 285.23 409.10 Td (the ) Tj ET Q q 0 0 0 rg BT 299.95 409.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 318.00 409.10 Td (of ) Tj ET Q q 0 0 0 rg BT 328.83 409.10 Td (these ) Tj ET Q q 0 0 0 rg BT 351.87 409.10 Td (assets.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 385.10 Td (The ) Tj ET Q q 0 0 0 rg BT 87.06 385.10 Td (combined ) Tj ET Q q 0 0 0 rg BT 130.01 385.10 Td (results ) Tj ET Q q 0 0 0 rg BT 159.64 385.10 Td (of ) Tj ET Q q 0 0 0 rg BT 171.49 385.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 216.66 385.10 Td (of ) Tj ET Q q 0 0 0 rg BT 228.51 385.10 Td (600 ) Tj ET Q q 0 0 0 rg BT 247.02 385.10 Td (Lexington ) Tj ET Q q 0 0 0 rg BT 290.87 385.10 Td (A) Tj ET Q q 0 0 0 rg BT 297.35 385.10 Td (venue, ) Tj ET Q q 0 0 0 rg BT 326.99 385.10 Td (Three ) Tj ET Q q 0 0 0 rg BT 353.82 385.10 Td (First ) Tj ET Q q 0 0 0 rg BT 375.68 385.10 Td (National ) Tj ET Q q 0 0 0 rg BT 413.63 385.10 Td (Plaza, ) Tj ET Q q 0 0 0 rg BT 441.30 385.10 Td (Shell ) Tj ET Q q 0 0 0 rg BT 465.37 385.10 Td (Plaza ) Tj ET Q q 0 0 0 rg BT 490.55 385.10 Td (and ) Tj ET Q q 0 0 0 rg BT 508.50 385.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.24 385.10 Td (Roseville ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 373.10 Td (Disposition ) Tj ET Q q 0 0 0 rg BT 116.62 373.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 144.67 373.10 Td (for ) Tj ET Q q 0 0 0 rg BT 158.83 373.10 Td (the ) Tj ET Q q 0 0 0 rg BT 173.55 373.10 Td (years ) Tj ET Q q 0 0 0 rg BT 197.15 373.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 223.52 373.10 Td (December ) Tj ET Q q 0 0 0 rg BT 267.11 373.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 282.11 373.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 307.11 373.10 Td (201) Tj ET Q q 0 0 0 rg BT 321.74 373.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 329.24 373.10 Td (and ) Tj ET Q q 0 0 0 rg BT 346.17 373.10 Td (2010 ) Tj ET Q q 0 0 0 rg BT 368.67 373.10 Td (are ) Tj ET Q q 0 0 0 rg BT 383.38 373.10 Td (as ) Tj ET Q q 0 0 0 rg BT 394.21 373.10 Td (follows ) Tj ET Q q 0 0 0 rg BT 426.71 373.10 Td (\(in ) Tj ET Q q 0 0 0 rg BT 440.32 373.10 Td (thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 339.6 m 263.5 339.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 339.6 m 353.5 339.6 l s 0 0 0 RG /GS0 gs 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218.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 207.60000000000002 m 457.5 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 218.60000000000002 m 471.5 218.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 207.60000000000002 m 471.5 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 218.60000000000002 m 561.5 218.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 207.60000000000002 m 561.5 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 207.60000000000002 m 263.5 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 207.60000000000002 m 353.5 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 207.60000000000002 m 367.5 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 207.60000000000002 m 457.5 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 207.60000000000002 m 471.5 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 207.60000000000002 m 561.5 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 149.60000000000002 m 263.5 149.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 149.60000000000002 m 353.5 149.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 149.60000000000002 m 367.5 149.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 149.60000000000002 m 457.5 149.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 149.60000000000002 m 471.5 149.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 149.60000000000002 m 561.5 149.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 149.60000000000002 m 263.5 149.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 149.60000000000002 m 353.5 149.60000000000002 l s 0 0 0 RG /GS0 gs 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127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 127.60000000000002 m 263.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 113.60000000000002 m 263.5 113.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 111.60000000000002 m 263.5 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 127.60000000000002 m 353.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 113.60000000000002 m 353.5 113.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 111.60000000000002 m 353.5 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 127.60000000000002 m 367.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 113.60000000000002 m 367.5 113.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 111.60000000000002 m 367.5 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 127.60000000000002 m 457.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 113.60000000000002 m 457.5 113.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 111.60000000000002 m 457.5 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 127.60000000000002 m 471.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 113.60000000000002 m 471.5 113.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 111.60000000000002 m 471.5 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 127.60000000000002 m 561.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 113.60000000000002 m 561.5 113.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 111.60000000000002 m 561.5 111.60000000000002 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 298.00 341.38 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 402.00 341.38 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 506.00 341.38 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 330.22 Td (Revenues:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 319.22 Td (Rental revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.00 319.22 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.15 319.22 Td (35,361) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.00 319.22 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.15 319.22 Td (79,342) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.00 319.22 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 319.22 Td (101,109) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 308.22 Td (Other revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.15 308.22 Td (2,482) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.15 308.22 Td (6,145) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 308.22 Td (6,073) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.00 297.22 Td (Total revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.15 297.22 Td (37,843) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.15 297.22 Td (85,487) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 297.22 Td (107,182) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 286.22 Td (Expenses:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 275.22 Td (Depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.15 275.22 Td (11,426) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.15 275.22 Td (27,331) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 275.22 Td (28,709) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 264.22 Td (Property operating expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.15 264.22 Td (11,853) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.15 264.22 Td (25,467) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 264.22 Td (31,016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 253.22 Td (Real property taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.15 253.22 Td (4,851) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.15 253.22 Td (15,135) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 253.22 Td (16,021) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 242.22 Td (Property management fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.15 242.22 Td (1,027) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.15 242.22 Td (2,325) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 242.22 Td (2,857) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 231.22 Td (General and administrative) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.15 231.22 Td (2,083) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.15 231.22 Td (1,419) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 231.22 Td (1,495) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 220.22 Td (Impairment loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.15 220.22 Td (13,633) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.15 220.22 Td (73,669) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.15 220.22 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.00 209.22 Td (Total expenses) Tj ET Q 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) Tj ET Q q 0 0 0 rg BT 388.21 252.00 Td (Charlotte ) Tj ET Q q 0 0 0 rg BT 427.47 252.00 Td (Plaza ) Tj ET Q q 0 0 0 rg BT 451.17 252.00 Td (and ) Tj ET Q q 0 0 0 rg BT 467.66 252.00 Td (Carillon, ) Tj ET Q q 0 0 0 rg BT 504.99 252.00 Td (each ) Tj ET Q q 0 0 0 rg BT 525.35 252.00 Td (requiring ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 240.00 Td (monthly ) Tj ET Q q 0 0 0 rg BT 103.94 240.00 Td (interest ) Tj ET Q q 0 0 0 rg BT 135.98 240.00 Td (only ) Tj ET Q q 0 0 0 rg BT 156.37 240.00 Td (payments ) Tj ET Q q 0 0 0 rg BT 197.30 240.00 Td (for ) Tj ET Q q 0 0 0 rg BT 211.57 240.00 Td (the ) Tj ET Q q 0 0 0 rg BT 226.39 240.00 Td (first ) Tj ET Q q 0 0 0 rg BT 245.11 240.00 Td (year ) Tj ET Q q 0 0 0 rg BT 264.92 240.00 Td (and ) Tj ET Q q 0 0 0 rg BT 281.97 240.00 Td (payments ) Tj ET Q q 0 0 0 rg BT 322.90 240.00 Td (of ) Tj ET Q q 0 0 0 rg BT 333.84 240.00 Td (principal ) Tj ET Q q 0 0 0 rg BT 371.99 240.00 Td (and ) Tj ET Q q 0 0 0 rg BT 389.04 240.00 Td (interest ) Tj ET Q q 0 0 0 rg BT 421.08 240.00 Td (on ) Tj ET Q q 0 0 0 rg BT 433.68 240.00 Td (a ) Tj ET Q q 0 0 0 rg BT 440.73 240.00 Td (30-year ) Tj ET Q q 0 0 0 rg BT 473.87 240.00 Td (amortization ) Tj ET Q q 0 0 0 rg BT 527.02 240.00 Td (schedule ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 228.00 Td (thereafter) Tj ET Q q 0 0 0 rg BT 105.75 228.00 Td (. ) Tj ET Q q 0 0 0 rg BT 110.35 228.00 Td ( ) Tj ET Q q 0 0 0 rg BT 112.46 228.00 Td (Prepayment ) Tj ET Q q 0 0 0 rg BT 162.33 228.00 Td (of ) Tj ET Q q 0 0 0 rg BT 172.77 228.00 Td (the ) Tj ET Q q 0 0 0 rg BT 187.09 228.00 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 226.96 228.00 Td (notes ) Tj ET Q q 0 0 0 rg BT 250.17 228.00 Td (principal ) Tj ET Q q 0 0 0 rg BT 287.82 228.00 Td (balance ) Tj ET Q q 0 0 0 rg BT 320.46 228.00 Td (is ) Tj ET Q q 0 0 0 rg BT 329.24 228.00 Td (permitted ) Tj ET Q q 0 0 0 rg BT 369.66 228.00 Td (with ) Tj ET Q q 0 0 0 rg BT 389.55 228.00 Td (payment ) Tj ET Q q 0 0 0 rg BT 426.09 228.00 Td (of ) Tj ET Q q 0 0 0 rg BT 436.52 228.00 Td (a ) Tj ET Q q 0 0 0 rg BT 443.07 228.00 Td (premium ) Tj ET Q q 0 0 0 rg BT 481.28 228.00 Td (if ) Tj ET Q q 0 0 0 rg BT 489.49 228.00 Td (required ) Tj ET Q q 0 0 0 rg BT 524.91 228.00 Td (under ) Tj ET Q q 0 0 0 rg BT 549.79 228.00 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 216.00 Td (respective ) Tj ET Q q 0 0 0 rg BT 111.19 216.00 Td (loan ) Tj ET Q q 0 0 0 rg BT 131.07 216.00 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 181.76 216.00 Td ( ) Tj ET Q q 0 0 0 rg BT 184.42 216.00 Td (Each ) Tj ET Q q 0 0 0 rg BT 207.07 216.00 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 247.49 216.00 Td (note ) Tj ET Q q 0 0 0 rg BT 267.37 216.00 Td (is ) Tj ET Q q 0 0 0 rg BT 276.70 216.00 Td (secured ) Tj ET Q q 0 0 0 rg BT 309.90 216.00 Td (by ) Tj ET Q q 0 0 0 rg BT 322.56 216.00 Td (a ) Tj ET Q q 0 0 0 rg BT 329.65 216.00 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 370.08 216.00 Td (on ) Tj ET Q q 0 0 0 rg BT 382.74 216.00 Td (the ) Tj ET Q q 0 0 0 rg BT 397.62 216.00 Td (related ) Tj ET Q q 0 0 0 rg BT 427.48 216.00 Td (property) Tj ET Q q 0 0 0 rg BT 460.71 216.00 Td (, ) Tj ET Q q 0 0 0 rg BT 465.87 216.00 Td (the ) Tj ET Q q 0 0 0 rg BT 480.74 216.00 Td (leases ) Tj ET Q q 0 0 0 rg BT 507.28 216.00 Td (on ) Tj ET Q q 0 0 0 rg BT 519.94 216.00 Td (the ) Tj ET Q q 0 0 0 rg BT 534.82 216.00 Td (related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 204.00 Td (property) Tj ET Q q 0 0 0 rg BT 101.23 204.00 Td (, ) Tj ET Q q 0 0 0 rg BT 106.23 204.00 Td (and ) Tj ET Q q 0 0 0 rg BT 123.17 204.00 Td (the ) Tj ET Q q 0 0 0 rg BT 137.88 204.00 Td (security ) Tj ET Q q 0 0 0 rg BT 172.04 204.00 Td (interest ) Tj ET Q q 0 0 0 rg BT 203.97 204.00 Td (in ) Tj ET Q q 0 0 0 rg BT 214.25 204.00 Td (personal ) Tj ET Q q 0 0 0 rg BT 250.63 204.00 Td (property ) Tj ET Q q 0 0 0 rg BT 287.00 204.00 Td (located ) Tj ET Q q 0 0 0 rg BT 318.38 204.00 Td (on ) Tj ET Q q 0 0 0 rg BT 330.88 204.00 Td (the ) Tj ET Q q 0 0 0 rg BT 345.59 204.00 Td (related ) Tj ET Q q 0 0 0 rg BT 375.29 204.00 Td (property) Tj ET Q q 0 0 0 rg BT 408.52 204.00 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 221 0 obj <> endobj 222 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (108) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (On ) Tj ET Q q 0 0 0 rg BT 82.84 742.10 Td (April ) Tj ET Q q 0 0 0 rg BT 107.31 742.10 Td (5, ) Tj ET Q q 0 0 0 rg BT 118.17 742.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 141.53 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.32 742.10 Td (July ) Tj ET Q q 0 0 0 rg BT 179.35 742.10 Td (9, ) Tj ET Q q 0 0 0 rg BT 190.21 742.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 216.07 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 231.65 742.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 255.57 742.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 294.46 742.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 343.35 742.10 Td (with ) Tj ET Q q 0 0 0 rg BT 364.49 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.07 742.10 Td (lenders ) Tj ET Q q 0 0 0 rg BT 412.30 742.10 Td (at ) Tj ET Q q 0 0 0 rg BT 422.88 742.10 Td (One ) Tj ET Q q 0 0 0 rg BT 442.90 742.10 Td (Renaissance ) Tj ET Q q 0 0 0 rg BT 495.68 742.10 Td (Square ) Tj ET Q q 0 0 0 rg BT 526.81 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 544.36 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 549.77 742.10 Td (wo ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (Renaissance ) Tj ET Q q 0 0 0 rg BT 121.24 730.10 Td (Square, ) Tj ET Q q 0 0 0 rg BT 155.33 730.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 202.99 730.10 Td (, ) Tj ET Q q 0 0 0 rg BT 209.31 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 220.90 730.10 Td (accept ) Tj ET Q q 0 0 0 rg BT 250.25 730.10 Td (discounted ) Tj ET Q q 0 0 0 rg BT 297.40 730.10 Td (payof) Tj ET Q q 0 0 0 rg BT 319.98 730.10 Td (fs ) Tj ET Q q 0 0 0 rg BT 331.02 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 343.17 730.10 Td ($89.3 ) Tj ET Q q 0 0 0 rg BT 369.49 730.10 Td (million ) Tj ET Q q 0 0 0 rg BT 402.20 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 420.46 730.10 Td ($79.0 ) Tj ET Q q 0 0 0 rg BT 446.77 730.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 481.98 730.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 529.64 730.10 Td (, ) Tj ET Q q 0 0 0 rg BT 535.96 730.10 Td (as ) Tj ET Q q 0 0 0 rg BT 548.11 730.10 Td (full ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 111.48 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 122.19 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.78 718.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 158.88 718.10 Td (which ) Tj ET Q q 0 0 0 rg BT 185.70 718.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 219.73 718.10 Td (in ) Tj ET Q q 0 0 0 rg BT 229.89 718.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 253.38 718.10 Td (on ) Tj ET Q q 0 0 0 rg BT 265.76 718.10 Td (troubled ) Tj ET Q q 0 0 0 rg BT 301.46 718.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 321.06 718.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 374.53 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 385.24 718.10 Td ($12.6 ) Tj ET Q q 0 0 0 rg BT 410.12 718.10 Td (million ) Tj ET Q q 0 0 0 rg BT 441.39 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 458.21 718.10 Td ($5.7 ) Tj ET Q q 0 0 0 rg BT 478.09 718.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 511.86 718.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.52 718.10 Td (. ) Tj ET Q q 0 0 0 rg BT 564.52 718.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (The ) Tj ET Q q 0 0 0 rg BT 86.05 706.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 126.87 706.10 Td (were ) Tj ET Q q 0 0 0 rg BT 148.80 706.10 Td (made ) Tj ET Q q 0 0 0 rg BT 172.96 706.10 Td (from ) Tj ET Q q 0 0 0 rg BT 194.89 706.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 215.16 706.10 Td (on ) Tj ET Q q 0 0 0 rg BT 227.66 706.10 Td (hand, ) Tj ET Q q 0 0 0 rg BT 252.10 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 269.04 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.76 706.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 306.82 706.10 Td (was ) Tj ET Q q 0 0 0 rg BT 324.87 706.10 Td (released ) Tj ET Q q 0 0 0 rg BT 360.12 706.10 Td (from ) Tj ET Q q 0 0 0 rg BT 382.06 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 396.78 706.10 Td (obligations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (On ) Tj ET Q q 0 0 0 rg BT 83.41 682.10 Td (July ) Tj ET Q q 0 0 0 rg BT 103.27 682.10 Td (10, ) Tj ET Q q 0 0 0 rg BT 118.96 682.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 144.66 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.06 682.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 183.82 682.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 216.43 682.10 Td (into ) Tj ET Q q 0 0 0 rg BT 235.18 682.10 Td (a ) Tj ET Q q 0 0 0 rg BT 242.81 682.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 263.21 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 280.84 682.10 Td (security ) Tj ET Q q 0 0 0 rg BT 315.69 682.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 360.52 682.10 Td (at ) Tj ET Q q 0 0 0 rg BT 370.93 682.10 Td (One ) Tj ET Q q 0 0 0 rg BT 390.78 682.10 Td (Renaissance ) Tj ET Q q 0 0 0 rg BT 443.40 682.10 Td (Square ) Tj ET Q q 0 0 0 rg BT 474.35 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 491.75 682.10 Td (T) Tj ET Q q 0 0 0 rg BT 497.16 682.10 Td (wo ) Tj ET Q q 0 0 0 rg BT 512.58 682.10 Td (Renaissance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td (Square ) Tj ET Q q 0 0 0 rg BT 97.72 670.10 Td (with ) Tj ET Q q 0 0 0 rg BT 117.45 670.10 Td (JP) Tj ET Q q 0 0 0 rg BT 126.53 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 128.48 670.10 Td (Mor) Tj ET Q q 0 0 0 rg BT 145.52 670.10 Td (gan ) Tj ET Q q 0 0 0 rg BT 161.91 670.10 Td (Chase ) Tj ET Q q 0 0 0 rg BT 188.30 670.10 Td (Bank, ) Tj ET Q q 0 0 0 rg BT 213.85 670.10 Td (N.A. ) Tj ET Q q 0 0 0 rg BT 235.25 670.10 Td (totaling ) Tj ET Q q 0 0 0 rg BT 267.75 670.10 Td ($90.0 ) Tj ET Q q 0 0 0 rg BT 292.20 670.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 325.54 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 327.35 670.10 Td (The ) Tj ET Q q 0 0 0 rg BT 344.84 670.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 364.01 670.10 Td (has ) Tj ET Q q 0 0 0 rg BT 379.29 670.10 Td (a ) Tj ET Q q 0 0 0 rg BT 385.68 670.10 Td (two-year ) Tj ET Q q 0 0 0 rg BT 423.17 670.10 Td (term ) Tj ET Q q 0 0 0 rg BT 443.44 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 459.83 670.10 Td (bears ) Tj ET Q q 0 0 0 rg BT 482.88 670.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 514.26 670.10 Td (at ) Tj ET Q q 0 0 0 rg BT 523.43 670.10 Td (a ) Tj ET Q q 0 0 0 rg BT 529.81 670.10 Td (variable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 85.29 658.10 Td (\(based ) Tj ET Q q 0 0 0 rg BT 113.70 658.10 Td (on ) Tj ET Q q 0 0 0 rg BT 126.00 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.53 658.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 170.59 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.22 658.10 Td (Prime ) Tj ET Q q 0 0 0 rg BT 207.41 658.10 Td (or ) Tj ET Q q 0 0 0 rg BT 218.05 658.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 250.34 658.10 Td (Funds ) Tj ET Q q 0 0 0 rg BT 277.10 658.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 294.39 658.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 313.37 658.10 Td (0.5%\). ) Tj ET Q q 0 0 0 rg BT 342.34 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 344.64 658.10 Td (Payments ) Tj ET Q q 0 0 0 rg BT 385.83 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 396.47 658.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 428.21 658.10 Td (only ) Tj ET Q q 0 0 0 rg BT 448.29 658.10 Td (are ) Tj ET Q q 0 0 0 rg BT 462.81 658.10 Td (due ) Tj ET Q q 0 0 0 rg BT 479.55 658.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 515.19 658.10 Td (for ) Tj ET Q q 0 0 0 rg BT 529.16 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 543.68 658.10 Td (term ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 79.36 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 94.60 646.10 Td (loan. ) Tj ET Q q 0 0 0 rg BT 117.35 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 120.16 646.10 Td (The ) Tj ET Q q 0 0 0 rg BT 138.74 646.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 158.98 646.10 Td (and ) Tj ET Q q 0 0 0 rg BT 176.45 646.10 Td (security ) Tj ET Q q 0 0 0 rg BT 211.13 646.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 255.80 646.10 Td (is ) Tj ET Q q 0 0 0 rg BT 265.50 646.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 299.07 646.10 Td (by ) Tj ET Q q 0 0 0 rg BT 312.10 646.10 Td (a ) Tj ET Q q 0 0 0 rg BT 319.56 646.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 360.35 646.10 Td (on ) Tj ET Q q 0 0 0 rg BT 373.38 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 388.63 646.10 Td (related ) Tj ET Q q 0 0 0 rg BT 418.86 646.10 Td (properties, ) Tj ET Q q 0 0 0 rg BT 464.37 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.62 646.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 506.53 646.10 Td (on ) Tj ET Q q 0 0 0 rg BT 519.55 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.80 646.10 Td (related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 110.49 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 127.42 634.10 Td (security ) Tj ET Q q 0 0 0 rg BT 161.58 634.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 197.40 634.10 Td (in ) Tj ET Q q 0 0 0 rg BT 207.68 634.10 Td (personal ) Tj ET Q q 0 0 0 rg BT 244.06 634.10 Td (property ) Tj ET Q q 0 0 0 rg BT 280.44 634.10 Td (located ) Tj ET Q q 0 0 0 rg BT 311.81 634.10 Td (on ) Tj ET Q q 0 0 0 rg BT 324.31 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.03 634.10 Td (related ) Tj ET Q q 0 0 0 rg BT 368.73 634.10 Td (properties.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (On ) Tj ET Q q 0 0 0 rg BT 83.18 610.10 Td (May ) Tj ET Q q 0 0 0 rg BT 104.47 610.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 114.94 610.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 140.40 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.58 610.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 179.10 610.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 211.48 610.10 Td (into ) Tj ET Q q 0 0 0 rg BT 230.00 610.10 Td (a ) Tj ET Q q 0 0 0 rg BT 237.40 610.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 278.13 610.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 298.31 610.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 342.91 610.10 Td (at ) Tj ET Q q 0 0 0 rg BT 353.09 610.10 Td (One ) Tj ET Q q 0 0 0 rg BT 372.71 610.10 Td (North ) Tj ET Q q 0 0 0 rg BT 398.78 610.10 Td (W) Tj ET Q q 0 0 0 rg BT 407.42 610.10 Td (acker ) Tj ET Q q 0 0 0 rg BT 432.03 610.10 Td (with ) Tj ET Q q 0 0 0 rg BT 452.77 610.10 Td (Massachusetts ) Tj ET Q q 0 0 0 rg BT 513.50 610.10 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 545.35 610.10 Td (Life ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td (Insurance ) Tj ET Q q 0 0 0 rg BT 109.68 598.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 151.38 598.10 Td (totaling ) Tj ET Q q 0 0 0 rg BT 184.74 598.10 Td ($275.0 ) Tj ET Q q 0 0 0 rg BT 215.05 598.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 249.25 598.10 Td ( ) Tj ET Q q 0 0 0 rg BT 251.86 598.10 Td (The ) Tj ET Q q 0 0 0 rg BT 270.22 598.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 308.57 598.10 Td (from ) Tj ET Q q 0 0 0 rg BT 330.82 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.85 598.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 365.88 598.10 Td (were ) Tj ET Q q 0 0 0 rg BT 388.12 598.10 Td (used ) Tj ET Q q 0 0 0 rg BT 409.26 598.10 Td (to ) Tj ET Q q 0 0 0 rg BT 419.85 598.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 437.10 598.10 Td (of) Tj ET Q q 0 0 0 rg BT 445.25 598.10 Td (f ) Tj ET Q q 0 0 0 rg BT 451.39 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 466.42 598.10 Td (original ) Tj ET Q q 0 0 0 rg BT 500.33 598.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 540.91 598.10 Td (loans ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td (totaling ) Tj ET Q q 0 0 0 rg BT 101.20 586.10 Td ($199.2 ) Tj ET Q q 0 0 0 rg BT 131.34 586.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 165.38 586.10 Td (which ) Tj ET Q q 0 0 0 rg BT 192.47 586.10 Td (were ) Tj ET Q q 0 0 0 rg BT 214.54 586.10 Td (set ) Tj ET Q q 0 0 0 rg BT 228.30 586.10 Td (to ) Tj ET Q q 0 0 0 rg BT 238.72 586.10 Td (mature ) Tj ET Q q 0 0 0 rg BT 269.13 586.10 Td (on ) Tj ET Q q 0 0 0 rg BT 281.78 586.10 Td (November ) Tj ET Q q 0 0 0 rg BT 326.63 586.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 336.78 586.10 Td (2012. ) Tj ET Q q 0 0 0 rg BT 361.93 586.10 Td ( ) Tj ET Q q 0 0 0 rg BT 364.38 586.10 Td (The ) Tj ET Q q 0 0 0 rg BT 382.57 586.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 402.44 586.10 Td (has ) Tj ET Q q 0 0 0 rg BT 418.41 586.10 Td (a ) Tj ET Q q 0 0 0 rg BT 425.50 586.10 Td (ten-year ) Tj ET Q q 0 0 0 rg BT 460.90 586.10 Td (term ) Tj ET Q q 0 0 0 rg BT 481.87 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 498.96 586.10 Td (bears ) Tj ET Q q 0 0 0 rg BT 522.70 586.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 554.78 586.10 Td (at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td (a ) Tj ET Q q 0 0 0 rg BT 74.88 574.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 97.87 574.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 115.30 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 126.07 574.10 Td (4.2%. ) Tj ET Q q 0 0 0 rg BT 151.85 574.10 Td ( ) Tj ET Q q 0 0 0 rg BT 154.29 574.10 Td (Payments ) Tj ET Q q 0 0 0 rg BT 195.62 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 206.39 574.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 238.27 574.10 Td (only ) Tj ET Q q 0 0 0 rg BT 258.49 574.10 Td (are ) Tj ET Q q 0 0 0 rg BT 273.14 574.10 Td (due ) Tj ET Q q 0 0 0 rg BT 290.02 574.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 325.80 574.10 Td (for ) Tj ET Q q 0 0 0 rg BT 339.90 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.56 574.10 Td (term ) Tj ET Q q 0 0 0 rg BT 375.33 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 386.10 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 400.76 574.10 Td (loan. ) Tj ET Q q 0 0 0 rg BT 422.92 574.10 Td ( ) Tj ET Q q 0 0 0 rg BT 425.19 574.10 Td (The ) Tj ET Q q 0 0 0 rg BT 443.18 574.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 483.38 574.10 Td (note ) Tj ET Q q 0 0 0 rg BT 503.04 574.10 Td (is ) Tj ET Q q 0 0 0 rg BT 512.16 574.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 545.14 574.10 Td (by ) Tj ET Q q 0 0 0 rg BT 557.58 574.10 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 562.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 108.37 562.10 Td (on ) Tj ET Q q 0 0 0 rg BT 120.98 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.81 562.10 Td (related ) Tj ET Q q 0 0 0 rg BT 165.62 562.10 Td (property) Tj ET Q q 0 0 0 rg BT 198.85 562.10 Td (, ) Tj ET Q q 0 0 0 rg BT 203.95 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 218.78 562.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 245.27 562.10 Td (on ) Tj ET Q q 0 0 0 rg BT 257.88 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 272.70 562.10 Td (related ) Tj ET Q q 0 0 0 rg BT 302.51 562.10 Td (property ) Tj ET Q q 0 0 0 rg BT 339.00 562.10 Td (and ) Tj ET Q q 0 0 0 rg BT 356.04 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 370.87 562.10 Td (security ) Tj ET Q q 0 0 0 rg BT 405.13 562.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 437.18 562.10 Td (in ) Tj ET Q q 0 0 0 rg BT 447.56 562.10 Td (personal ) Tj ET Q q 0 0 0 rg BT 484.05 562.10 Td (property ) Tj ET Q q 0 0 0 rg BT 520.54 562.10 Td (located ) Tj ET Q q 0 0 0 rg BT 552.02 562.10 Td (on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 82.72 550.10 Td (related ) Tj ET Q q 0 0 0 rg BT 112.42 550.10 Td (property) Tj ET Q q 0 0 0 rg BT 145.65 550.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td (On ) Tj ET Q q 0 0 0 rg BT 82.47 526.10 Td (July ) Tj ET Q q 0 0 0 rg BT 101.38 526.10 Td (5, ) Tj ET Q q 0 0 0 rg BT 111.13 526.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 135.88 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.34 526.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 173.15 526.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 204.82 526.10 Td (into ) Tj ET Q q 0 0 0 rg BT 222.62 526.10 Td (a ) Tj ET Q q 0 0 0 rg BT 229.30 526.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 248.77 526.10 Td (modification ) Tj ET Q q 0 0 0 rg BT 302.11 526.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 346.00 526.10 Td (with ) Tj ET Q q 0 0 0 rg BT 366.02 526.10 Td (Bank ) Tj ET Q q 0 0 0 rg BT 389.38 526.10 Td (of ) Tj ET Q q 0 0 0 rg BT 399.46 526.10 Td (America, ) Tj ET Q q 0 0 0 rg BT 438.63 526.10 Td (N.A. ) Tj ET Q q 0 0 0 rg BT 460.32 526.10 Td (related ) Tj ET Q q 0 0 0 rg BT 489.77 526.10 Td (to ) Tj ET Q q 0 0 0 rg BT 499.79 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 514.09 526.10 Td (W) Tj ET Q q 0 0 0 rg BT 522.73 526.10 Td (ells ) Tj ET Q q 0 0 0 rg BT 538.86 526.10 Td (Far) Tj ET Q q 0 0 0 rg BT 552.01 526.10 Td (go ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 514.10 Td (Center) Tj ET Q q 0 0 0 rg BT 94.25 514.10 Td (, ) Tj ET Q q 0 0 0 rg BT 99.90 514.10 Td (Johnson ) Tj ET Q q 0 0 0 rg BT 135.83 514.10 Td (Ranch ) Tj ET Q q 0 0 0 rg BT 164.53 514.10 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 207.66 514.10 Td (Centre, ) Tj ET Q q 0 0 0 rg BT 239.96 514.10 Td (Roseville ) Tj ET Q q 0 0 0 rg BT 280.88 514.10 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 324.01 514.10 Td (Center) Tj ET Q q 0 0 0 rg BT 350.27 514.10 Td (, ) Tj ET Q q 0 0 0 rg BT 355.92 514.10 Td (Summit ) Tj ET Q q 0 0 0 rg BT 390.74 514.10 Td (at ) Tj ET Q q 0 0 0 rg BT 401.10 514.10 Td (Douglas ) Tj ET Q q 0 0 0 rg BT 437.58 514.10 Td (Ridge ) Tj ET Q q 0 0 0 rg BT 464.61 514.10 Td (and ) Tj ET Q q 0 0 0 rg BT 482.20 514.10 Td (Olympus ) Tj ET Q q 0 0 0 rg BT 522.01 514.10 Td (Corporate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 502.10 Td (Centre ) Tj ET Q q 0 0 0 rg BT 97.31 502.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 137.72 502.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 163.98 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 166.63 502.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 194.27 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.14 502.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 234.01 502.10 Td (of ) Tj ET Q q 0 0 0 rg BT 244.99 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.86 502.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 306.65 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.52 502.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 344.73 502.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 364.60 502.10 Td ($27.0 ) Tj ET Q q 0 0 0 rg BT 389.75 502.10 Td (million ) Tj ET Q q 0 0 0 rg BT 421.30 502.10 Td (on ) Tj ET Q q 0 0 0 rg BT 433.95 502.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 455.45 502.10 Td (A3 ) Tj ET Q q 0 0 0 rg BT 470.33 502.10 Td (from ) Tj ET Q q 0 0 0 rg BT 492.42 502.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 512.83 502.10 Td (on ) Tj ET Q q 0 0 0 rg BT 525.49 502.10 Td (hand ) Tj ET Q q 0 0 0 rg BT 547.58 502.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 82.78 490.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 119.23 490.10 Td (date ) Tj ET Q q 0 0 0 rg BT 138.45 490.10 Td (on ) Tj ET Q q 0 0 0 rg BT 151.02 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 165.80 490.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 208.91 490.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 247.02 490.10 Td (of ) Tj ET Q q 0 0 0 rg BT 257.91 490.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 279.35 490.10 Td (A3 ) Tj ET Q q 0 0 0 rg BT 294.14 490.10 Td (was ) Tj ET Q q 0 0 0 rg BT 312.26 490.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 350.92 490.10 Td (from ) Tj ET Q q 0 0 0 rg BT 372.92 490.10 Td (May ) Tj ET Q q 0 0 0 rg BT 393.82 490.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 403.88 490.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 426.45 490.10 Td (to ) Tj ET Q q 0 0 0 rg BT 436.79 490.10 Td (May ) Tj ET Q q 0 0 0 rg BT 457.69 490.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 467.75 490.10 Td (2014. ) Tj ET Q q 0 0 0 rg BT 492.82 490.10 Td ( ) Tj ET Q q 0 0 0 rg BT 494.82 490.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 544.72 490.10 Td (, ) Tj ET Q q 0 0 0 rg BT 549.79 490.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 478.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 90.79 478.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 144.11 478.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 188.58 478.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 227.46 478.10 Td (in ) Tj ET Q q 0 0 0 rg BT 238.04 478.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.05 478.10 Td (original ) Tj ET Q q 0 0 0 rg BT 286.95 478.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 306.96 478.10 Td (were ) Tj ET Q q 0 0 0 rg BT 329.18 478.10 Td (waived, ) Tj ET Q q 0 0 0 rg BT 363.35 478.10 Td (granting ) Tj ET Q q 0 0 0 rg BT 399.47 478.10 Td (the ) Tj ET Q q 0 0 0 rg BT 414.48 478.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 437.84 478.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.85 478.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 481.20 478.10 Td (to ) Tj ET Q q 0 0 0 rg BT 491.77 478.10 Td (prepay ) Tj ET Q q 0 0 0 rg BT 521.77 478.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 547.28 478.10 Td (A1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 466.10 Td (A2 ) Tj ET Q q 0 0 0 rg BT 82.61 466.10 Td (and ) Tj ET Q q 0 0 0 rg BT 98.91 466.10 Td (A3 ) Tj ET Q q 0 0 0 rg BT 113.52 466.10 Td (without ) Tj ET Q q 0 0 0 rg BT 146.46 466.10 Td (penalty) Tj ET Q q 0 0 0 rg BT 175.25 466.10 Td (. ) Tj ET Q q 0 0 0 rg BT 180.13 466.10 Td ( ) Tj ET Q q 0 0 0 rg BT 182.52 466.10 Td (No ) Tj ET Q q 0 0 0 rg BT 197.13 466.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 216.74 466.10 Td (was ) Tj ET Q q 0 0 0 rg BT 234.68 466.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 272.04 466.10 Td (during ) Tj ET Q q 0 0 0 rg BT 300.53 466.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 322.92 466.10 Td (as ) Tj ET Q q 0 0 0 rg BT 333.64 466.10 Td (a ) Tj ET Q q 0 0 0 rg BT 340.47 466.10 Td (result ) Tj ET Q q 0 0 0 rg BT 365.07 466.10 Td (of ) Tj ET Q q 0 0 0 rg BT 375.79 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.39 466.10 Td (troubled ) Tj ET Q q 0 0 0 rg BT 426.11 466.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 445.71 466.10 Td (restructuring. ) Tj ET Q q 0 0 0 rg BT 501.69 466.10 Td ( ) Tj ET Q q 0 0 0 rg BT 504.08 466.10 Td (Costs ) Tj ET Q q 0 0 0 rg BT 528.70 466.10 Td (incurred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 454.10 Td (as ) Tj ET Q q 0 0 0 rg BT 78.40 454.10 Td (a ) Tj ET Q q 0 0 0 rg BT 84.92 454.10 Td (result ) Tj ET Q q 0 0 0 rg BT 109.21 454.10 Td (of ) Tj ET Q q 0 0 0 rg BT 119.61 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.90 454.10 Td (modification ) Tj ET Q q 0 0 0 rg BT 187.08 454.10 Td (totaled ) Tj ET Q q 0 0 0 rg BT 216.36 454.10 Td ($1.1 ) Tj ET Q q 0 0 0 rg BT 235.94 454.10 Td (million ) Tj ET Q q 0 0 0 rg BT 266.90 454.10 Td (and ) Tj ET Q q 0 0 0 rg BT 283.42 454.10 Td (are ) Tj ET Q q 0 0 0 rg BT 297.70 454.10 Td (included ) Tj ET Q q 0 0 0 rg BT 334.20 454.10 Td (in ) Tj ET Q q 0 0 0 rg BT 344.06 454.10 Td (general ) Tj ET Q q 0 0 0 rg BT 375.55 454.10 Td (and ) Tj ET Q q 0 0 0 rg BT 392.07 454.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 451.35 454.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 489.52 454.10 Td (in ) Tj ET Q q 0 0 0 rg BT 499.37 454.10 Td (both ) Tj ET Q q 0 0 0 rg BT 519.23 454.10 Td (continuing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 442.10 Td (and ) Tj ET Q q 0 0 0 rg BT 84.94 442.10 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 138.54 442.10 Td (operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 418.10 Td (In ) Tj ET Q q 0 0 0 rg BT 78.99 418.10 Td (order ) Tj ET Q q 0 0 0 rg BT 102.75 418.10 Td (to ) Tj ET Q q 0 0 0 rg BT 113.19 418.10 Td (release ) Tj ET Q q 0 0 0 rg BT 143.61 418.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.48 418.10 Td (Roseville ) Tj ET Q q 0 0 0 rg BT 198.92 418.10 Td (Disposition ) Tj ET Q q 0 0 0 rg BT 247.70 418.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 275.91 418.10 Td (as ) Tj ET Q q 0 0 0 rg BT 286.90 418.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 326.76 418.10 Td (for ) Tj ET Q q 0 0 0 rg BT 341.08 418.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 366.48 418.10 Td (A1, ) Tj ET Q q 0 0 0 rg BT 383.28 418.10 Td (A2 ) Tj ET Q q 0 0 0 rg BT 398.16 418.10 Td (and ) Tj ET Q q 0 0 0 rg BT 414.68 418.10 Td (A3, ) Tj ET Q q 0 0 0 rg BT 432.06 418.10 Td (the ) Tj ET Q q 0 0 0 rg BT 446.94 418.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 470.16 418.10 Td (was ) Tj ET Q q 0 0 0 rg BT 488.37 418.10 Td (required ) Tj ET Q q 0 0 0 rg BT 524.35 418.10 Td (under ) Tj ET Q q 0 0 0 rg BT 549.78 418.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 406.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 91.77 406.10 Td (of ) Tj ET Q q 0 0 0 rg BT 101.65 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.42 406.10 Td (modified ) Tj ET Q q 0 0 0 rg BT 153.08 406.10 Td (Bank ) Tj ET Q q 0 0 0 rg BT 175.74 406.10 Td (of ) Tj ET Q q 0 0 0 rg BT 185.28 406.10 Td (America ) Tj ET Q q 0 0 0 rg BT 221.26 406.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 240.03 406.10 Td (to ) Tj ET Q q 0 0 0 rg BT 249.36 406.10 Td (make ) Tj ET Q q 0 0 0 rg BT 272.56 406.10 Td (an ) Tj ET Q q 0 0 0 rg BT 283.56 406.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 325.10 406.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 362.19 406.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 398.18 406.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.06 406.10 Td ($87.7 ) Tj ET Q q 0 0 0 rg BT 432.12 406.10 Td (million ) Tj ET Q q 0 0 0 rg BT 462.56 406.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 479.66 406.10 Td (Release ) Tj ET Q q 0 0 0 rg BT 516.74 406.10 Td (Payment\). ) Tj ET Q q 0 0 0 rg BT 564.51 406.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 394.10 Td (The ) Tj ET Q q 0 0 0 rg BT 85.77 394.10 Td (Release ) Tj ET Q q 0 0 0 rg BT 119.08 394.10 Td (Payment ) Tj ET Q q 0 0 0 rg BT 156.30 394.10 Td (was ) Tj ET Q q 0 0 0 rg BT 174.07 394.10 Td (funded ) Tj ET Q q 0 0 0 rg BT 204.06 394.10 Td (with ) Tj ET Q q 0 0 0 rg BT 224.06 394.10 Td (net ) Tj ET Q q 0 0 0 rg BT 238.50 394.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 276.25 394.10 Td (from ) Tj ET Q q 0 0 0 rg BT 297.91 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.35 394.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 330.12 394.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.67 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 355.11 394.10 Td (Roseville ) Tj ET Q q 0 0 0 rg BT 395.10 394.10 Td (Disposition ) Tj ET Q q 0 0 0 rg BT 443.44 394.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 471.21 394.10 Td (and ) Tj ET Q q 0 0 0 rg BT 487.87 394.10 Td (with ) Tj ET Q q 0 0 0 rg BT 507.87 394.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 527.86 394.10 Td (on ) Tj ET Q q 0 0 0 rg BT 540.08 394.10 Td (hand.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 370.10 Td (On ) Tj ET Q q 0 0 0 rg BT 82.33 370.10 Td (August ) Tj ET Q q 0 0 0 rg BT 113.94 370.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 129.15 370.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 151.86 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.79 370.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 190.06 370.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 222.20 370.10 Td (into ) Tj ET Q q 0 0 0 rg BT 240.46 370.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 260.39 370.10 Td (modification ) Tj ET Q q 0 0 0 rg BT 314.20 370.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 362.45 370.10 Td (at ) Tj ET Q q 0 0 0 rg BT 372.38 370.10 Td (Charlotte ) Tj ET Q q 0 0 0 rg BT 412.30 370.10 Td (Plaza ) Tj ET Q q 0 0 0 rg BT 436.67 370.10 Td (and ) Tj ET Q q 0 0 0 rg BT 453.81 370.10 Td (Carillon ) Tj ET Q q 0 0 0 rg BT 489.30 370.10 Td (with ) Tj ET Q q 0 0 0 rg BT 509.79 370.10 Td (Metropolitan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 358.10 Td (Life ) Tj ET Q q 0 0 0 rg BT 87.00 358.10 Td (Insurance ) Tj ET Q q 0 0 0 rg BT 128.21 358.10 Td (Company) Tj ET Q q 0 0 0 rg BT 166.45 358.10 Td (. ) Tj ET Q q 0 0 0 rg BT 171.29 358.10 Td ( ) Tj ET Q q 0 0 0 rg BT 173.63 358.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 200.96 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 215.52 358.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 240.08 358.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.76 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.32 358.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 284.88 358.10 Td (modification ) Tj ET Q q 0 0 0 rg BT 338.32 358.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 388.69 358.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 426.58 358.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 443.36 358.10 Td (downs ) Tj ET Q q 0 0 0 rg BT 471.81 358.10 Td (in ) Tj ET Q q 0 0 0 rg BT 481.93 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.49 358.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 528.83 358.10 Td (of ) Tj ET Q q 0 0 0 rg BT 539.50 358.10 Td ($15.0 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 346.10 Td (million ) Tj ET Q q 0 0 0 rg BT 99.63 346.10 Td (and ) Tj ET Q q 0 0 0 rg BT 116.80 346.10 Td ($19.0 ) Tj ET Q q 0 0 0 rg BT 142.03 346.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 176.16 346.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 223.82 346.10 Td (, ) Tj ET Q q 0 0 0 rg BT 229.05 346.10 Td (were ) Tj ET Q q 0 0 0 rg BT 251.22 346.10 Td (made, ) Tj ET Q q 0 0 0 rg BT 278.11 346.10 Td (reducing ) Tj ET Q q 0 0 0 rg BT 315.83 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 330.78 346.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 367.94 346.10 Td (to ) Tj ET Q q 0 0 0 rg BT 378.45 346.10 Td ($82.5 ) Tj ET Q q 0 0 0 rg BT 403.68 346.10 Td (million ) Tj ET Q q 0 0 0 rg BT 435.31 346.10 Td (and ) Tj ET Q q 0 0 0 rg BT 452.48 346.10 Td ($59.0 ) Tj ET Q q 0 0 0 rg BT 477.72 346.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 511.84 346.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.50 346.10 Td (. ) Tj ET Q q 0 0 0 rg BT 564.50 346.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 334.10 Td (The ) Tj ET Q q 0 0 0 rg BT 85.88 334.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 109.33 334.10 Td (have ) Tj ET Q q 0 0 0 rg BT 130.54 334.10 Td (a ) Tj ET Q q 0 0 0 rg BT 137.32 334.10 Td (three-year ) Tj ET Q q 0 0 0 rg BT 180.18 334.10 Td (term ) Tj ET Q q 0 0 0 rg BT 200.84 334.10 Td (and ) Tj ET Q q 0 0 0 rg BT 217.61 334.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 237.16 334.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 268.93 334.10 Td (at ) Tj ET Q q 0 0 0 rg BT 278.48 334.10 Td (a ) Tj ET Q q 0 0 0 rg BT 285.25 334.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 319.79 334.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 337.11 334.10 Td (\(based ) Tj ET Q q 0 0 0 rg BT 365.55 334.10 Td (on ) Tj ET Q q 0 0 0 rg BT 377.89 334.10 Td (LIBOR\) ) Tj ET Q q 0 0 0 rg BT 413.55 334.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 432.56 334.10 Td (3.0%. ) Tj ET Q q 0 0 0 rg BT 458.22 334.10 Td ( ) Tj ET Q q 0 0 0 rg BT 460.56 334.10 Td (Payments ) Tj ET Q q 0 0 0 rg BT 501.78 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 512.45 334.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 544.22 334.10 Td (only ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 322.10 Td (are ) Tj ET Q q 0 0 0 rg BT 82.19 322.10 Td (due ) Tj ET Q q 0 0 0 rg BT 98.61 322.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 133.92 322.10 Td (for ) Tj ET Q q 0 0 0 rg BT 147.57 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.76 322.10 Td (first ) Tj ET Q q 0 0 0 rg BT 179.85 322.10 Td (year ) Tj ET Q q 0 0 0 rg BT 199.04 322.10 Td (and ) Tj ET Q q 0 0 0 rg BT 215.46 322.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 255.77 322.10 Td (of ) Tj ET Q q 0 0 0 rg BT 266.08 322.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 303.60 322.10 Td (and ) Tj ET Q q 0 0 0 rg BT 320.02 322.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 351.44 322.10 Td (on ) Tj ET Q q 0 0 0 rg BT 363.42 322.10 Td (a ) Tj ET Q q 0 0 0 rg BT 369.84 322.10 Td (30-year ) Tj ET Q q 0 0 0 rg BT 402.36 322.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 454.88 322.10 Td (thereafter) Tj ET Q q 0 0 0 rg BT 492.63 322.10 Td (. ) Tj ET Q q 0 0 0 rg BT 497.11 322.10 Td ( ) Tj ET Q q 0 0 0 rg BT 498.95 322.10 Td (The ) Tj ET Q q 0 0 0 rg BT 516.47 322.10 Td (agreements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 310.10 Td (may ) Tj ET Q q 0 0 0 rg BT 87.72 310.10 Td (be ) Tj ET Q q 0 0 0 rg BT 99.66 310.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 138.25 310.10 Td (for ) Tj ET Q q 0 0 0 rg BT 152.41 310.10 Td (two ) Tj ET Q q 0 0 0 rg BT 169.91 310.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 212.40 310.10 Td (one-year ) Tj ET Q q 0 0 0 rg BT 249.88 310.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 281.81 310.10 Td (with ) Tj ET Q q 0 0 0 rg BT 302.09 310.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 339.03 310.10 Td (of ) Tj ET Q q 0 0 0 rg BT 349.86 310.10 Td (a ) Tj ET Q q 0 0 0 rg BT 356.79 310.10 Td (fee.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 286.10 Td (On ) Tj ET Q q 0 0 0 rg BT 81.96 286.10 Td (October ) Tj ET Q q 0 0 0 rg BT 115.92 286.10 Td (8, ) Tj ET Q q 0 0 0 rg BT 125.16 286.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 149.40 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.36 286.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 185.67 286.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 216.83 286.10 Td (into ) Tj ET Q q 0 0 0 rg BT 234.13 286.10 Td (a ) Tj ET Q q 0 0 0 rg BT 240.31 286.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 259.27 286.10 Td (modification ) Tj ET Q q 0 0 0 rg BT 312.12 286.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 355.50 286.10 Td (at ) Tj ET Q q 0 0 0 rg BT 364.46 286.10 Td (Riverfront ) Tj ET Q q 0 0 0 rg BT 407.86 286.10 Td (Plaza ) Tj ET Q q 0 0 0 rg BT 431.26 286.10 Td (with ) Tj ET Q q 0 0 0 rg BT 450.78 286.10 Td (Metropolitan ) Tj ET Q q 0 0 0 rg BT 504.73 286.10 Td (Life ) Tj ET Q q 0 0 0 rg BT 523.13 286.10 Td (Insurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 274.10 Td (Company) Tj ET Q q 0 0 0 rg BT 106.24 274.10 Td (. ) Tj ET Q q 0 0 0 rg BT 111.68 274.10 Td ( ) Tj ET Q q 0 0 0 rg BT 114.63 274.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 142.57 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.73 274.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 182.90 274.10 Td (of ) Tj ET Q q 0 0 0 rg BT 194.17 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.34 274.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 229.50 274.10 Td (modification ) Tj ET Q q 0 0 0 rg BT 283.54 274.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 330.63 274.10 Td (a ) Tj ET Q q 0 0 0 rg BT 338.02 274.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 376.51 274.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 393.89 274.10 Td (down ) Tj ET Q q 0 0 0 rg BT 419.06 274.10 Td (in ) Tj ET Q q 0 0 0 rg BT 429.78 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 444.95 274.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 477.89 274.10 Td (of ) Tj ET Q q 0 0 0 rg BT 489.17 274.10 Td ($60.9 ) Tj ET Q q 0 0 0 rg BT 514.61 274.10 Td (million ) Tj ET Q q 0 0 0 rg BT 546.45 274.10 Td (was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 262.10 Td (made, ) Tj ET Q q 0 0 0 rg BT 94.94 262.10 Td (reducing ) Tj ET Q q 0 0 0 rg BT 132.72 262.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.73 262.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 181.05 262.10 Td (to ) Tj ET Q q 0 0 0 rg BT 191.62 262.10 Td ($75.0 ) Tj ET Q q 0 0 0 rg BT 216.91 262.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 251.09 262.10 Td ( ) Tj ET Q q 0 0 0 rg BT 253.67 262.10 Td (The ) Tj ET Q q 0 0 0 rg BT 272.01 262.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 292.02 262.10 Td (has ) Tj ET Q q 0 0 0 rg BT 308.14 262.10 Td (a ) Tj ET Q q 0 0 0 rg BT 315.36 262.10 Td (three-year ) Tj ET Q q 0 0 0 rg BT 358.68 262.10 Td (term ) Tj ET Q q 0 0 0 rg BT 379.79 262.10 Td (and ) Tj ET Q q 0 0 0 rg BT 397.02 262.10 Td (bears ) Tj ET Q q 0 0 0 rg BT 420.91 262.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 453.13 262.10 Td (at ) Tj ET Q q 0 0 0 rg BT 463.14 262.10 Td (a ) Tj ET Q q 0 0 0 rg BT 470.37 262.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 505.36 262.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 523.13 262.10 Td (\(based ) Tj ET Q q 0 0 0 rg BT 552.02 262.10 Td (on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 250.10 Td (LIBOR\) ) Tj ET Q q 0 0 0 rg BT 103.61 250.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 122.55 250.10 Td (2.5%. ) Tj ET Q q 0 0 0 rg BT 148.16 250.10 Td ( ) Tj ET Q q 0 0 0 rg BT 150.44 250.10 Td (Payments ) Tj ET Q q 0 0 0 rg BT 191.60 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 202.21 250.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 233.92 250.10 Td (only ) Tj ET Q q 0 0 0 rg BT 253.97 250.10 Td (are ) Tj ET Q q 0 0 0 rg BT 268.46 250.10 Td (due ) Tj ET Q q 0 0 0 rg BT 285.17 250.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 320.78 250.10 Td (for ) Tj ET Q q 0 0 0 rg BT 334.72 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.22 250.10 Td (term ) Tj ET Q q 0 0 0 rg BT 369.82 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 380.42 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.92 250.10 Td (loan. ) Tj ET Q q 0 0 0 rg BT 416.91 250.10 Td ( ) Tj ET Q q 0 0 0 rg BT 419.02 250.10 Td (The ) Tj ET Q q 0 0 0 rg BT 436.85 250.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 480.77 250.10 Td (may ) Tj ET Q q 0 0 0 rg BT 500.26 250.10 Td (be ) Tj ET Q q 0 0 0 rg BT 511.97 250.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 550.34 250.10 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 238.10 Td (two ) Tj ET Q q 0 0 0 rg BT 85.50 238.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 127.99 238.10 Td (one-year ) Tj ET Q q 0 0 0 rg BT 165.47 238.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 197.40 238.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 228.23 238.10 Td (to ) Tj ET Q q 0 0 0 rg BT 238.51 238.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 268.21 238.10 Td (conditions.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 214.10 Td (Revolving ) Tj ET Q q 0 0 0 rg BT 111.60 214.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 139.66 214.10 Td (Facilities ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 190.10 Td (KeyBank ) Tj ET Q q 0 0 0 rg BT 107.56 190.10 Td (National ) Tj ET Q q 0 0 0 rg BT 145.77 190.10 Td (Association- ) Tj ET Q q 0 0 0 rg BT 201.73 190.10 Td (NY ) Tj ET Q q 0 0 0 rg BT 217.43 190.10 Td (Cor) Tj ET Q q 0 0 0 rg BT 232.62 190.10 Td (e ) Tj ET Q q 0 0 0 rg BT 240.52 190.10 Td (Office ) Tj ET Q q 0 0 0 rg BT 268.42 190.10 Td (T) Tj ET Q q 0 0 0 rg BT 273.43 190.10 Td (rust) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.99 190.10 Td (- ) Tj ET Q q 0 0 0 rg BT 298.28 190.10 Td (On ) Tj ET Q q 0 0 0 rg BT 313.97 190.10 Td (December19, ) Tj ET Q q 0 0 0 rg BT 373.51 190.10 Td (2007, ) Tj ET Q q 0 0 0 rg BT 399.48 190.10 Td (the ) Tj ET Q q 0 0 0 rg BT 415.16 190.10 Td (NY) Tj ET Q q 0 0 0 rg BT 429.23 190.10 Td ( ) Tj ET Q q 0 0 0 rg BT 432.44 190.10 Td (T) Tj ET Q q 0 0 0 rg BT 438.20 190.10 Td (rust ) Tj ET Q q 0 0 0 rg BT 456.66 190.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 489.55 190.10 Td (into ) Tj ET Q q 0 0 0 rg BT 508.57 190.10 Td (an ) Tj ET Q q 0 0 0 rg BT 521.47 190.10 Td (unsecured ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 178.10 Td (revolving ) Tj ET Q q 0 0 0 rg BT 109.22 178.10 Td (line ) Tj ET Q q 0 0 0 rg BT 127.10 178.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.33 178.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 163.98 178.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 195.19 178.10 Td (\(Credit ) Tj ET Q q 0 0 0 rg BT 230.21 178.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 277.53 178.10 Td (I\) ) Tj ET Q q 0 0 0 rg BT 291.52 178.10 Td (with ) Tj ET Q q 0 0 0 rg BT 312.19 178.10 Td (KeyBank ) Tj ET Q q 0 0 0 rg BT 352.85 178.10 Td (National ) Tj ET Q q 0 0 0 rg BT 389.54 178.10 Td (Association, ) Tj ET Q q 0 0 0 rg BT 442.15 178.10 Td (as ) Tj ET Q q 0 0 0 rg BT 453.37 178.10 Td (an ) Tj ET Q q 0 0 0 rg BT 465.70 178.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 525.80 178.10 Td (agent ) Tj ET Q q 0 0 0 rg BT 550.34 178.10 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 166.10 Td (itself ) Tj ET Q q 0 0 0 rg BT 89.94 166.10 Td (and ) Tj ET Q q 0 0 0 rg BT 106.32 166.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 135.47 166.10 Td (other ) Tj ET Q q 0 0 0 rg BT 157.96 166.10 Td (lenders. ) Tj ET Q q 0 0 0 rg BT 191.14 166.10 Td (The ) Tj ET Q q 0 0 0 rg BT 208.63 166.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 235.15 166.10 Td (AgreementI ) Tj ET Q q 0 0 0 rg BT 287.34 166.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 323.73 166.10 Td (for ) Tj ET Q q 0 0 0 rg BT 337.33 166.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 380.94 166.10 Td (capacity ) Tj ET Q q 0 0 0 rg BT 416.19 166.10 Td (of ) Tj ET Q q 0 0 0 rg BT 426.47 166.10 Td (up ) Tj ET Q q 0 0 0 rg BT 438.41 166.10 Td (to ) Tj ET Q q 0 0 0 rg BT 448.14 166.10 Td ($100.0 ) Tj ET Q q 0 0 0 rg BT 477.58 166.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 510.92 166.10 Td ( ) Tj ET Q q 0 0 0 rg BT 512.86 166.10 Td (Loans ) Tj ET Q q 0 0 0 rg BT 539.25 166.10 Td (under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 154.10 Td (this ) Tj ET Q q 0 0 0 rg BT 85.31 154.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 116.49 154.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 136.56 154.10 Td (interest, ) Tj ET Q q 0 0 0 rg BT 171.35 154.10 Td (at ) Tj ET Q q 0 0 0 rg BT 181.43 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.51 154.10 Td (borrower's ) Tj ET Q q 0 0 0 rg BT 241.72 154.10 Td (option, ) Tj ET Q q 0 0 0 rg BT 272.63 154.10 Td (at ) Tj ET Q q 0 0 0 rg BT 282.71 154.10 Td (a ) Tj ET Q q 0 0 0 rg BT 290.01 154.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 325.08 154.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 342.92 154.10 Td (\(based ) Tj ET Q q 0 0 0 rg BT 371.88 154.10 Td (on ) Tj ET Q q 0 0 0 rg BT 384.74 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 399.82 154.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 432.67 154.10 Td (Funds ) Tj ET Q q 0 0 0 rg BT 459.98 154.10 Td (Rate ) Tj ET Q q 0 0 0 rg BT 481.17 154.10 Td (or ) Tj ET Q q 0 0 0 rg BT 492.36 154.10 Td (KeyBank's ) Tj ET Q q 0 0 0 rg BT 538.68 154.10 Td (prime ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 142.10 Td (rate\) ) Tj ET Q q 0 0 0 rg BT 87.86 142.10 Td (or ) Tj ET Q q 0 0 0 rg BT 97.73 142.10 Td (a ) Tj ET Q q 0 0 0 rg BT 103.71 142.10 Td (LIBOR-based ) Tj ET Q q 0 0 0 rg BT 161.35 142.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 177.88 142.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 196.10 142.10 Td (a ) Tj ET Q q 0 0 0 rg BT 202.08 142.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 229.72 142.10 Td (ranging ) Tj ET Q q 0 0 0 rg BT 261.81 142.10 Td (from ) Tj ET Q q 0 0 0 rg BT 282.79 142.10 Td (100 ) Tj ET Q q 0 0 0 rg BT 299.33 142.10 Td (to ) Tj ET Q q 0 0 0 rg BT 308.65 142.10 Td (137.5basis ) Tj ET Q q 0 0 0 rg BT 355.20 142.10 Td (points ) Tj ET Q q 0 0 0 rg BT 381.19 142.10 Td (based ) Tj ET Q q 0 0 0 rg BT 405.50 142.10 Td (on ) Tj ET Q q 0 0 0 rg BT 417.04 142.10 Td (a ) Tj ET Q q 0 0 0 rg BT 423.02 142.10 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 466.21 142.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 501.62 142.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 521.49 142.10 Td (calculated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 130.10 Td (for ) Tj ET Q q 0 0 0 rg BT 82.16 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 96.88 130.10 Td (NY) Tj ET Q q 0 0 0 rg BT 110.95 130.10 Td ( ) Tj ET Q q 0 0 0 rg BT 113.27 130.10 Td (T) Tj ET Q q 0 0 0 rg BT 119.03 130.10 Td (rust. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 106.10 Td (On ) Tj ET Q q 0 0 0 rg BT 83.16 106.10 Td (January ) Tj ET Q q 0 0 0 rg BT 117.19 106.10 Td (9, ) Tj ET Q q 0 0 0 rg BT 127.62 106.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 153.06 106.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.21 106.10 Td (NY) Tj ET Q q 0 0 0 rg BT 182.28 106.10 Td ( ) Tj ET Q q 0 0 0 rg BT 185.00 106.10 Td (T) Tj ET Q q 0 0 0 rg BT 190.76 106.10 Td (rust ) Tj ET Q q 0 0 0 rg BT 208.70 106.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 247.16 106.10 Td (a ) Tj ET Q q 0 0 0 rg BT 254.54 106.10 Td (first ) Tj ET Q q 0 0 0 rg BT 273.58 106.10 Td (amendment ) Tj ET Q q 0 0 0 rg BT 323.16 106.10 Td (to ) Tj ET Q q 0 0 0 rg BT 333.88 106.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.03 106.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 374.73 106.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 405.98 106.10 Td (\(Amended ) Tj ET Q q 0 0 0 rg BT 455.56 106.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 482.84 106.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 530.20 106.10 Td (I\) ) Tj ET Q q 0 0 0 rg BT 544.24 106.10 Td (with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 94.10 Td (KeyBank, ) Tj ET Q q 0 0 0 rg BT 110.08 94.10 Td (as ) Tj ET Q q 0 0 0 rg BT 120.22 94.10 Td (an ) Tj ET Q q 0 0 0 rg BT 131.47 94.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 190.49 94.10 Td (agent ) Tj ET Q q 0 0 0 rg BT 213.96 94.10 Td (for ) Tj ET Q q 0 0 0 rg BT 227.43 94.10 Td (itself ) Tj ET Q q 0 0 0 rg BT 249.24 94.10 Td (and ) Tj ET Q q 0 0 0 rg BT 265.49 94.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 294.50 94.10 Td (other ) Tj ET Q q 0 0 0 rg BT 316.86 94.10 Td (lenders. ) Tj ET Q q 0 0 0 rg BT 350.05 94.10 Td ( ) Tj ET Q q 0 0 0 rg BT 351.46 94.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 392.15 94.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 418.55 94.10 Td (AgreementI ) Tj ET Q q 0 0 0 rg BT 470.62 94.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 506.87 94.10 Td (for ) Tj ET Q q 0 0 0 rg BT 520.34 94.10 Td (borrowing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 82.10 Td (capacity ) Tj ET Q q 0 0 0 rg BT 103.35 82.10 Td (of ) Tj ET Q q 0 0 0 rg BT 113.71 82.10 Td (up ) Tj ET Q q 0 0 0 rg BT 125.75 82.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.56 82.10 Td ($65.0 ) Tj ET Q q 0 0 0 rg BT 160.09 82.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 193.52 82.10 Td ( ) Tj ET Q q 0 0 0 rg BT 195.56 82.10 Td (Loans ) Tj ET Q q 0 0 0 rg BT 222.03 82.10 Td (under ) Tj ET Q q 0 0 0 rg BT 246.83 82.10 Td (this ) Tj ET Q q 0 0 0 rg BT 263.32 82.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 293.67 82.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 312.92 82.10 Td (interest, ) Tj ET Q q 0 0 0 rg BT 346.88 82.10 Td (at ) Tj ET Q q 0 0 0 rg BT 356.14 82.10 Td (the ) Tj ET Q q 0 0 0 rg BT 370.39 82.10 Td (borrower's ) Tj ET Q q 0 0 0 rg BT 414.77 82.10 Td (option, ) Tj ET Q q 0 0 0 rg BT 444.86 82.10 Td (at ) Tj ET Q q 0 0 0 rg BT 454.11 82.10 Td (a ) Tj ET Q q 0 0 0 rg BT 460.58 82.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 494.82 82.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 511.84 82.10 Td (or ) Tj ET Q q 0 0 0 rg BT 522.21 82.10 Td (a ) Tj ET Q q 0 0 0 rg BT 528.68 82.10 Td (LIBOR-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 70.10 Td (based ) Tj ET Q q 0 0 0 rg BT 92.75 70.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 109.73 70.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 128.38 70.10 Td (a ) Tj ET Q q 0 0 0 rg BT 134.81 70.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 162.89 70.10 Td (ranging ) Tj ET Q q 0 0 0 rg BT 195.43 70.10 Td (from ) Tj ET Q q 0 0 0 rg BT 216.85 70.10 Td (200 ) Tj ET Q q 0 0 0 rg BT 233.84 70.10 Td (to ) Tj ET Q q 0 0 0 rg BT 243.60 70.10 Td (225basis ) Tj ET Q q 0 0 0 rg BT 283.09 70.10 Td (points ) Tj ET Q q 0 0 0 rg BT 309.52 70.10 Td (based ) Tj ET Q q 0 0 0 rg BT 334.28 70.10 Td (on ) Tj ET Q q 0 0 0 rg BT 346.26 70.10 Td (a ) Tj ET Q q 0 0 0 rg BT 352.69 70.10 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 396.32 70.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 432.17 70.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 452.48 70.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 494.99 70.10 Td (for ) Tj ET Q q 0 0 0 rg BT 508.64 70.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.84 70.10 Td (NY) Tj ET Q q 0 0 0 rg BT 536.92 70.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.76 70.10 Td (T) Tj ET Q q 0 0 0 rg BT 544.52 70.10 Td (rust. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 58.10 Td (Payments ) Tj ET Q q 0 0 0 rg BT 108.46 58.10 Td (of ) Tj ET Q q 0 0 0 rg BT 118.37 58.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 149.38 58.10 Td (are ) Tj ET Q q 0 0 0 rg BT 163.16 58.10 Td (due ) Tj ET Q q 0 0 0 rg BT 179.18 58.10 Td (monthly) Tj ET Q q 0 0 0 rg BT 211.86 58.10 Td (, ) Tj ET Q q 0 0 0 rg BT 215.94 58.10 Td (and ) Tj ET Q q 0 0 0 rg BT 231.95 58.10 Td (all ) Tj ET Q q 0 0 0 rg BT 243.52 58.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 291.77 58.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 328.88 58.10 Td (and ) Tj ET Q q 0 0 0 rg BT 344.90 58.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 373.69 58.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 404.70 58.10 Td (are ) Tj ET Q q 0 0 0 rg BT 418.48 58.10 Td (due ) Tj ET Q q 0 0 0 rg BT 434.50 58.10 Td (on ) Tj ET Q q 0 0 0 rg BT 445.73 58.10 Td (August ) Tj ET Q q 0 0 0 rg BT 476.19 58.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 490.27 58.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 514.35 58.10 Td (the ) Tj ET Q q 0 0 0 rg BT 528.14 58.10 Td (maturity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 46.10 Td (date ) Tj ET Q q 0 0 0 rg BT 87.16 46.10 Td (of ) Tj ET Q q 0 0 0 rg BT 97.99 46.10 Td (this ) Tj ET Q q 0 0 0 rg BT 114.93 46.10 Td (facility) Tj ET Q q 0 0 0 rg BT 142.60 46.10 Td (. ) Tj ET Q q 0 0 0 rg BT 147.60 46.10 Td (NY) Tj ET Q q 0 0 0 rg BT 161.68 46.10 Td ( ) Tj ET Q q 0 0 0 rg BT 164.00 46.10 Td (T) Tj ET Q q 0 0 0 rg BT 169.75 46.10 Td (rust ) Tj ET Q q 0 0 0 rg BT 187.25 46.10 Td (may ) Tj ET Q q 0 0 0 rg BT 206.97 46.10 Td (prepay ) Tj ET Q q 0 0 0 rg BT 236.68 46.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.39 46.10 Td (note ) Tj ET Q q 0 0 0 rg BT 271.11 46.10 Td (at ) Tj ET Q q 0 0 0 rg BT 280.83 46.10 Td (any ) Tj ET Q q 0 0 0 rg BT 297.77 46.10 Td (time ) Tj ET Q q 0 0 0 rg BT 318.04 46.10 Td (with ) Tj ET Q q 0 0 0 rg BT 338.32 46.10 Td (three ) Tj ET Q q 0 0 0 rg BT 360.80 46.10 Td (business ) Tj ET Q q 0 0 0 rg BT 397.19 46.10 Td (days' ) Tj ET Q q 0 0 0 rg BT 419.83 46.10 Td (notice. ) Tj ET Q q 0 0 0 rg BT 449.26 46.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 223 0 obj <> endobj 224 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (109) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (KeyBank ) Tj ET Q q 0 0 0 rg BT 107.99 730.10 Td (National ) Tj ET Q q 0 0 0 rg BT 146.60 730.10 Td (Association- ) Tj ET Q q 0 0 0 rg BT 202.99 730.10 Td (USCor) Tj ET Q q 0 0 0 rg BT 232.90 730.10 Td (e ) Tj ET Q q 0 0 0 rg BT 241.23 730.10 Td (Office ) Tj ET Q q 0 0 0 rg BT 269.56 730.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 279.19 730.10 Td (operties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.40 730.10 Td (- ) Tj ET Q q 0 0 0 rg BT 321.13 730.10 Td (On ) Tj ET Q q 0 0 0 rg BT 337.24 730.10 Td (October ) Tj ET Q q 0 0 0 rg BT 373.34 730.10 Td (29, ) Tj ET Q q 0 0 0 rg BT 389.73 730.10 Td (2010, ) Tj ET Q q 0 0 0 rg BT 416.12 730.10 Td (Core ) Tj ET Q q 0 0 0 rg BT 439.45 730.10 Td (Of) Tj ET Q q 0 0 0 rg BT 449.82 730.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 468.70 730.10 Td (Properties ) Tj ET Q q 0 0 0 rg BT 513.14 730.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 552.56 730.10 Td (an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (amended ) Tj ET Q q 0 0 0 rg BT 106.50 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 123.35 718.10 Td (restated ) Tj ET Q q 0 0 0 rg BT 156.85 718.10 Td (revolving ) Tj ET Q q 0 0 0 rg BT 197.58 718.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 222.75 718.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 253.48 718.10 Td (\(Amended ) Tj ET Q q 0 0 0 rg BT 302.53 718.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 329.40 718.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 376.23 718.10 Td (II\) ) Tj ET Q q 0 0 0 rg BT 393.07 718.10 Td (with ) Tj ET Q q 0 0 0 rg BT 413.25 718.10 Td (KeyBank, ) Tj ET Q q 0 0 0 rg BT 455.93 718.10 Td (as ) Tj ET Q q 0 0 0 rg BT 466.67 718.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 526.28 718.10 Td (agent ) Tj ET Q q 0 0 0 rg BT 550.34 718.10 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (itself ) Tj ET Q q 0 0 0 rg BT 90.59 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 107.62 706.10 Td (other ) Tj ET Q q 0 0 0 rg BT 130.76 706.10 Td (lenders. ) Tj ET Q q 0 0 0 rg BT 164.73 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 167.33 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 169.35 706.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 210.82 706.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 237.84 706.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 284.86 706.10 Td (II ) Tj ET Q q 0 0 0 rg BT 294.11 706.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 332.25 706.10 Td (for ) Tj ET Q q 0 0 0 rg BT 346.51 706.10 Td (a ) Tj ET Q q 0 0 0 rg BT 353.54 706.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 397.79 706.10 Td (capacity ) Tj ET Q q 0 0 0 rg BT 433.70 706.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 477.40 706.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 526.65 706.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 553.68 706.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td (credit\) ) Tj ET Q q 0 0 0 rg BT 95.99 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 106.22 694.10 Td ($225.0 ) Tj ET Q q 0 0 0 rg BT 135.62 694.10 Td (million ) Tj ET Q q 0 0 0 rg BT 166.41 694.10 Td (\(which ) Tj ET Q q 0 0 0 rg BT 196.08 694.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 239.63 694.10 Td (capacity ) Tj ET Q q 0 0 0 rg BT 274.84 694.10 Td (was ) Tj ET Q q 0 0 0 rg BT 292.29 694.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 325.84 694.10 Td (each ) Tj ET Q q 0 0 0 rg BT 346.05 694.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 376.27 694.10 Td (by ) Tj ET Q q 0 0 0 rg BT 388.16 694.10 Td ($12.5 ) Tj ET Q q 0 0 0 rg BT 412.56 694.10 Td (million ) Tj ET Q q 0 0 0 rg BT 443.35 694.10 Td (so ) Tj ET Q q 0 0 0 rg BT 454.14 694.10 Td (that ) Tj ET Q q 0 0 0 rg BT 471.04 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.15 694.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 528.71 694.10 Td (capacity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (was ) Tj ET Q q 0 0 0 rg BT 86.28 682.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 120.64 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 131.15 682.10 Td ($175.0 ) Tj ET Q q 0 0 0 rg BT 161.37 682.10 Td (million ) Tj ET Q q 0 0 0 rg BT 192.99 682.10 Td (at ) Tj ET Q q 0 0 0 rg BT 202.93 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.87 682.10 Td (start ) Tj ET Q q 0 0 0 rg BT 237.81 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 248.86 682.10 Td (year ) Tj ET Q q 0 0 0 rg BT 268.79 682.10 Td (two ) Tj ET Q q 0 0 0 rg BT 286.51 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 297.57 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.51 682.10 Td (facility\). ) Tj ET Q q 0 0 0 rg BT 349.38 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 352.11 682.10 Td (In ) Tj ET Q q 0 0 0 rg BT 363.16 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 378.10 682.10 Td (event ) Tj ET Q q 0 0 0 rg BT 402.48 682.10 Td (that ) Tj ET Q q 0 0 0 rg BT 420.20 682.10 Td (Core ) Tj ET Q q 0 0 0 rg BT 442.36 682.10 Td (Of) Tj ET Q q 0 0 0 rg BT 452.73 682.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 470.44 682.10 Td (Properties ) Tj ET Q q 0 0 0 rg BT 513.71 682.10 Td (experienced ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td (any ) Tj ET Q q 0 0 0 rg BT 85.26 670.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 119.17 670.10 Td (event, ) Tj ET Q q 0 0 0 rg BT 150.58 670.10 Td (which ) Tj ET Q q 0 0 0 rg BT 177.83 670.10 Td (included ) Tj ET Q q 0 0 0 rg BT 215.09 670.10 Td (new ) Tj ET Q q 0 0 0 rg BT 234.57 670.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 262.38 670.10 Td (contributions ) Tj ET Q q 0 0 0 rg BT 317.97 670.10 Td (to ) Tj ET Q q 0 0 0 rg BT 328.57 670.10 Td (Core ) Tj ET Q q 0 0 0 rg BT 350.83 670.10 Td (Of) Tj ET Q q 0 0 0 rg BT 361.20 670.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 379.00 670.10 Td (Properties ) Tj ET Q q 0 0 0 rg BT 422.37 670.10 Td (as ) Tj ET Q q 0 0 0 rg BT 433.52 670.10 Td (well ) Tj ET Q q 0 0 0 rg BT 453.55 670.10 Td (as ) Tj ET Q q 0 0 0 rg BT 464.70 670.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 486.96 670.10 Td (or ) Tj ET Q q 0 0 0 rg BT 498.11 670.10 Td (re-financings ) Tj ET Q q 0 0 0 rg BT 553.68 670.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td (properties, ) Tj ET Q q 0 0 0 rg BT 112.12 658.10 Td (then ) Tj ET Q q 0 0 0 rg BT 130.98 658.10 Td (25% ) Tj ET Q q 0 0 0 rg BT 150.95 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 160.92 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.77 658.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 211.95 658.10 Td (from ) Tj ET Q q 0 0 0 rg BT 233.02 658.10 Td (such ) Tj ET Q q 0 0 0 rg BT 252.99 658.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 281.28 658.10 Td (event ) Tj ET Q q 0 0 0 rg BT 304.57 658.10 Td (was ) Tj ET Q q 0 0 0 rg BT 321.76 658.10 Td (used ) Tj ET Q q 0 0 0 rg BT 341.73 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 351.15 658.10 Td (repay ) Tj ET Q q 0 0 0 rg BT 374.99 658.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 422.18 658.10 Td (under ) Tj ET Q q 0 0 0 rg BT 446.59 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 460.44 658.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 490.40 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 506.48 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 520.33 658.10 Td (borrowing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (capacity ) Tj ET Q q 0 0 0 rg BT 103.44 646.10 Td (under ) Tj ET Q q 0 0 0 rg BT 128.34 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.69 646.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 173.14 646.10 Td (was ) Tj ET Q q 0 0 0 rg BT 190.82 646.10 Td (permanently ) Tj ET Q q 0 0 0 rg BT 242.94 646.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 276.71 646.10 Td (by ) Tj ET Q q 0 0 0 rg BT 288.84 646.10 Td (such ) Tj ET Q q 0 0 0 rg BT 309.31 646.10 Td (pay-down ) Tj ET Q q 0 0 0 rg BT 351.43 646.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 383.55 646.10 Td (irrespective ) Tj ET Q q 0 0 0 rg BT 432.33 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 442.79 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 457.14 646.10 Td (aforementioned ) Tj ET Q q 0 0 0 rg BT 522.02 646.10 Td (scheduled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 112.31 634.10 Td (capacity ) Tj ET Q q 0 0 0 rg BT 148.28 634.10 Td (reductions. ) Tj ET Q q 0 0 0 rg BT 195.09 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 197.74 634.10 Td (Loans ) Tj ET Q q 0 0 0 rg BT 224.83 634.10 Td (under ) Tj ET Q q 0 0 0 rg BT 250.26 634.10 Td (this ) Tj ET Q q 0 0 0 rg BT 267.36 634.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 298.33 634.10 Td (bore ) Tj ET Q q 0 0 0 rg BT 318.75 634.10 Td (interest, ) Tj ET Q q 0 0 0 rg BT 353.34 634.10 Td (at ) Tj ET Q q 0 0 0 rg BT 363.21 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 378.08 634.10 Td (borrower's ) Tj ET Q q 0 0 0 rg BT 423.08 634.10 Td (option, ) Tj ET Q q 0 0 0 rg BT 453.79 634.10 Td (at ) Tj ET Q q 0 0 0 rg BT 463.66 634.10 Td (a ) Tj ET Q q 0 0 0 rg BT 470.75 634.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 505.61 634.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 523.25 634.10 Td (\(based ) Tj ET Q q 0 0 0 rg BT 552.00 634.10 Td (on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 82.17 622.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 114.10 622.10 Td (Funds ) Tj ET Q q 0 0 0 rg BT 140.50 622.10 Td (Rate ) Tj ET Q q 0 0 0 rg BT 160.77 622.10 Td (or ) Tj ET Q q 0 0 0 rg BT 171.05 622.10 Td (KeyBank's ) Tj ET Q q 0 0 0 rg BT 216.46 622.10 Td (prime ) Tj ET Q q 0 0 0 rg BT 241.74 622.10 Td (rate\) ) Tj ET Q q 0 0 0 rg BT 262.00 622.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 280.62 622.10 Td (400 ) Tj ET Q q 0 0 0 rg BT 297.57 622.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 319.51 622.10 Td (points ) Tj ET Q q 0 0 0 rg BT 345.91 622.10 Td (or ) Tj ET Q q 0 0 0 rg BT 356.19 622.10 Td (LIBOR-based ) Tj ET Q q 0 0 0 rg BT 414.24 622.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 431.17 622.10 Td (\(1% ) Tj ET Q q 0 0 0 rg BT 449.78 622.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 481.73 622.10 Td (floor\) ) Tj ET Q q 0 0 0 rg BT 506.44 622.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 525.06 622.10 Td (450 ) Tj ET Q q 0 0 0 rg BT 542.01 622.10 Td (basis ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (points. ) Tj ET Q q 0 0 0 rg BT 97.69 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 99.82 610.10 Td (As ) Tj ET Q q 0 0 0 rg BT 113.67 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 124.74 610.10 Td (December ) Tj ET Q q 0 0 0 rg BT 168.56 610.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 183.80 610.10 Td (201) Tj ET Q q 0 0 0 rg BT 198.43 610.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 208.67 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 223.62 610.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 268.02 610.10 Td (capacity ) Tj ET Q q 0 0 0 rg BT 304.07 610.10 Td (was ) Tj ET Q q 0 0 0 rg BT 322.36 610.10 Td ($101.1 ) Tj ET Q q 0 0 0 rg BT 352.60 610.10 Td (million ) Tj ET Q q 0 0 0 rg BT 384.23 610.10 Td (and ) Tj ET Q q 0 0 0 rg BT 401.41 610.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 450.81 610.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 477.98 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 489.05 610.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 514.55 610.10 Td (totaled ) Tj ET Q q 0 0 0 rg BT 544.50 610.10 Td ($8.4 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 101.33 598.10 Td ( ) Tj ET Q q 0 0 0 rg BT 103.14 598.10 Td (The ) Tj ET Q q 0 0 0 rg BT 120.63 598.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 150.89 598.10 Td (expired ) Tj ET Q q 0 0 0 rg BT 182.82 598.10 Td (on ) Tj ET Q q 0 0 0 rg BT 194.76 598.10 Td (October ) Tj ET Q q 0 0 0 rg BT 228.91 598.10 Td (29, ) Tj ET Q q 0 0 0 rg BT 243.36 598.10 Td (2012. ) Tj ET Q q 0 0 0 rg BT 267.80 598.10 Td ( ) Tj ET Q q 0 0 0 rg BT 269.32 598.10 Td (As ) Tj ET Q q 0 0 0 rg BT 282.37 598.10 Td (of ) Tj ET Q q 0 0 0 rg BT 292.65 598.10 Td (December ) Tj ET Q q 0 0 0 rg BT 335.67 598.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 350.12 598.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 374.56 598.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 423.17 598.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 449.54 598.10 Td (of ) Tj ET Q q 0 0 0 rg BT 459.82 598.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 484.53 598.10 Td (totaled ) Tj ET Q q 0 0 0 rg BT 513.68 598.10 Td ($5.9 ) Tj ET Q q 0 0 0 rg BT 533.12 598.10 Td (million ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 85.17 586.10 Td (were ) Tj ET Q q 0 0 0 rg BT 107.33 586.10 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 163.92 586.10 Td (by ) Tj ET Q q 0 0 0 rg BT 176.65 586.10 Td (a ) Tj ET Q q 0 0 0 rg BT 183.82 586.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 204.32 586.10 Td (deposit ) Tj ET Q q 0 0 0 rg BT 235.94 586.10 Td (with ) Tj ET Q q 0 0 0 rg BT 256.45 586.10 Td (KeyBank. ) Tj ET Q q 0 0 0 rg BT 299.45 586.10 Td ( ) Tj ET Q q 0 0 0 rg BT 301.98 586.10 Td (This ) Tj ET Q q 0 0 0 rg BT 322.49 586.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 366.88 586.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 387.38 586.10 Td (deposit ) Tj ET Q q 0 0 0 rg BT 419.00 586.10 Td (is ) Tj ET Q q 0 0 0 rg BT 428.40 586.10 Td (a ) Tj ET Q q 0 0 0 rg BT 435.57 586.10 Td (component ) Tj ET Q q 0 0 0 rg BT 482.74 586.10 Td (of ) Tj ET Q q 0 0 0 rg BT 493.80 586.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 533.73 586.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 554.23 586.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 82.72 574.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 135.76 574.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 168.79 574.10 Td (sheets ) Tj ET Q q 0 0 0 rg BT 195.73 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 212.67 574.10 Td (was ) Tj ET Q q 0 0 0 rg BT 230.72 574.10 Td (returned ) Tj ET Q q 0 0 0 rg BT 266.54 574.10 Td (to ) Tj ET Q q 0 0 0 rg BT 276.81 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.53 574.10 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 339.58 574.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 362.08 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.79 574.10 Td (extension ) Tj ET Q q 0 0 0 rg BT 417.62 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 428.45 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.17 574.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 473.99 574.10 Td (as ) Tj ET Q q 0 0 0 rg BT 484.82 574.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 525.65 574.10 Td (below) Tj ET Q q 0 0 0 rg BT 549.44 574.10 Td (. ) Tj ET Q q 0 0 0 rg BT 554.44 574.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 550.10 Td (On ) Tj ET Q q 0 0 0 rg BT 81.69 550.10 Td (February ) Tj ET Q q 0 0 0 rg BT 119.25 550.10 Td (27, ) Tj ET Q q 0 0 0 rg BT 133.21 550.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 157.18 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.86 550.10 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 217.87 550.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 254.86 550.10 Td (a ) Tj ET Q q 0 0 0 rg BT 260.77 550.10 Td (second ) Tj ET Q q 0 0 0 rg BT 290.00 550.10 Td (amended ) Tj ET Q q 0 0 0 rg BT 327.56 550.10 Td (and ) Tj ET Q q 0 0 0 rg BT 343.46 550.10 Td (restated ) Tj ET Q q 0 0 0 rg BT 376.02 550.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 400.24 550.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 443.35 550.10 Td (\(Amended ) Tj ET Q q 0 0 0 rg BT 491.46 550.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 517.59 550.10 Td (Agreement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 538.10 Td (III\) ) Tj ET Q q 0 0 0 rg BT 88.40 538.10 Td (with ) Tj ET Q q 0 0 0 rg BT 108.82 538.10 Td (KeyBank, ) Tj ET Q q 0 0 0 rg BT 151.73 538.10 Td (as ) Tj ET Q q 0 0 0 rg BT 162.71 538.10 Td (an ) Tj ET Q q 0 0 0 rg BT 174.79 538.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 234.64 538.10 Td (agent ) Tj ET Q q 0 0 0 rg BT 258.94 538.10 Td (for ) Tj ET Q q 0 0 0 rg BT 273.24 538.10 Td (itself ) Tj ET Q q 0 0 0 rg BT 295.88 538.10 Td (and ) Tj ET Q q 0 0 0 rg BT 312.96 538.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 342.81 538.10 Td (other ) Tj ET Q q 0 0 0 rg BT 366.00 538.10 Td (lenders. ) Tj ET Q q 0 0 0 rg BT 399.43 538.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 440.95 538.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 468.01 538.10 Td (AgreementIII ) Tj ET Q q 0 0 0 rg BT 527.56 538.10 Td (provides ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td (for ) Tj ET Q q 0 0 0 rg BT 82.21 526.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 126.42 526.10 Td (capacity ) Tj ET Q q 0 0 0 rg BT 162.28 526.10 Td (of ) Tj ET Q q 0 0 0 rg BT 173.16 526.10 Td (up ) Tj ET Q q 0 0 0 rg BT 185.71 526.10 Td (to ) Tj ET Q q 0 0 0 rg BT 196.04 526.10 Td ($50.0 ) Tj ET Q q 0 0 0 rg BT 221.09 526.10 Td (million ) Tj ET Q q 0 0 0 rg BT 252.53 526.10 Td (with ) Tj ET Q q 0 0 0 rg BT 272.86 526.10 Td (an ) Tj ET Q q 0 0 0 rg BT 284.85 526.10 Td (option ) Tj ET Q q 0 0 0 rg BT 312.96 526.10 Td (to ) Tj ET Q q 0 0 0 rg BT 323.29 526.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 358.59 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.36 526.10 Td (capacity ) Tj ET Q q 0 0 0 rg BT 409.22 526.10 Td (up ) Tj ET Q q 0 0 0 rg BT 421.77 526.10 Td (to ) Tj ET Q q 0 0 0 rg BT 432.10 526.10 Td ($100.0 ) Tj ET Q q 0 0 0 rg BT 462.15 526.10 Td (million ) Tj ET Q q 0 0 0 rg BT 493.59 526.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 515.58 526.10 Td (to ) Tj ET Q q 0 0 0 rg BT 525.91 526.10 Td (February ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 514.10 Td (27, ) Tj ET Q q 0 0 0 rg BT 82.50 514.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 107.01 514.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 137.34 514.10 Td (to ) Tj ET Q q 0 0 0 rg BT 147.12 514.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 176.32 514.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 200.54 514.10 Td (and ) Tj ET Q q 0 0 0 rg BT 216.98 514.10 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 263.15 514.10 Td ( ) Tj ET Q q 0 0 0 rg BT 265.16 514.10 Td (Loans ) Tj ET Q q 0 0 0 rg BT 291.60 514.10 Td (under ) Tj ET Q q 0 0 0 rg BT 316.37 514.10 Td (this ) Tj ET Q q 0 0 0 rg BT 332.82 514.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 363.15 514.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 382.36 514.10 Td (interest, ) Tj ET Q q 0 0 0 rg BT 416.29 514.10 Td (at ) Tj ET Q q 0 0 0 rg BT 425.51 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 439.73 514.10 Td (borrower's ) Tj ET Q q 0 0 0 rg BT 484.08 514.10 Td (option, ) Tj ET Q q 0 0 0 rg BT 514.14 514.10 Td (at ) Tj ET Q q 0 0 0 rg BT 523.36 514.10 Td (a ) Tj ET Q q 0 0 0 rg BT 529.80 514.10 Td (variable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 502.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 85.63 502.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 104.95 502.10 Td (a ) Tj ET Q q 0 0 0 rg BT 112.04 502.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 140.79 502.10 Td (ranging ) Tj ET Q q 0 0 0 rg BT 173.98 502.10 Td (from ) Tj ET Q q 0 0 0 rg BT 196.07 502.10 Td (125 ) Tj ET Q q 0 0 0 rg BT 213.72 502.10 Td (to ) Tj ET Q q 0 0 0 rg BT 224.15 502.10 Td (175 ) Tj ET Q q 0 0 0 rg BT 241.80 502.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 264.45 502.10 Td (points ) Tj ET Q q 0 0 0 rg BT 291.54 502.10 Td (or ) Tj ET Q q 0 0 0 rg BT 302.52 502.10 Td (a ) Tj ET Q q 0 0 0 rg BT 309.61 502.10 Td (LIBOR-based ) Tj ET Q q 0 0 0 rg BT 368.36 502.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 385.99 502.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 405.31 502.10 Td (a ) Tj ET Q q 0 0 0 rg BT 412.40 502.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 441.14 502.10 Td (ranging ) Tj ET Q q 0 0 0 rg BT 474.34 502.10 Td (from ) Tj ET Q q 0 0 0 rg BT 496.43 502.10 Td (225 ) Tj ET Q q 0 0 0 rg BT 514.08 502.10 Td (to ) Tj ET Q q 0 0 0 rg BT 524.50 502.10 Td (275basis ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 490.10 Td (points, ) Tj ET Q q 0 0 0 rg BT 97.95 490.10 Td (each ) Tj ET Q q 0 0 0 rg BT 119.26 490.10 Td (of ) Tj ET Q q 0 0 0 rg BT 130.59 490.10 Td (which ) Tj ET Q q 0 0 0 rg BT 158.03 490.10 Td (are ) Tj ET Q q 0 0 0 rg BT 173.24 490.10 Td (based ) Tj ET Q q 0 0 0 rg BT 199.00 490.10 Td (on ) Tj ET Q q 0 0 0 rg BT 212.00 490.10 Td (a ) Tj ET Q q 0 0 0 rg BT 219.44 490.10 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 264.09 490.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 300.95 490.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 322.27 490.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 365.80 490.10 Td (for ) Tj ET Q q 0 0 0 rg BT 380.46 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 395.68 490.10 Td (Partnership. ) Tj ET Q q 0 0 0 rg BT 446.72 490.10 Td (Payments ) Tj ET Q q 0 0 0 rg BT 488.61 490.10 Td (of ) Tj ET Q q 0 0 0 rg BT 499.94 490.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 532.37 490.10 Td (are ) Tj ET Q q 0 0 0 rg BT 547.58 490.10 Td (due ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 478.10 Td (monthly) Tj ET Q q 0 0 0 rg BT 100.69 478.10 Td (, ) Tj ET Q q 0 0 0 rg BT 105.44 478.10 Td (and ) Tj ET Q q 0 0 0 rg BT 122.13 478.10 Td (all ) Tj ET Q q 0 0 0 rg BT 134.38 478.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 183.29 478.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 221.09 478.10 Td (and ) Tj ET Q q 0 0 0 rg BT 237.78 478.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 267.25 478.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 298.93 478.10 Td (are ) Tj ET Q q 0 0 0 rg BT 313.39 478.10 Td (due ) Tj ET Q q 0 0 0 rg BT 330.08 478.10 Td (on ) Tj ET Q q 0 0 0 rg BT 342.34 478.10 Td (February ) Tj ET Q q 0 0 0 rg BT 380.69 478.10 Td (27, ) Tj ET Q q 0 0 0 rg BT 395.44 478.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 420.19 478.10 Td (the ) Tj ET Q q 0 0 0 rg BT 434.66 478.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 470.80 478.10 Td (date ) Tj ET Q q 0 0 0 rg BT 489.70 478.10 Td (of ) Tj ET Q q 0 0 0 rg BT 500.29 478.10 Td (this ) Tj ET Q q 0 0 0 rg BT 516.99 478.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 547.56 478.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 466.10 Td (may ) Tj ET Q q 0 0 0 rg BT 88.07 466.10 Td (be ) Tj ET Q q 0 0 0 rg BT 100.36 466.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 139.30 466.10 Td (one ) Tj ET Q q 0 0 0 rg BT 156.59 466.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 199.43 466.10 Td (year) Tj ET Q q 0 0 0 rg BT 216.24 466.10 Td (, ) Tj ET Q q 0 0 0 rg BT 221.59 466.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 252.76 466.10 Td (to ) Tj ET Q q 0 0 0 rg BT 263.39 466.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 293.45 466.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 318.51 466.10 Td (and ) Tj ET Q q 0 0 0 rg BT 335.80 466.10 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 382.82 466.10 Td ( ) Tj ET Q q 0 0 0 rg BT 385.46 466.10 Td (The ) Tj ET Q q 0 0 0 rg BT 403.86 466.10 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 452.26 466.10 Td (may ) Tj ET Q q 0 0 0 rg BT 472.32 466.10 Td (prepay ) Tj ET Q q 0 0 0 rg BT 502.38 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.45 466.10 Td (note ) Tj ET Q q 0 0 0 rg BT 537.52 466.10 Td (at ) Tj ET Q q 0 0 0 rg BT 547.58 466.10 Td (any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 452.90 Td (time ) Tj ET Q q 0 0 0 rg BT 88.27 452.90 Td (with ) Tj ET Q q 0 0 0 rg BT 108.55 452.90 Td (three ) Tj ET Q q 0 0 0 rg BT 131.04 452.90 Td (business ) Tj ET Q q 0 0 0 rg BT 167.43 452.90 Td (days' ) Tj ET Q q 0 0 0 rg BT 190.06 452.90 Td (notice. ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 219.49 452.90 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 440.90 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 428.90 Td (As ) Tj ET Q q 0 0 0 rg BT 81.61 428.90 Td (of ) Tj ET Q q 0 0 0 rg BT 92.44 428.90 Td (December ) Tj ET Q q 0 0 0 rg BT 136.03 428.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 151.03 428.90 Td (2012, ) Tj ET Q q 0 0 0 rg BT 176.03 428.90 Td (the ) Tj ET Q q 0 0 0 rg BT 190.74 428.90 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 233.23 428.90 Td (principal ) Tj ET Q q 0 0 0 rg BT 271.27 428.90 Td (payments ) Tj ET Q q 0 0 0 rg BT 312.10 428.90 Td (on ) Tj ET Q q 0 0 0 rg BT 324.60 428.90 Td (notes ) Tj ET Q q 0 0 0 rg BT 348.21 428.90 Td (payable ) Tj ET Q q 0 0 0 rg BT 381.80 428.90 Td (are ) Tj ET Q q 0 0 0 rg BT 396.51 428.90 Td (as ) Tj ET Q q 0 0 0 rg BT 407.34 428.90 Td (follows ) Tj ET Q q 0 0 0 rg BT 439.84 428.90 Td (\(in ) Tj ET Q q 0 0 0 rg BT 453.44 428.90 Td (thousands\): ) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 404.4 m 397.5 404.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 404.4 m 406.5 404.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 404.4 m 561.5 404.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 404.4 m 397.5 404.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 404.4 m 406.5 404.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 404.4 m 561.5 404.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 308.4 m 406.5 308.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 308.4 m 561.5 308.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 308.4 m 406.5 308.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 308.4 m 561.5 308.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 288.4 m 406.5 288.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 286.4 m 406.5 286.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 288.4 m 561.5 288.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 286.4 m 561.5 286.4 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 409.08 Td (Years Ending December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 388.07 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.00 388.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 388.07 Td (371,564) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 373.07 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 373.07 Td (210,819) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 358.07 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 358.07 Td (287,905) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 343.07 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 343.07 Td (482,718) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 328.07 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 328.07 Td (123,893) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 313.07 Td (Thereafter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 313.07 Td (331,533) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 292.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.00 292.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.65 292.07 Td (1,808,432) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 263.90 Td (All ) Tj ET Q q 0 0 0 rg BT 83.12 263.90 Td (of ) Tj ET Q q 0 0 0 rg BT 93.79 263.90 Td (the ) Tj ET Q q 0 0 0 rg BT 108.35 263.90 Td (notes ) Tj ET Q q 0 0 0 rg BT 131.80 263.90 Td (described ) Tj ET Q q 0 0 0 rg BT 172.46 263.90 Td (above ) Tj ET Q q 0 0 0 rg BT 198.67 263.90 Td (contain ) Tj ET Q q 0 0 0 rg BT 230.45 263.90 Td (both ) Tj ET Q q 0 0 0 rg BT 250.57 263.90 Td (af) Tj ET Q q 0 0 0 rg BT 258.16 263.90 Td (firmative ) Tj ET Q q 0 0 0 rg BT 297.15 263.90 Td (and ) Tj ET Q q 0 0 0 rg BT 313.93 263.90 Td (negative ) Tj ET Q q 0 0 0 rg BT 350.14 263.90 Td (covenants ) Tj ET Q q 0 0 0 rg BT 392.47 263.90 Td (as ) Tj ET Q q 0 0 0 rg BT 403.14 263.90 Td (well ) Tj ET Q q 0 0 0 rg BT 422.70 263.90 Td (as ) Tj ET Q q 0 0 0 rg BT 433.37 263.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 462.91 263.90 Td (note ) Tj ET Q q 0 0 0 rg BT 482.47 263.90 Td (containing ) Tj ET Q q 0 0 0 rg BT 527.02 263.90 Td (financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 251.90 Td (covenants. ) Tj ET Q q 0 0 0 rg BT 112.45 251.90 Td ( ) Tj ET Q q 0 0 0 rg BT 114.27 251.90 Td (The ) Tj ET Q q 0 0 0 rg BT 131.79 251.90 Td (Fund ) Tj ET Q q 0 0 0 rg BT 154.31 251.90 Td (believes ) Tj ET Q q 0 0 0 rg BT 189.04 251.90 Td (it ) Tj ET Q q 0 0 0 rg BT 196.56 251.90 Td (is ) Tj ET Q q 0 0 0 rg BT 205.20 251.90 Td (in ) Tj ET Q q 0 0 0 rg BT 214.94 251.90 Td (compliance ) Tj ET Q q 0 0 0 rg BT 263.00 251.90 Td (with ) Tj ET Q q 0 0 0 rg BT 282.74 251.90 Td (all ) Tj ET Q q 0 0 0 rg BT 294.70 251.90 Td (such ) Tj ET Q q 0 0 0 rg BT 315.00 251.90 Td (covenants ) Tj ET Q q 0 0 0 rg BT 356.95 251.90 Td (\(except ) Tj ET Q q 0 0 0 rg BT 388.34 251.90 Td (Douglas ) Tj ET Q q 0 0 0 rg BT 423.63 251.90 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 465.58 251.90 Td (Center ) Tj ET Q q 0 0 0 rg BT 494.20 251.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 513.39 251.90 Td (as ) Tj ET Q q 0 0 0 rg BT 523.68 251.90 Td (discussed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 239.90 Td (in ) Tj ET Q q 0 0 0 rg BT 78.28 239.90 Td (Note ) Tj ET Q q 0 0 0 rg BT 100.22 239.90 Td (15 ) Tj ET Q q 0 0 0 rg BT 112.72 239.90 Td (- ) Tj ET Q q 0 0 0 rg BT 118.55 239.90 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 167.16 239.90 Td (Events ) Tj ET Q q 0 0 0 rg BT 196.87 239.90 Td (- ) Tj ET Q q 0 0 0 rg BT 202.70 239.90 Td (Foreclosure ) Tj ET Q q 0 0 0 rg BT 252.41 239.90 Td (of ) Tj ET Q q 0 0 0 rg BT 263.24 239.90 Td (Douglas ) Tj ET Q q 0 0 0 rg BT 299.07 239.90 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 341.55 239.90 Td (Center\) ) Tj ET Q q 0 0 0 rg BT 374.04 239.90 Td (at ) Tj ET Q q 0 0 0 rg BT 383.76 239.90 Td (December ) Tj ET Q q 0 0 0 rg BT 427.34 239.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 442.34 239.90 Td (2012.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 215.90 Td (7. 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476.21 193.90 Td (and ) Tj ET Q q 0 0 0 rg BT 492.68 193.90 Td (Aareal ) Tj ET Q q 0 0 0 rg BT 521.93 193.90 Td (Bank ) Tj ET Q q 0 0 0 rg BT 545.07 193.90 Td (AG. ) Tj ET Q q 0 0 0 rg BT 564.52 193.90 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 181.90 Td (These ) Tj ET Q q 0 0 0 rg BT 94.76 181.90 Td (swap ) Tj ET Q q 0 0 0 rg BT 118.19 181.90 Td (transactions ) Tj ET Q q 0 0 0 rg BT 168.83 181.90 Td (were ) Tj ET Q q 0 0 0 rg BT 191.13 181.90 Td (entered ) Tj ET Q q 0 0 0 rg BT 223.44 181.90 Td (into ) Tj ET Q q 0 0 0 rg BT 241.87 181.90 Td (as ) Tj ET Q q 0 0 0 rg BT 253.08 181.90 Td (economic ) Tj ET Q q 0 0 0 rg BT 294.83 181.90 Td (hedges ) Tj ET Q q 0 0 0 rg BT 325.48 181.90 Td (against ) Tj ET Q q 0 0 0 rg BT 356.68 181.90 Td (the ) Tj ET Q q 0 0 0 rg BT 371.78 181.90 Td (variability ) Tj ET Q q 0 0 0 rg BT 415.75 181.90 Td (of ) Tj ET Q q 0 0 0 rg BT 426.96 181.90 Td (future ) Tj ET Q q 0 0 0 rg BT 453.72 181.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 486.03 181.90 Td (rates ) Tj ET Q q 0 0 0 rg BT 507.79 181.90 Td (on ) Tj ET Q q 0 0 0 rg BT 520.66 181.90 Td (the ) Tj ET Q q 0 0 0 rg BT 535.76 181.90 Td (Fund's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 169.90 Td (secured ) Tj ET Q q 0 0 0 rg BT 100.76 169.90 Td (variable ) Tj ET Q q 0 0 0 rg BT 135.18 169.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 166.83 169.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 184.03 169.90 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 224.01 169.90 Td (loan ) Tj ET Q q 0 0 0 rg BT 243.45 169.90 Td (at ) Tj ET Q q 0 0 0 rg BT 252.88 169.90 Td (101 ) Tj ET Q q 0 0 0 rg BT 270.10 169.90 Td (Second ) Tj ET Q q 0 0 0 rg BT 301.76 169.90 Td (Street ) Tj ET Q q 0 0 0 rg BT 327.30 169.90 Td (with ) Tj ET Q q 0 0 0 rg BT 347.14 169.90 Td (W) Tj ET Q q 0 0 0 rg BT 355.78 169.90 Td (estdeutsche ) Tj ET Q q 0 0 0 rg BT 404.09 169.90 Td (Immobilienbank ) Tj ET Q q 0 0 0 rg BT 471.91 169.90 Td (AG. ) Tj ET Q q 0 0 0 rg BT 491.08 169.90 Td ( ) Tj ET Q q 0 0 0 rg BT 493.13 169.90 Td (The ) Tj ET Q q 0 0 0 rg BT 510.90 169.90 Td (Fund ) Tj ET Q q 0 0 0 rg BT 533.68 169.90 Td (has ) Tj ET Q q 0 0 0 rg BT 549.23 169.90 Td (not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 157.90 Td (designated ) Tj ET Q q 0 0 0 rg BT 113.62 157.90 Td (any ) Tj ET Q q 0 0 0 rg BT 130.91 157.90 Td (of ) Tj ET Q q 0 0 0 rg BT 142.09 157.90 Td (its ) Tj ET Q q 0 0 0 rg BT 154.39 157.90 Td (derivative ) Tj ET Q q 0 0 0 rg BT 197.23 157.90 Td (instruments ) Tj ET Q q 0 0 0 rg BT 246.74 157.90 Td (as ) Tj ET Q q 0 0 0 rg BT 257.93 157.90 Td (hedging ) Tj ET Q q 0 0 0 rg BT 293.00 157.90 Td (instruments ) Tj ET Q q 0 0 0 rg BT 342.52 157.90 Td (for ) Tj ET Q q 0 0 0 rg BT 357.03 157.90 Td (accounting ) Tj ET Q q 0 0 0 rg BT 403.75 157.90 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 444.66 157.90 Td ( ) Tj ET Q q 0 0 0 rg BT 447.30 157.90 Td (The ) Tj ET Q q 0 0 0 rg BT 465.70 157.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 497.99 157.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 515.83 157.90 Td (swaps ) Tj ET Q q 0 0 0 rg BT 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(201) Tj ET Q q 0 0 0 rg BT 82.63 121.90 Td (1. ) Tj ET Q q 0 0 0 rg BT 92.75 121.90 Td ( ) Tj ET Q q 0 0 0 rg BT 95.19 121.90 Td (There ) Tj ET Q q 0 0 0 rg BT 121.13 121.90 Td (was ) Tj ET Q q 0 0 0 rg BT 139.30 121.90 Td (no ) Tj ET Q q 0 0 0 rg BT 151.92 121.90 Td (loss ) Tj ET Q q 0 0 0 rg BT 170.11 121.90 Td (on ) Tj ET Q q 0 0 0 rg BT 182.73 121.90 Td (derivative ) Tj ET Q q 0 0 0 rg BT 225.34 121.90 Td (instruments ) Tj ET Q q 0 0 0 rg BT 274.63 121.90 Td (recorded ) Tj ET Q q 0 0 0 rg BT 312.22 121.90 Td (in ) Tj ET Q q 0 0 0 rg BT 322.63 121.90 Td (the ) Tj ET Q q 0 0 0 rg BT 337.47 121.90 Td (Fund's ) Tj ET Q q 0 0 0 rg BT 366.34 121.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 419.51 121.90 Td (statement ) Tj ET Q q 0 0 0 rg BT 460.45 121.90 Td (of ) Tj ET Q q 0 0 0 rg BT 471.41 121.90 Td (operations ) Tj ET Q q 0 0 0 rg BT 515.69 121.90 Td (for ) Tj ET Q q 0 0 0 rg BT 529.97 121.90 Td (the ) Tj ET Q q 0 0 0 rg BT 544.81 121.90 Td (year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 109.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 93.51 109.90 Td (December ) Tj ET Q q 0 0 0 rg BT 136.22 109.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 150.35 109.90 Td (2010. ) Tj ET Q q 0 0 0 rg BT 174.48 109.90 Td ( ) Tj ET Q q 0 0 0 rg BT 176.11 109.90 Td (\(see ) Tj ET Q q 0 0 0 rg BT 193.84 109.90 Td (Note ) Tj ET Q q 0 0 0 rg BT 214.91 109.90 Td (12 ) Tj ET Q q 0 0 0 rg BT 226.54 109.90 Td (- ) Tj ET Q q 0 0 0 rg BT 231.50 109.90 Td (Fair ) Tj ET Q q 0 0 0 rg BT 249.12 109.90 Td (V) Tj ET Q q 0 0 0 rg BT 255.23 109.90 Td (alue ) Tj ET Q q 0 0 0 rg BT 273.52 109.90 Td (Disclosures ) Tj ET Q q 0 0 0 rg BT 321.81 109.90 Td (- ) Tj ET Q q 0 0 0 rg BT 326.41 109.90 Td (Assets ) Tj ET Q q 0 0 0 rg BT 354.15 109.90 Td (and ) Tj ET Q q 0 0 0 rg BT 370.22 109.90 Td (Liabilities ) Tj ET Q q 0 0 0 rg BT 412.39 109.90 Td (Measured ) Tj ET Q q 0 0 0 rg BT 453.45 109.90 Td (at ) Tj ET Q q 0 0 0 rg BT 462.30 109.90 Td (Fair ) Tj ET Q q 0 0 0 rg BT 479.92 109.90 Td (V) Tj ET Q q 0 0 0 rg BT 486.03 109.90 Td (alue ) Tj ET Q q 0 0 0 rg BT 504.32 109.90 Td (on ) Tj ET Q q 0 0 0 rg BT 515.95 109.90 Td (a ) Tj ET Q q 0 0 0 rg BT 522.02 109.90 Td (Recurring ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 97.90 Td (Basis ) Tj ET Q q 0 0 0 rg BT 92.17 97.90 Td (- ) Tj ET Q q 0 0 0 rg BT 98.00 97.90 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 142.70 97.90 Td (Instruments\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 225 0 obj <> endobj 226 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.65 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 54.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 68.00 742.10 Td (The ) Tj ET Q q 0 0 0 rg BT 86.05 742.10 Td (tables ) Tj ET Q q 0 0 0 rg BT 111.87 742.10 Td (below ) Tj ET Q q 0 0 0 rg BT 138.81 742.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 171.86 742.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 214.35 742.10 Td (information ) Tj ET Q q 0 0 0 rg BT 264.06 742.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 304.88 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.59 742.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 368.76 742.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 400.69 742.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 418.18 742.10 Td (swaps:) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 705.6 m 155.5 705.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 161.5 705.6 m 257.5 705.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 705.6 m 269.5 705.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 705.6 m 363.5 705.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 705.6 m 462.5 705.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 705.6 m 561.5 705.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 705.6 m 155.5 705.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 161.5 705.6 m 257.5 705.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 705.6 m 269.5 705.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 705.6 m 363.5 705.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 705.6 m 462.5 705.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 705.6 m 561.5 705.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 276.15 722.33 Td (Notional Amount) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 387.65 722.33 Td (Interest Rate) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 486.65 722.33 Td (Interest Rate) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 71.85 709.33 Td (Effective Date) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 174.65 709.33 Td (Expiration Date) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 282.55 709.33 Td (\(in thousands\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 396.30 709.33 Td (Received) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 504.75 709.33 Td (Paid) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 687.17 Td (September 1, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.00 687.17 Td (October 8, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.50 687.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 687.17 Td (37,500) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.50 687.17 Td (LIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 687.17 Td (0.96) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 687.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 674.17 Td (September 1, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.00 674.17 Td (October 8, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.50 674.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 674.17 Td (37,500) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.50 674.17 Td (LIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 674.17 Td (0.96) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 674.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 647.10 Td (Derivatives are recorded as other liabilities in the consolidated balance sheets as of December 31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 514.69 647.10 Td (1 \(in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 635.10 Td (thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 610.6 m 375.5 610.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 610.6 m 456.5 610.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 610.6 m 480.5 610.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 610.6 m 561.5 610.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 610.6 m 375.5 610.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 610.6 m 456.5 610.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 610.6 m 480.5 610.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 610.6 m 561.5 610.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 591.6 m 375.5 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 589.6 m 375.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 591.6 m 456.5 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 589.6 m 456.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 591.6 m 480.5 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 589.6 m 480.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 591.6 m 561.5 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 589.6 m 561.5 589.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 399.50 615.28 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 504.50 615.28 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 595.27 Td (Interest rate swap contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.00 595.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 595.27 Td (831) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.00 595.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.65 595.27 Td (296) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 567.10 Td (Loss on derivative instruments represents the loss on interest rate swaps due to changes in fair value and are recorded in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 555.10 Td (loss on derivative instruments in the consolidated statements of operations for the years ended December 31, 2012, 201) Tj ET Q q 0 0 0 rg BT 545.01 555.10 Td (1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 543.10 Td (and 2010 \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 518.6 m 315.5 518.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 518.6 m 381.5 518.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 518.6 m 405.5 518.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 518.6 m 471.5 518.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 518.6 m 495.5 518.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 518.6 m 561.5 518.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 518.6 m 315.5 518.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 518.6 m 381.5 518.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 518.6 m 405.5 518.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 518.6 m 471.5 518.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 518.6 m 495.5 518.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 518.6 m 561.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 498.6 m 315.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 496.6 m 315.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 498.6 m 381.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 496.6 m 381.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 498.6 m 405.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 496.6 m 405.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 498.6 m 471.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 496.6 m 471.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 498.6 m 495.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 496.6 m 495.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 498.6 m 561.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 496.6 m 561.5 496.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 332.00 523.28 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 422.00 523.28 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 512.00 523.28 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 502.27 Td (Loss on interest rate swaps) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.00 502.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.65 502.27 Td (535) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.00 502.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 502.27 Td (296) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.00 502.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.15 502.27 Td ( -) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (8. RENT) Tj ET Q q 0 0 0 rg BT 92.04 474.10 Td (AL) Tj ET Q q 0 0 0 rg BT 105.38 474.10 Td ( REVENUES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 452.10 Td ( ) Tj ET Q q 0 0 0 rg BT 68.00 452.10 Td (The ) Tj ET Q q 0 0 0 rg BT 86.03 452.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 109.07 452.10 Td (has ) Tj ET Q q 0 0 0 rg BT 124.88 452.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 156.78 452.10 Td (into ) Tj ET Q q 0 0 0 rg BT 174.82 452.10 Td (noncancelable ) Tj ET Q q 0 0 0 rg BT 234.48 452.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 256.95 452.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 307.46 452.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 338.26 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 348.52 452.10 Td (various ) Tj ET Q q 0 0 0 rg BT 380.44 452.10 Td (escalation ) Tj ET Q q 0 0 0 rg BT 422.90 452.10 Td (clauses, ) Tj ET Q q 0 0 0 rg BT 456.76 452.10 Td (with ) Tj ET Q q 0 0 0 rg BT 477.01 452.10 Td (tenants ) Tj ET Q q 0 0 0 rg BT 507.82 452.10 Td (for ) Tj ET Q q 0 0 0 rg BT 521.96 452.10 Td (of) Tj ET Q q 0 0 0 rg BT 530.11 452.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 547.57 452.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 440.10 Td (retail ) Tj ET Q q 0 0 0 rg BT 91.04 440.10 Td (space. ) Tj ET Q q 0 0 0 rg BT 118.25 440.10 Td ( ) Tj ET Q q 0 0 0 rg BT 120.20 440.10 Td (As ) Tj ET Q q 0 0 0 rg BT 133.81 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 144.64 440.10 Td (December ) Tj ET Q q 0 0 0 rg BT 188.22 440.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 203.22 440.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 228.22 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.94 440.10 Td (approximate ) Tj ET Q q 0 0 0 rg BT 295.42 440.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 318.47 440.10 Td (future ) Tj ET Q q 0 0 0 rg BT 344.85 440.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 386.24 440.10 Td (rentals ) Tj ET Q q 0 0 0 rg BT 415.39 440.10 Td (are ) Tj ET Q q 0 0 0 rg BT 430.10 440.10 Td (as ) Tj ET Q q 0 0 0 rg BT 440.93 440.10 Td (follows ) Tj ET Q q 0 0 0 rg BT 473.43 440.10 Td (\(in ) Tj ET Q q 0 0 0 rg BT 487.04 440.10 Td (thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 375.6 m 476.5 375.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 375.6 m 486.5 375.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 375.6 m 561.5 375.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 375.6 m 476.5 375.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 375.6 m 486.5 375.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 375.6 m 561.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 278.6 m 486.5 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 278.6 m 561.5 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 278.6 m 486.5 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 278.6 m 561.5 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 258.6 m 486.5 258.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 256.6 m 486.5 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 258.6 m 561.5 258.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 256.6 m 561.5 256.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 495.65 408.28 Td (Fixed Future) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 502.10 394.28 Td (Minimum) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 380.28 Td (Years Ending December 31) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 507.35 380.28 Td (Rentals) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 358.27 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.00 358.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 358.27 Td (268,244) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 343.27 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 343.27 Td (258,273) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 328.27 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 328.27 Td (240,101) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 313.27 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 313.27 Td (220,886) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 298.27 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 298.27 Td (202,951) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 283.27 Td (Thereafter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 283.27 Td (769,787) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 262.27 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.00 262.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.65 262.27 Td (1,960,242) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 234.10 Td (Of ) Tj ET Q q 0 0 0 rg BT 81.05 234.10 Td (the ) Tj ET Q q 0 0 0 rg BT 95.77 234.10 Td (total ) Tj ET Q q 0 0 0 rg BT 116.04 234.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 141.31 234.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 175.45 234.10 Td (for ) Tj ET Q q 0 0 0 rg BT 189.61 234.10 Td (year ) Tj ET Q q 0 0 0 rg BT 209.32 234.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 235.70 234.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 294.28 234.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 319.28 234.10 Td (approximately:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 210.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 210.10 Td (1) Tj ET Q q 0 0 0 rg BT 90.63 210.10 Td (1% ) Tj ET Q q 0 0 0 rg BT 106.46 210.10 Td (was ) Tj ET Q q 0 0 0 rg BT 124.51 210.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 153.66 210.10 Td (from ) Tj ET Q q 0 0 0 rg BT 175.59 210.10 Td (a ) Tj ET Q q 0 0 0 rg BT 182.53 210.10 Td (tenant ) Tj ET Q q 0 0 0 rg BT 209.47 210.10 Td (in ) Tj ET Q q 0 0 0 rg BT 219.75 210.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.46 210.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 256.40 210.10 Td (services ) Tj ET Q q 0 0 0 rg BT 291.10 210.10 Td (industry) Tj ET Q q 0 0 0 rg BT 323.23 210.10 Td (, ) Tj ET Q q 0 0 0 rg BT 328.23 210.10 Td (whose ) Tj ET Q q 0 0 0 rg BT 356.28 210.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 378.77 210.10 Td (expires ) Tj ET Q q 0 0 0 rg BT 410.15 210.10 Td (on ) Tj ET Q q 0 0 0 rg BT 422.65 210.10 Td (October31, ) Tj ET Q q 0 0 0 rg BT 472.35 210.10 Td (2018.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 186.10 Td (Of ) Tj ET Q q 0 0 0 rg BT 80.52 186.10 Td (the ) Tj ET Q q 0 0 0 rg BT 94.70 186.10 Td (total ) Tj ET Q q 0 0 0 rg BT 114.44 186.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 139.16 186.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 172.77 186.10 Td (for ) Tj ET Q q 0 0 0 rg BT 186.40 186.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.58 186.10 Td (years ) Tj ET Q q 0 0 0 rg BT 223.64 186.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 249.48 186.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 307.53 186.10 Td (201) Tj ET Q q 0 0 0 rg BT 322.16 186.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 329.12 186.10 Td (and ) Tj ET Q q 0 0 0 rg BT 345.53 186.10 Td (2010, ) Tj ET Q q 0 0 0 rg BT 369.99 186.10 Td (no ) Tj ET Q q 0 0 0 rg BT 381.96 186.10 Td (tenant ) Tj ET Q q 0 0 0 rg BT 408.35 186.10 Td (leased ) Tj ET Q q 0 0 0 rg BT 435.30 186.10 Td (space ) Tj ET Q q 0 0 0 rg BT 459.48 186.10 Td (representing ) Tj ET Q q 0 0 0 rg BT 510.86 186.10 Td (10% ) Tj ET Q q 0 0 0 rg BT 531.16 186.10 Td (or ) Tj ET Q q 0 0 0 rg BT 541.45 186.10 Td (more ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 174.10 Td (of ) Tj ET Q q 0 0 0 rg BT 78.83 174.10 Td (total ) Tj ET Q q 0 0 0 rg BT 99.10 174.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 124.37 174.10 Td (revenue.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 150.10 Td (The ) Tj ET Q q 0 0 0 rg BT 86.58 150.10 Td (tenant ) Tj ET Q q 0 0 0 rg BT 114.05 150.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 140.96 150.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 181.20 150.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 214.78 150.10 Td (for ) Tj ET Q q 0 0 0 rg BT 229.47 150.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 259.16 150.10 Td (rentals ) Tj ET Q q 0 0 0 rg BT 288.85 150.10 Td (that ) Tj ET Q q 0 0 0 rg BT 306.88 150.10 Td (include ) Tj ET Q q 0 0 0 rg BT 339.35 150.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.60 150.10 Td (tenants' ) Tj ET Q q 0 0 0 rg BT 387.77 150.10 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 444.67 150.10 Td (share ) Tj ET Q q 0 0 0 rg BT 468.81 150.10 Td (of ) Tj ET Q q 0 0 0 rg BT 480.17 150.10 Td (real ) Tj ET Q q 0 0 0 rg BT 498.19 150.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 523.99 150.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 547.57 150.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 138.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 97.84 138.10 Td (building ) Tj ET Q q 0 0 0 rg BT 133.80 138.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 174.20 138.10 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 215.24 138.10 Td (The ) Tj ET Q q 0 0 0 rg BT 233.42 138.10 Td (Funds' ) Tj ET Q q 0 0 0 rg BT 262.31 138.10 Td (tenant ) Tj ET Q q 0 0 0 rg BT 289.38 138.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 315.89 138.10 Td (have ) Tj ET Q q 0 0 0 rg BT 337.40 138.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 380.57 138.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 405.42 138.10 Td (of ) Tj ET Q q 0 0 0 rg BT 416.39 138.10 Td (up ) Tj ET Q q 0 0 0 rg BT 429.02 138.10 Td (to ) Tj ET Q q 0 0 0 rg BT 439.43 138.10 Td (16years ) Tj ET Q q 0 0 0 rg BT 475.66 138.10 Td (and ) Tj ET Q q 0 0 0 rg BT 492.74 138.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 532.57 138.10 Td (include ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 126.10 Td (tenant ) Tj ET Q q 0 0 0 rg BT 94.93 126.10 Td (renewal ) Tj ET Q q 0 0 0 rg BT 129.08 126.10 Td (options ) Tj ET Q q 0 0 0 rg BT 161.03 126.10 Td (that ) Tj ET Q q 0 0 0 rg BT 178.52 126.10 Td (can ) Tj ET Q q 0 0 0 rg BT 194.90 126.10 Td (extend ) Tj ET Q q 0 0 0 rg BT 224.05 126.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.77 126.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 261.26 126.10 Td (terms.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 102.10 Td (9.GOVERNING ) Tj ET Q q 0 0 0 rg BT 127.23 102.10 Td (AGREEMENTS ) Tj ET Q q 0 0 0 rg BT 200.30 102.10 Td (AND INVEST) Tj ET Q q 0 0 0 rg BT 261.52 102.10 Td (OR RIGHTS) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 78.10 Td (Governance ) Tj ET Q q 0 0 0 rg BT 120.83 78.10 Td (of ) Tj ET Q q 0 0 0 rg BT 132.01 78.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.63 78.10 Td (Partnership) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.53 78.10 Td (- ) Tj ET Q q 0 0 0 rg BT 205.00 78.10 Td (The ) Tj ET Q q 0 0 0 rg BT 223.39 78.10 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 271.78 78.10 Td (is ) Tj ET Q q 0 0 0 rg BT 281.30 78.10 Td (governed ) Tj ET Q q 0 0 0 rg BT 321.35 78.10 Td (by ) Tj ET Q q 0 0 0 rg BT 334.19 78.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.25 78.10 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 397.02 78.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 446.79 78.10 Td (as ) Tj ET Q q 0 0 0 rg BT 457.96 78.10 Td (last ) Tj ET Q q 0 0 0 rg BT 474.69 78.10 Td (amended ) Tj ET Q q 0 0 0 rg BT 513.63 78.10 Td (and ) Tj ET Q q 0 0 0 rg BT 530.91 78.10 Td (restated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 66.10 Td (on ) Tj ET Q q 0 0 0 rg BT 79.28 66.10 Td (April ) Tj ET Q q 0 0 0 rg BT 102.03 66.10 Td (19, ) Tj ET Q q 0 0 0 rg BT 116.17 66.10 Td (2010. ) Tj ET Q q 0 0 0 rg BT 140.20 66.10 Td (The ) Tj ET Q q 0 0 0 rg BT 157.39 66.10 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 204.58 66.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 225.11 66.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 261.19 66.10 Td (until ) Tj ET Q q 0 0 0 rg BT 281.16 66.10 Td (the ) Tj ET Q q 0 0 0 rg BT 295.02 66.10 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 342.21 66.10 Td (is ) Tj ET Q q 0 0 0 rg BT 350.53 66.10 Td (dissolved ) Tj ET Q q 0 0 0 rg BT 389.95 66.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 426.03 66.10 Td (to ) Tj ET Q q 0 0 0 rg BT 435.45 66.10 Td (the ) Tj ET Q q 0 0 0 rg BT 449.31 66.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 492.62 66.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.60 66.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.46 66.10 Td (Partnership ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 54.10 Td (Agreement.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 227 0 obj <> endobj 228 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.85 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 /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (Management) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.45 730.10 Td (- ) Tj ET Q q 0 0 0 rg BT 130.01 730.10 Td (Capital, ) Tj ET Q q 0 0 0 rg BT 163.13 730.10 Td (as ) Tj ET Q q 0 0 0 rg BT 173.19 730.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 214.36 730.10 Td (general ) Tj ET Q q 0 0 0 rg BT 245.51 730.10 Td (partner) Tj ET Q q 0 0 0 rg BT 273.43 730.10 Td (, ) Tj ET Q q 0 0 0 rg BT 277.66 730.10 Td (manages ) Tj ET Q q 0 0 0 rg BT 314.38 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 328.33 730.10 Td (day-to-day ) Tj ET Q q 0 0 0 rg BT 373.38 730.10 Td (af) Tj ET Q q 0 0 0 rg BT 380.97 730.10 Td (fairs ) Tj ET Q q 0 0 0 rg BT 400.47 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 410.53 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 424.48 730.10 Td (Partnership. ) Tj ET Q q 0 0 0 rg BT 474.14 730.10 Td (The ) Tj ET Q q 0 0 0 rg BT 491.42 730.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 532.59 730.10 Td (general ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (partner ) Tj ET Q q 0 0 0 rg BT 97.88 718.10 Td (has ) Tj ET Q q 0 0 0 rg BT 112.78 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.56 718.10 Td (power ) Tj ET Q q 0 0 0 rg BT 153.11 718.10 Td (to ) Tj ET Q q 0 0 0 rg BT 162.46 718.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 186.78 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.57 718.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 255.72 718.10 Td (operation, ) Tj ET Q q 0 0 0 rg BT 297.55 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 313.55 718.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 346.22 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 356.12 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.90 718.10 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 417.01 718.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 446.90 718.10 Td (to ) Tj ET Q q 0 0 0 rg BT 456.24 718.10 Td (oversight ) Tj ET Q q 0 0 0 rg BT 495.02 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 504.92 718.10 Td (a ) Tj ET Q q 0 0 0 rg BT 510.92 718.10 Td (management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (board. ) Tj ET Q q 0 0 0 rg BT 94.35 706.10 Td (A) Tj ET Q q 0 0 0 rg BT 101.02 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 102.40 706.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 144.89 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 154.60 706.10 Td (Hines ) Tj ET Q q 0 0 0 rg BT 179.32 706.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 199.03 706.10 Td (Estate ) Tj ET Q q 0 0 0 rg BT 224.84 706.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 270.56 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 276.32 706.10 Td (rust, ) Tj ET Q q 0 0 0 rg BT 295.20 706.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 311.85 706.10 Td (holds ) Tj ET Q q 0 0 0 rg BT 334.91 706.10 Td (a ) Tj ET Q q 0 0 0 rg BT 340.73 706.10 Td (non-managing ) Tj ET Q q 0 0 0 rg BT 399.87 706.10 Td (general ) Tj ET Q q 0 0 0 rg BT 430.68 706.10 Td (partner ) Tj ET Q q 0 0 0 rg BT 460.38 706.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 491.20 706.10 Td (in ) Tj ET Q q 0 0 0 rg BT 500.36 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 513.96 706.10 Td (Partnership. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td (The ) Tj ET Q q 0 0 0 rg BT 85.58 694.10 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 133.16 694.10 Td (is ) Tj ET Q q 0 0 0 rg BT 141.86 694.10 Td (required ) Tj ET Q q 0 0 0 rg BT 177.21 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 187.02 694.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 214.05 694.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 251.07 694.10 Td (from ) Tj ET Q q 0 0 0 rg BT 272.54 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 286.79 694.10 Td (non-managing ) Tj ET Q q 0 0 0 rg BT 346.58 694.10 Td (general ) Tj ET Q q 0 0 0 rg BT 378.04 694.10 Td (partner ) Tj ET Q q 0 0 0 rg BT 408.39 694.10 Td (for ) Tj ET Q q 0 0 0 rg BT 422.08 694.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 451.32 694.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 495.56 694.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 525.92 694.10 Td (specified ) Tj ET Q BT /F2 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 (the ) Tj ET Q q 0 0 0 rg BT 93.00 682.10 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 140.49 682.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 189.91 682.10 Td (Hines ) Tj ET Q q 0 0 0 rg BT 215.74 682.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 252.68 682.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 289.62 682.10 Td (services ) Tj ET Q q 0 0 0 rg BT 324.33 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 334.61 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.32 682.10 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 397.37 682.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 434.31 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 444.59 682.10 Td (an ) Tj ET Q q 0 0 0 rg BT 456.53 682.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 493.46 682.10 Td (agreement.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td (Governance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.99 658.10 Td (- ) Tj ET Q q 0 0 0 rg BT 127.15 658.10 Td (The ) Tj ET Q q 0 0 0 rg BT 146.29 658.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 189.32 658.10 Td (general ) Tj ET Q q 0 0 0 rg BT 222.34 658.10 Td (partner ) Tj ET Q q 0 0 0 rg BT 254.24 658.10 Td (is ) Tj ET Q q 0 0 0 rg BT 264.51 658.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 296.42 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 307.80 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 323.61 658.10 Td (oversight ) Tj ET Q q 0 0 0 rg BT 364.42 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 376.34 658.10 Td (a ) Tj ET Q q 0 0 0 rg BT 384.37 658.10 Td (six-member ) Tj ET Q q 0 0 0 rg BT 435.73 658.10 Td (management ) Tj ET Q q 0 0 0 rg BT 490.41 658.10 Td (board ) Tj ET Q q 0 0 0 rg BT 516.77 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 534.80 658.10 Td (certain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 105.73 646.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 131.26 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 142.34 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.30 646.10 Td (Non-Managing ) Tj ET Q q 0 0 0 rg BT 221.15 646.10 Td (General ) Tj ET Q q 0 0 0 rg BT 255.54 646.10 Td (Partner) Tj ET Q q 0 0 0 rg BT 284.02 646.10 Td (, ) Tj ET Q q 0 0 0 rg BT 289.27 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 303.63 646.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 343.60 646.10 Td (Committee, ) Tj ET Q q 0 0 0 rg BT 393.28 646.10 Td (and ) Tj ET Q q 0 0 0 rg BT 410.47 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 425.43 646.10 Td (Limited ) Tj ET Q q 0 0 0 rg BT 459.84 646.10 Td (Partners. ) Tj ET Q q 0 0 0 rg BT 497.66 646.10 Td (The ) Tj ET Q q 0 0 0 rg BT 515.95 646.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 553.69 646.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 82.55 634.10 Td (management ) Tj ET Q q 0 0 0 rg BT 135.97 634.10 Td (board ) Tj ET Q q 0 0 0 rg BT 161.07 634.10 Td (is ) Tj ET Q q 0 0 0 rg BT 170.07 634.10 Td (required ) Tj ET Q q 0 0 0 rg BT 205.72 634.10 Td (for ) Tj ET Q q 0 0 0 rg BT 219.71 634.10 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 259.80 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 276.57 634.10 Td (disposing ) Tj ET Q q 0 0 0 rg BT 317.25 634.10 Td (of ) Tj ET Q q 0 0 0 rg BT 327.91 634.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 380.51 634.10 Td (incurring ) Tj ET Q q 0 0 0 rg BT 419.50 634.10 Td (indebtedness, ) Tj ET Q q 0 0 0 rg BT 475.99 634.10 Td (undertaking ) Tj ET Q q 0 0 0 rg BT 526.08 634.10 Td (of) Tj ET Q q 0 0 0 rg BT 534.23 634.10 Td (ferings ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 78.27 622.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 105.20 622.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 140.46 622.10 Td (in ) Tj ET Q q 0 0 0 rg BT 150.17 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 164.32 622.10 Td (Fund, ) Tj ET Q q 0 0 0 rg BT 189.32 622.10 Td (approving ) Tj ET Q q 0 0 0 rg BT 231.80 622.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 260.39 622.10 Td (budgets, ) Tj ET Q q 0 0 0 rg BT 295.93 622.10 Td (and ) Tj ET Q q 0 0 0 rg BT 312.31 622.10 Td (other ) Tj ET Q q 0 0 0 rg BT 334.79 622.10 Td (major ) Tj ET Q q 0 0 0 rg BT 360.05 622.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 399.20 622.10 Td (as ) Tj ET Q q 0 0 0 rg BT 409.47 622.10 Td (outlined ) Tj ET Q q 0 0 0 rg BT 444.17 622.10 Td (in ) Tj ET Q q 0 0 0 rg BT 453.89 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 468.04 622.10 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 515.09 622.10 Td (Agreement.) 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Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 514.10 Td (Distributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.91 514.10 Td (- ) Tj ET Q q 0 0 0 rg BT 130.06 514.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 152.38 514.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 204.71 514.10 Td (will ) Tj ET Q q 0 0 0 rg BT 222.59 514.10 Td (be ) Tj ET Q q 0 0 0 rg BT 234.35 514.10 Td (made ) Tj ET Q q 0 0 0 rg BT 258.33 514.10 Td (to ) Tj ET Q q 0 0 0 rg BT 268.43 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.97 514.10 Td (partners ) Tj ET Q q 0 0 0 rg BT 317.49 514.10 Td (of ) Tj ET Q q 0 0 0 rg BT 328.15 514.10 Td (record ) Tj ET Q q 0 0 0 rg BT 356.01 514.10 Td (as ) Tj ET Q q 0 0 0 rg BT 366.66 514.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.31 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 391.85 514.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 435.26 514.10 Td (record ) Tj ET Q q 0 0 0 rg BT 463.12 514.10 Td (dates, ) Tj ET Q q 0 0 0 rg BT 488.49 514.10 Td (not ) Tj ET Q q 0 0 0 rg BT 503.59 514.10 Td (less ) Tj ET Q q 0 0 0 rg BT 520.91 514.10 Td (frequently ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 502.10 Td (than ) Tj ET Q q 0 0 0 rg BT 87.72 502.10 Td (quarterly) Tj ET Q q 0 0 0 rg BT 123.16 502.10 Td (, ) Tj ET Q q 0 0 0 rg BT 128.16 502.10 Td (in ) Tj ET Q q 0 0 0 rg BT 138.44 502.10 Td (proportion ) Tj ET Q q 0 0 0 rg BT 183.16 502.10 Td (to ) Tj ET Q q 0 0 0 rg BT 193.43 502.10 Td (their ) Tj ET Q q 0 0 0 rg BT 214.26 502.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 258.42 502.10 Td (interests.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 478.10 Td (Allocation ) Tj ET Q q 0 0 0 rg BT 114.24 478.10 Td (of ) Tj ET Q q 0 0 0 rg BT 126.03 478.10 Td (Profits/Losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.81 478.10 Td (- ) Tj ET Q q 0 0 0 rg BT 192.34 478.10 Td (All ) Tj ET Q q 0 0 0 rg BT 208.57 478.10 Td (profits ) Tj ET Q q 0 0 0 rg BT 238.14 478.10 Td (and ) Tj ET Q q 0 0 0 rg BT 256.04 478.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 283.39 478.10 Td (for ) Tj ET Q q 0 0 0 rg BT 298.51 478.10 Td (any ) Tj ET Q q 0 0 0 rg BT 316.41 478.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 341.52 478.10 Td (year ) Tj ET Q q 0 0 0 rg BT 362.19 478.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 384.54 478.10 Td (be ) Tj ET Q q 0 0 0 rg BT 397.43 478.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 436.98 478.10 Td (pro ) Tj ET Q q 0 0 0 rg BT 453.77 478.10 Td (rata ) Tj ET Q q 0 0 0 rg BT 472.22 478.10 Td (among ) Tj ET Q q 0 0 0 rg BT 502.89 478.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.57 478.10 Td (partners ) Tj ET Q q 0 0 0 rg BT 554.24 478.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 466.10 Td (proportion ) Tj ET Q q 0 0 0 rg BT 113.21 466.10 Td (to ) Tj ET Q q 0 0 0 rg BT 123.99 466.10 Td (their ) Tj ET Q q 0 0 0 rg BT 145.31 466.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 189.97 466.10 Td (interests. ) Tj ET Q q 0 0 0 rg BT 228.13 466.10 Td (All ) Tj ET Q q 0 0 0 rg BT 243.91 466.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 269.13 466.10 Td (and ) Tj ET Q q 0 0 0 rg BT 286.56 466.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 305.12 466.10 Td (allocations ) Tj ET Q q 0 0 0 rg BT 351.44 466.10 Td (are ) Tj ET Q q 0 0 0 rg BT 366.65 466.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 397.97 466.10 Td (to ) Tj ET Q q 0 0 0 rg BT 408.74 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 423.96 466.10 Td (special ) Tj ET Q q 0 0 0 rg BT 454.72 466.10 Td (and ) Tj ET Q q 0 0 0 rg BT 472.16 466.10 Td (curative ) Tj ET Q q 0 0 0 rg BT 507.36 466.10 Td (allocations ) Tj ET Q q 0 0 0 rg BT 553.68 466.10 Td (as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 454.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 106.05 454.10 Td (in ) Tj ET Q q 0 0 0 rg BT 116.33 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.04 454.10 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 178.54 454.10 Td (Agreement.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 430.10 Td (Fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.44 430.10 Td (- ) Tj ET Q q 0 0 0 rg BT 96.34 430.10 Td (Unaf) Tj ET Q q 0 0 0 rg BT 116.15 430.10 Td (filiated ) Tj ET Q q 0 0 0 rg BT 147.55 430.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 178.95 430.10 Td (partners, ) Tj ET Q q 0 0 0 rg BT 216.73 430.10 Td (as ) Tj ET Q q 0 0 0 rg BT 228.13 430.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 261.19 430.10 Td (in ) Tj ET Q q 0 0 0 rg BT 272.05 430.10 Td (the ) Tj ET Q q 0 0 0 rg BT 287.34 430.10 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 335.28 430.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 385.28 430.10 Td (of ) Tj ET Q q 0 0 0 rg BT 396.68 430.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.97 430.10 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 460.59 430.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 478.10 430.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 525.06 430.10 Td (and ) Tj ET Q q 0 0 0 rg BT 542.57 430.10 Td (asset ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 418.10 Td (management ) Tj ET Q q 0 0 0 rg BT 122.47 418.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 141.96 418.10 Td (to ) Tj ET Q q 0 0 0 rg BT 153.12 418.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.72 418.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 211.54 418.10 Td (general ) Tj ET Q q 0 0 0 rg BT 244.34 418.10 Td (partner ) Tj ET Q q 0 0 0 rg BT 276.04 418.10 Td (or ) Tj ET Q q 0 0 0 rg BT 287.76 418.10 Td (its ) Tj ET Q q 0 0 0 rg BT 300.59 418.10 Td (designees. ) Tj ET Q q 0 0 0 rg BT 345.10 418.10 Td (These ) Tj ET Q q 0 0 0 rg BT 372.36 418.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 391.85 418.10 Td (are ) Tj ET Q q 0 0 0 rg BT 407.44 418.10 Td (deducted ) Tj ET Q q 0 0 0 rg BT 446.92 418.10 Td (from ) Tj ET Q q 0 0 0 rg BT 469.74 418.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 523.13 418.10 Td (otherwise ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 406.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 102.24 406.10 Td (to ) Tj ET Q q 0 0 0 rg BT 113.17 406.10 Td (a ) Tj ET Q q 0 0 0 rg BT 120.76 406.10 Td (partner ) Tj ET Q q 0 0 0 rg BT 152.22 406.10 Td (and ) Tj ET Q q 0 0 0 rg BT 169.81 406.10 Td (are ) Tj ET Q q 0 0 0 rg BT 185.16 406.10 Td (in ) Tj ET Q q 0 0 0 rg BT 196.09 406.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 232.01 406.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 245.44 406.10 Td (rather ) Tj ET Q q 0 0 0 rg BT 271.90 406.10 Td (than ) Tj ET Q q 0 0 0 rg BT 292.27 406.10 Td (a ) Tj ET Q q 0 0 0 rg BT 299.85 406.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 340.77 406.10 Td (of, ) Tj ET Q q 0 0 0 rg BT 354.74 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 370.11 406.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 402.14 406.10 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 458.07 406.10 Td (of ) Tj ET Q q 0 0 0 rg BT 469.54 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 484.91 406.10 Td (partner) Tj ET Q q 0 0 0 rg BT 512.67 406.10 Td (. ) Tj ET Q q 0 0 0 rg BT 518.32 406.10 Td (During ) Tj ET Q q 0 0 0 rg BT 549.80 406.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 394.10 Td (Partnership's ) Tj ET Q q 0 0 0 rg BT 121.31 394.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 146.70 394.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 192.65 394.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 222.77 394.10 Td (which ) Tj ET Q q 0 0 0 rg BT 249.27 394.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 275.22 394.10 Td (on ) Tj ET Q q 0 0 0 rg BT 287.28 394.10 Td (February2, ) Tj ET Q q 0 0 0 rg BT 335.45 394.10 Td (2007, ) Tj ET Q q 0 0 0 rg BT 360.02 394.10 Td (these ) Tj ET Q q 0 0 0 rg BT 382.63 394.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 400.79 394.10 Td (were ) Tj ET Q q 0 0 0 rg BT 422.29 394.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 441.57 394.10 Td (100% ) Tj ET Q q 0 0 0 rg BT 466.97 394.10 Td (in ) Tj ET Q q 0 0 0 rg BT 476.82 394.10 Td (cash. ) Tj ET Q q 0 0 0 rg BT 499.00 394.10 Td (Thereafter) Tj ET Q q 0 0 0 rg BT 540.23 394.10 Td (, ) Tj ET Q q 0 0 0 rg BT 544.80 394.10 Td (they ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 382.10 Td (have ) Tj ET Q q 0 0 0 rg BT 90.27 382.10 Td (been ) Tj ET Q q 0 0 0 rg BT 112.55 382.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 133.16 382.10 Td (50% ) Tj ET Q q 0 0 0 rg BT 154.88 382.10 Td (in ) Tj ET Q q 0 0 0 rg BT 166.06 382.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 187.22 382.10 Td (and ) Tj ET Q q 0 0 0 rg BT 205.06 382.10 Td (50% ) Tj ET Q q 0 0 0 rg BT 226.78 382.10 Td (in ) Tj ET Q q 0 0 0 rg BT 237.96 382.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.57 382.10 Td (form ) Tj ET Q q 0 0 0 rg BT 276.41 382.10 Td (of ) Tj ET Q q 0 0 0 rg BT 288.13 382.10 Td (a ) Tj ET Q q 0 0 0 rg BT 295.97 382.10 Td (profits ) Tj ET Q q 0 0 0 rg BT 325.47 382.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 358.30 382.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 396.13 382.10 Td (to ) Tj ET Q q 0 0 0 rg BT 407.30 382.10 Td (approximate ) Tj ET Q q 0 0 0 rg BT 460.68 382.10 Td (the ) Tj ET Q q 0 0 0 rg BT 476.29 382.10 Td (general ) Tj ET Q q 0 0 0 rg BT 509.11 382.10 Td (partner ) Tj ET Q q 0 0 0 rg BT 540.82 382.10 Td (or ) Tj ET Q q 0 0 0 rg BT 552.55 382.10 Td (its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 370.10 Td (designees ) Tj ET Q q 0 0 0 rg BT 109.38 370.10 Td (having ) Tj ET Q q 0 0 0 rg BT 139.09 370.10 Td (reinvested ) Tj ET Q q 0 0 0 rg BT 182.69 370.10 Td (such ) Tj ET Q q 0 0 0 rg BT 203.52 370.10 Td (50% ) Tj ET Q q 0 0 0 rg BT 224.35 370.10 Td (of ) Tj ET Q q 0 0 0 rg BT 235.18 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.89 370.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 268.49 370.10 Td (in ) Tj ET Q q 0 0 0 rg BT 278.77 370.10 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 326.82 370.10 Td (units ) Tj ET Q q 0 0 0 rg BT 348.77 370.10 Td (at ) Tj ET Q q 0 0 0 rg BT 358.48 370.10 Td (current ) Tj ET Q q 0 0 0 rg BT 389.30 370.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 407.36 370.10 Td (value.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 358.10 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 346.10 Td (Redemptions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.33 346.10 Td (- ) Tj ET Q q 0 0 0 rg BT 129.62 346.10 Td (Beginning ) Tj ET Q q 0 0 0 rg BT 173.74 346.10 Td (in ) Tj ET Q q 0 0 0 rg BT 183.97 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.64 346.10 Td (calendar ) Tj ET Q q 0 0 0 rg BT 234.96 346.10 Td (year ) Tj ET Q q 0 0 0 rg BT 254.62 346.10 Td (ending ) Tj ET Q q 0 0 0 rg BT 284.29 346.10 Td (after ) Tj ET Q q 0 0 0 rg BT 305.06 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.73 346.10 Td (first ) Tj ET Q q 0 0 0 rg BT 338.29 346.10 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 387.39 346.10 Td (of ) Tj ET Q q 0 0 0 rg BT 398.17 346.10 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 438.39 346.10 Td (an ) Tj ET Q q 0 0 0 rg BT 450.28 346.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 482.17 346.10 Td (in ) Tj ET Q q 0 0 0 rg BT 492.40 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 507.07 346.10 Td (Partnership, ) Tj ET Q q 0 0 0 rg BT 557.57 346.10 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 334.10 Td (partner ) Tj ET Q q 0 0 0 rg BT 98.74 334.10 Td (may ) Tj ET Q q 0 0 0 rg BT 118.39 334.10 Td (request ) Tj ET Q q 0 0 0 rg BT 149.70 334.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 197.67 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 208.43 334.10 Td (all ) Tj ET Q q 0 0 0 rg BT 220.85 334.10 Td (or ) Tj ET Q q 0 0 0 rg BT 231.61 334.10 Td (a ) Tj ET Q q 0 0 0 rg BT 238.48 334.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 269.79 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 280.55 334.10 Td (its ) Tj ET Q q 0 0 0 rg BT 292.43 334.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 324.29 334.10 Td (in ) Tj ET Q q 0 0 0 rg BT 334.50 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.15 334.10 Td (Partnership.Such ) Tj ET Q q 0 0 0 rg BT 427.12 334.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 475.09 334.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 496.41 334.10 Td (be ) Tj ET Q q 0 0 0 rg BT 508.28 334.10 Td (made ) Tj ET Q q 0 0 0 rg BT 532.36 334.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 554.23 334.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 82.40 322.10 Td (end ) Tj ET Q q 0 0 0 rg BT 99.02 322.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.53 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.93 322.10 Td (calendar ) Tj ET Q q 0 0 0 rg BT 159.97 322.10 Td (year ) Tj ET Q q 0 0 0 rg BT 179.36 322.10 Td (following ) Tj ET Q q 0 0 0 rg BT 220.43 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.83 322.10 Td (year ) Tj ET Q q 0 0 0 rg BT 254.22 322.10 Td (in ) Tj ET Q q 0 0 0 rg BT 264.18 322.10 Td (which ) Tj ET Q q 0 0 0 rg BT 290.80 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 305.20 322.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 352.92 322.10 Td (request ) Tj ET Q q 0 0 0 rg BT 383.98 322.10 Td (is ) Tj ET Q q 0 0 0 rg BT 392.83 322.10 Td (made ) Tj ET Q q 0 0 0 rg BT 416.67 322.10 Td (at ) Tj ET Q q 0 0 0 rg BT 426.06 322.10 Td (a ) Tj ET Q q 0 0 0 rg BT 432.68 322.10 Td (price ) Tj ET Q q 0 0 0 rg BT 454.85 322.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 478.69 322.10 Td (to ) Tj ET Q q 0 0 0 rg BT 488.65 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.05 322.10 Td (interest's ) Tj ET Q q 0 0 0 rg BT 540.36 322.10 Td (value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 310.10 Td (based ) Tj ET Q q 0 0 0 rg BT 93.09 310.10 Td (on ) Tj ET Q q 0 0 0 rg BT 105.41 310.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.95 310.10 Td (net ) Tj ET Q q 0 0 0 rg BT 134.49 310.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 156.25 310.10 Td (value ) Tj ET Q q 0 0 0 rg BT 180.23 310.10 Td (of ) Tj ET Q q 0 0 0 rg BT 190.88 310.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.42 310.10 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 253.29 310.10 Td (at ) Tj ET Q q 0 0 0 rg BT 262.82 310.10 Td (the ) Tj ET Q q 0 0 0 rg BT 277.36 310.10 Td (time ) Tj ET Q q 0 0 0 rg BT 297.46 310.10 Td (of ) Tj ET Q q 0 0 0 rg BT 308.11 310.10 Td (redemption.) Tj ET Q q 0 0 0 rg BT 360.97 310.10 Td (The ) Tj ET Q q 0 0 0 rg BT 378.84 310.10 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 426.71 310.10 Td (will ) Tj ET Q q 0 0 0 rg BT 444.59 310.10 Td (attempt ) Tj ET Q q 0 0 0 rg BT 476.90 310.10 Td (to ) Tj ET Q q 0 0 0 rg BT 487.00 310.10 Td (redeem ) Tj ET Q q 0 0 0 rg BT 518.74 310.10 Td (up ) Tj ET Q q 0 0 0 rg BT 531.07 310.10 Td (to ) Tj ET Q q 0 0 0 rg BT 541.17 310.10 Td (10%, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 298.10 Td (in ) Tj ET Q q 0 0 0 rg BT 78.89 298.10 Td (the ) Tj ET Q q 0 0 0 rg BT 94.21 298.10 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 138.68 298.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.12 298.10 Td (the ) Tj ET Q q 0 0 0 rg BT 165.44 298.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 215.21 298.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 251.64 298.10 Td (in ) Tj ET Q q 0 0 0 rg BT 262.53 298.10 Td (the ) Tj ET Q q 0 0 0 rg BT 277.85 298.10 Td (Partnership, ) Tj ET Q q 0 0 0 rg BT 329.01 298.10 Td (Core ) Tj ET Q q 0 0 0 rg BT 351.55 298.10 Td (Of) Tj ET Q q 0 0 0 rg BT 361.92 298.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 379.79 298.10 Td (T) Tj ET Q q 0 0 0 rg BT 385.55 298.10 Td (rust, ) Tj ET Q q 0 0 0 rg BT 406.15 298.10 Td (and ) Tj ET Q q 0 0 0 rg BT 423.70 298.10 Td (Core ) Tj ET Q q 0 0 0 rg BT 446.24 298.10 Td (Of) Tj ET Q q 0 0 0 rg BT 456.62 298.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 474.71 298.10 Td (Properties ) Tj ET Q q 0 0 0 rg BT 518.36 298.10 Td (during ) Tj ET Q q 0 0 0 rg BT 547.58 298.10 Td (any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 286.10 Td (calendar ) Tj ET Q q 0 0 0 rg BT 103.77 286.10 Td (year) Tj ET Q q 0 0 0 rg BT 120.58 286.10 Td (, ) Tj ET Q q 0 0 0 rg BT 124.98 286.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 162.44 286.10 Td (that ) Tj ET Q q 0 0 0 rg BT 179.34 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 193.46 286.10 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 240.92 286.10 Td (will ) Tj ET Q q 0 0 0 rg BT 258.38 286.10 Td (not ) Tj ET Q q 0 0 0 rg BT 273.06 286.10 Td (redeem ) Tj ET Q q 0 0 0 rg BT 304.39 286.10 Td (any ) Tj ET Q q 0 0 0 rg BT 320.74 286.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 355.97 286.10 Td (if ) Tj ET Q q 0 0 0 rg BT 363.99 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 378.11 286.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 419.45 286.10 Td (general ) Tj ET Q q 0 0 0 rg BT 450.78 286.10 Td (partner ) Tj ET Q q 0 0 0 rg BT 481.00 286.10 Td (determines ) Tj ET Q q 0 0 0 rg BT 526.78 286.10 Td (that ) Tj ET Q q 0 0 0 rg BT 543.68 286.10 Td (such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 274.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 115.31 274.10 Td (would ) Tj ET Q q 0 0 0 rg BT 142.08 274.10 Td (result ) Tj ET Q q 0 0 0 rg BT 166.07 274.10 Td (in ) Tj ET Q q 0 0 0 rg BT 175.61 274.10 Td (any ) Tj ET Q q 0 0 0 rg BT 191.82 274.10 Td (real ) Tj ET Q q 0 0 0 rg BT 208.58 274.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 233.11 274.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 278.76 274.10 Td (trust ) Tj ET Q q 0 0 0 rg BT 298.31 274.10 Td (\(REIT\) ) Tj ET Q q 0 0 0 rg BT 337.83 274.10 Td (in ) Tj ET Q q 0 0 0 rg BT 347.38 274.10 Td (which ) Tj ET Q q 0 0 0 rg BT 373.58 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 387.57 274.10 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 434.89 274.10 Td (has ) Tj ET Q q 0 0 0 rg BT 449.98 274.10 Td (an ) Tj ET Q q 0 0 0 rg BT 461.19 274.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 492.40 274.10 Td (ceasing ) Tj ET Q q 0 0 0 rg BT 524.15 274.10 Td (to ) Tj ET Q q 0 0 0 rg BT 533.70 274.10 Td (qualify ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 262.10 Td (as ) Tj ET Q q 0 0 0 rg BT 78.83 262.10 Td (a ) Tj ET Q q 0 0 0 rg BT 85.77 262.10 Td (domestically ) Tj ET Q q 0 0 0 rg BT 139.37 262.10 Td (controlled ) Tj ET Q q 0 0 0 rg BT 182.41 262.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 204.45 262.10 Td ( ) Tj ET Q q 0 0 0 rg BT 206.95 262.10 Td (for ) Tj ET Q q 0 0 0 rg BT 221.11 262.10 Td (U.S.income ) Tj ET Q q 0 0 0 rg BT 273.32 262.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 288.04 262.10 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 328.59 262.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 238.10 Td (In ) Tj ET Q q 0 0 0 rg BT 78.73 238.10 Td (2008, ) Tj ET Q q 0 0 0 rg BT 103.63 238.10 Td (one ) Tj ET Q q 0 0 0 rg BT 120.47 238.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 151.20 238.10 Td (partner ) Tj ET Q q 0 0 0 rg BT 181.92 238.10 Td (requested ) Tj ET Q q 0 0 0 rg BT 222.64 238.10 Td (the ) Tj ET Q q 0 0 0 rg BT 237.26 238.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 285.20 238.10 Td (of ) Tj ET Q q 0 0 0 rg BT 295.93 238.10 Td (all ) Tj ET Q q 0 0 0 rg BT 308.33 238.10 Td (of ) Tj ET Q q 0 0 0 rg BT 319.06 238.10 Td (its ) Tj ET Q q 0 0 0 rg BT 330.91 238.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 362.74 238.10 Td (in ) Tj ET Q q 0 0 0 rg BT 372.92 238.10 Td (the ) Tj ET Q q 0 0 0 rg BT 387.54 238.10 Td (Partnership.) Tj ET Q q 0 0 0 rg BT 440.04 238.10 Td (As ) Tj ET Q q 0 0 0 rg BT 453.55 238.10 Td (of ) Tj ET Q q 0 0 0 rg BT 464.28 238.10 Td (December ) Tj ET Q q 0 0 0 rg BT 507.77 238.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 522.67 238.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 547.57 238.10 Td (this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 226.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 99.19 226.10 Td (partner ) Tj ET Q q 0 0 0 rg BT 130.37 226.10 Td (had ) Tj ET Q q 0 0 0 rg BT 147.68 226.10 Td (29,142 ) Tj ET Q q 0 0 0 rg BT 178.04 226.10 Td (units, ) Tj ET Q q 0 0 0 rg BT 202.85 226.10 Td (representing ) Tj ET Q q 0 0 0 rg BT 255.14 226.10 Td (2.2% ) Tj ET Q q 0 0 0 rg BT 278.83 226.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 323.36 226.10 Td (of ) Tj ET Q q 0 0 0 rg BT 334.55 226.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.63 226.10 Td (Partnership. ) Tj ET Q q 0 0 0 rg BT 400.54 226.10 Td ( ) Tj ET Q q 0 0 0 rg BT 403.20 226.10 Td (The ) Tj ET Q q 0 0 0 rg BT 421.61 226.10 Td (exact ) Tj ET Q q 0 0 0 rg BT 445.57 226.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 478.43 226.10 Td (of ) Tj ET Q q 0 0 0 rg BT 489.62 226.10 Td (this ) Tj ET Q q 0 0 0 rg BT 506.93 226.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 555.34 226.10 Td (is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 214.10 Td (not ) Tj ET Q q 0 0 0 rg BT 82.30 214.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 96.04 214.10 Td (determinable ) Tj ET Q q 0 0 0 rg BT 149.76 214.10 Td (because ) Tj ET Q q 0 0 0 rg BT 182.93 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.67 214.10 Td (units ) Tj ET Q q 0 0 0 rg BT 217.64 214.10 Td (will ) Tj ET Q q 0 0 0 rg BT 234.72 214.10 Td (be ) Tj ET Q q 0 0 0 rg BT 245.68 214.10 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 286.06 214.10 Td (at ) Tj ET Q q 0 0 0 rg BT 294.80 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.54 214.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 325.62 214.10 Td (interest's ) Tj ET Q q 0 0 0 rg BT 362.27 214.10 Td (value ) Tj ET Q q 0 0 0 rg BT 385.45 214.10 Td (based ) Tj ET Q q 0 0 0 rg BT 409.74 214.10 Td (on ) Tj ET Q q 0 0 0 rg BT 421.26 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.00 214.10 Td (net ) Tj ET Q q 0 0 0 rg BT 448.74 214.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 469.70 214.10 Td (value ) Tj ET Q q 0 0 0 rg BT 492.88 214.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.73 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.47 214.10 Td (Partnership ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 202.10 Td (at ) Tj ET Q q 0 0 0 rg BT 77.63 202.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.27 202.10 Td (time ) Tj ET Q q 0 0 0 rg BT 112.46 202.10 Td (of ) Tj ET Q q 0 0 0 rg BT 123.20 202.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.83 202.10 Td (redemption.On ) Tj ET Q q 0 0 0 rg BT 205.51 202.10 Td (May ) Tj ET Q q 0 0 0 rg BT 226.26 202.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 241.18 202.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 266.09 202.10 Td (this ) Tj ET Q q 0 0 0 rg BT 282.96 202.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 313.70 202.10 Td (partner ) Tj ET Q q 0 0 0 rg BT 344.43 202.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 375.16 202.10 Td (to ) Tj ET Q q 0 0 0 rg BT 385.35 202.10 Td (defer ) Tj ET Q q 0 0 0 rg BT 408.31 202.10 Td (the ) Tj ET Q q 0 0 0 rg BT 422.94 202.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 459.79 202.10 Td (of ) Tj ET Q q 0 0 0 rg BT 470.54 202.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.17 202.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 533.13 202.10 Td (request ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 190.10 Td (until ) Tj ET Q q 0 0 0 rg BT 88.83 190.10 Td (December ) Tj ET Q q 0 0 0 rg BT 132.42 190.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 147.42 190.10 Td (2013. ) Tj ET Q q 0 0 0 rg BT 172.42 190.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 166.10 Td (In ) Tj ET Q q 0 0 0 rg BT 78.53 166.10 Td (December ) Tj ET Q q 0 0 0 rg BT 121.81 166.10 Td (201) Tj ET Q q 0 0 0 rg BT 136.44 166.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 146.13 166.10 Td (five ) Tj ET Q q 0 0 0 rg BT 163.88 166.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 194.40 166.10 Td (partners ) Tj ET Q q 0 0 0 rg BT 228.80 166.10 Td (requested ) Tj ET Q q 0 0 0 rg BT 269.32 166.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.73 166.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 331.47 166.10 Td (of ) Tj ET Q q 0 0 0 rg BT 341.99 166.10 Td (all ) Tj ET Q q 0 0 0 rg BT 354.19 166.10 Td (of ) Tj ET Q q 0 0 0 rg BT 364.71 166.10 Td (their ) Tj ET Q q 0 0 0 rg BT 385.23 166.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 420.75 166.10 Td (in ) Tj ET Q q 0 0 0 rg BT 430.73 166.10 Td (the ) Tj ET Q q 0 0 0 rg BT 445.14 166.10 Td (Partnership. ) Tj ET Q q 0 0 0 rg BT 495.39 166.10 Td ( ) Tj ET Q q 0 0 0 rg BT 497.10 166.10 Td (As ) Tj ET Q q 0 0 0 rg BT 510.41 166.10 Td (of ) Tj ET Q q 0 0 0 rg BT 520.93 166.10 Td (December ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 154.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 82.83 154.10 Td (201) Tj ET Q q 0 0 0 rg BT 97.45 154.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 107.28 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.82 154.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 152.48 154.10 Td (partners ) Tj ET Q q 0 0 0 rg BT 187.01 154.10 Td (had ) Tj ET Q q 0 0 0 rg BT 203.78 154.10 Td (a ) Tj ET Q q 0 0 0 rg BT 210.54 154.10 Td (combined ) Tj ET Q q 0 0 0 rg BT 252.30 154.10 Td (151,030 ) Tj ET Q q 0 0 0 rg BT 287.12 154.10 Td (units, ) Tj ET Q q 0 0 0 rg BT 311.40 154.10 Td (representing ) Tj ET Q q 0 0 0 rg BT 363.15 154.10 Td (a ) Tj ET Q q 0 0 0 rg BT 369.91 154.10 Td (total ) Tj ET Q q 0 0 0 rg BT 390.01 154.10 Td (of ) Tj ET Q q 0 0 0 rg BT 400.67 154.10 Td (1) Tj ET Q q 0 0 0 rg BT 405.30 154.10 Td (1.8% ) Tj ET Q q 0 0 0 rg BT 428.45 154.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 472.44 154.10 Td (in ) Tj ET Q q 0 0 0 rg BT 482.54 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 497.08 154.10 Td (Partnership. ) Tj ET Q q 0 0 0 rg BT 547.46 154.10 Td ( ) Tj ET Q q 0 0 0 rg BT 549.78 154.10 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 142.10 Td (February ) Tj ET Q q 0 0 0 rg BT 107.00 142.10 Td (29, ) Tj ET Q q 0 0 0 rg BT 122.40 142.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 147.80 142.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.92 142.10 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 211.37 142.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 231.49 142.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.61 142.10 Td (redemptions ) Tj ET Q q 0 0 0 rg BT 298.94 142.10 Td (totaling ) Tj ET Q q 0 0 0 rg BT 332.40 142.10 Td ($148.4 ) Tj ET Q q 0 0 0 rg BT 362.80 142.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 397.09 142.10 Td ( ) Tj ET Q q 0 0 0 rg BT 399.79 142.10 Td (The ) Tj ET Q q 0 0 0 rg BT 418.23 142.10 Td (redemptions ) Tj ET Q q 0 0 0 rg BT 470.57 142.10 Td (were ) Tj ET Q q 0 0 0 rg BT 492.90 142.10 Td (funded ) Tj ET Q q 0 0 0 rg BT 523.57 142.10 Td (with ) Tj ET Q q 0 0 0 rg BT 544.25 142.10 Td (cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 130.10 Td (on-hand ) Tj ET Q q 0 0 0 rg BT 103.53 130.10 Td (and ) Tj ET Q q 0 0 0 rg BT 120.73 130.10 Td (with ) Tj ET Q q 0 0 0 rg BT 141.28 130.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 179.58 130.10 Td (from ) Tj ET Q q 0 0 0 rg BT 201.78 130.10 Td (new ) Tj ET Q q 0 0 0 rg BT 221.20 130.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 250.62 130.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 307.82 130.10 Td (totaling ) Tj ET Q q 0 0 0 rg BT 341.13 130.10 Td ($1) Tj ET Q q 0 0 0 rg BT 350.76 130.10 Td (12.7 ) Tj ET Q q 0 0 0 rg BT 371.03 130.10 Td (million ) Tj ET Q q 0 0 0 rg BT 402.68 130.10 Td (that ) Tj ET Q q 0 0 0 rg BT 420.44 130.10 Td (were ) Tj ET Q q 0 0 0 rg BT 442.63 130.10 Td (contributed ) Tj ET Q q 0 0 0 rg BT 490.94 130.10 Td (to ) Tj ET Q q 0 0 0 rg BT 501.48 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.46 130.10 Td (Partnership ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 118.10 Td (on ) Tj ET Q q 0 0 0 rg BT 80.50 118.10 Td (February ) Tj ET Q q 0 0 0 rg BT 119.10 118.10 Td (29, ) Tj ET Q q 0 0 0 rg BT 134.10 118.10 Td (2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 94.10 Td (In ) Tj ET Q q 0 0 0 rg BT 78.60 94.10 Td (November ) Tj ET Q q 0 0 0 rg BT 123.08 94.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 147.85 94.10 Td (one ) Tj ET Q q 0 0 0 rg BT 164.56 94.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 195.17 94.10 Td (partner ) Tj ET Q q 0 0 0 rg BT 225.75 94.10 Td (requested ) Tj ET Q q 0 0 0 rg BT 266.34 94.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.83 94.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 328.64 94.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.25 94.10 Td (all ) Tj ET Q q 0 0 0 rg BT 351.51 94.10 Td (of ) Tj ET Q q 0 0 0 rg BT 362.11 94.10 Td (its ) Tj ET Q q 0 0 0 rg BT 373.83 94.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 405.54 94.10 Td (in ) Tj ET Q q 0 0 0 rg BT 415.59 94.10 Td (the ) Tj ET Q q 0 0 0 rg BT 430.08 94.10 Td (Partnership. ) Tj ET Q q 0 0 0 rg BT 480.40 94.10 Td ( ) Tj ET Q q 0 0 0 rg BT 482.17 94.10 Td (As ) Tj ET Q q 0 0 0 rg BT 495.55 94.10 Td (of ) Tj ET Q q 0 0 0 rg BT 506.16 94.10 Td (December ) Tj ET Q q 0 0 0 rg BT 549.51 94.10 Td (31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 82.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 91.76 82.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.24 82.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 134.83 82.10 Td (partner ) Tj ET Q q 0 0 0 rg BT 164.40 82.10 Td (had ) Tj ET Q q 0 0 0 rg BT 180.10 82.10 Td (48,641 ) Tj ET Q q 0 0 0 rg BT 208.86 82.10 Td (units, ) Tj ET Q q 0 0 0 rg BT 232.07 82.10 Td (representing ) Tj ET Q q 0 0 0 rg BT 282.75 82.10 Td (3.7% ) Tj ET Q q 0 0 0 rg BT 304.84 82.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 347.76 82.10 Td (in ) Tj ET Q q 0 0 0 rg BT 356.80 82.10 Td (the ) Tj ET Q q 0 0 0 rg BT 370.28 82.10 Td (Partnership. ) Tj ET Q q 0 0 0 rg BT 419.58 82.10 Td ( ) Tj ET Q q 0 0 0 rg BT 420.75 82.10 Td (The ) Tj ET Q q 0 0 0 rg BT 437.56 82.10 Td (exact ) Tj ET Q q 0 0 0 rg BT 459.91 82.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 491.17 82.10 Td (of ) Tj ET Q q 0 0 0 rg BT 500.76 82.10 Td (this ) Tj ET Q q 0 0 0 rg BT 516.46 82.10 Td (redemption ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 70.10 Td (is ) Tj ET Q q 0 0 0 rg BT 77.96 70.10 Td (not ) Tj ET Q q 0 0 0 rg BT 94.03 70.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 109.53 70.10 Td (determinable ) Tj ET Q q 0 0 0 rg BT 165.02 70.10 Td (because ) Tj ET Q q 0 0 0 rg BT 199.95 70.10 Td (the ) Tj ET Q q 0 0 0 rg BT 215.46 70.10 Td (units ) Tj ET Q q 0 0 0 rg BT 238.19 70.10 Td (will ) Tj ET Q q 0 0 0 rg BT 257.04 70.10 Td (be ) Tj ET Q q 0 0 0 rg BT 269.77 70.10 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 311.92 70.10 Td (at ) Tj ET Q q 0 0 0 rg BT 322.42 70.10 Td (the ) Tj ET Q q 0 0 0 rg BT 337.93 70.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 356.77 70.10 Td (interest's ) Tj ET Q q 0 0 0 rg BT 395.19 70.10 Td (value ) Tj ET Q q 0 0 0 rg BT 420.13 70.10 Td (based ) Tj ET Q q 0 0 0 rg BT 446.19 70.10 Td (on ) Tj ET Q q 0 0 0 rg BT 459.48 70.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.98 70.10 Td (net ) Tj ET Q q 0 0 0 rg BT 490.49 70.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 513.21 70.10 Td (value ) Tj ET Q q 0 0 0 rg BT 538.16 70.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.78 70.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 58.10 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 116.05 58.10 Td (at ) Tj ET Q q 0 0 0 rg BT 125.76 58.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.48 58.10 Td (time ) Tj ET Q q 0 0 0 rg BT 160.75 58.10 Td (of ) Tj ET Q q 0 0 0 rg BT 171.58 58.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.30 58.10 Td (redemption.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 229 0 obj <> endobj 230 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.65 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 31.60 Td (12) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 742.25 Td (Debt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.44 742.25 Td (- ) Tj ET Q q 0 0 0 rg BT 95.65 742.25 Td (The ) Tj ET Q q 0 0 0 rg BT 113.77 742.25 Td (Partnership, ) Tj ET Q q 0 0 0 rg BT 164.38 742.25 Td (through ) Tj ET Q q 0 0 0 rg BT 198.06 742.25 Td (its ) Tj ET Q q 0 0 0 rg BT 210.08 742.25 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 262.36 742.25 Td (may ) Tj ET Q q 0 0 0 rg BT 282.15 742.25 Td (incur ) Tj ET Q q 0 0 0 rg BT 305.26 742.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 325.05 742.25 Td (with ) Tj ET Q q 0 0 0 rg BT 345.39 742.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 376.28 742.25 Td (to ) Tj ET Q q 0 0 0 rg BT 386.62 742.25 Td (any ) Tj ET Q q 0 0 0 rg BT 403.63 742.25 Td (of ) Tj ET Q q 0 0 0 rg BT 414.53 742.25 Td (its ) Tj ET Q q 0 0 0 rg BT 426.54 742.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 476.89 742.25 Td (or ) Tj ET Q q 0 0 0 rg BT 487.79 742.25 Td (future ) Tj ET Q q 0 0 0 rg BT 514.23 742.25 Td (investments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 730.25 Td (in ) Tj ET Q q 0 0 0 rg BT 78.11 730.25 Td (real ) Tj ET Q q 0 0 0 rg BT 95.42 730.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 120.51 730.25 Td (properties, ) Tj ET Q q 0 0 0 rg BT 165.33 730.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 195.98 730.25 Td (to ) Tj ET Q q 0 0 0 rg BT 206.09 730.25 Td (the ) Tj ET Q q 0 0 0 rg BT 220.64 730.25 Td (following ) Tj ET Q q 0 0 0 rg BT 261.85 730.25 Td (limitations ) Tj ET Q q 0 0 0 rg BT 306.96 730.25 Td (at ) Tj ET Q q 0 0 0 rg BT 316.51 730.25 Td (the ) Tj ET Q q 0 0 0 rg BT 331.05 730.25 Td (time ) Tj ET Q q 0 0 0 rg BT 351.15 730.25 Td (the ) Tj ET Q q 0 0 0 rg BT 365.70 730.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 385.25 730.25 Td (is ) Tj ET Q q 0 0 0 rg BT 394.25 730.25 Td (incurred: ) Tj ET Q q 0 0 0 rg BT 432.67 730.25 Td (\(1\)65% ) Tj ET Q q 0 0 0 rg BT 467.49 730.25 Td (debt-to-value ) Tj ET Q q 0 0 0 rg BT 523.13 730.25 Td (limitation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (for ) Tj ET Q q 0 0 0 rg BT 82.30 718.25 Td (each ) Tj ET Q q 0 0 0 rg BT 103.25 718.25 Td (property ) Tj ET Q q 0 0 0 rg BT 139.77 718.25 Td (and ) Tj ET Q q 0 0 0 rg BT 156.84 718.25 Td (\(2\)50% ) Tj ET Q q 0 0 0 rg BT 191.97 718.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 233.47 718.25 Td (debt-to-value ) Tj ET Q q 0 0 0 rg BT 289.42 718.25 Td (limitation ) Tj ET Q q 0 0 0 rg BT 330.95 718.25 Td (for ) Tj ET Q q 0 0 0 rg BT 345.24 718.25 Td (all ) Tj ET Q q 0 0 0 rg BT 357.88 718.25 Td (Fund ) Tj ET Q q 0 0 0 rg BT 381.08 718.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 409.55 718.25 Td (excluding ) Tj ET Q q 0 0 0 rg BT 451.62 718.25 Td (in ) Tj ET Q q 0 0 0 rg BT 462.03 718.25 Td (both ) Tj ET Q q 0 0 0 rg BT 482.45 718.25 Td (cases ) Tj ET Q q 0 0 0 rg BT 506.19 718.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 532.16 718.25 Td (held ) Tj ET Q q 0 0 0 rg BT 552.01 718.25 Td (by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.25 Td (NY) Tj ET Q q 0 0 0 rg BT 82.07 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 83.57 706.25 Td (T) Tj ET Q q 0 0 0 rg BT 89.33 706.25 Td (rust. ) Tj ET Q q 0 0 0 rg BT 108.44 706.25 Td (However) Tj ET Q q 0 0 0 rg BT 144.69 706.25 Td (, ) Tj ET Q q 0 0 0 rg BT 148.80 706.25 Td (the ) Tj ET Q q 0 0 0 rg BT 162.63 706.25 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 209.79 706.25 Td (may ) Tj ET Q q 0 0 0 rg BT 228.62 706.25 Td (exceed ) Tj ET Q q 0 0 0 rg BT 257.99 706.25 Td (the ) Tj ET Q q 0 0 0 rg BT 271.82 706.25 Td (limitations ) Tj ET Q q 0 0 0 rg BT 316.21 706.25 Td (in ) Tj ET Q q 0 0 0 rg BT 325.60 706.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 338.87 706.25 Td (and ) Tj ET Q q 0 0 0 rg BT 354.92 706.25 Td (\(2\)above ) Tj ET Q q 0 0 0 rg BT 394.57 706.25 Td (if ) Tj ET Q q 0 0 0 rg BT 402.29 706.25 Td (the ) Tj ET Q q 0 0 0 rg BT 416.12 706.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 457.17 706.25 Td (general ) Tj ET Q q 0 0 0 rg BT 488.21 706.25 Td (partner ) Tj ET Q q 0 0 0 rg BT 518.13 706.25 Td (determines ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 694.25 Td (it ) Tj ET Q q 0 0 0 rg BT 75.57 694.25 Td (is ) Tj ET Q q 0 0 0 rg BT 84.25 694.25 Td (advisable ) Tj ET Q q 0 0 0 rg BT 124.03 694.25 Td (to ) Tj ET Q q 0 0 0 rg BT 133.83 694.25 Td (do ) Tj ET Q q 0 0 0 rg BT 145.84 694.25 Td (so ) Tj ET Q q 0 0 0 rg BT 156.75 694.25 Td (as ) Tj ET Q q 0 0 0 rg BT 167.09 694.25 Td (long ) Tj ET Q q 0 0 0 rg BT 186.88 694.25 Td (as ) Tj ET Q q 0 0 0 rg BT 197.23 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 211.46 694.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 252.90 694.25 Td (general ) Tj ET Q q 0 0 0 rg BT 284.34 694.25 Td (partner ) Tj ET Q q 0 0 0 rg BT 314.67 694.25 Td (makes ) Tj ET Q q 0 0 0 rg BT 342.23 694.25 Td (a ) Tj ET Q q 0 0 0 rg BT 348.69 694.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 393.45 694.25 Td (determination ) Tj ET Q q 0 0 0 rg BT 451.01 694.25 Td (that ) Tj ET Q q 0 0 0 rg BT 468.01 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 482.25 694.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 510.36 694.25 Td (indebtedness ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 682.25 Td (will ) Tj ET Q q 0 0 0 rg BT 85.45 682.25 Td (be ) Tj ET Q q 0 0 0 rg BT 96.78 682.25 Td (repaid ) Tj ET Q q 0 0 0 rg BT 123.66 682.25 Td (within ) Tj ET Q q 0 0 0 rg BT 151.11 682.25 Td (one ) Tj ET Q q 0 0 0 rg BT 167.44 682.25 Td (year ) Tj ET Q q 0 0 0 rg BT 186.54 682.25 Td (of ) Tj ET Q q 0 0 0 rg BT 196.76 682.25 Td (its ) Tj ET Q q 0 0 0 rg BT 208.10 682.25 Td (incurrence. ) Tj ET Q q 0 0 0 rg BT 254.68 682.25 Td (NY) Tj ET Q q 0 0 0 rg BT 268.75 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 270.51 682.25 Td (T) Tj ET Q q 0 0 0 rg BT 276.27 682.25 Td (rust ) Tj ET Q q 0 0 0 rg BT 293.16 682.25 Td (has ) Tj ET Q q 0 0 0 rg BT 308.38 682.25 Td (a ) Tj ET Q q 0 0 0 rg BT 314.71 682.25 Td (55% ) Tj ET Q q 0 0 0 rg BT 334.93 682.25 Td (debt-to-value ) Tj ET Q q 0 0 0 rg BT 390.14 682.25 Td (limitation ) Tj ET Q q 0 0 0 rg BT 430.92 682.25 Td (at ) Tj ET Q q 0 0 0 rg BT 440.02 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 454.13 682.25 Td (time ) Tj ET Q q 0 0 0 rg BT 473.80 682.25 Td (any ) Tj ET Q q 0 0 0 rg BT 490.13 682.25 Td (such ) Tj ET Q q 0 0 0 rg BT 510.35 682.25 Td (indebtedness ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 670.25 Td (is ) Tj ET Q q 0 0 0 rg BT 77.89 670.25 Td (incurred. ) Tj ET Q q 0 0 0 rg BT 116.92 670.25 Td (In ) Tj ET Q q 0 0 0 rg BT 128.47 670.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 166.96 670.25 Td (the ) Tj ET Q q 0 0 0 rg BT 182.39 670.25 Td (Partnership, ) Tj ET Q q 0 0 0 rg BT 233.65 670.25 Td (through ) Tj ET Q q 0 0 0 rg BT 267.98 670.25 Td (its ) Tj ET Q q 0 0 0 rg BT 280.64 670.25 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 333.58 670.25 Td (may ) Tj ET Q q 0 0 0 rg BT 354.01 670.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 382.22 670.25 Td (a ) Tj ET Q q 0 0 0 rg BT 389.88 670.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 415.86 670.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 447.40 670.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 481.15 670.25 Td (by ) Tj ET Q q 0 0 0 rg BT 494.37 670.25 Td (unfunded ) Tj ET Q q 0 0 0 rg BT 535.35 670.25 Td (capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 658.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 124.47 658.25 Td (from ) Tj ET Q q 0 0 0 rg BT 145.94 658.25 Td (its ) Tj ET Q q 0 0 0 rg BT 157.42 658.25 Td (partners. ) Tj ET Q q 0 0 0 rg BT 194.15 658.25 Td (Such ) Tj ET Q q 0 0 0 rg BT 216.18 658.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 240.98 658.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 271.33 658.25 Td (will ) Tj ET Q q 0 0 0 rg BT 288.92 658.25 Td (not ) Tj ET Q q 0 0 0 rg BT 303.72 658.25 Td (be ) Tj ET Q q 0 0 0 rg BT 315.19 658.25 Td (counted ) Tj ET Q q 0 0 0 rg BT 348.88 658.25 Td (for ) Tj ET Q q 0 0 0 rg BT 362.57 658.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 400.15 658.25 Td (of ) Tj ET Q q 0 0 0 rg BT 410.51 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 424.76 658.25 Td (leverage ) Tj ET Q q 0 0 0 rg BT 460.65 658.25 Td (limitations ) Tj ET Q q 0 0 0 rg BT 505.46 658.25 Td (above, ) Tj ET Q q 0 0 0 rg BT 533.87 658.25 Td (as ) Tj ET Q q 0 0 0 rg BT 544.23 658.25 Td (long ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 646.25 Td (as ) Tj ET Q q 0 0 0 rg BT 78.83 646.25 Td (no ) Tj ET Q q 0 0 0 rg BT 91.33 646.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 117.16 646.25 Td (of ) Tj ET Q q 0 0 0 rg BT 127.99 646.25 Td (the ) Tj ET Q q 0 0 0 rg BT 142.71 646.25 Td (Fund ) Tj ET Q q 0 0 0 rg BT 165.77 646.25 Td (are ) Tj ET Q q 0 0 0 rg BT 180.48 646.25 Td (pledged ) Tj ET Q q 0 0 0 rg BT 214.63 646.25 Td (to ) Tj ET Q q 0 0 0 rg BT 224.91 646.25 Td (secure ) Tj ET Q q 0 0 0 rg BT 252.95 646.25 Td (such ) Tj ET Q q 0 0 0 rg BT 273.78 646.25 Td (indebtedness.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 634.25 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 622.25 Td (Rights ) Tj ET Q q 0 0 0 rg BT 98.47 622.25 Td (of ) Tj ET Q q 0 0 0 rg BT 110.59 622.25 Td (General ) Tj ET Q q 0 0 0 rg BT 147.71 622.25 Td (Motors ) Tj ET Q q 0 0 0 rg BT 180.96 622.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 230.31 622.25 Td (Management ) Tj ET Q q 0 0 0 rg BT 288.55 622.25 Td (Corporation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.12 622.25 Td (- ) Tj ET Q q 0 0 0 rg BT 348.47 622.25 Td (The ) Tj ET Q q 0 0 0 rg BT 367.80 622.25 Td (Second ) Tj ET Q q 0 0 0 rg BT 400.20 622.25 Td (Amended ) Tj ET Q q 0 0 0 rg BT 442.87 622.25 Td (and ) Tj ET Q q 0 0 0 rg BT 461.10 622.25 Td (Restated ) Tj ET Q q 0 0 0 rg BT 499.32 622.25 Td (Investor ) Tj ET Q q 0 0 0 rg BT 535.88 622.25 Td (Rights ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 610.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 115.00 610.25 Td (among ) Tj ET Q q 0 0 0 rg BT 144.79 610.25 Td (Hines, ) Tj ET Q q 0 0 0 rg BT 173.20 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 187.99 610.25 Td (Partnership, ) Tj ET Q q 0 0 0 rg BT 238.61 610.25 Td (Core ) Tj ET Q q 0 0 0 rg BT 260.63 610.25 Td (Of) Tj ET Q q 0 0 0 rg BT 271.00 610.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 288.56 610.25 Td (Properties, ) Tj ET Q q 0 0 0 rg BT 334.18 610.25 Td (NY) Tj ET Q q 0 0 0 rg BT 348.25 610.25 Td ( ) Tj ET Q q 0 0 0 rg BT 350.64 610.25 Td (T) Tj ET Q q 0 0 0 rg BT 356.40 610.25 Td (rust, ) Tj ET Q q 0 0 0 rg BT 376.48 610.25 Td (Hines ) Tj ET Q q 0 0 0 rg BT 402.38 610.25 Td (720 ) Tj ET Q q 0 0 0 rg BT 419.96 610.25 Td (Olive ) Tj ET Q q 0 0 0 rg BT 444.56 610.25 Td (W) Tj ET Q q 0 0 0 rg BT 453.20 610.25 Td (ay ) Tj ET Q q 0 0 0 rg BT 465.22 610.25 Td (Partners ) Tj ET Q q 0 0 0 rg BT 500.56 610.25 Td (LP) Tj ET Q q 0 0 0 rg BT 511.86 610.25 Td ( ) Tj ET Q q 0 0 0 rg BT 514.43 610.25 Td (\(720 ) Tj ET Q q 0 0 0 rg BT 539.78 610.25 Td (Olive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 598.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 598.25 Td (ay ) Tj ET Q q 0 0 0 rg BT 87.42 598.25 Td (Partners\), ) Tj ET Q q 0 0 0 rg BT 131.79 598.25 Td (Hines ) Tj ET Q q 0 0 0 rg BT 156.46 598.25 Td (333) Tj ET Q q 0 0 0 rg BT 173.78 598.25 Td (W) Tj ET Q q 0 0 0 rg BT 182.42 598.25 Td (est ) Tj ET Q q 0 0 0 rg BT 194.77 598.25 Td (W) Tj ET Q q 0 0 0 rg BT 203.41 598.25 Td (acker ) Tj ET Q q 0 0 0 rg BT 226.40 598.25 Td (Partners ) Tj ET Q q 0 0 0 rg BT 260.51 598.25 Td (LP) Tj ET Q q 0 0 0 rg BT 271.80 598.25 Td ( ) Tj ET Q q 0 0 0 rg BT 273.15 598.25 Td (\(333) Tj ET Q q 0 0 0 rg BT 298.23 598.25 Td (W) Tj ET Q q 0 0 0 rg BT 306.87 598.25 Td (est ) Tj ET Q q 0 0 0 rg BT 319.22 598.25 Td (W) Tj ET Q q 0 0 0 rg BT 327.86 598.25 Td (acker ) Tj ET Q q 0 0 0 rg BT 350.85 598.25 Td (Partners\), ) Tj ET Q q 0 0 0 rg BT 395.22 598.25 Td (Hines ) Tj ET Q q 0 0 0 rg BT 419.80 598.25 Td (W) Tj ET Q q 0 0 0 rg BT 428.44 598.25 Td (arner ) Tj ET Q q 0 0 0 rg BT 450.31 598.25 Td (Center ) Tj ET Q q 0 0 0 rg BT 478.31 598.25 Td (Partners ) Tj ET Q q 0 0 0 rg BT 512.42 598.25 Td (LP) Tj ET Q q 0 0 0 rg BT 523.72 598.25 Td ( ) Tj ET Q q 0 0 0 rg BT 525.06 598.25 Td (\(W) Tj ET Q q 0 0 0 rg BT 541.46 598.25 Td (arner ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 586.25 Td (Center ) Tj ET Q q 0 0 0 rg BT 96.97 586.25 Td (Partners\), ) Tj ET Q q 0 0 0 rg BT 142.32 586.25 Td (Hines ) Tj ET Q q 0 0 0 rg BT 167.96 586.25 Td (CF ) Tj ET Q q 0 0 0 rg BT 182.51 586.25 Td (Sacramento ) Tj ET Q q 0 0 0 rg BT 232.02 586.25 Td (Partners ) Tj ET Q q 0 0 0 rg BT 267.11 586.25 Td (LP) Tj ET Q q 0 0 0 rg BT 278.40 586.25 Td ( ) Tj ET Q q 0 0 0 rg BT 280.72 586.25 Td (\(CF ) Tj ET Q q 0 0 0 rg BT 303.03 586.25 Td (Sacramento ) Tj ET Q q 0 0 0 rg BT 352.55 586.25 Td (Partners\), ) Tj ET Q q 0 0 0 rg BT 397.90 586.25 Td (General ) Tj ET Q q 0 0 0 rg BT 431.86 586.25 Td (Motors ) Tj ET Q q 0 0 0 rg BT 463.06 586.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 509.81 586.25 Td (Management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 574.25 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 119.32 574.25 Td (\(GMIMC\) ) Tj ET Q q 0 0 0 rg BT 172.85 574.25 Td (and ) Tj ET Q q 0 0 0 rg BT 190.28 574.25 Td (a ) Tj ET Q q 0 0 0 rg BT 197.71 574.25 Td (number ) Tj ET Q q 0 0 0 rg BT 231.25 574.25 Td (of ) Tj ET Q q 0 0 0 rg BT 242.57 574.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 293.34 574.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 332.45 574.25 Td (advised ) Tj ET Q q 0 0 0 rg BT 365.98 574.25 Td (by ) Tj ET Q q 0 0 0 rg BT 378.98 574.25 Td (GMIMC ) Tj ET Q q 0 0 0 rg BT 416.97 574.25 Td (\(each ) Tj ET Q q 0 0 0 rg BT 441.61 574.25 Td (an ) Tj ET Q q 0 0 0 rg BT 454.04 574.25 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 509.80 574.25 Td (Co-Investor ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 562.25 Td (and ) Tj ET Q q 0 0 0 rg BT 85.92 562.25 Td (collectively) Tj ET Q q 0 0 0 rg BT 131.91 562.25 Td (, ) Tj ET Q q 0 0 0 rg BT 137.89 562.25 Td (the ) Tj ET Q q 0 0 0 rg BT 153.58 562.25 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 209.83 562.25 Td (Co-Investors\), ) Tj ET Q q 0 0 0 rg BT 275.23 562.25 Td (dated ) Tj ET Q q 0 0 0 rg BT 300.36 562.25 Td (October12, ) Tj ET Q q 0 0 0 rg BT 351.05 562.25 Td (2005, ) Tj ET Q q 0 0 0 rg BT 377.02 562.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 414.94 562.25 Td (GMIMC ) Tj ET Q q 0 0 0 rg BT 453.42 562.25 Td (with ) Tj ET Q q 0 0 0 rg BT 474.67 562.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 505.35 562.25 Td (co-investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 550.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 92.64 550.25 Td (with ) Tj ET Q q 0 0 0 rg BT 112.27 550.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 142.44 550.25 Td (to ) Tj ET Q q 0 0 0 rg BT 152.08 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 166.15 550.25 Td (Fund's ) Tj ET Q q 0 0 0 rg BT 194.26 550.25 Td (investments. ) Tj ET Q q 0 0 0 rg BT 245.98 550.25 Td (As ) Tj ET Q q 0 0 0 rg BT 258.95 550.25 Td (of ) Tj ET Q q 0 0 0 rg BT 269.14 550.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 327.08 550.25 Td (2012, ) Tj ET Q q 0 0 0 rg BT 351.44 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 365.51 550.25 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 415.70 550.25 Td (Co-Investors ) Tj ET Q q 0 0 0 rg BT 469.22 550.25 Td (co-invest ) Tj ET Q q 0 0 0 rg BT 507.73 550.25 Td (with ) Tj ET Q q 0 0 0 rg BT 527.36 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 541.44 550.25 Td (Fund ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 538.25 Td (in ) Tj ET Q q 0 0 0 rg BT 78.28 538.25 Td (eight ) Tj ET Q q 0 0 0 rg BT 100.77 538.25 Td (of ) Tj ET Q q 0 0 0 rg BT 111.60 538.25 Td (the ) Tj ET Q q 0 0 0 rg BT 126.32 538.25 Td (Fund's ) Tj ET Q q 0 0 0 rg BT 155.08 538.25 Td (Properties, ) Tj ET Q q 0 0 0 rg BT 200.62 538.25 Td (owning ) Tj ET Q q 0 0 0 rg BT 233.12 538.25 Td (ef) Tj ET Q q 0 0 0 rg BT 240.71 538.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 270.41 538.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 306.24 538.25 Td (in ) Tj ET Q q 0 0 0 rg BT 316.52 538.25 Td (the ) Tj ET Q q 0 0 0 rg BT 331.23 538.25 Td (Properties ) Tj ET Q q 0 0 0 rg BT 374.28 538.25 Td (as ) Tj ET Q q 0 0 0 rg BT 385.11 538.25 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 55 475.75 m 438 475.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 438 475.75 m 544 475.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 55 475.75 m 438 475.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 438 475.75 m 544 475.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 464.10 506.48 Td (Institutional) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 461.60 493.48 Td (Co-Investors') Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.50 480.43 Td (Property) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 453.80 480.43 Td (Effective Interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 466.32 Td (425 Lexington Ave, 499 Park Ave, 1200 Nineteenth St) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.65 466.32 Td (54.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.50 466.32 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 453.32 Td (720 Olive Way) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.65 453.32 Td (20.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 440.32 Td (333West Wacker) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.65 440.32 Td (20.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 427.32 Td (Warner Center) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.65 427.32 Td (20.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 414.32 Td (Wells Fargo Center, Douglas Corporate Center) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.65 414.32 Td (20.0) Tj ET Q BT /F2 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 387.25 Td (Co-Investment ) Tj ET Q q 0 0 0 rg BT 132.05 387.25 Td (Rights) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.73 387.25 Td (- ) Tj ET Q q 0 0 0 rg BT 168.05 387.25 Td (GMIMC, ) Tj ET Q q 0 0 0 rg BT 209.05 387.25 Td (on ) Tj ET Q q 0 0 0 rg BT 222.55 387.25 Td (behalf ) Tj ET Q q 0 0 0 rg BT 251.02 387.25 Td (of ) Tj ET Q q 0 0 0 rg BT 262.85 387.25 Td (one ) Tj ET Q q 0 0 0 rg BT 280.78 387.25 Td (or ) Tj ET Q q 0 0 0 rg BT 292.60 387.25 Td (more ) Tj ET Q q 0 0 0 rg BT 316.65 387.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 342.36 387.25 Td (it ) Tj ET Q q 0 0 0 rg BT 351.41 387.25 Td (advises, ) Tj ET Q q 0 0 0 rg BT 386.84 387.25 Td (has ) Tj ET Q q 0 0 0 rg BT 403.67 387.25 Td (the ) Tj ET Q q 0 0 0 rg BT 419.38 387.25 Td (right ) Tj ET Q q 0 0 0 rg BT 441.76 387.25 Td (to ) Tj ET Q q 0 0 0 rg BT 453.03 387.25 Td (co-invest ) Tj ET Q q 0 0 0 rg BT 493.18 387.25 Td (with ) Tj ET Q q 0 0 0 rg BT 514.45 387.25 Td (the ) Tj ET Q q 0 0 0 rg BT 530.16 387.25 Td (Fund ) Tj ET Q q 0 0 0 rg BT 554.22 387.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 375.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 113.82 375.25 Td (with ) Tj ET Q q 0 0 0 rg BT 133.54 375.25 Td (each ) Tj ET Q q 0 0 0 rg BT 153.80 375.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 199.62 375.25 Td (made ) Tj ET Q q 0 0 0 rg BT 223.22 375.25 Td (by ) Tj ET Q q 0 0 0 rg BT 235.16 375.25 Td (the ) Tj ET Q q 0 0 0 rg BT 249.32 375.25 Td (Fund ) Tj ET Q q 0 0 0 rg BT 271.83 375.25 Td (in ) Tj ET Q q 0 0 0 rg BT 281.55 375.25 Td (an ) Tj ET Q q 0 0 0 rg BT 292.93 375.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 324.87 375.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 348.47 375.25 Td (to ) Tj ET Q q 0 0 0 rg BT 358.19 375.25 Td (at ) Tj ET Q q 0 0 0 rg BT 367.35 375.25 Td (least ) Tj ET Q q 0 0 0 rg BT 387.62 375.25 Td (20% ) Tj ET Q q 0 0 0 rg BT 407.89 375.25 Td (of ) Tj ET Q q 0 0 0 rg BT 418.17 375.25 Td (the ) Tj ET Q q 0 0 0 rg BT 432.33 375.25 Td (total ) Tj ET Q q 0 0 0 rg BT 452.04 375.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 478.98 375.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 507.58 375.25 Td (to ) Tj ET Q q 0 0 0 rg BT 517.30 375.25 Td (be ) Tj ET Q q 0 0 0 rg BT 528.68 375.25 Td (invested ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 363.25 Td (in ) Tj ET Q q 0 0 0 rg BT 78.28 363.25 Td (such ) Tj ET Q q 0 0 0 rg BT 99.11 363.25 Td (investment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 339.25 Td (GMIMC ) Tj ET Q q 0 0 0 rg BT 106.04 339.25 Td (also ) Tj ET Q q 0 0 0 rg BT 125.19 339.25 Td (has ) Tj ET Q q 0 0 0 rg BT 141.56 339.25 Td (the ) Tj ET Q q 0 0 0 rg BT 156.81 339.25 Td (right, ) Tj ET Q q 0 0 0 rg BT 181.24 339.25 Td (but ) Tj ET Q q 0 0 0 rg BT 197.06 339.25 Td (not ) Tj ET Q q 0 0 0 rg BT 212.87 339.25 Td (the ) Tj ET Q q 0 0 0 rg BT 228.13 339.25 Td (obligation, ) Tj ET Q q 0 0 0 rg BT 274.22 339.25 Td (on ) Tj ET Q q 0 0 0 rg BT 287.26 339.25 Td (behalf ) Tj ET Q q 0 0 0 rg BT 315.28 339.25 Td (of ) Tj ET Q q 0 0 0 rg BT 326.65 339.25 Td (one ) Tj ET Q q 0 0 0 rg BT 344.13 339.25 Td (or ) Tj ET Q q 0 0 0 rg BT 355.50 339.25 Td (more ) Tj ET Q q 0 0 0 rg BT 379.08 339.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 404.34 339.25 Td (it ) Tj ET Q q 0 0 0 rg BT 412.94 339.25 Td (advises, ) Tj ET Q q 0 0 0 rg BT 447.91 339.25 Td (to ) Tj ET Q q 0 0 0 rg BT 458.73 339.25 Td (co-invest ) Tj ET Q q 0 0 0 rg BT 498.42 339.25 Td (with ) Tj ET Q q 0 0 0 rg BT 519.24 339.25 Td (third-party ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 327.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 106.70 327.25 Td (in ) Tj ET Q q 0 0 0 rg BT 117.08 327.25 Td (an ) Tj ET Q q 0 0 0 rg BT 129.11 327.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 161.70 327.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 185.95 327.25 Td (to ) Tj ET Q q 0 0 0 rg BT 196.32 327.25 Td (at ) Tj ET Q q 0 0 0 rg BT 206.13 327.25 Td (least ) Tj ET Q q 0 0 0 rg BT 227.05 327.25 Td (50% ) Tj ET Q q 0 0 0 rg BT 247.97 327.25 Td (of ) Tj ET Q q 0 0 0 rg BT 258.90 327.25 Td (any ) Tj ET Q q 0 0 0 rg BT 275.93 327.25 Td (co-investment ) Tj ET Q q 0 0 0 rg BT 335.18 327.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 364.42 327.25 Td (sought ) Tj ET Q q 0 0 0 rg BT 393.68 327.25 Td (by ) Tj ET Q q 0 0 0 rg BT 406.28 327.25 Td (the ) Tj ET Q q 0 0 0 rg BT 421.09 327.25 Td (Fund ) Tj ET Q q 0 0 0 rg BT 444.25 327.25 Td (from ) Tj ET Q q 0 0 0 rg BT 466.28 327.25 Td (third-party ) Tj ET Q q 0 0 0 rg BT 511.64 327.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 550.34 327.25 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 315.25 Td (a ) Tj ET Q q 0 0 0 rg BT 74.95 315.25 Td (prospective ) Tj ET Q q 0 0 0 rg BT 123.56 315.25 Td (investment. ) Tj ET Q q 0 0 0 rg BT 172.46 315.25 Td (In ) Tj ET Q q 0 0 0 rg BT 183.30 315.25 Td (order ) Tj ET Q q 0 0 0 rg BT 206.91 315.25 Td (to ) Tj ET Q q 0 0 0 rg BT 217.20 315.25 Td (exercise ) Tj ET Q q 0 0 0 rg BT 252.47 315.25 Td (such ) Tj ET Q q 0 0 0 rg BT 273.31 315.25 Td (third-party ) Tj ET Q q 0 0 0 rg BT 318.59 315.25 Td (co-investment ) Tj ET Q q 0 0 0 rg BT 377.76 315.25 Td (right, ) Tj ET Q q 0 0 0 rg BT 401.66 315.25 Td (GMIMC ) Tj ET Q q 0 0 0 rg BT 439.17 315.25 Td (must ) Tj ET Q q 0 0 0 rg BT 461.14 315.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 487.54 315.25 Td (at ) Tj ET Q q 0 0 0 rg BT 497.27 315.25 Td (least ) Tj ET Q q 0 0 0 rg BT 518.11 315.25 Td (50% ) Tj ET Q q 0 0 0 rg BT 538.95 315.25 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 315.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 303.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 95.50 303.25 Td (to ) Tj ET Q q 0 0 0 rg BT 105.77 303.25 Td (be ) Tj ET Q q 0 0 0 rg BT 117.71 303.25 Td (invested ) Tj ET Q q 0 0 0 rg BT 153.54 303.25 Td (from ) Tj ET Q q 0 0 0 rg BT 175.48 303.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 207.97 303.25 Td (other ) Tj ET Q q 0 0 0 rg BT 231.01 303.25 Td (than ) Tj ET Q q 0 0 0 rg BT 250.73 303.25 Td (the ) Tj ET Q q 0 0 0 rg BT 265.45 303.25 Td (Fund.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 279.25 Td (If ) Tj ET Q q 0 0 0 rg BT 77.56 279.25 Td (the ) Tj ET Q q 0 0 0 rg BT 92.67 279.25 Td (owner ) Tj ET Q q 0 0 0 rg BT 120.55 279.25 Td (of ) Tj ET Q q 0 0 0 rg BT 131.78 279.25 Td (an ) Tj ET Q q 0 0 0 rg BT 144.11 279.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 190.89 279.25 Td (desires ) Tj ET Q q 0 0 0 rg BT 221.55 279.25 Td (to ) Tj ET Q q 0 0 0 rg BT 232.23 279.25 Td (contribute ) Tj ET Q q 0 0 0 rg BT 275.67 279.25 Td (the ) Tj ET Q q 0 0 0 rg BT 290.78 279.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 337.56 279.25 Td (to ) Tj ET Q q 0 0 0 rg BT 348.23 279.25 Td (the ) Tj ET Q q 0 0 0 rg BT 363.34 279.25 Td (Fund ) Tj ET Q q 0 0 0 rg BT 386.80 279.25 Td (and ) Tj ET Q q 0 0 0 rg BT 404.13 279.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 435.89 279.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 472.11 279.25 Td (in ) Tj ET Q q 0 0 0 rg BT 482.79 279.25 Td (the ) Tj ET Q q 0 0 0 rg BT 497.90 279.25 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 546.34 279.25 Td (or ) Tj ET Q q 0 0 0 rg BT 557.57 279.25 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 267.25 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 111.30 267.25 Td (of ) Tj ET Q q 0 0 0 rg BT 121.82 267.25 Td (the ) Tj ET Q q 0 0 0 rg BT 136.23 267.25 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 183.96 267.25 Td (on ) Tj ET Q q 0 0 0 rg BT 196.15 267.25 Td (a ) Tj ET Q q 0 0 0 rg BT 202.78 267.25 Td (tax-deferred ) Tj ET Q q 0 0 0 rg BT 253.82 267.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 278.51 267.25 Td (GMIMC ) Tj ET Q q 0 0 0 rg BT 315.71 267.25 Td (has ) Tj ET Q q 0 0 0 rg BT 331.23 267.25 Td (no ) Tj ET Q q 0 0 0 rg BT 343.42 267.25 Td (co-investment ) Tj ET Q q 0 0 0 rg BT 402.26 267.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 427.23 267.25 Td (with ) Tj ET Q q 0 0 0 rg BT 447.19 267.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 477.70 267.25 Td (to ) Tj ET Q q 0 0 0 rg BT 487.67 267.25 Td (the ) Tj ET Q q 0 0 0 rg BT 502.07 267.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 533.15 267.25 Td (of ) Tj ET Q q 0 0 0 rg BT 543.67 267.25 Td (such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 255.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 114.38 255.25 Td (being ) Tj ET Q q 0 0 0 rg BT 139.10 255.25 Td (made ) Tj ET Q q 0 0 0 rg BT 163.25 255.25 Td (through ) Tj ET Q q 0 0 0 rg BT 196.86 255.25 Td (the ) Tj ET Q q 0 0 0 rg BT 211.58 255.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 247.96 255.25 Td (of ) Tj ET Q q 0 0 0 rg BT 258.79 255.25 Td (such ) Tj ET Q q 0 0 0 rg BT 279.62 255.25 Td (tax-deferred ) Tj ET Q q 0 0 0 rg BT 330.97 255.25 Td (consideration.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 231.25 Td (Buy/Sell ) Tj ET Q q 0 0 0 rg BT 104.78 231.25 Td (Rights) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.46 231.25 Td (- ) Tj ET Q q 0 0 0 rg BT 139.07 231.25 Td (GMIMC, ) Tj ET Q q 0 0 0 rg BT 178.35 231.25 Td (on ) Tj ET Q q 0 0 0 rg BT 190.13 231.25 Td (behalf ) Tj ET Q q 0 0 0 rg BT 216.89 231.25 Td (of ) Tj ET Q q 0 0 0 rg BT 226.99 231.25 Td (the ) Tj ET Q q 0 0 0 rg BT 240.99 231.25 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 291.09 231.25 Td (Co-Investors ) Tj ET Q q 0 0 0 rg BT 344.53 231.25 Td (having ) Tj ET Q q 0 0 0 rg BT 373.52 231.25 Td (an ) Tj ET Q q 0 0 0 rg BT 384.74 231.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 415.95 231.25 Td (in ) Tj ET Q q 0 0 0 rg BT 425.50 231.25 Td (NY) Tj ET Q q 0 0 0 rg BT 439.57 231.25 Td ( ) Tj ET Q q 0 0 0 rg BT 441.22 231.25 Td (T) Tj ET Q q 0 0 0 rg BT 446.98 231.25 Td (rust, ) Tj ET Q q 0 0 0 rg BT 466.26 231.25 Td (720 ) Tj ET Q q 0 0 0 rg BT 483.03 231.25 Td (Olive ) Tj ET Q q 0 0 0 rg BT 506.90 231.25 Td (W) Tj ET Q q 0 0 0 rg BT 515.53 231.25 Td (ay ) Tj ET Q q 0 0 0 rg BT 526.75 231.25 Td (Partners, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 219.25 Td (333) Tj ET Q q 0 0 0 rg BT 85.32 219.25 Td (W) Tj ET Q q 0 0 0 rg BT 93.96 219.25 Td (est ) Tj ET Q q 0 0 0 rg BT 108.76 219.25 Td (W) Tj ET Q q 0 0 0 rg BT 117.40 219.25 Td (acker ) Tj ET Q q 0 0 0 rg BT 143.02 219.25 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 181.99 219.25 Td (W) Tj ET Q q 0 0 0 rg BT 190.62 219.25 Td (arner ) Tj ET Q q 0 0 0 rg BT 215.14 219.25 Td (Center ) Tj ET Q q 0 0 0 rg BT 245.78 219.25 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 285.03 219.25 Td (CF ) Tj ET Q q 0 0 0 rg BT 301.24 219.25 Td (Sacramento ) Tj ET Q q 0 0 0 rg BT 352.43 219.25 Td (Partners ) Tj ET Q q 0 0 0 rg BT 389.18 219.25 Td (and ) Tj ET Q q 0 0 0 rg BT 407.60 219.25 Td (any ) Tj ET Q q 0 0 0 rg BT 426.02 219.25 Td (other ) Tj ET Q q 0 0 0 rg BT 450.54 219.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 477.30 219.25 Td (through ) Tj ET Q q 0 0 0 rg BT 512.39 219.25 Td (which ) Tj ET Q q 0 0 0 rg BT 540.81 219.25 Td (a ) Tj ET Q q 0 0 0 rg BT 549.23 219.25 Td (co-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 207.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 114.92 207.25 Td (is ) Tj ET Q q 0 0 0 rg BT 124.63 207.25 Td (made ) Tj ET Q q 0 0 0 rg BT 149.33 207.25 Td (\(each, ) Tj ET Q q 0 0 0 rg BT 176.52 207.25 Td (a ) Tj ET Q q 0 0 0 rg BT 184.00 207.25 Td (Co-Investment ) Tj ET Q q 0 0 0 rg BT 250.91 207.25 Td (Entity\), ) Tj ET Q q 0 0 0 rg BT 288.66 207.25 Td (on ) Tj ET Q q 0 0 0 rg BT 301.70 207.25 Td (the ) Tj ET Q q 0 0 0 rg BT 316.96 207.25 Td (one ) Tj ET Q q 0 0 0 rg BT 334.44 207.25 Td (hand, ) Tj ET Q q 0 0 0 rg BT 359.42 207.25 Td (and ) Tj ET Q q 0 0 0 rg BT 376.90 207.25 Td (the ) Tj ET Q q 0 0 0 rg BT 392.16 207.25 Td (Fund, ) Tj ET Q q 0 0 0 rg BT 418.26 207.25 Td (on ) Tj ET Q q 0 0 0 rg BT 431.30 207.25 Td (the ) Tj ET Q q 0 0 0 rg BT 446.56 207.25 Td (other ) Tj ET Q q 0 0 0 rg BT 470.15 207.25 Td (hand, ) Tj ET Q q 0 0 0 rg BT 495.13 207.25 Td (have ) Tj ET Q q 0 0 0 rg BT 517.04 207.25 Td (the ) Tj ET Q q 0 0 0 rg BT 532.30 207.25 Td (right ) Tj ET Q q 0 0 0 rg BT 554.23 207.25 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 195.25 Td (initiate ) Tj ET Q q 0 0 0 rg BT 98.67 195.25 Td (at ) Tj ET Q q 0 0 0 rg BT 108.79 195.25 Td (any ) Tj ET Q q 0 0 0 rg BT 126.13 195.25 Td (time ) Tj ET Q q 0 0 0 rg BT 146.80 195.25 Td (the ) Tj ET Q q 0 0 0 rg BT 161.92 195.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 200.36 195.25 Td (and ) Tj ET Q q 0 0 0 rg BT 217.70 195.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 236.15 195.25 Td (of ) Tj ET Q q 0 0 0 rg BT 247.38 195.25 Td (any ) Tj ET Q q 0 0 0 rg BT 264.72 195.25 Td (property ) Tj ET Q q 0 0 0 rg BT 301.50 195.25 Td (in ) Tj ET Q q 0 0 0 rg BT 312.18 195.25 Td (which ) Tj ET Q q 0 0 0 rg BT 339.52 195.25 Td (any ) Tj ET Q q 0 0 0 rg BT 356.86 195.25 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 408.10 195.25 Td (Co-Investor ) Tj ET Q q 0 0 0 rg BT 458.77 195.25 Td (has ) Tj ET Q q 0 0 0 rg BT 475.00 195.25 Td (an ) Tj ET Q q 0 0 0 rg BT 487.34 195.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 519.67 195.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 538.12 195.25 Td (Buy/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 183.25 Td (Sell\). ) Tj ET Q q 0 0 0 rg BT 96.14 183.25 Td (A) Tj ET Q q 0 0 0 rg BT 102.81 183.25 Td ( ) Tj ET Q q 0 0 0 rg BT 105.79 183.25 Td (Buy/Sell ) Tj ET Q q 0 0 0 rg BT 143.77 183.25 Td (is ) Tj ET Q q 0 0 0 rg BT 153.42 183.25 Td (triggered ) Tj ET Q q 0 0 0 rg BT 192.49 183.25 Td (by ) Tj ET Q q 0 0 0 rg BT 205.46 183.25 Td (either ) Tj ET Q q 0 0 0 rg BT 231.20 183.25 Td (party ) Tj ET Q q 0 0 0 rg BT 254.73 183.25 Td (delivering ) Tj ET Q q 0 0 0 rg BT 298.24 183.25 Td (a ) Tj ET Q q 0 0 0 rg BT 305.66 183.25 Td (written ) Tj ET Q q 0 0 0 rg BT 336.96 183.25 Td (notice ) Tj ET Q q 0 0 0 rg BT 364.37 183.25 Td (to ) Tj ET Q q 0 0 0 rg BT 375.12 183.25 Td (the ) Tj ET Q q 0 0 0 rg BT 390.32 183.25 Td (other ) Tj ET Q q 0 0 0 rg BT 413.84 183.25 Td (party ) Tj ET Q q 0 0 0 rg BT 437.36 183.25 Td (that ) Tj ET Q q 0 0 0 rg BT 455.33 183.25 Td (identifies ) Tj ET Q q 0 0 0 rg BT 495.52 183.25 Td (the ) Tj ET Q q 0 0 0 rg BT 510.71 183.25 Td (property ) Tj ET Q q 0 0 0 rg BT 547.57 183.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 171.25 Td (states ) Tj ET Q q 0 0 0 rg BT 92.93 171.25 Td (the ) Tj ET Q q 0 0 0 rg BT 107.86 171.25 Td (value ) Tj ET Q q 0 0 0 rg BT 132.22 171.25 Td (the ) Tj ET Q q 0 0 0 rg BT 147.15 171.25 Td (tendering ) Tj ET Q q 0 0 0 rg BT 187.63 171.25 Td (party ) Tj ET Q q 0 0 0 rg BT 210.88 171.25 Td (assigns ) Tj ET Q q 0 0 0 rg BT 242.49 171.25 Td (to ) Tj ET Q q 0 0 0 rg BT 252.98 171.25 Td (such ) Tj ET Q q 0 0 0 rg BT 274.02 171.25 Td (property ) Tj ET Q q 0 0 0 rg BT 310.61 171.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 328.87 171.25 Td (Stated ) Tj ET Q q 0 0 0 rg BT 360.81 171.25 Td (V) Tj ET Q q 0 0 0 rg BT 366.93 171.25 Td (alue\). ) Tj ET Q q 0 0 0 rg BT 396.37 171.25 Td (The ) Tj ET Q q 0 0 0 rg BT 414.63 171.25 Td (recipient ) Tj ET Q q 0 0 0 rg BT 452.32 171.25 Td (may ) Tj ET Q q 0 0 0 rg BT 472.25 171.25 Td (elect ) Tj ET Q q 0 0 0 rg BT 493.83 171.25 Td (by ) Tj ET Q q 0 0 0 rg BT 506.54 171.25 Td (written ) Tj ET Q q 0 0 0 rg BT 537.58 171.25 Td (notice ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 159.25 Td (to ) Tj ET Q q 0 0 0 rg BT 78.03 159.25 Td (be ) Tj ET Q q 0 0 0 rg BT 89.72 159.25 Td (the ) Tj ET Q q 0 0 0 rg BT 104.19 159.25 Td (buyer ) Tj ET Q q 0 0 0 rg BT 129.21 159.25 Td (or ) Tj ET Q q 0 0 0 rg BT 139.79 159.25 Td (seller ) Tj ET Q q 0 0 0 rg BT 163.69 159.25 Td (with ) Tj ET Q q 0 0 0 rg BT 183.72 159.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 214.29 159.25 Td (to ) Tj ET Q q 0 0 0 rg BT 224.32 159.25 Td (such ) Tj ET Q q 0 0 0 rg BT 244.90 159.25 Td (property ) Tj ET Q q 0 0 0 rg BT 281.03 159.25 Td (or) Tj ET Q q 0 0 0 rg BT 288.96 159.25 Td (, ) Tj ET Q q 0 0 0 rg BT 293.71 159.25 Td (in ) Tj ET Q q 0 0 0 rg BT 303.74 159.25 Td (the ) Tj ET Q q 0 0 0 rg BT 318.21 159.25 Td (absence ) Tj ET Q q 0 0 0 rg BT 352.10 159.25 Td (of ) Tj ET Q q 0 0 0 rg BT 362.68 159.25 Td (a ) Tj ET Q q 0 0 0 rg BT 369.37 159.25 Td (written ) Tj ET Q q 0 0 0 rg BT 399.95 159.25 Td (response, ) Tj ET Q q 0 0 0 rg BT 439.69 159.25 Td (will ) Tj ET Q q 0 0 0 rg BT 457.50 159.25 Td (be ) Tj ET Q q 0 0 0 rg BT 469.19 159.25 Td (deemed ) Tj ET Q q 0 0 0 rg BT 502.53 159.25 Td (to ) Tj ET Q q 0 0 0 rg BT 512.56 159.25 Td (have ) Tj ET Q q 0 0 0 rg BT 533.69 159.25 Td (elected ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 147.25 Td (to ) Tj ET Q q 0 0 0 rg BT 78.21 147.25 Td (be ) Tj ET Q q 0 0 0 rg BT 90.07 147.25 Td (a ) Tj ET Q q 0 0 0 rg BT 96.94 147.25 Td (seller) Tj ET Q q 0 0 0 rg BT 118.04 147.25 Td (. ) Tj ET Q q 0 0 0 rg BT 122.97 147.25 Td (If ) Tj ET Q q 0 0 0 rg BT 132.06 147.25 Td (the ) Tj ET Q q 0 0 0 rg BT 146.71 147.25 Td (property ) Tj ET Q q 0 0 0 rg BT 183.01 147.25 Td (that ) Tj ET Q q 0 0 0 rg BT 200.43 147.25 Td (is ) Tj ET Q q 0 0 0 rg BT 209.53 147.25 Td (the ) Tj ET Q q 0 0 0 rg BT 224.18 147.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 254.93 147.25 Td (of ) Tj ET Q q 0 0 0 rg BT 265.69 147.25 Td (the ) Tj ET Q q 0 0 0 rg BT 280.33 147.25 Td (Buy/Sell ) Tj ET Q q 0 0 0 rg BT 317.77 147.25 Td (is ) Tj ET Q q 0 0 0 rg BT 326.86 147.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 355.95 147.25 Td (by ) Tj ET Q q 0 0 0 rg BT 368.38 147.25 Td (a ) Tj ET Q q 0 0 0 rg BT 375.25 147.25 Td (Co-Investment ) Tj ET Q q 0 0 0 rg BT 437.11 147.25 Td (Entity ) Tj ET Q q 0 0 0 rg BT 463.98 147.25 Td (that ) Tj ET Q q 0 0 0 rg BT 481.40 147.25 Td (owns ) Tj ET Q q 0 0 0 rg BT 504.95 147.25 Td (more ) Tj ET Q q 0 0 0 rg BT 527.92 147.25 Td (than ) Tj ET Q q 0 0 0 rg BT 547.57 147.25 Td (one ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 135.25 Td (property) Tj ET Q q 0 0 0 rg BT 101.23 135.25 Td (, ) Tj ET Q q 0 0 0 rg BT 106.31 135.25 Td (then ) Tj ET Q q 0 0 0 rg BT 126.12 135.25 Td (such ) Tj ET Q q 0 0 0 rg BT 147.03 135.25 Td (Co-Investment ) Tj ET Q q 0 0 0 rg BT 209.05 135.25 Td (Entity ) Tj ET Q q 0 0 0 rg BT 236.08 135.25 Td (will ) Tj ET Q q 0 0 0 rg BT 254.22 135.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 270.69 135.25 Td (the ) Tj ET Q q 0 0 0 rg BT 285.50 135.25 Td (property ) Tj ET Q q 0 0 0 rg BT 321.96 135.25 Td (to ) Tj ET Q q 0 0 0 rg BT 332.32 135.25 Td (the ) Tj ET Q q 0 0 0 rg BT 347.12 135.25 Td (party ) Tj ET Q q 0 0 0 rg BT 370.26 135.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 417.82 135.25 Td (to ) Tj ET Q q 0 0 0 rg BT 428.19 135.25 Td (be ) Tj ET Q q 0 0 0 rg BT 440.21 135.25 Td (the ) Tj ET Q q 0 0 0 rg BT 455.01 135.25 Td (buyer ) Tj ET Q q 0 0 0 rg BT 480.37 135.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 517.39 135.25 Td (to ) Tj ET Q q 0 0 0 rg BT 527.75 135.25 Td (the ) Tj ET Q q 0 0 0 rg BT 542.56 135.25 Td (Buy/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 123.25 Td (Sell ) Tj ET Q q 0 0 0 rg BT 86.07 123.25 Td (notice ) Tj ET Q q 0 0 0 rg BT 113.01 123.25 Td (procedure ) Tj ET Q q 0 0 0 rg BT 155.50 123.25 Td (for ) Tj ET Q q 0 0 0 rg BT 169.67 123.25 Td (the ) Tj ET Q q 0 0 0 rg BT 184.39 123.25 Td (Stated ) Tj ET Q q 0 0 0 rg BT 211.72 123.25 Td (V) Tj ET Q q 0 0 0 rg BT 217.83 123.25 Td (alue, ) Tj ET Q q 0 0 0 rg BT 239.49 123.25 Td (and ) Tj ET Q q 0 0 0 rg BT 256.44 123.25 Td (the ) Tj ET Q q 0 0 0 rg BT 271.17 123.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 309.22 123.25 Td (of ) Tj ET Q q 0 0 0 rg BT 320.06 123.25 Td (the ) Tj ET Q q 0 0 0 rg BT 334.78 123.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 352.84 123.25 Td (will ) Tj ET Q q 0 0 0 rg BT 370.90 123.25 Td (be ) Tj ET Q q 0 0 0 rg BT 382.85 123.25 Td (distributed ) Tj ET Q q 0 0 0 rg BT 428.14 123.25 Td (in ) Tj ET Q q 0 0 0 rg BT 438.42 123.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 485.90 123.25 Td (with ) Tj ET Q q 0 0 0 rg BT 506.18 123.25 Td (the ) Tj ET Q q 0 0 0 rg BT 520.91 123.25 Td (applicable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 111.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 112.26 111.25 Td (of ) Tj ET Q q 0 0 0 rg BT 123.19 111.25 Td (the ) Tj ET Q q 0 0 0 rg BT 138.00 111.25 Td (constituent ) Tj ET Q q 0 0 0 rg BT 184.48 111.25 Td (documents ) Tj ET Q q 0 0 0 rg BT 230.40 111.25 Td (of ) Tj ET Q q 0 0 0 rg BT 241.32 111.25 Td (the ) Tj ET Q q 0 0 0 rg BT 256.13 111.25 Td (Co-Investment ) Tj ET Q q 0 0 0 rg BT 318.16 111.25 Td (Entity) Tj ET Q q 0 0 0 rg BT 341.95 111.25 Td (. ) Tj ET Q q 0 0 0 rg BT 347.05 111.25 Td (If ) Tj ET Q q 0 0 0 rg BT 356.30 111.25 Td (the ) Tj ET Q q 0 0 0 rg BT 371.11 111.25 Td (property ) Tj ET Q q 0 0 0 rg BT 407.58 111.25 Td (in ) Tj ET Q q 0 0 0 rg BT 417.96 111.25 Td (question ) Tj ET Q q 0 0 0 rg BT 454.44 111.25 Td (is ) Tj ET Q q 0 0 0 rg BT 463.70 111.25 Td (the ) Tj ET Q q 0 0 0 rg BT 478.51 111.25 Td (only ) Tj ET Q q 0 0 0 rg BT 498.88 111.25 Td (property ) Tj ET Q q 0 0 0 rg BT 535.36 111.25 Td (owned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 99.25 Td (by ) Tj ET Q q 0 0 0 rg BT 80.52 99.25 Td (a ) Tj ET Q q 0 0 0 rg BT 87.48 99.25 Td (Co-Investment ) Tj ET Q q 0 0 0 rg BT 149.43 99.25 Td (Entity) Tj ET Q q 0 0 0 rg BT 173.22 99.25 Td (, ) Tj ET Q q 0 0 0 rg BT 178.24 99.25 Td (then ) Tj ET Q q 0 0 0 rg BT 197.98 99.25 Td (the ) Tj ET Q q 0 0 0 rg BT 212.71 99.25 Td (party ) Tj ET Q q 0 0 0 rg BT 235.78 99.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 283.28 99.25 Td (to ) Tj ET Q q 0 0 0 rg BT 293.57 99.25 Td (be ) Tj ET Q q 0 0 0 rg BT 305.53 99.25 Td (the ) Tj ET Q q 0 0 0 rg BT 320.26 99.25 Td (buyer ) Tj ET Q q 0 0 0 rg BT 345.55 99.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 382.51 99.25 Td (to ) Tj ET Q q 0 0 0 rg BT 392.81 99.25 Td (the ) Tj ET Q q 0 0 0 rg BT 407.54 99.25 Td (Buy/Sell ) Tj ET Q q 0 0 0 rg BT 445.06 99.25 Td (notice ) Tj ET Q q 0 0 0 rg BT 472.02 99.25 Td (procedure ) Tj ET Q q 0 0 0 rg BT 514.51 99.25 Td (will ) Tj ET Q q 0 0 0 rg BT 532.59 99.25 Td (acquire ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 87.25 Td (the ) Tj ET Q q 0 0 0 rg BT 82.98 87.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 115.18 87.25 Td (of ) Tj ET Q q 0 0 0 rg BT 126.27 87.25 Td (the ) Tj ET Q q 0 0 0 rg BT 141.25 87.25 Td (selling ) Tj ET Q q 0 0 0 rg BT 170.68 87.25 Td (party ) Tj ET Q q 0 0 0 rg BT 193.99 87.25 Td (in ) Tj ET Q q 0 0 0 rg BT 204.53 87.25 Td (the ) Tj ET Q q 0 0 0 rg BT 219.51 87.25 Td (Co-Investment ) Tj ET Q q 0 0 0 rg BT 281.70 87.25 Td (Entity ) Tj ET Q q 0 0 0 rg BT 308.91 87.25 Td (for ) Tj ET Q q 0 0 0 rg BT 323.33 87.25 Td (an ) Tj ET Q q 0 0 0 rg BT 335.53 87.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 368.29 87.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 392.71 87.25 Td (to ) Tj ET Q q 0 0 0 rg BT 403.25 87.25 Td (the ) Tj ET Q q 0 0 0 rg BT 418.23 87.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 450.99 87.25 Td (that ) Tj ET Q q 0 0 0 rg BT 468.74 87.25 Td (would ) Tj ET Q q 0 0 0 rg BT 496.51 87.25 Td (be ) Tj ET Q q 0 0 0 rg BT 508.71 87.25 Td (distributed ) Tj ET Q q 0 0 0 rg BT 554.24 87.25 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 75.25 Td (the ) Tj ET Q q 0 0 0 rg BT 82.52 75.25 Td (selling ) Tj ET Q q 0 0 0 rg BT 111.48 75.25 Td (party ) Tj ET Q q 0 0 0 rg BT 134.33 75.25 Td (if ) Tj ET Q q 0 0 0 rg BT 142.74 75.25 Td (the ) Tj ET Q q 0 0 0 rg BT 157.26 75.25 Td (property ) Tj ET Q q 0 0 0 rg BT 193.44 75.25 Td (were ) Tj ET Q q 0 0 0 rg BT 215.17 75.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 234.14 75.25 Td (for ) Tj ET Q q 0 0 0 rg BT 248.10 75.25 Td (the ) Tj ET Q q 0 0 0 rg BT 262.62 75.25 Td (Stated ) Tj ET Q q 0 0 0 rg BT 289.75 75.25 Td (V) Tj ET Q q 0 0 0 rg BT 295.86 75.25 Td (alue ) Tj ET Q q 0 0 0 rg BT 314.82 75.25 Td (and ) Tj ET Q q 0 0 0 rg BT 331.56 75.25 Td (the ) Tj ET Q q 0 0 0 rg BT 346.08 75.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 383.92 75.25 Td (distributed ) Tj ET Q q 0 0 0 rg BT 428.99 75.25 Td (in ) Tj ET Q q 0 0 0 rg BT 439.07 75.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 486.33 75.25 Td (with ) Tj ET Q q 0 0 0 rg BT 506.41 75.25 Td (the ) Tj ET Q q 0 0 0 rg BT 520.93 75.25 Td (applicable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 63.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 112.37 63.25 Td (of ) Tj ET Q q 0 0 0 rg BT 123.39 63.25 Td (the ) Tj ET Q q 0 0 0 rg BT 138.31 63.25 Td (constituent ) Tj ET Q q 0 0 0 rg BT 184.89 63.25 Td (documents ) Tj ET Q q 0 0 0 rg BT 230.91 63.25 Td (of ) Tj ET Q q 0 0 0 rg BT 241.93 63.25 Td (the ) Tj ET Q q 0 0 0 rg BT 256.85 63.25 Td (Co-Investment ) Tj ET Q q 0 0 0 rg BT 318.98 63.25 Td (Entity) Tj ET Q q 0 0 0 rg BT 342.77 63.25 Td (. ) Tj ET Q q 0 0 0 rg BT 347.97 63.25 Td (For ) Tj ET Q q 0 0 0 rg BT 364.56 63.25 Td (this ) Tj ET Q q 0 0 0 rg BT 381.70 63.25 Td (purpose, ) Tj ET Q q 0 0 0 rg BT 418.36 63.25 Td (W) Tj ET Q q 0 0 0 rg BT 427.00 63.25 Td (arner ) Tj ET Q q 0 0 0 rg BT 450.24 63.25 Td (Center ) Tj ET Q q 0 0 0 rg BT 479.59 63.25 Td (is ) Tj ET Q q 0 0 0 rg BT 488.95 63.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 534.97 63.25 Td (to ) Tj ET Q q 0 0 0 rg BT 545.44 63.25 Td (be ) Tj ET Q q 0 0 0 rg BT 557.58 63.25 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 51.25 Td (single ) Tj ET Q q 0 0 0 rg BT 94.39 51.25 Td (property) Tj ET Q q 0 0 0 rg BT 127.61 51.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 231 0 obj <> endobj 232 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.65 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 31.60 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (RedemptionRights) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.62 730.10 Td (- ) Tj ET Q q 0 0 0 rg BT 156.38 730.10 Td (For ) Tj ET Q q 0 0 0 rg BT 174.21 730.10 Td (each ) Tj ET Q q 0 0 0 rg BT 196.46 730.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 219.83 730.10 Td (in ) Tj ET Q q 0 0 0 rg BT 231.54 730.10 Td (which ) Tj ET Q q 0 0 0 rg BT 259.91 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.05 730.10 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 328.32 730.10 Td (Co-Investors ) Tj ET Q q 0 0 0 rg BT 383.91 730.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 417.26 730.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 454.52 730.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 492.89 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 504.60 730.10 Td (GMIMC's ) Tj ET Q q 0 0 0 rg BT 549.23 730.10 Td (co-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 114.11 718.10 Td (rights, ) Tj ET Q q 0 0 0 rg BT 141.61 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 156.05 718.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 178.83 718.10 Td (must ) Tj ET Q q 0 0 0 rg BT 200.51 718.10 Td (establish ) Tj ET Q q 0 0 0 rg BT 237.73 718.10 Td (a ) Tj ET Q q 0 0 0 rg BT 244.39 718.10 Td (three-year ) Tj ET Q q 0 0 0 rg BT 287.14 718.10 Td (period ) Tj ET Q q 0 0 0 rg BT 314.91 718.10 Td (\(except ) Tj ET Q q 0 0 0 rg BT 346.55 718.10 Td (NY) Tj ET Q q 0 0 0 rg BT 360.63 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 362.69 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 368.45 718.10 Td (rust\) ) Tj ET Q q 0 0 0 rg BT 389.00 718.10 Td (ending ) Tj ET Q q 0 0 0 rg BT 418.44 718.10 Td (no ) Tj ET Q q 0 0 0 rg BT 430.67 718.10 Td (later ) Tj ET Q q 0 0 0 rg BT 450.65 718.10 Td (than ) Tj ET Q q 0 0 0 rg BT 470.10 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 484.54 718.10 Td (12thanniversary ) Tj ET Q q 0 0 0 rg BT 553.68 718.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 82.31 706.10 Td (date ) Tj ET Q q 0 0 0 rg BT 101.06 706.10 Td (such ) Tj ET Q q 0 0 0 rg BT 121.48 706.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 143.02 706.10 Td (is ) Tj ET Q q 0 0 0 rg BT 151.78 706.10 Td (acquired, ) Tj ET Q q 0 0 0 rg BT 190.80 706.10 Td (unless ) Tj ET Q q 0 0 0 rg BT 217.89 706.10 Td (GMIMC ) Tj ET Q q 0 0 0 rg BT 254.99 706.10 Td (elects ) Tj ET Q q 0 0 0 rg BT 279.85 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 289.72 706.10 Td (extend ) Tj ET Q q 0 0 0 rg BT 318.47 706.10 Td (it, ) Tj ET Q q 0 0 0 rg BT 328.62 706.10 Td (during ) Tj ET Q q 0 0 0 rg BT 356.82 706.10 Td (which ) Tj ET Q q 0 0 0 rg BT 383.35 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.66 706.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 422.53 706.10 Td (through ) Tj ET Q q 0 0 0 rg BT 455.73 706.10 Td (which ) Tj ET Q q 0 0 0 rg BT 482.26 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.58 706.10 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 547.00 706.10 Td (Co-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td (Investors ) Tj ET Q q 0 0 0 rg BT 106.55 694.10 Td (make ) Tj ET Q q 0 0 0 rg BT 130.09 694.10 Td (their ) Tj ET Q q 0 0 0 rg BT 150.31 694.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 199.97 694.10 Td (will ) Tj ET Q q 0 0 0 rg BT 217.42 694.10 Td (redeem ) Tj ET Q q 0 0 0 rg BT 248.73 694.10 Td (or ) Tj ET Q q 0 0 0 rg BT 258.95 694.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 290.27 694.10 Td (such ) Tj ET Q q 0 0 0 rg BT 310.49 694.10 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 360.71 694.10 Td (Co-Investors' ) Tj ET Q q 0 0 0 rg BT 416.06 694.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 447.38 694.10 Td (in ) Tj ET Q q 0 0 0 rg BT 457.05 694.10 Td (such ) Tj ET Q q 0 0 0 rg BT 477.27 694.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 501.93 694.10 Td (at ) Tj ET Q q 0 0 0 rg BT 511.04 694.10 Td (a ) Tj ET Q q 0 0 0 rg BT 517.37 694.10 Td (price ) Tj ET Q q 0 0 0 rg BT 539.24 694.10 Td (based ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (on ) Tj ET Q q 0 0 0 rg BT 79.90 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 94.02 682.10 Td (net ) Tj ET Q q 0 0 0 rg BT 108.14 682.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 129.48 682.10 Td (value ) Tj ET Q q 0 0 0 rg BT 153.03 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 163.26 682.10 Td (such ) Tj ET Q q 0 0 0 rg BT 183.49 682.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 208.17 682.10 Td (at ) Tj ET Q q 0 0 0 rg BT 217.29 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 231.40 682.10 Td (time ) Tj ET Q q 0 0 0 rg BT 251.08 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 261.31 682.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 308.75 682.10 Td (date, ) Tj ET Q q 0 0 0 rg BT 329.81 682.10 Td (unless ) Tj ET Q q 0 0 0 rg BT 356.71 682.10 Td (GMIMC ) Tj ET Q q 0 0 0 rg BT 393.61 682.10 Td (elects ) Tj ET Q q 0 0 0 rg BT 418.28 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 427.96 682.10 Td (extend ) Tj ET Q q 0 0 0 rg BT 456.51 682.10 Td (this ) Tj ET Q q 0 0 0 rg BT 472.86 682.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 502.81 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 504.57 682.10 Td (The ) Tj ET Q q 0 0 0 rg BT 522.02 682.10 Td (scheduled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 116.04 670.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 147.98 670.10 Td (of ) Tj ET Q q 0 0 0 rg BT 158.81 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 173.53 670.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 207.69 670.10 Td (Co-Investment ) Tj ET Q q 0 0 0 rg BT 269.63 670.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 301.01 670.10 Td (are ) Tj ET Q q 0 0 0 rg BT 315.71 670.10 Td (as ) Tj ET Q q 0 0 0 rg BT 326.54 670.10 Td (follows:) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 61 635.71259765625 m 153.4951171875 635.71259765625 l s q 0 0 0 rg BT 61.00 637.28 Td (Co-Investment Entity) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 483.95 635.71259765625 m 566.996875 635.71259765625 l s q 0 0 0 rg BT 483.95 637.28 Td (Redemption Period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.00 622.27 Td (NY Trust) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.40 622.27 Td (August 19, 2013 - ) Tj ET Q q 0 0 0 rg BT 500.57 622.27 Td (August 19, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.00 607.27 Td (720 Olive Way Partners) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.45 607.27 Td (January 30, 2015 - January 30, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.00 592.27 Td (333 West Wacker Partners) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.00 592.27 Td (April 3, 2015 - April 3, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.00 577.27 Td (Warner Center Partners) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.25 577.27 Td (October 2, 2015 - October 2, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.00 562.27 Td (CF Sacramento Partners) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.00 562.27 Td (May 1, 2016 - May 1, 2019) Tj ET Q BT /F2 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 534.10 Td (Rights ) Tj ET Q q 0 0 0 rg BT 97.59 534.10 Td (of ) Tj ET Q q 0 0 0 rg BT 108.82 534.10 Td (IK ) Tj ET Q q 0 0 0 rg BT 122.29 534.10 Td (Funds) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.98 534.10 Td (- ) Tj ET Q q 0 0 0 rg BT 157.07 534.10 Td (As ) Tj ET Q q 0 0 0 rg BT 171.09 534.10 Td (of ) Tj ET Q q 0 0 0 rg BT 182.33 534.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 241.32 534.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 266.73 534.10 Td (IK ) Tj ET Q q 0 0 0 rg BT 280.18 534.10 Td (US ) Tj ET Q q 0 0 0 rg BT 295.87 534.10 Td (Portfolio ) Tj ET Q q 0 0 0 rg BT 334.34 534.10 Td (Invest ) Tj ET Q q 0 0 0 rg BT 361.68 534.10 Td (GmbH& ) Tj ET Q q 0 0 0 rg BT 402.09 534.10 Td (Co. ) Tj ET Q q 0 0 0 rg BT 419.17 534.10 Td (KG ) Tj ET Q q 0 0 0 rg BT 436.52 534.10 Td (\(IK ) Tj ET Q q 0 0 0 rg BT 457.74 534.10 Td (FundI\), ) Tj ET Q q 0 0 0 rg BT 497.31 534.10 Td (IK ) Tj ET Q q 0 0 0 rg BT 510.77 534.10 Td (US ) Tj ET Q q 0 0 0 rg BT 526.46 534.10 Td (Portfolio ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 522.10 Td (Invest ) Tj ET Q q 0 0 0 rg BT 95.65 522.10 Td (Zwei ) Tj ET Q q 0 0 0 rg BT 119.41 522.10 Td (GmbH& ) Tj ET Q q 0 0 0 rg BT 160.12 522.10 Td (Co. ) Tj ET Q q 0 0 0 rg BT 177.51 522.10 Td (KG ) Tj ET Q q 0 0 0 rg BT 195.16 522.10 Td (\(IK ) Tj ET Q q 0 0 0 rg BT 216.70 522.10 Td (FundII\) ) Tj ET Q q 0 0 0 rg BT 257.40 522.10 Td (and ) Tj ET Q q 0 0 0 rg BT 275.05 522.10 Td (IK ) Tj ET Q q 0 0 0 rg BT 288.82 522.10 Td (US ) Tj ET Q q 0 0 0 rg BT 304.81 522.10 Td (Portfolio ) Tj ET Q q 0 0 0 rg BT 343.58 522.10 Td (Invest ) Tj ET Q q 0 0 0 rg BT 371.23 522.10 Td (Drei ) Tj ET Q q 0 0 0 rg BT 392.21 522.10 Td (GmbH& ) Tj ET Q q 0 0 0 rg BT 432.93 522.10 Td (Co. ) Tj ET Q q 0 0 0 rg BT 450.31 522.10 Td (KG ) Tj ET Q q 0 0 0 rg BT 467.97 522.10 Td (\(IK ) Tj ET Q q 0 0 0 rg BT 489.50 522.10 Td (FundIII\), ) Tj ET Q q 0 0 0 rg BT 536.03 522.10 Td (each ) Tj ET Q q 0 0 0 rg BT 557.56 522.10 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 510.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 100.46 510.10 Td (partnership ) Tj ET Q q 0 0 0 rg BT 149.57 510.10 Td (established ) Tj ET Q q 0 0 0 rg BT 198.13 510.10 Td (under ) Tj ET Q q 0 0 0 rg BT 225.02 510.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.37 510.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 263.82 510.10 Td (of ) Tj ET Q q 0 0 0 rg BT 276.28 510.10 Td (Germany ) Tj ET Q q 0 0 0 rg BT 317.61 510.10 Td (\(collectively ) Tj ET Q q 0 0 0 rg BT 371.72 510.10 Td (the ) Tj ET Q q 0 0 0 rg BT 388.06 510.10 Td (IK ) Tj ET Q q 0 0 0 rg BT 407.18 510.10 Td (Funds\), ) Tj ET Q q 0 0 0 rg BT 446.02 510.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 476.81 510.10 Td (105,772, ) Tj ET Q q 0 0 0 rg BT 515.94 510.10 Td (95,363 ) Tj ET Q q 0 0 0 rg BT 547.56 510.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 498.10 Td (66,253units, ) Tj ET Q q 0 0 0 rg BT 122.46 498.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 170.13 498.10 Td (, ) Tj ET Q q 0 0 0 rg BT 175.14 498.10 Td (of ) Tj ET Q q 0 0 0 rg BT 185.99 498.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 216.83 498.10 Td (partnership ) Tj ET Q q 0 0 0 rg BT 264.34 498.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 296.29 498.10 Td (in ) Tj ET Q q 0 0 0 rg BT 306.58 498.10 Td (Core ) Tj ET Q q 0 0 0 rg BT 328.53 498.10 Td (Of) Tj ET Q q 0 0 0 rg BT 338.91 498.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 356.41 498.10 Td (Properties, ) Tj ET Q q 0 0 0 rg BT 401.97 498.10 Td (representing ) Tj ET Q q 0 0 0 rg BT 453.91 498.10 Td (a ) Tj ET Q q 0 0 0 rg BT 460.86 498.10 Td (total ) Tj ET Q q 0 0 0 rg BT 481.15 498.10 Td (of ) Tj ET Q q 0 0 0 rg BT 492.00 498.10 Td (16.4% ) Tj ET Q q 0 0 0 rg BT 520.35 498.10 Td (ownership ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 486.10 Td (in ) Tj ET Q q 0 0 0 rg BT 78.41 486.10 Td (Core ) Tj ET Q q 0 0 0 rg BT 100.48 486.10 Td (Of) Tj ET Q q 0 0 0 rg BT 110.85 486.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 128.47 486.10 Td (Properties.) Tj ET Q q 0 0 0 rg BT 176.33 486.10 Td (The ) Tj ET Q q 0 0 0 rg BT 194.51 486.10 Td (IK ) Tj ET Q q 0 0 0 rg BT 207.70 486.10 Td (Funds ) Tj ET Q q 0 0 0 rg BT 234.78 486.10 Td (have ) Tj ET Q q 0 0 0 rg BT 256.29 486.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.14 486.10 Td (right ) Tj ET Q q 0 0 0 rg BT 292.66 486.10 Td (to ) Tj ET Q q 0 0 0 rg BT 303.07 486.10 Td (require ) Tj ET Q q 0 0 0 rg BT 334.02 486.10 Td (Core ) Tj ET Q q 0 0 0 rg BT 356.09 486.10 Td (Of) Tj ET Q q 0 0 0 rg BT 366.46 486.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 384.07 486.10 Td (Properties ) Tj ET Q q 0 0 0 rg BT 427.25 486.10 Td (to ) Tj ET Q q 0 0 0 rg BT 437.66 486.10 Td (redeem, ) Tj ET Q q 0 0 0 rg BT 472.22 486.10 Td (at ) Tj ET Q q 0 0 0 rg BT 482.07 486.10 Td (a ) Tj ET Q q 0 0 0 rg BT 489.14 486.10 Td (price ) Tj ET Q q 0 0 0 rg BT 511.75 486.10 Td (based ) Tj ET Q q 0 0 0 rg BT 537.16 486.10 Td (on ) Tj ET Q q 0 0 0 rg BT 549.79 486.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 474.10 Td (net ) Tj ET Q q 0 0 0 rg BT 82.51 474.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 104.24 474.10 Td (value ) Tj ET Q q 0 0 0 rg BT 128.18 474.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.80 474.10 Td (Core ) Tj ET Q q 0 0 0 rg BT 160.53 474.10 Td (Of) Tj ET Q q 0 0 0 rg BT 170.90 474.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 188.18 474.10 Td (Properties ) Tj ET Q q 0 0 0 rg BT 231.01 474.10 Td (as ) Tj ET Q q 0 0 0 rg BT 241.63 474.10 Td (of ) Tj ET Q q 0 0 0 rg BT 252.25 474.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.76 474.10 Td (date ) Tj ET Q q 0 0 0 rg BT 285.71 474.10 Td (of ) Tj ET Q q 0 0 0 rg BT 296.33 474.10 Td (redemption, ) Tj ET Q q 0 0 0 rg BT 346.66 474.10 Td (all ) Tj ET Q q 0 0 0 rg BT 358.94 474.10 Td (or ) Tj ET Q q 0 0 0 rg BT 369.56 474.10 Td (any ) Tj ET Q q 0 0 0 rg BT 386.29 474.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 417.47 474.10 Td (of ) Tj ET Q q 0 0 0 rg BT 428.09 474.10 Td (its ) Tj ET Q q 0 0 0 rg BT 439.83 474.10 Td (interest, ) Tj ET Q q 0 0 0 rg BT 474.05 474.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 504.67 474.10 Td (to ) Tj ET Q q 0 0 0 rg BT 514.73 474.10 Td (a ) Tj ET Q q 0 0 0 rg BT 521.46 474.10 Td (maximum ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 462.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 116.04 462.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 148.54 462.10 Td (of ) Tj ET Q q 0 0 0 rg BT 159.37 462.10 Td ($150.0million ) Tj ET Q q 0 0 0 rg BT 220.76 462.10 Td (for ) Tj ET Q q 0 0 0 rg BT 234.92 462.10 Td (IK ) Tj ET Q q 0 0 0 rg BT 247.97 462.10 Td (FundII ) Tj ET Q q 0 0 0 rg BT 280.19 462.10 Td (and ) Tj ET Q q 0 0 0 rg BT 297.13 462.10 Td (IK ) Tj ET Q q 0 0 0 rg BT 310.18 462.10 Td (FundIII, ) Tj ET Q q 0 0 0 rg BT 348.23 462.10 Td (as ) Tj ET Q q 0 0 0 rg BT 359.06 462.10 Td (of ) Tj ET Q q 0 0 0 rg BT 369.89 462.10 Td (the ) Tj ET Q q 0 0 0 rg BT 384.61 462.10 Td (following ) Tj ET Q q 0 0 0 rg BT 426.00 462.10 Td (dates:) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 61 427.71259765625 m 97.962890625 427.71259765625 l s q 0 0 0 rg BT 61.00 429.28 Td (IK Fund) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 492.25 427.71259765625 m 566.9619140625 427.71259765625 l s q 0 0 0 rg BT 492.25 429.28 Td (Redemption Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.00 414.27 Td (IK Fund I) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.40 414.27 Td (December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.00 399.27 Td (IK Fund II) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.40 399.27 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.00 384.27 Td (IK Fund III) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.40 384.27 Td (December 31, 2017) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 356.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 86.64 356.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 128.60 356.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 159.45 356.10 Td (not ) Tj ET Q q 0 0 0 rg BT 173.65 356.10 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 213.93 356.10 Td (due ) Tj ET Q q 0 0 0 rg BT 229.79 356.10 Td (to ) Tj ET Q q 0 0 0 rg BT 238.98 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 252.62 356.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 294.59 356.10 Td (limitation ) Tj ET Q q 0 0 0 rg BT 334.89 356.10 Td (will ) Tj ET Q q 0 0 0 rg BT 351.87 356.10 Td (be ) Tj ET Q q 0 0 0 rg BT 362.73 356.10 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 403.01 356.10 Td (in ) Tj ET Q q 0 0 0 rg BT 412.20 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 425.84 356.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 471.70 356.10 Td (year ) Tj ET Q q 0 0 0 rg BT 490.32 356.10 Td (or ) Tj ET Q q 0 0 0 rg BT 500.07 356.10 Td (years ) Tj ET Q q 0 0 0 rg BT 522.59 356.10 Td (according ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 344.10 Td (to ) Tj ET Q q 0 0 0 rg BT 78.75 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 93.94 344.10 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 141.80 344.10 Td (Agreement's ) Tj ET Q q 0 0 0 rg BT 194.89 344.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 243.41 344.10 Td (policy ) Tj ET Q q 0 0 0 rg BT 271.38 344.10 Td (as ) Tj ET Q q 0 0 0 rg BT 282.68 344.10 Td (described ) Tj ET Q q 0 0 0 rg BT 323.97 344.10 Td (above. ) Tj ET Q q 0 0 0 rg BT 353.10 344.10 Td (The ) Tj ET Q q 0 0 0 rg BT 371.62 344.10 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 420.14 344.10 Td (is ) Tj ET Q q 0 0 0 rg BT 429.78 344.10 Td (obligated ) Tj ET Q q 0 0 0 rg BT 469.97 344.10 Td (to ) Tj ET Q q 0 0 0 rg BT 480.72 344.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 514.24 344.10 Td (Core ) Tj ET Q q 0 0 0 rg BT 536.65 344.10 Td (Of) Tj ET Q q 0 0 0 rg BT 547.02 344.10 Td (fice ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 332.10 Td (Properties ) Tj ET Q q 0 0 0 rg BT 110.20 332.10 Td (with ) Tj ET Q q 0 0 0 rg BT 129.63 332.10 Td (suf) Tj ET Q q 0 0 0 rg BT 141.67 332.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 168.87 332.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 192.75 332.10 Td (to ) Tj ET Q q 0 0 0 rg BT 202.18 332.10 Td (fulfill ) Tj ET Q q 0 0 0 rg BT 226.61 332.10 Td (this ) Tj ET Q q 0 0 0 rg BT 242.71 332.10 Td (priority ) Tj ET Q q 0 0 0 rg BT 274.36 332.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 321.56 332.10 Td (right, ) Tj ET Q q 0 0 0 rg BT 344.60 332.10 Td (to ) Tj ET Q q 0 0 0 rg BT 354.03 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.90 332.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 393.99 332.10 Td (suf) Tj ET Q q 0 0 0 rg BT 406.03 332.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 433.23 332.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 457.10 332.10 Td (are ) Tj ET Q q 0 0 0 rg BT 470.96 332.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 511.49 332.10 Td (not ) Tj ET Q q 0 0 0 rg BT 525.93 332.10 Td (available ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 77.71 320.10 Td (Core ) Tj ET Q q 0 0 0 rg BT 99.07 320.10 Td (Of) Tj ET Q q 0 0 0 rg BT 109.44 320.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 126.36 320.10 Td (Properties. ) Tj ET Q q 0 0 0 rg BT 170.91 320.10 Td (An ) Tj ET Q q 0 0 0 rg BT 185.05 320.10 Td (IK ) Tj ET Q q 0 0 0 rg BT 197.53 320.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 220.02 320.10 Td (is ) Tj ET Q q 0 0 0 rg BT 228.62 320.10 Td (not ) Tj ET Q q 0 0 0 rg BT 243.33 320.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 275.25 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 284.95 320.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 329.08 320.10 Td (in ) Tj ET Q q 0 0 0 rg BT 338.78 320.10 Td (the ) Tj ET Q q 0 0 0 rg BT 352.93 320.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 400.40 320.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 425.10 320.10 Td (available ) Tj ET Q q 0 0 0 rg BT 463.12 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 472.83 320.10 Td (Core ) Tj ET Q q 0 0 0 rg BT 494.19 320.10 Td (Of) Tj ET Q q 0 0 0 rg BT 504.56 320.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 521.48 320.10 Td (Properties ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 308.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 106.61 308.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 128.55 308.10 Td (to ) Tj ET Q q 0 0 0 rg BT 138.83 308.10 Td (such ) Tj ET Q q 0 0 0 rg BT 159.66 308.10 Td (IK ) Tj ET Q q 0 0 0 rg BT 172.71 308.10 Td (Funds' ) Tj ET Q q 0 0 0 rg BT 201.46 308.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 249.50 308.10 Td (date.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 284.10 Td (10.RELA) Tj ET Q q 0 0 0 rg BT 92.04 284.10 Td (TED-P) Tj ET Q q 0 0 0 rg BT 121.30 284.10 Td (AR) Tj ET Q q 0 0 0 rg BT 135.39 284.10 Td (TY) Tj ET Q q 0 0 0 rg BT 148.91 284.10 Td ( ) Tj ET Q q 0 0 0 rg BT 151.23 284.10 Td (TRANSACTIONS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 260.10 Td (The ) Tj ET Q q 0 0 0 rg BT 87.20 260.10 Td (Companies ) Tj ET Q q 0 0 0 rg BT 135.84 260.10 Td (have ) Tj ET Q q 0 0 0 rg BT 158.37 260.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 191.44 260.10 Td (into ) Tj ET Q q 0 0 0 rg BT 210.65 260.10 Td (management ) Tj ET Q q 0 0 0 rg BT 265.39 260.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 314.57 260.10 Td (with ) Tj ET Q q 0 0 0 rg BT 336.00 260.10 Td (Hines, ) Tj ET Q q 0 0 0 rg BT 365.48 260.10 Td (a ) Tj ET Q q 0 0 0 rg BT 373.57 260.10 Td (related ) Tj ET Q q 0 0 0 rg BT 404.42 260.10 Td (party) Tj ET Q q 0 0 0 rg BT 424.32 260.10 Td (, ) Tj ET Q q 0 0 0 rg BT 430.47 260.10 Td (to ) Tj ET Q q 0 0 0 rg BT 441.89 260.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 476.64 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 492.50 260.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 537.81 260.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 260.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 248.10 Td (Properties. ) Tj ET Q q 0 0 0 rg BT 113.00 248.10 Td (As ) Tj ET Q q 0 0 0 rg BT 126.61 248.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 184.65 248.10 Td (for ) Tj ET Q q 0 0 0 rg BT 198.81 248.10 Td (its ) Tj ET Q q 0 0 0 rg BT 210.76 248.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 247.97 248.10 Td (Hines ) Tj ET Q q 0 0 0 rg BT 273.80 248.10 Td (received ) Tj ET Q q 0 0 0 rg BT 310.16 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 324.88 248.10 Td (following:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 224.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 224.10 Td (A) Tj ET Q q 0 0 0 rg BT 92.67 224.10 Td ( ) Tj ET Q q 0 0 0 rg BT 94.76 224.10 Td (property ) Tj ET Q q 0 0 0 rg BT 130.72 224.10 Td (management ) Tj ET Q q 0 0 0 rg BT 183.90 224.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 198.19 224.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 221.94 224.10 Td (to ) Tj ET Q q 0 0 0 rg BT 231.80 224.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.10 224.10 Td (lesser ) Tj ET Q q 0 0 0 rg BT 270.96 224.10 Td (of ) Tj ET Q q 0 0 0 rg BT 281.38 224.10 Td (the ) Tj ET Q q 0 0 0 rg BT 295.68 224.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 327.77 224.10 Td (of ) Tj ET Q q 0 0 0 rg BT 338.18 224.10 Td (the ) Tj ET Q q 0 0 0 rg BT 352.49 224.10 Td (management ) Tj ET Q q 0 0 0 rg BT 405.66 224.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 419.96 224.10 Td (that ) Tj ET Q q 0 0 0 rg BT 437.04 224.10 Td (is ) Tj ET Q q 0 0 0 rg BT 445.80 224.10 Td (allowable ) Tj ET Q q 0 0 0 rg BT 486.76 224.10 Td (under ) Tj ET Q q 0 0 0 rg BT 511.61 224.10 Td (tenant ) Tj ET Q q 0 0 0 rg BT 538.13 224.10 Td (leases ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 212.10 Td (or ) Tj ET Q q 0 0 0 rg BT 98.98 212.10 Td (a ) Tj ET Q q 0 0 0 rg BT 108.08 212.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 143.82 212.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 191.78 212.10 Td (of ) Tj ET Q q 0 0 0 rg BT 204.76 212.10 Td (the ) Tj ET Q q 0 0 0 rg BT 221.63 212.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 247.40 212.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 287.59 212.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.57 212.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.44 212.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 353.19 212.10 Td (Property) Tj ET Q q 0 0 0 rg BT 386.98 212.10 Td (. ) Tj ET Q q 0 0 0 rg BT 393.79 212.10 Td (The ) Tj ET Q q 0 0 0 rg BT 413.99 212.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 439.21 212.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 477.18 212.10 Td (management ) Tj ET Q q 0 0 0 rg BT 532.92 212.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 553.67 212.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 200.10 Td ($10.3million, ) Tj ET Q q 0 0 0 rg BT 144.89 200.10 Td ($1) Tj ET Q q 0 0 0 rg BT 154.52 200.10 Td (1.5 ) Tj ET Q q 0 0 0 rg BT 169.52 200.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 203.41 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 220.35 200.10 Td ($12.2million ) Tj ET Q q 0 0 0 rg BT 276.74 200.10 Td (for ) Tj ET Q q 0 0 0 rg BT 290.90 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 305.62 200.10 Td (years ) Tj ET Q q 0 0 0 rg BT 329.22 200.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 355.59 200.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 414.18 200.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 439.18 200.10 Td (201) Tj ET Q q 0 0 0 rg BT 453.81 200.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 463.81 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 480.75 200.10 Td (2010, ) Tj ET Q q 0 0 0 rg BT 505.75 200.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 553.41 200.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 176.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 176.10 Td (Salary ) Tj ET Q q 0 0 0 rg BT 113.45 176.10 Td (and ) Tj ET Q q 0 0 0 rg BT 129.78 176.10 Td (wage ) Tj ET Q q 0 0 0 rg BT 152.78 176.10 Td (reimbursements ) Tj ET Q q 0 0 0 rg BT 218.55 176.10 Td (of ) Tj ET Q q 0 0 0 rg BT 228.78 176.10 Td (its ) Tj ET Q q 0 0 0 rg BT 240.13 176.10 Td (on-site ) Tj ET Q q 0 0 0 rg BT 269.24 176.10 Td (property ) Tj ET Q q 0 0 0 rg BT 305.02 176.10 Td (personnel ) Tj ET Q q 0 0 0 rg BT 345.79 176.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 381.00 176.10 Td (by ) Tj ET Q q 0 0 0 rg BT 392.90 176.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.02 176.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 429.48 176.10 Td (for ) Tj ET Q q 0 0 0 rg BT 443.04 176.10 Td (the ) Tj ET Q q 0 0 0 rg BT 457.15 176.10 Td (years ) Tj ET Q q 0 0 0 rg BT 480.15 176.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 505.92 176.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 164.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 112.03 164.10 Td (201) Tj ET Q q 0 0 0 rg BT 126.66 164.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 137.69 164.10 Td (and ) Tj ET Q q 0 0 0 rg BT 155.66 164.10 Td (2010 ) Tj ET Q q 0 0 0 rg BT 179.18 164.10 Td (which ) Tj ET Q q 0 0 0 rg BT 207.15 164.10 Td (were ) Tj ET Q q 0 0 0 rg BT 230.11 164.10 Td ($19.6million, ) Tj ET Q q 0 0 0 rg BT 290.03 164.10 Td ($20.8 ) Tj ET Q q 0 0 0 rg BT 316.06 164.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 350.98 164.10 Td (and ) Tj ET Q q 0 0 0 rg BT 368.95 164.10 Td ($20.7million, ) Tj ET Q q 0 0 0 rg BT 428.87 164.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 476.53 164.10 Td (, ) Tj ET Q q 0 0 0 rg BT 482.56 164.10 Td (and ) Tj ET Q q 0 0 0 rg BT 500.53 164.10 Td (are ) Tj ET Q q 0 0 0 rg BT 516.26 164.10 Td (included ) Tj ET Q q 0 0 0 rg BT 554.23 164.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 152.10 Td (property ) Tj ET Q q 0 0 0 rg BT 122.38 152.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 162.64 152.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 201.24 152.10 Td (and ) Tj ET Q q 0 0 0 rg BT 218.18 152.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 236.24 152.10 Td (from ) Tj ET Q q 0 0 0 rg BT 258.18 152.10 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 311.78 152.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 355.94 152.10 Td (in ) Tj ET Q q 0 0 0 rg BT 366.21 152.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.93 152.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 433.97 152.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 478.69 152.10 Td (of ) Tj ET Q q 0 0 0 rg BT 489.52 152.10 Td (operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 128.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 128.10 Td (Reimbursement ) Tj ET Q q 0 0 0 rg BT 152.28 128.10 Td (for ) Tj ET Q q 0 0 0 rg BT 166.89 128.10 Td (various ) Tj ET Q q 0 0 0 rg BT 199.29 128.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 225.00 128.10 Td (services ) Tj ET Q q 0 0 0 rg BT 260.17 128.10 Td (performed ) Tj ET Q q 0 0 0 rg BT 304.77 128.10 Td (of) Tj ET Q q 0 0 0 rg BT 312.92 128.10 Td (f ) Tj ET Q q 0 0 0 rg BT 319.20 128.10 Td (site ) Tj ET Q q 0 0 0 rg BT 336.05 128.10 Td (are ) Tj ET Q q 0 0 0 rg BT 351.21 128.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 382.49 128.10 Td (to ) Tj ET Q q 0 0 0 rg BT 393.23 128.10 Td (the ) Tj ET Q q 0 0 0 rg BT 408.40 128.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 441.35 128.10 Td (that ) Tj ET Q q 0 0 0 rg BT 459.30 128.10 Td (is ) Tj ET Q q 0 0 0 rg BT 468.93 128.10 Td (recovered ) Tj ET Q q 0 0 0 rg BT 511.30 128.10 Td (from ) Tj ET Q q 0 0 0 rg BT 533.69 128.10 Td (tenants ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 116.10 Td (under ) Tj ET Q q 0 0 0 rg BT 112.23 116.10 Td (their ) Tj ET Q q 0 0 0 rg BT 134.02 116.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 161.36 116.10 Td (and ) Tj ET Q q 0 0 0 rg BT 179.26 116.10 Td (usually ) Tj ET Q q 0 0 0 rg BT 211.61 116.10 Td (will ) Tj ET Q q 0 0 0 rg BT 230.63 116.10 Td (not ) Tj ET Q q 0 0 0 rg BT 246.87 116.10 Td (exceed, ) Tj ET Q q 0 0 0 rg BT 280.59 116.10 Td (in ) Tj ET Q q 0 0 0 rg BT 291.83 116.10 Td (any ) Tj ET Q q 0 0 0 rg BT 309.74 116.10 Td (calendar ) Tj ET Q q 0 0 0 rg BT 347.06 116.10 Td (year) Tj ET Q q 0 0 0 rg BT 363.87 116.10 Td (, ) Tj ET Q q 0 0 0 rg BT 369.83 116.10 Td (a ) Tj ET Q q 0 0 0 rg BT 377.73 116.10 Td (per) Tj ET Q q 0 0 0 rg BT 390.30 116.10 Td (-rentable-square-foot ) Tj ET Q q 0 0 0 rg BT 478.16 116.10 Td (limitation. ) Tj ET Q q 0 0 0 rg BT 523.01 116.10 Td (In ) Tj ET Q q 0 0 0 rg BT 534.81 116.10 Td (certain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 104.10 Td (instances, ) Tj ET Q q 0 0 0 rg BT 127.69 104.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.44 104.10 Td (per) Tj ET Q q 0 0 0 rg BT 155.01 104.10 Td (-rentable-square-foot ) Tj ET Q q 0 0 0 rg BT 241.95 104.10 Td (limitation ) Tj ET Q q 0 0 0 rg BT 283.37 104.10 Td (may ) Tj ET Q q 0 0 0 rg BT 303.12 104.10 Td (be ) Tj ET Q q 0 0 0 rg BT 315.10 104.10 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 354.82 104.10 Td (with ) Tj ET Q q 0 0 0 rg BT 375.14 104.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.89 104.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 418.52 104.10 Td (of) Tj ET Q q 0 0 0 rg BT 426.67 104.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 443.65 104.10 Td (against ) Tj ET Q q 0 0 0 rg BT 474.51 104.10 Td (property ) Tj ET Q q 0 0 0 rg BT 510.92 104.10 Td (management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 92.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 104.38 92.10 Td (received. ) Tj ET Q q 0 0 0 rg BT 143.02 92.10 Td (For ) Tj ET Q q 0 0 0 rg BT 159.19 92.10 Td (each ) Tj ET Q q 0 0 0 rg BT 179.78 92.10 Td (of ) Tj ET Q q 0 0 0 rg BT 190.39 92.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.88 92.10 Td (years ) Tj ET Q q 0 0 0 rg BT 228.26 92.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 254.41 92.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 312.77 92.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 337.55 92.10 Td (201) Tj ET Q q 0 0 0 rg BT 352.18 92.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 361.96 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 378.68 92.10 Td (2010, ) Tj ET Q q 0 0 0 rg BT 403.45 92.10 Td (reimbursable ) Tj ET Q q 0 0 0 rg BT 457.93 92.10 Td (services ) Tj ET Q q 0 0 0 rg BT 492.42 92.10 Td (to ) Tj ET Q q 0 0 0 rg BT 502.47 92.10 Td (Hines ) Tj ET Q q 0 0 0 rg BT 528.08 92.10 Td (from ) Tj ET Q q 0 0 0 rg BT 549.80 92.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 80.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 108.69 80.10 Td (were ) Tj ET Q q 0 0 0 rg BT 130.25 80.10 Td ($3.3 ) Tj ET Q q 0 0 0 rg BT 149.88 80.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 183.40 80.10 Td ($3.9 ) Tj ET Q q 0 0 0 rg BT 203.03 80.10 Td (million ) Tj ET Q q 0 0 0 rg BT 234.06 80.10 Td (and ) Tj ET Q q 0 0 0 rg BT 250.62 80.10 Td ($4.1 ) Tj ET Q q 0 0 0 rg BT 270.25 80.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 303.78 80.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 351.44 80.10 Td (, ) Tj ET Q q 0 0 0 rg BT 356.07 80.10 Td (and ) Tj ET Q q 0 0 0 rg BT 372.64 80.10 Td (are ) Tj ET Q q 0 0 0 rg BT 386.97 80.10 Td (included ) Tj ET Q q 0 0 0 rg BT 423.54 80.10 Td (in ) Tj ET Q q 0 0 0 rg BT 433.45 80.10 Td (property ) Tj ET Q q 0 0 0 rg BT 469.45 80.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 509.35 80.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 547.58 80.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 68.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 104.06 68.10 Td (from ) Tj ET Q q 0 0 0 rg BT 126.00 68.10 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 179.60 68.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 223.76 68.10 Td (in ) Tj ET Q q 0 0 0 rg BT 234.04 68.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.75 68.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 301.80 68.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 346.51 68.10 Td (of ) Tj ET Q q 0 0 0 rg BT 357.34 68.10 Td (operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 233 0 obj <> endobj 234 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.65 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 31.60 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (Leasing ) Tj ET Q q 0 0 0 rg BT 119.91 742.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 174.39 742.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 198.30 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 208.34 742.10 Td (1.5% ) Tj ET Q q 0 0 0 rg BT 231.42 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 242.01 742.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 265.38 742.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 303.17 742.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 336.52 742.10 Td (over ) Tj ET Q q 0 0 0 rg BT 356.55 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 371.02 742.10 Td (term ) Tj ET Q q 0 0 0 rg BT 391.60 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.19 742.10 Td (each ) Tj ET Q q 0 0 0 rg BT 422.76 742.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 460.55 742.10 Td (lease, ) Tj ET Q q 0 0 0 rg BT 485.29 742.10 Td (including ) Tj ET Q q 0 0 0 rg BT 525.32 742.10 Td (any ) Tj ET Q q 0 0 0 rg BT 542.01 742.10 Td (lease ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (amendment, ) Tj ET Q q 0 0 0 rg BT 137.35 730.10 Td (renewal, ) Tj ET Q q 0 0 0 rg BT 173.69 730.10 Td (expansion, ) Tj ET Q q 0 0 0 rg BT 218.94 730.10 Td (or ) Tj ET Q q 0 0 0 rg BT 229.47 730.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 259.44 730.10 Td (event. ) Tj ET Q q 0 0 0 rg BT 285.79 730.10 Td (Leasing ) Tj ET Q q 0 0 0 rg BT 319.65 730.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 374.07 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 384.60 730.10 Td ($1.5million, ) Tj ET Q q 0 0 0 rg BT 438.19 730.10 Td ($15.2 ) Tj ET Q q 0 0 0 rg BT 462.89 730.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 496.48 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 513.12 730.10 Td ($5.9million ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td (were ) Tj ET Q q 0 0 0 rg BT 107.68 718.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 143.25 718.10 Td (by ) Tj ET Q q 0 0 0 rg BT 155.50 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 169.96 718.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 192.78 718.10 Td (during ) Tj ET Q q 0 0 0 rg BT 221.14 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.60 718.10 Td (years ) Tj ET Q q 0 0 0 rg BT 258.95 718.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 285.08 718.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 343.42 718.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 368.17 718.10 Td (201) Tj ET Q q 0 0 0 rg BT 382.80 718.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 392.55 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 409.24 718.10 Td (2010, ) Tj ET Q q 0 0 0 rg BT 433.99 718.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 481.65 718.10 Td (, ) Tj ET Q q 0 0 0 rg BT 486.40 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 503.09 718.10 Td (are ) Tj ET Q q 0 0 0 rg BT 517.55 718.10 Td (included ) Tj ET Q q 0 0 0 rg BT 554.23 718.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 121.81 706.10 Td (leasing ) Tj ET Q q 0 0 0 rg BT 152.63 706.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 177.63 706.10 Td (net, ) Tj ET Q q 0 0 0 rg BT 194.85 706.10 Td (in ) Tj ET Q q 0 0 0 rg BT 205.13 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 219.84 706.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 272.88 706.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 305.92 706.10 Td (sheets.) Tj ET Q BT /F2 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 85.69 682.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 108.40 682.10 Td (has ) Tj ET Q q 0 0 0 rg BT 123.88 682.10 Td (related ) Tj ET Q q 0 0 0 rg BT 153.23 682.10 Td (party ) Tj ET Q q 0 0 0 rg BT 175.92 682.10 Td (payables ) Tj ET Q q 0 0 0 rg BT 213.06 682.10 Td (owed ) Tj ET Q q 0 0 0 rg BT 236.87 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 246.79 682.10 Td (Hines ) Tj ET Q q 0 0 0 rg BT 272.27 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 288.85 682.10 Td (its ) Tj ET Q q 0 0 0 rg BT 300.45 682.10 Td (af) Tj ET Q q 0 0 0 rg BT 308.04 682.10 Td (filiated ) Tj ET Q q 0 0 0 rg BT 338.51 682.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 369.54 682.10 Td (at ) Tj ET Q q 0 0 0 rg BT 378.90 682.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 437.13 682.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 459.28 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 475.86 682.10 Td (201) Tj ET Q q 0 0 0 rg BT 490.49 682.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 497.64 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 508.12 682.10 Td ($10.4million ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 84.94 670.10 Td ($17.6 ) Tj ET Q q 0 0 0 rg BT 109.94 670.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 143.83 670.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 191.49 670.10 Td (, ) Tj ET Q q 0 0 0 rg BT 196.49 670.10 Td (for ) Tj ET Q q 0 0 0 rg BT 210.65 670.10 Td (these ) Tj ET Q q 0 0 0 rg BT 233.70 670.10 Td (services.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 100.35 646.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 150.48 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.73 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.86 646.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 200.33 646.10 Td (have ) Tj ET Q q 0 0 0 rg BT 222.13 646.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 254.46 646.10 Td (into ) Tj ET Q q 0 0 0 rg BT 272.94 646.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 295.84 646.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 344.28 646.10 Td (with ) Tj ET Q q 0 0 0 rg BT 364.98 646.10 Td (Hines ) Tj ET Q q 0 0 0 rg BT 391.22 646.10 Td (Core ) Tj ET Q q 0 0 0 rg BT 413.58 646.10 Td (FundServices, ) Tj ET Q q 0 0 0 rg BT 475.93 646.10 Td (LLC ) Tj ET Q q 0 0 0 rg BT 497.73 646.10 Td (\(Services\), ) Tj ET Q q 0 0 0 rg BT 552.56 646.10 Td (an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td (af) Tj ET Q q 0 0 0 rg BT 75.59 634.10 Td (filiate ) Tj ET Q q 0 0 0 rg BT 101.84 634.10 Td 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q 0 0 0 rg BT 128.33 622.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 146.29 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 156.47 622.10 Td ($6.4 ) Tj ET Q q 0 0 0 rg BT 175.83 622.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 209.07 622.10 Td ($7.5 ) Tj ET Q q 0 0 0 rg BT 228.43 622.10 Td (million ) Tj ET Q q 0 0 0 rg BT 259.17 622.10 Td (and ) Tj ET Q q 0 0 0 rg BT 275.47 622.10 Td ($6.8million ) Tj ET Q q 0 0 0 rg BT 326.21 622.10 Td (during ) Tj ET Q q 0 0 0 rg BT 354.18 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.25 622.10 Td (years ) Tj ET Q q 0 0 0 rg BT 391.20 622.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 416.93 622.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 474.87 622.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 499.22 622.10 Td (201) Tj ET Q q 0 0 0 rg BT 513.85 622.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 523.21 622.10 Td (and ) Tj ET Q q 0 0 0 rg BT 539.50 622.10 Td (2010, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 115.66 610.10 Td (, ) Tj ET Q q 0 0 0 rg BT 121.40 610.10 Td (which ) Tj ET Q q 0 0 0 rg BT 149.07 610.10 Td (are ) Tj ET Q q 0 0 0 rg BT 164.51 610.10 Td (included ) Tj ET Q q 0 0 0 rg BT 202.18 610.10 Td (in ) Tj ET Q q 0 0 0 rg BT 213.19 610.10 Td (other ) Tj ET Q q 0 0 0 rg BT 236.97 610.10 Td (income ) Tj ET Q q 0 0 0 rg BT 269.64 610.10 Td (and ) Tj ET Q q 0 0 0 rg BT 287.31 610.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 306.10 610.10 Td (from ) Tj ET Q q 0 0 0 rg BT 328.78 610.10 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 383.11 610.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 428.00 610.10 Td (in ) Tj ET Q q 0 0 0 rg BT 439.02 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.47 610.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 508.24 610.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 553.69 610.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 114.31 598.10 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 164.78 598.10 Td (due ) Tj ET Q q 0 0 0 rg BT 181.38 598.10 Td (to ) Tj ET Q q 0 0 0 rg BT 191.32 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.69 598.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 228.41 598.10 Td (from ) Tj ET Q q 0 0 0 rg BT 250.01 598.10 Td (Services ) Tj ET Q q 0 0 0 rg BT 286.04 598.10 Td (were ) Tj ET Q q 0 0 0 rg BT 307.63 598.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 367.55 598.10 Td ($614,000 ) Tj ET Q q 0 0 0 rg BT 407.20 598.10 Td (at ) Tj ET Q q 0 0 0 rg BT 416.58 598.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 474.82 598.10 Td (201) Tj ET Q q 0 0 0 rg BT 489.45 598.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 496.61 598.10 Td (and ) Tj ET Q q 0 0 0 rg BT 513.21 598.10 Td (are ) Tj ET Q q 0 0 0 rg BT 527.57 598.10 Td (included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td (in ) Tj ET Q q 0 0 0 rg BT 77.43 586.10 Td (tenant ) Tj ET Q q 0 0 0 rg BT 103.51 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 119.59 586.10 Td (other ) Tj ET Q q 0 0 0 rg BT 141.79 586.10 Td (receivables, ) Tj ET Q q 0 0 0 rg BT 190.91 586.10 Td (net, ) Tj ET Q q 0 0 0 rg BT 207.27 586.10 Td (in ) Tj ET Q q 0 0 0 rg BT 216.70 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.56 586.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 282.75 586.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 314.93 586.10 Td (sheet. ) Tj ET Q q 0 0 0 rg BT 339.63 586.10 Td ( ) Tj ET Q q 0 0 0 rg BT 341.16 586.10 Td (There ) Tj ET Q q 0 0 0 rg BT 366.12 586.10 Td (were ) Tj ET Q q 0 0 0 rg BT 387.20 586.10 Td (no ) Tj ET Q q 0 0 0 rg BT 398.85 586.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 445.46 586.10 Td (due ) Tj ET Q q 0 0 0 rg BT 461.55 586.10 Td (to ) Tj ET Q q 0 0 0 rg BT 470.98 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 484.84 586.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 507.05 586.10 Td (from ) Tj ET Q q 0 0 0 rg BT 528.14 586.10 Td (Services ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td (at ) Tj ET Q q 0 0 0 rg BT 77.72 574.10 Td (December ) Tj ET Q q 0 0 0 rg BT 121.30 574.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 136.30 574.10 Td (2012.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (1) Tj ET Q q 0 0 0 rg BT 54.45 550.10 Td (1.LEASE OBLIGA) Tj ET Q q 0 0 0 rg BT 139.01 550.10 Td (TIONS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td (One ) Tj ET Q q 0 0 0 rg BT 86.72 526.10 Td (Atlantic ) Tj ET Q q 0 0 0 rg BT 121.59 526.10 Td (Center ) Tj ET Q q 0 0 0 rg BT 150.89 526.10 Td (is ) Tj ET Q q 0 0 0 rg BT 160.21 526.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 191.18 526.10 Td (to ) Tj ET Q q 0 0 0 rg BT 201.61 526.10 Td (a ) Tj ET Q q 0 0 0 rg BT 208.70 526.10 Td (ground ) Tj ET Q q 0 0 0 rg BT 239.68 526.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 262.31 526.10 Td (that ) Tj ET Q q 0 0 0 rg BT 279.95 526.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 313.71 526.10 Td (expires ) Tj ET Q q 0 0 0 rg BT 345.24 526.10 Td (in ) Tj ET Q q 0 0 0 rg BT 355.67 526.10 Td (2033. ) Tj ET Q q 0 0 0 rg BT 380.62 526.10 Td (The ) Tj ET Q q 0 0 0 rg BT 398.82 526.10 Td (ground ) Tj ET Q q 0 0 0 rg BT 429.80 526.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 452.43 526.10 Td (contains ) Tj ET Q q 0 0 0 rg BT 488.41 526.10 Td (renewal ) Tj ET Q q 0 0 0 rg BT 522.70 526.10 Td (options ) Tj ET Q q 0 0 0 rg BT 554.80 526.10 Td (at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 514.10 Td (10-year ) Tj ET Q q 0 0 0 rg BT 101.04 514.10 Td (term ) Tj ET Q q 0 0 0 rg BT 121.86 514.10 Td (increments, ) Tj ET Q q 0 0 0 rg BT 170.73 514.10 Td (up ) Tj ET Q q 0 0 0 rg BT 183.23 514.10 Td (to ) Tj ET Q q 0 0 0 rg BT 193.51 514.10 Td (a ) Tj ET Q q 0 0 0 rg BT 200.45 514.10 Td (total ) Tj ET Q q 0 0 0 rg BT 220.72 514.10 Td (term ) Tj ET Q q 0 0 0 rg BT 241.55 514.10 Td (of ) Tj ET Q q 0 0 0 rg BT 252.38 514.10 Td (99years.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 490.10 Td (As ) Tj ET Q q 0 0 0 rg BT 82.33 490.10 Td (of ) Tj ET Q q 0 0 0 rg BT 93.87 490.10 Td (December ) Tj ET Q q 0 0 0 rg BT 138.17 490.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 153.89 490.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 179.60 490.10 Td (required ) Tj ET Q q 0 0 0 rg BT 216.13 490.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 257.68 490.10 Td (under ) Tj ET Q q 0 0 0 rg BT 283.66 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 299.09 490.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 324.52 490.10 Td (of ) Tj ET Q q 0 0 0 rg BT 336.07 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 351.50 490.10 Td (One ) Tj ET Q q 0 0 0 rg BT 370.67 490.10 Td (Atlantic ) Tj ET Q q 0 0 0 rg BT 406.09 490.10 Td (Center ) Tj ET Q q 0 0 0 rg BT 435.96 490.10 Td (ground ) Tj ET Q q 0 0 0 rg BT 467.51 490.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 490.71 490.10 Td (are ) Tj ET Q q 0 0 0 rg BT 506.13 490.10 Td (as ) Tj ET Q q 0 0 0 rg BT 517.68 490.10 Td (follows ) Tj ET Q q 0 0 0 rg BT 550.89 490.10 Td (\(in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 478.10 Td (thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 432.6 m 468.5 432.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 432.6 m 478.5 432.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 432.6 m 561.5 432.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 432.6 m 468.5 432.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 432.6 m 478.5 432.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 432.6 m 561.5 432.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 354.6 m 478.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 354.6 m 561.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 354.6 m 478.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 354.6 m 561.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 338.6 m 478.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 336.6 m 478.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 338.6 m 561.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 336.6 m 561.5 336.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 486.65 458.33 Td (Fixed Future) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 493.10 448.33 Td (Minimum) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 436.33 Td (Years Ending December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 482.10 436.33 Td (Rent Payments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 423.17 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.00 423.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 423.17 Td (1,490) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 410.17 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 410.17 Td (1,550) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 397.17 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 397.17 Td (1,612) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 384.17 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 384.17 Td (1,676) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 371.17 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 371.17 Td (1,743) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 358.17 Td (Thereafter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 358.17 Td (138,236) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 341.17 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.00 341.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 341.17 Td (146,307) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 314.10 Td (Shell ) Tj ET Q q 0 0 0 rg BT 91.11 314.10 Td (Plaza ) Tj ET Q q 0 0 0 rg BT 115.32 314.10 Td (was ) Tj ET Q q 0 0 0 rg BT 133.42 314.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 164.30 314.10 Td (to ) Tj ET Q q 0 0 0 rg BT 174.63 314.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 204.39 314.10 Td (ground ) Tj ET Q q 0 0 0 rg BT 235.27 314.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 261.70 314.10 Td (that ) Tj ET Q q 0 0 0 rg BT 279.25 314.10 Td (were ) Tj ET Q q 0 0 0 rg BT 301.23 314.10 Td (transferred ) Tj ET Q q 0 0 0 rg BT 347.09 314.10 Td (to ) Tj ET Q q 0 0 0 rg BT 357.42 314.10 Td (the ) Tj ET Q q 0 0 0 rg BT 372.19 314.10 Td (buyer ) Tj ET Q q 0 0 0 rg BT 397.51 314.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 420.06 314.10 Td (the ) Tj ET Q q 0 0 0 rg BT 434.83 314.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 452.93 314.10 Td (of ) Tj ET Q q 0 0 0 rg BT 463.81 314.10 Td (the ) Tj ET Q q 0 0 0 rg BT 478.58 314.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 521.12 314.10 Td (on ) Tj ET Q q 0 0 0 rg BT 533.11 314.10 Td (August ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 302.10 Td (9, ) Tj ET Q q 0 0 0 rg BT 78.00 302.10 Td (2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 278.10 Td (Ground ) Tj ET Q q 0 0 0 rg BT 100.33 278.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 122.10 278.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 156.08 278.10 Td (for ) Tj ET Q q 0 0 0 rg BT 169.52 278.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.52 278.10 Td (years ) Tj ET Q q 0 0 0 rg BT 206.40 278.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 232.06 278.10 Td (December ) Tj ET Q q 0 0 0 rg BT 274.92 278.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 289.20 278.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 313.48 278.10 Td (201) Tj ET Q q 0 0 0 rg BT 328.11 278.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 334.89 278.10 Td (and ) Tj ET Q q 0 0 0 rg BT 351.11 278.10 Td (2010, ) Tj ET Q q 0 0 0 rg BT 375.39 278.10 Td (was ) Tj ET Q q 0 0 0 rg BT 392.72 278.10 Td ($3.6 ) Tj ET Q q 0 0 0 rg BT 412.00 278.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 445.17 278.10 Td ($3.8 ) Tj ET Q q 0 0 0 rg BT 464.45 278.10 Td (million ) Tj ET Q q 0 0 0 rg BT 495.12 278.10 Td (and ) Tj ET Q q 0 0 0 rg BT 511.34 278.10 Td ($3.8 ) Tj ET Q q 0 0 0 rg BT 530.62 278.10 Td (million, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 266.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 115.66 266.10 Td (, ) Tj ET Q q 0 0 0 rg BT 119.48 266.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.24 266.10 Td (is ) Tj ET Q q 0 0 0 rg BT 143.23 266.10 Td (included ) Tj ET Q q 0 0 0 rg BT 178.99 266.10 Td (in ) Tj ET Q q 0 0 0 rg BT 188.09 266.10 Td (general ) Tj ET Q q 0 0 0 rg BT 218.83 266.10 Td (and ) Tj ET Q q 0 0 0 rg BT 234.59 266.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 293.12 266.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 330.54 266.10 Td (in ) Tj ET Q q 0 0 0 rg BT 339.64 266.10 Td (the ) Tj ET Q q 0 0 0 rg BT 353.17 266.10 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 412.80 266.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 464.67 266.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 508.20 266.10 Td (of ) Tj ET Q q 0 0 0 rg BT 517.85 266.10 Td (operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 242.10 Td (12.F) Tj ET Q q 0 0 0 rg BT 70.37 242.10 Td (AIR ) Tj ET Q q 0 0 0 rg BT 91.02 242.10 Td (V) Tj ET Q q 0 0 0 rg BT 96.95 242.10 Td (ALUE DISCLOSURES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 218.10 Td (In ) Tj ET Q q 0 0 0 rg BT 79.02 218.10 Td (general, ) Tj ET Q q 0 0 0 rg BT 113.63 218.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 130.19 218.10 Td (values ) Tj ET Q q 0 0 0 rg BT 158.42 218.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 206.09 218.10 Td (by ) Tj ET Q q 0 0 0 rg BT 218.77 218.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 244.22 218.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 251.91 218.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 279.04 218.10 Td (utilize ) Tj ET Q q 0 0 0 rg BT 306.72 218.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 336.62 218.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 363.18 218.10 Td (\(unadjusted\) ) Tj ET Q q 0 0 0 rg BT 415.85 218.10 Td (in ) Tj ET Q q 0 0 0 rg BT 426.32 218.10 Td (active ) Tj ET Q q 0 0 0 rg BT 452.87 218.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 487.21 218.10 Td (for ) Tj ET Q q 0 0 0 rg BT 501.56 218.10 Td (identical ) Tj ET Q q 0 0 0 rg BT 538.67 218.10 Td (assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 206.10 Td (or ) Tj ET Q q 0 0 0 rg BT 78.31 206.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 117.51 206.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.71 206.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 154.25 206.10 Td (has ) Tj ET Q q 0 0 0 rg BT 169.57 206.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.77 206.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 211.30 206.10 Td (to ) Tj ET Q q 0 0 0 rg BT 221.06 206.10 Td (access. ) Tj ET Q q 0 0 0 rg BT 251.08 206.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 269.17 206.10 Td (values ) Tj ET Q q 0 0 0 rg BT 296.70 206.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 343.66 206.10 Td (by ) Tj ET Q q 0 0 0 rg BT 355.65 206.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 380.39 206.10 Td (2 ) Tj ET Q q 0 0 0 rg BT 387.38 206.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 413.81 206.10 Td (utilize ) Tj ET Q q 0 0 0 rg BT 440.78 206.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 467.21 206.10 Td (other ) Tj ET Q q 0 0 0 rg BT 489.74 206.10 Td (than ) Tj ET Q q 0 0 0 rg BT 508.94 206.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 538.14 206.10 Td (prices ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 194.10 Td (included ) Tj ET Q q 0 0 0 rg BT 105.35 194.10 Td (in ) Tj ET Q q 0 0 0 rg BT 116.04 194.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 141.71 194.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 149.62 194.10 Td (that ) Tj ET Q q 0 0 0 rg BT 167.53 194.10 Td (are ) Tj ET Q q 0 0 0 rg BT 182.65 194.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 228.87 194.10 Td (for ) Tj ET Q q 0 0 0 rg BT 243.45 194.10 Td (the ) Tj ET Q q 0 0 0 rg BT 258.57 194.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 280.92 194.10 Td (or ) Tj ET Q q 0 0 0 rg BT 292.17 194.10 Td (liability) Tj ET Q q 0 0 0 rg BT 322.63 194.10 Td (, ) Tj ET Q q 0 0 0 rg BT 328.04 194.10 Td (either ) Tj ET Q q 0 0 0 rg BT 353.71 194.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 387.17 194.10 Td (or ) Tj ET Q q 0 0 0 rg BT 398.41 194.10 Td (indirectly) Tj ET Q q 0 0 0 rg BT 436.08 194.10 Td (. ) Tj ET Q q 0 0 0 rg BT 441.49 194.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 467.17 194.10 Td (2 ) Tj ET Q q 0 0 0 rg BT 475.08 194.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 502.44 194.10 Td (include ) Tj ET Q q 0 0 0 rg BT 534.78 194.10 Td (quoted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 182.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 93.71 182.10 Td (for ) Tj ET Q q 0 0 0 rg BT 107.21 182.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 136.82 182.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 161.99 182.10 Td (and ) Tj ET Q q 0 0 0 rg BT 178.27 182.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 217.32 182.10 Td (in ) Tj ET Q q 0 0 0 rg BT 226.94 182.10 Td (active ) Tj ET Q q 0 0 0 rg BT 252.65 182.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 286.14 182.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.41 182.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 328.70 182.10 Td (other ) Tj ET Q q 0 0 0 rg BT 351.08 182.10 Td (than ) Tj ET Q q 0 0 0 rg BT 370.14 182.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 399.19 182.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 424.91 182.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 470.06 182.10 Td (for ) Tj ET Q q 0 0 0 rg BT 483.56 182.10 Td (the ) Tj ET Q q 0 0 0 rg BT 497.61 182.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 518.89 182.10 Td (or ) Tj ET Q q 0 0 0 rg BT 529.05 182.10 Td (liability) Tj ET Q q 0 0 0 rg BT 559.51 182.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 170.10 Td (such ) Tj ET Q q 0 0 0 rg BT 88.17 170.10 Td (as ) Tj ET Q q 0 0 0 rg BT 98.34 170.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 124.06 170.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 145.34 170.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 179.38 170.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 205.10 170.10 Td (and ) Tj ET Q q 0 0 0 rg BT 221.38 170.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 252.66 170.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 273.38 170.10 Td (and ) Tj ET Q q 0 0 0 rg BT 289.66 170.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 311.50 170.10 Td (curves ) Tj ET Q q 0 0 0 rg BT 339.44 170.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 384.60 170.10 Td (at ) Tj ET Q q 0 0 0 rg BT 393.66 170.10 Td (commonly ) Tj ET Q q 0 0 0 rg BT 438.27 170.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 467.33 170.10 Td (intervals. ) Tj ET Q q 0 0 0 rg BT 506.11 170.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 530.71 170.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 537.55 170.10 Td (inputs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 158.10 Td (are ) Tj ET Q q 0 0 0 rg BT 82.20 158.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 137.51 158.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 163.95 158.10 Td (for ) Tj ET Q q 0 0 0 rg BT 177.60 158.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.81 158.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 213.24 158.10 Td (or ) Tj ET Q q 0 0 0 rg BT 223.56 158.10 Td (liability) Tj ET Q q 0 0 0 rg BT 254.02 158.10 Td (, ) Tj ET Q q 0 0 0 rg BT 258.51 158.10 Td (and ) Tj ET Q q 0 0 0 rg BT 274.94 158.10 Td (include ) Tj ET Q q 0 0 0 rg BT 306.37 158.10 Td (situations ) Tj ET Q q 0 0 0 rg BT 346.70 158.10 Td (where ) Tj ET Q q 0 0 0 rg BT 373.12 158.10 Td (there ) Tj ET Q q 0 0 0 rg BT 395.09 158.10 Td (is ) Tj ET Q q 0 0 0 rg BT 403.76 158.10 Td (little, ) Tj ET Q q 0 0 0 rg BT 426.58 158.10 Td (if ) Tj ET Q q 0 0 0 rg BT 434.68 158.10 Td (any) Tj ET Q q 0 0 0 rg BT 448.47 158.10 Td (, ) Tj ET Q q 0 0 0 rg BT 452.96 158.10 Td (market ) Tj ET Q q 0 0 0 rg BT 482.72 158.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 514.70 158.10 Td (for ) Tj ET Q q 0 0 0 rg BT 528.35 158.10 Td (the ) Tj ET Q q 0 0 0 rg BT 542.56 158.10 Td (asset ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 146.10 Td (or ) Tj ET Q q 0 0 0 rg BT 78.36 146.10 Td (liability) Tj ET Q q 0 0 0 rg BT 108.81 146.10 Td (. ) Tj ET Q q 0 0 0 rg BT 113.34 146.10 Td (In ) Tj ET Q q 0 0 0 rg BT 123.70 146.10 Td (instances ) Tj ET Q q 0 0 0 rg BT 162.38 146.10 Td (in ) Tj ET Q q 0 0 0 rg BT 172.18 146.10 Td (which ) Tj ET Q q 0 0 0 rg BT 198.64 146.10 Td (the ) Tj ET Q q 0 0 0 rg BT 212.89 146.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 239.36 146.10 Td (used ) Tj ET Q q 0 0 0 rg BT 259.71 146.10 Td (to ) Tj ET Q q 0 0 0 rg BT 269.52 146.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 304.86 146.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 320.76 146.10 Td (value ) Tj ET Q q 0 0 0 rg BT 344.44 146.10 Td (may ) Tj ET Q q 0 0 0 rg BT 363.68 146.10 Td (fall ) Tj ET Q q 0 0 0 rg BT 379.04 146.10 Td (into ) Tj ET Q q 0 0 0 rg BT 396.62 146.10 Td (dif) Tj ET Q q 0 0 0 rg BT 407.54 146.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 432.89 146.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 458.24 146.10 Td (of ) Tj ET Q q 0 0 0 rg BT 468.59 146.10 Td (the ) Tj ET Q q 0 0 0 rg BT 482.83 146.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 498.74 146.10 Td (value ) Tj ET Q q 0 0 0 rg BT 522.42 146.10 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 559.52 146.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 134.10 Td (the ) Tj ET Q q 0 0 0 rg BT 82.77 134.10 Td (level ) Tj ET Q q 0 0 0 rg BT 104.76 134.10 Td (in ) Tj ET Q q 0 0 0 rg BT 115.09 134.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.86 134.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 146.29 134.10 Td (value ) Tj ET Q q 0 0 0 rg BT 170.50 134.10 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 210.81 134.10 Td (within ) Tj ET Q q 0 0 0 rg BT 238.92 134.10 Td (which ) Tj ET Q q 0 0 0 rg BT 265.91 134.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.68 134.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 297.11 134.10 Td (value ) Tj ET Q q 0 0 0 rg BT 321.32 134.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 377.18 134.10 Td (in ) Tj ET Q q 0 0 0 rg BT 387.52 134.10 Td (its ) Tj ET Q q 0 0 0 rg BT 399.52 134.10 Td (entirety ) Tj ET Q q 0 0 0 rg BT 432.61 134.10 Td (has ) Tj ET Q q 0 0 0 rg BT 448.50 134.10 Td (been ) Tj ET Q q 0 0 0 rg BT 469.93 134.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 517.46 134.10 Td (is ) Tj ET Q q 0 0 0 rg BT 526.69 134.10 Td (based ) Tj ET Q q 0 0 0 rg BT 552.01 134.10 Td (on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 122.10 Td (the ) Tj ET Q q 0 0 0 rg BT 82.81 122.10 Td (lowest ) Tj ET Q q 0 0 0 rg BT 111.50 122.10 Td (level ) Tj ET Q q 0 0 0 rg BT 133.53 122.10 Td (input ) Tj ET Q q 0 0 0 rg BT 156.67 122.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 201.47 122.10 Td (to ) Tj ET Q q 0 0 0 rg BT 211.84 122.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.65 122.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 243.11 122.10 Td (value ) Tj ET Q q 0 0 0 rg BT 267.36 122.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 323.26 122.10 Td (in ) Tj ET Q q 0 0 0 rg BT 333.63 122.10 Td (its ) Tj ET Q q 0 0 0 rg BT 345.66 122.10 Td (entirety) Tj ET Q q 0 0 0 rg BT 375.56 122.10 Td (. ) Tj ET Q q 0 0 0 rg BT 380.65 122.10 Td ( ) Tj ET Q q 0 0 0 rg BT 383.05 122.10 Td (The ) Tj ET Q q 0 0 0 rg BT 401.18 122.10 Td (Fund's ) Tj ET Q q 0 0 0 rg BT 430.03 122.10 Td (assessment ) Tj ET Q q 0 0 0 rg BT 477.06 122.10 Td (of ) Tj ET Q q 0 0 0 rg BT 487.98 122.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.78 122.10 Td (significance ) Tj ET Q q 0 0 0 rg BT 553.68 122.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 110.10 Td (a ) Tj ET Q q 0 0 0 rg BT 75.16 110.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 116.19 110.10 Td (input ) Tj ET Q q 0 0 0 rg BT 139.46 110.10 Td (to ) Tj ET Q q 0 0 0 rg BT 149.96 110.10 Td (the ) Tj ET Q q 0 0 0 rg BT 164.90 110.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 181.50 110.10 Td (value ) Tj ET Q q 0 0 0 rg BT 205.87 110.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 261.90 110.10 Td (in ) Tj ET Q q 0 0 0 rg BT 272.40 110.10 Td (its ) Tj ET Q q 0 0 0 rg BT 284.57 110.10 Td (entirety ) Tj ET Q q 0 0 0 rg BT 317.83 110.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 352.76 110.10 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 395.75 110.10 Td (and ) Tj ET Q q 0 0 0 rg BT 412.91 110.10 Td (considers ) Tj ET Q q 0 0 0 rg BT 453.40 110.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 483.32 110.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 517.14 110.10 Td (to ) Tj ET Q q 0 0 0 rg BT 527.63 110.10 Td (the ) Tj ET Q q 0 0 0 rg BT 542.57 110.10 Td (asset ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 98.10 Td (or ) Tj ET Q q 0 0 0 rg BT 78.83 98.10 Td (liability) Tj ET Q q 0 0 0 rg BT 109.29 98.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 235 0 obj <> endobj 236 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.65 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 31.60 Td (15) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 742.25 Td (Assets ) Tj ET Q q 0 0 0 rg BT 97.17 742.25 Td (and ) Tj ET Q q 0 0 0 rg BT 115.79 742.25 Td (Liabilities ) Tj ET Q q 0 0 0 rg BT 161.07 742.25 Td (Measur) Tj ET Q q 0 0 0 rg BT 193.66 742.25 Td (ed ) Tj ET Q q 0 0 0 rg BT 206.16 742.25 Td (at ) Tj ET Q q 0 0 0 rg BT 216.99 742.25 Td (Fair) Tj ET Q q 0 0 0 rg BT 235.13 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 237.45 742.25 Td (V) Tj ET Q q 0 0 0 rg BT 243.76 742.25 Td (alue ) Tj ET Q q 0 0 0 rg BT 264.04 742.25 Td (on ) Tj ET Q q 0 0 0 rg BT 277.10 742.25 Td (a ) Tj ET Q q 0 0 0 rg BT 284.60 742.25 Td (Recurring ) Tj ET Q q 0 0 0 rg BT 330.97 742.25 Td (Basis) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 112.43 718.25 Td (Instruments) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 162.45 718.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.68 718.25 Td (-) Tj ET Q q 0 0 0 rg BT 169.96 718.25 Td (As ) Tj ET Q q 0 0 0 rg BT 183.30 718.25 Td (indicated ) Tj ET Q q 0 0 0 rg BT 222.18 718.25 Td (in ) Tj ET Q q 0 0 0 rg BT 232.19 718.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 253.85 718.25 Td (7 ) Tj ET Q q 0 0 0 rg BT 261.08 718.25 Td (- ) Tj ET Q q 0 0 0 rg BT 266.64 718.25 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 311.07 718.25 Td (Instruments, ) Tj ET Q q 0 0 0 rg BT 363.01 718.25 Td (the ) Tj ET Q q 0 0 0 rg BT 377.46 718.25 Td (Fund ) Tj ET Q q 0 0 0 rg BT 400.25 718.25 Td (has ) Tj ET Q q 0 0 0 rg BT 415.81 718.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 447.47 718.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 464.68 718.25 Td (swaps. ) Tj ET Q q 0 0 0 rg BT 493.85 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 495.92 718.25 Td (The ) Tj ET Q q 0 0 0 rg BT 513.70 718.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 529.80 718.25 Td (value ) Tj ET Q q 0 0 0 rg BT 553.68 718.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.25 Td (these ) Tj ET Q q 0 0 0 rg BT 91.76 706.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 124.40 706.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 142.60 706.25 Td (swaps ) Tj ET Q q 0 0 0 rg BT 170.25 706.25 Td (is ) Tj ET Q q 0 0 0 rg BT 180.13 706.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 228.32 706.25 Td (based ) Tj ET Q q 0 0 0 rg BT 254.30 706.25 Td (on ) Tj ET Q q 0 0 0 rg BT 267.51 706.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 320.17 706.25 Td (that ) Tj ET Q q 0 0 0 rg BT 338.38 706.25 Td (management ) Tj ET Q q 0 0 0 rg BT 392.68 706.25 Td (believes ) Tj ET Q q 0 0 0 rg BT 428.65 706.25 Td (market ) Tj ET Q q 0 0 0 rg BT 459.62 706.25 Td (participants ) Tj ET Q q 0 0 0 rg BT 509.48 706.25 Td (would ) Tj ET Q q 0 0 0 rg BT 537.69 706.25 Td (use ) Tj ET Q q 0 0 0 rg BT 554.24 706.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 694.25 Td (pricing, ) Tj ET Q q 0 0 0 rg BT 101.57 694.25 Td (using ) Tj ET Q q 0 0 0 rg BT 125.98 694.25 Td (widely ) Tj ET Q q 0 0 0 rg BT 155.94 694.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 193.65 694.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 233.60 694.25 Td (techniques ) Tj ET Q q 0 0 0 rg BT 279.11 694.25 Td (including ) Tj ET Q q 0 0 0 rg BT 319.62 694.25 Td (discounted ) Tj ET Q q 0 0 0 rg BT 365.69 694.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 386.20 694.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 407.27 694.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 442.23 694.25 Td (on ) Tj ET Q q 0 0 0 rg BT 454.97 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 469.93 694.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 508.21 694.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 528.72 694.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 553.68 694.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 682.25 Td (each ) Tj ET Q q 0 0 0 rg BT 89.51 682.25 Td (derivative. ) Tj ET Q q 0 0 0 rg BT 135.19 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 138.16 682.25 Td (This ) Tj ET Q q 0 0 0 rg BT 159.13 682.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 194.55 682.25 Td (reflects ) Tj ET Q q 0 0 0 rg BT 227.17 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 242.58 682.25 Td (contractual ) Tj ET Q q 0 0 0 rg BT 290.20 682.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 315.61 682.25 Td (of ) Tj ET Q q 0 0 0 rg BT 327.14 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 342.55 682.25 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 392.12 682.25 Td (including ) Tj ET Q q 0 0 0 rg BT 433.09 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 448.51 682.25 Td (period ) Tj ET Q q 0 0 0 rg BT 477.25 682.25 Td (to ) Tj ET Q q 0 0 0 rg BT 488.23 682.25 Td (maturity) Tj ET Q q 0 0 0 rg BT 521.46 682.25 Td (, ) Tj ET Q q 0 0 0 rg BT 527.16 682.25 Td (and ) Tj ET Q q 0 0 0 rg BT 544.79 682.25 Td (uses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 670.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 113.10 670.25 Td (market-based ) Tj ET Q q 0 0 0 rg BT 168.75 670.25 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 197.48 670.25 Td (including ) Tj ET Q q 0 0 0 rg BT 237.03 670.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 268.25 670.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 285.02 670.25 Td (curves. ) Tj ET Q q 0 0 0 rg BT 315.40 670.25 Td ( ) Tj ET Q q 0 0 0 rg BT 317.06 670.25 Td (The ) Tj ET Q q 0 0 0 rg BT 334.39 670.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 350.05 670.25 Td (values ) Tj ET Q q 0 0 0 rg BT 377.38 670.25 Td (of ) Tj ET Q q 0 0 0 rg BT 387.49 670.25 Td (the ) Tj ET Q q 0 0 0 rg BT 401.49 670.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 432.71 670.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 449.48 670.25 Td (swaps ) Tj ET Q q 0 0 0 rg BT 475.71 670.25 Td (have ) Tj ET Q q 0 0 0 rg BT 496.37 670.25 Td (been ) Tj ET Q q 0 0 0 rg BT 517.03 670.25 Td (determined ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 658.25 Td (using ) Tj ET Q q 0 0 0 rg BT 91.87 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 106.30 658.25 Td (market ) Tj ET Q q 0 0 0 rg BT 136.26 658.25 Td (standard ) Tj ET Q q 0 0 0 rg BT 172.35 658.25 Td (methodology ) Tj ET Q q 0 0 0 rg BT 227.32 658.25 Td (of ) Tj ET Q q 0 0 0 rg BT 237.86 658.25 Td (netting ) Tj ET Q q 0 0 0 rg BT 267.84 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 282.26 658.25 Td (discounted ) Tj ET Q q 0 0 0 rg BT 327.79 658.25 Td (future ) Tj ET Q q 0 0 0 rg BT 353.87 658.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 376.62 658.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 396.59 658.25 Td (receipts ) Tj ET Q q 0 0 0 rg BT 429.89 658.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 443.76 658.25 Td (payments\) ) Tj ET Q q 0 0 0 rg BT 487.62 658.25 Td (and ) Tj ET Q q 0 0 0 rg BT 504.26 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.68 658.25 Td (discounted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 646.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 105.59 646.25 Td (variable ) Tj ET Q q 0 0 0 rg BT 139.85 646.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 159.68 646.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 200.06 646.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 213.78 646.25 Td (receipts\). ) Tj ET Q q 0 0 0 rg BT 252.76 646.25 Td ( ) Tj ET Q q 0 0 0 rg BT 254.67 646.25 Td (The ) Tj ET Q q 0 0 0 rg BT 272.27 646.25 Td (variable ) Tj ET Q q 0 0 0 rg BT 306.54 646.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 326.36 646.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 366.75 646.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 380.46 646.25 Td (receipts\) ) Tj ET Q q 0 0 0 rg BT 416.95 646.25 Td (are ) Tj ET Q q 0 0 0 rg BT 431.21 646.25 Td (based ) Tj ET Q q 0 0 0 rg BT 456.04 646.25 Td (on ) Tj ET Q q 0 0 0 rg BT 468.10 646.25 Td (an ) Tj ET Q q 0 0 0 rg BT 479.59 646.25 Td (expectation ) Tj ET Q q 0 0 0 rg BT 527.74 646.25 Td (of ) Tj ET Q q 0 0 0 rg BT 538.13 646.25 Td (future ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 634.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 99.93 634.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 121.31 634.25 Td (\(forward ) Tj ET Q q 0 0 0 rg BT 158.79 634.25 Td (curves\) ) Tj ET Q q 0 0 0 rg BT 190.72 634.25 Td (derived ) Tj ET Q q 0 0 0 rg BT 223.21 634.25 Td (from ) Tj ET Q q 0 0 0 rg BT 245.14 634.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 290.96 634.25 Td (market ) Tj ET Q q 0 0 0 rg BT 321.22 634.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 353.16 634.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 370.64 634.25 Td (curves.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 610.25 Td (Although ) Tj ET Q q 0 0 0 rg BT 108.06 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 122.56 610.25 Td (Fund ) Tj ET Q q 0 0 0 rg BT 145.41 610.25 Td (has ) Tj ET Q q 0 0 0 rg BT 161.02 610.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 208.29 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 222.79 610.25 Td (majority ) Tj ET Q q 0 0 0 rg BT 258.96 610.25 Td (of ) Tj ET Q q 0 0 0 rg BT 269.57 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 284.07 610.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 310.80 610.25 Td (used ) Tj ET Q q 0 0 0 rg BT 331.42 610.25 Td (to ) Tj ET Q q 0 0 0 rg BT 341.48 610.25 Td (value ) Tj ET Q q 0 0 0 rg BT 365.42 610.25 Td (its ) Tj ET Q q 0 0 0 rg BT 377.15 610.25 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 423.31 610.25 Td (fall ) Tj ET Q q 0 0 0 rg BT 438.92 610.25 Td (within ) Tj ET Q q 0 0 0 rg BT 466.76 610.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 491.81 610.25 Td (2 ) Tj ET Q q 0 0 0 rg BT 499.09 610.25 Td (of ) Tj ET Q q 0 0 0 rg BT 509.70 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 524.21 610.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 540.37 610.25 Td (value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 598.25 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 105.10 598.25 Td (, ) Tj ET Q q 0 0 0 rg BT 110.08 598.25 Td (the ) Tj ET Q q 0 0 0 rg BT 124.77 598.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 150.00 598.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 189.69 598.25 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 239.93 598.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 283.50 598.25 Td (with ) Tj ET Q q 0 0 0 rg BT 303.75 598.25 Td (its ) Tj ET Q q 0 0 0 rg BT 315.67 598.25 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 362.01 598.25 Td (utilize ) Tj ET Q q 0 0 0 rg BT 389.47 598.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 414.71 598.25 Td (3 ) Tj ET Q q 0 0 0 rg BT 422.18 598.25 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 451.60 598.25 Td (such ) Tj ET Q q 0 0 0 rg BT 472.41 598.25 Td (as ) Tj ET Q q 0 0 0 rg BT 483.21 598.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 522.89 598.25 Td (of ) Tj ET Q q 0 0 0 rg BT 533.69 598.25 Td (current ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 586.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 93.04 586.25 Td (spreads ) Tj ET Q q 0 0 0 rg BT 125.30 586.25 Td (related ) Tj ET Q q 0 0 0 rg BT 154.77 586.25 Td (to ) Tj ET Q q 0 0 0 rg BT 164.82 586.25 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 200.40 586.25 Td (the ) Tj ET Q q 0 0 0 rg BT 214.89 586.25 Td (likelihood ) Tj ET Q q 0 0 0 rg BT 257.72 586.25 Td (of ) Tj ET Q q 0 0 0 rg BT 268.32 586.25 Td (default ) Tj ET Q q 0 0 0 rg BT 298.35 586.25 Td (by ) Tj ET Q q 0 0 0 rg BT 310.63 586.25 Td (the ) Tj ET Q q 0 0 0 rg BT 325.12 586.25 Td (Fund ) Tj ET Q q 0 0 0 rg BT 347.95 586.25 Td (or ) Tj ET Q q 0 0 0 rg BT 358.55 586.25 Td (its ) Tj ET Q q 0 0 0 rg BT 370.27 586.25 Td (counterparties. ) Tj ET Q q 0 0 0 rg BT 431.68 586.25 Td ( ) Tj ET Q q 0 0 0 rg BT 433.96 586.25 Td (In ) Tj ET Q q 0 0 0 rg BT 444.56 586.25 Td (adjusting ) Tj ET Q q 0 0 0 rg BT 483.50 586.25 Td (the ) Tj ET Q q 0 0 0 rg BT 497.98 586.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 514.13 586.25 Td (values ) Tj ET Q q 0 0 0 rg BT 541.95 586.25 Td (of ) Tj ET Q q 0 0 0 rg BT 552.55 586.25 Td (its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 574.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 110.49 574.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 149.10 574.25 Td (for ) Tj ET Q q 0 0 0 rg BT 163.27 574.25 Td (the ) Tj ET Q q 0 0 0 rg BT 178.00 574.25 Td (ef) Tj ET Q q 0 0 0 rg BT 185.58 574.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 203.08 574.25 Td (of ) Tj ET Q q 0 0 0 rg BT 213.92 574.25 Td (nonperformance ) Tj ET Q q 0 0 0 rg BT 281.96 574.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 301.97 574.25 Td (the ) Tj ET Q q 0 0 0 rg BT 316.69 574.25 Td (Fund ) Tj ET Q q 0 0 0 rg BT 339.77 574.25 Td (has ) Tj ET Q q 0 0 0 rg BT 355.61 574.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 401.44 574.25 Td (the ) Tj ET Q q 0 0 0 rg BT 416.16 574.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 445.89 574.25 Td (of ) Tj ET Q q 0 0 0 rg BT 456.73 574.25 Td (netting ) Tj ET Q q 0 0 0 rg BT 487.01 574.25 Td (and ) Tj ET Q q 0 0 0 rg BT 503.96 574.25 Td (any ) Tj ET Q q 0 0 0 rg BT 520.91 574.25 Td (applicable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 562.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 93.53 562.25 Td (enhancements, ) Tj ET Q q 0 0 0 rg BT 155.44 562.25 Td (such ) Tj ET Q q 0 0 0 rg BT 176.54 562.25 Td (as ) Tj ET Q q 0 0 0 rg BT 187.64 562.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 227.60 562.25 Td (postings, ) Tj ET Q q 0 0 0 rg BT 266.21 562.25 Td (thresholds ) Tj ET Q q 0 0 0 rg BT 310.09 562.25 Td (and ) Tj ET Q q 0 0 0 rg BT 327.30 562.25 Td (guarantees. ) Tj ET Q q 0 0 0 rg BT 375.32 562.25 Td ( ) Tj ET Q q 0 0 0 rg BT 377.48 562.25 Td (As ) Tj ET Q q 0 0 0 rg BT 391.36 562.25 Td (of ) Tj ET Q q 0 0 0 rg BT 402.46 562.25 Td (December ) Tj ET Q q 0 0 0 rg BT 446.31 562.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 461.58 562.25 Td (2012 ) Tj ET Q q 0 0 0 rg BT 484.35 562.25 Td (and ) Tj ET Q q 0 0 0 rg BT 501.55 562.25 Td (201) Tj ET Q q 0 0 0 rg BT 516.18 562.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 526.45 562.25 Td (the ) Tj ET Q q 0 0 0 rg BT 541.44 562.25 Td (Fund ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 550.25 Td (has ) Tj ET Q q 0 0 0 rg BT 82.86 550.25 Td (assessed ) Tj ET Q q 0 0 0 rg BT 118.28 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 132.03 550.25 Td (significance ) Tj ET Q q 0 0 0 rg BT 181.88 550.25 Td (of ) Tj ET Q q 0 0 0 rg BT 191.74 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 205.49 550.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 234.24 550.25 Td (of ) Tj ET Q q 0 0 0 rg BT 244.11 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 257.86 550.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 282.16 550.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 320.90 550.25 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 370.21 550.25 Td (on ) Tj ET Q q 0 0 0 rg BT 381.74 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 395.50 550.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 424.79 550.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 463.54 550.25 Td (of ) Tj ET Q q 0 0 0 rg BT 473.41 550.25 Td (its ) Tj ET Q q 0 0 0 rg BT 484.39 550.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 525.90 550.25 Td (positions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 538.25 Td (and ) Tj ET Q q 0 0 0 rg BT 84.99 538.25 Td (has ) Tj ET Q q 0 0 0 rg BT 100.88 538.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 148.41 538.25 Td (that ) Tj ET Q q 0 0 0 rg BT 165.96 538.25 Td (the ) Tj ET Q q 0 0 0 rg BT 180.74 538.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 206.06 538.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 245.82 538.25 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 296.15 538.25 Td (are ) Tj ET Q q 0 0 0 rg BT 310.91 538.25 Td (not ) Tj ET Q q 0 0 0 rg BT 326.25 538.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 371.01 538.25 Td (to ) Tj ET Q q 0 0 0 rg BT 381.35 538.25 Td (the ) Tj ET Q q 0 0 0 rg BT 396.12 538.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 426.44 538.25 Td (valuations ) Tj ET Q q 0 0 0 rg BT 470.10 538.25 Td (of ) Tj ET Q q 0 0 0 rg BT 480.98 538.25 Td (its ) Tj ET Q q 0 0 0 rg BT 492.99 538.25 Td (derivatives. ) Tj ET Q q 0 0 0 rg BT 541.91 538.25 Td ( ) Tj ET Q q 0 0 0 rg BT 543.90 538.25 Td (As ) Tj ET Q q 0 0 0 rg BT 557.57 538.25 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 526.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 95.22 526.25 Td (the ) Tj ET Q q 0 0 0 rg BT 109.93 526.25 Td (Fund ) Tj ET Q q 0 0 0 rg BT 133.00 526.25 Td (has ) Tj ET Q q 0 0 0 rg BT 148.83 526.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 196.31 526.25 Td (its ) Tj ET Q q 0 0 0 rg BT 208.25 526.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 250.73 526.25 Td (valuations ) Tj ET Q q 0 0 0 rg BT 294.34 526.25 Td (are ) Tj ET Q q 0 0 0 rg BT 309.04 526.25 Td (classified ) Tj ET Q q 0 0 0 rg BT 349.31 526.25 Td (in ) Tj ET Q q 0 0 0 rg BT 359.59 526.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 384.85 526.25 Td (2 ) Tj ET Q q 0 0 0 rg BT 392.35 526.25 Td (of ) Tj ET Q q 0 0 0 rg BT 403.18 526.25 Td (the ) Tj ET Q q 0 0 0 rg BT 417.90 526.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 434.27 526.25 Td (value ) Tj ET Q q 0 0 0 rg BT 458.43 526.25 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 495.53 526.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 502.25 Td (The ) Tj ET Q q 0 0 0 rg BT 85.87 502.25 Td (Fund's ) Tj ET Q q 0 0 0 rg BT 114.45 502.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 156.75 502.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 194.05 502.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 243.04 502.25 Td (are ) Tj ET Q q 0 0 0 rg BT 257.57 502.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 294.86 502.25 Td (in ) Tj ET Q q 0 0 0 rg BT 304.96 502.25 Td (other ) Tj ET Q q 0 0 0 rg BT 327.83 502.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 367.37 502.25 Td (in ) Tj ET Q q 0 0 0 rg BT 377.47 502.25 Td (the ) Tj ET Q q 0 0 0 rg BT 392.01 502.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 444.87 502.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 477.73 502.25 Td (sheet. ) Tj ET Q q 0 0 0 rg BT 503.10 502.25 Td ( ) Tj ET Q q 0 0 0 rg BT 505.25 502.25 Td (The ) Tj ET Q q 0 0 0 rg BT 523.12 502.25 Td (following ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 490.25 Td (table ) Tj ET Q q 0 0 0 rg BT 89.21 490.25 Td (sets ) Tj ET Q q 0 0 0 rg BT 105.98 490.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 127.20 490.25 Td (the ) Tj ET Q q 0 0 0 rg BT 141.19 490.25 Td (Fund's ) Tj ET Q q 0 0 0 rg BT 169.22 490.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 200.43 490.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 217.19 490.25 Td (swaps ) Tj ET Q q 0 0 0 rg BT 243.41 490.25 Td (which ) Tj ET Q q 0 0 0 rg BT 269.62 490.25 Td (are ) Tj ET Q q 0 0 0 rg BT 283.60 490.25 Td (measured ) Tj ET Q q 0 0 0 rg BT 323.69 490.25 Td (at ) Tj ET Q q 0 0 0 rg BT 332.68 490.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 348.33 490.25 Td (value ) Tj ET Q q 0 0 0 rg BT 371.76 490.25 Td (on ) Tj ET Q q 0 0 0 rg BT 383.54 490.25 Td (a ) Tj ET Q q 0 0 0 rg BT 389.75 490.25 Td (recurring ) Tj ET Q q 0 0 0 rg BT 428.17 490.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 449.95 490.25 Td (by ) Tj ET Q q 0 0 0 rg BT 461.72 490.25 Td (level ) Tj ET Q q 0 0 0 rg BT 482.93 490.25 Td (within ) Tj ET Q q 0 0 0 rg BT 510.26 490.25 Td (the ) Tj ET Q q 0 0 0 rg BT 524.25 490.25 Td (hierarchy ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 478.25 Td (as ) Tj ET Q q 0 0 0 rg BT 78.83 478.25 Td (of ) Tj ET Q q 0 0 0 rg BT 89.66 478.25 Td (December ) Tj ET Q q 0 0 0 rg BT 133.24 478.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 148.24 478.25 Td (2012 ) Tj ET Q q 0 0 0 rg BT 170.74 478.25 Td (and ) Tj ET Q q 0 0 0 rg BT 187.68 478.25 Td (201) Tj ET Q q 0 0 0 rg BT 202.31 478.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 209.81 478.25 Td (\(in ) Tj ET Q q 0 0 0 rg BT 223.42 478.25 Td (thousands\): ) Tj ET Q q 0 0 0 rg BT 272.03 478.25 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 371.75 m 246.5 371.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 371.75 m 310.5 371.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 371.75 m 326.5 371.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 371.75 m 396.5 371.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 371.75 m 408.5 371.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 371.75 m 481.5 371.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 371.75 m 493.5 371.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 371.75 m 561.5 371.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 371.75 m 246.5 371.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 371.75 m 310.5 371.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 371.75 m 326.5 371.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 371.75 m 396.5 371.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 371.75 m 408.5 371.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 371.75 m 481.5 371.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 371.75 m 493.5 371.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 371.75 m 561.5 371.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 325.35 446.48 Td (Quoted Prices) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 336.75 434.48 Td (in Active) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 329.90 422.48 Td (Markets for) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 417.40 422.48 Td (Significant) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 336.60 410.48 Td (Identical) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 427.80 410.48 Td (Other) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 218.30 398.48 Td (Fair Value of) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 342.15 398.48 Td (Assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 416.05 398.48 Td (Observable) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 499.90 398.48 Td (Significant) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 232.65 386.48 Td (Assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 324.75 386.48 Td (and Liabilities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 426.60 386.48 Td (Inputs) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 493.55 386.48 Td (Unobservable) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 211.95 374.48 Td (and \(Liabilities\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 336.75 374.48 Td (\(Level 1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 421.75 374.48 Td (\(Level 2\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 489.10 374.48 Td (Inputs \(Level 3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 354.37 Td (December 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.00 354.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.30 354.37 Td (\(831) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.65 354.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.00 354.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.15 354.37 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.50 354.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.30 354.37 Td (\(831) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.65 354.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.50 354.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.15 354.37 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 342.37 Td (December 31, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.00 342.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.30 342.37 Td (\(296) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.65 342.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.00 342.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.15 342.37 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.50 342.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.30 342.37 Td (\(296) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.65 342.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.50 342.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.15 342.37 Td ( -) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 316.25 Td (Assets ) Tj ET Q q 0 0 0 rg BT 97.17 316.25 Td (and ) Tj ET Q q 0 0 0 rg BT 115.79 316.25 Td (Liabilities ) Tj ET Q q 0 0 0 rg BT 161.07 316.25 Td (Measur) Tj ET Q q 0 0 0 rg BT 193.66 316.25 Td (ed ) Tj ET Q q 0 0 0 rg BT 206.16 316.25 Td (at ) Tj ET Q q 0 0 0 rg BT 216.99 316.25 Td (Fair) Tj ET Q q 0 0 0 rg BT 235.13 316.25 Td ( ) Tj ET Q q 0 0 0 rg BT 237.45 316.25 Td (V) Tj ET Q q 0 0 0 rg BT 243.76 316.25 Td (alue ) Tj ET Q q 0 0 0 rg BT 264.04 316.25 Td (on ) Tj ET Q q 0 0 0 rg BT 277.10 316.25 Td (a ) Tj ET Q q 0 0 0 rg BT 284.60 316.25 Td (Nonr) Tj ET Q q 0 0 0 rg BT 306.64 316.25 Td (ecurring ) Tj ET Q q 0 0 0 rg BT 345.79 316.25 Td (Basis) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 292.25 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 118.53 292.25 Td (of ) Tj ET Q q 0 0 0 rg BT 128.49 292.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 175.68 292.25 Td (Property) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 211.23 292.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.86 292.25 Td (-In ) Tj ET Q q 0 0 0 rg BT 228.65 292.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 274.16 292.25 Td (with ) Tj ET Q q 0 0 0 rg BT 293.57 292.25 Td (management's ) Tj ET Q q 0 0 0 rg BT 351.98 292.25 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 386.39 292.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 429.67 292.25 Td (of ) Tj ET Q q 0 0 0 rg BT 439.64 292.25 Td (its ) Tj ET Q q 0 0 0 rg BT 450.72 292.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 471.79 292.25 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 510.92 292.25 Td (management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 280.25 Td (considers ) Tj ET Q q 0 0 0 rg BT 108.27 280.25 Td (various ) Tj ET Q q 0 0 0 rg BT 140.21 280.25 Td (scenarios ) Tj ET Q q 0 0 0 rg BT 179.91 280.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 220.73 280.25 Td (a ) Tj ET Q q 0 0 0 rg BT 227.67 280.25 Td (number ) Tj ET Q q 0 0 0 rg BT 260.71 280.25 Td (of ) Tj ET Q q 0 0 0 rg BT 271.54 280.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 303.75 280.25 Td (including ) Tj ET Q q 0 0 0 rg BT 344.03 280.25 Td (market ) Tj ET Q q 0 0 0 rg BT 374.29 280.25 Td (rents, ) Tj ET Q q 0 0 0 rg BT 398.73 280.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 440.10 280.25 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 486.76 280.25 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 543.13 280.25 Td (rates ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 268.25 Td (and ) Tj ET Q q 0 0 0 rg BT 84.94 268.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 125.76 268.25 Td (hold ) Tj ET Q q 0 0 0 rg BT 146.04 268.25 Td (periods. ) Tj ET Q q 0 0 0 rg BT 180.48 268.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 244.25 Td (Assets ) Tj ET Q q 0 0 0 rg BT 95.95 244.25 Td (measured ) Tj ET Q q 0 0 0 rg BT 136.11 244.25 Td (at ) Tj ET Q q 0 0 0 rg BT 145.17 244.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 160.89 244.25 Td (value ) Tj ET Q q 0 0 0 rg BT 184.38 244.25 Td (on ) Tj ET Q q 0 0 0 rg BT 196.22 244.25 Td (a ) Tj ET Q q 0 0 0 rg BT 202.50 244.25 Td (nonrecurring ) Tj ET Q q 0 0 0 rg BT 255.99 244.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 277.83 244.25 Td (at ) Tj ET Q q 0 0 0 rg BT 286.89 244.25 Td (December ) Tj ET Q q 0 0 0 rg BT 329.81 244.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 344.15 244.25 Td (2012, ) Tj ET Q q 0 0 0 rg BT 368.49 244.25 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 414.20 244.25 Td (by ) Tj ET Q q 0 0 0 rg BT 426.04 244.25 Td (the ) Tj ET Q q 0 0 0 rg BT 440.09 244.25 Td (level ) Tj ET Q q 0 0 0 rg BT 461.37 244.25 Td (in ) Tj ET Q q 0 0 0 rg BT 470.99 244.25 Td (the ) Tj ET Q q 0 0 0 rg BT 485.05 244.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 500.76 244.25 Td (value ) Tj ET Q q 0 0 0 rg BT 524.26 244.25 Td (hierarchy ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 232.25 Td (in ) Tj ET Q q 0 0 0 rg BT 78.28 232.25 Td (which ) Tj ET Q q 0 0 0 rg BT 105.22 232.25 Td (those ) Tj ET Q q 0 0 0 rg BT 128.83 232.25 Td (measurements ) Tj ET Q q 0 0 0 rg BT 188.53 232.25 Td (fall, ) Tj ET Q q 0 0 0 rg BT 206.85 232.25 Td (are ) Tj ET Q q 0 0 0 rg BT 221.56 232.25 Td (as ) Tj ET Q q 0 0 0 rg BT 232.39 232.25 Td (follows ) Tj ET Q q 0 0 0 rg BT 264.89 232.25 Td (\(in ) Tj ET Q q 0 0 0 rg BT 278.50 232.25 Td (thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 168.5 135.75 m 174.5 135.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 135.75 m 237.5 135.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 135.75 m 249.5 135.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 135.75 m 316.5 135.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 135.75 m 327.5 135.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 135.75 m 398.5 135.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 135.75 m 409.5 135.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 135.75 m 480.5 135.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 135.75 m 490.5 135.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 135.75 m 561.5 135.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 168.5 135.75 m 174.5 135.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 135.75 m 237.5 135.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 135.75 m 249.5 135.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 135.75 m 316.5 135.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 135.75 m 327.5 135.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 135.75 m 398.5 135.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 135.75 m 409.5 135.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 135.75 m 480.5 135.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 135.75 m 490.5 135.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 135.75 m 561.5 135.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 168.5 88.75 m 174.5 88.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 88.75 m 237.5 88.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 88.75 m 249.5 88.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 88.75 m 316.5 88.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 88.75 m 327.5 88.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 88.75 m 398.5 88.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 88.75 m 409.5 88.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 88.75 m 480.5 88.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 88.75 m 490.5 88.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 88.75 m 561.5 88.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 168.5 88.75 m 174.5 88.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 88.75 m 237.5 88.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 88.75 m 249.5 88.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 88.75 m 316.5 88.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 88.75 m 327.5 88.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 88.75 m 398.5 88.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 88.75 m 409.5 88.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 88.75 m 480.5 88.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 88.75 m 490.5 88.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 88.75 m 561.5 88.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 168.5 69.75 m 174.5 69.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 168.5 67.75 m 174.5 67.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 69.75 m 237.5 69.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 67.75 m 237.5 67.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 69.75 m 249.5 69.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 67.75 m 249.5 67.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 69.75 m 316.5 69.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 67.75 m 316.5 67.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 69.75 m 327.5 69.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 67.75 m 327.5 67.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 69.75 m 398.5 69.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 67.75 m 398.5 67.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 69.75 m 409.5 69.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 67.75 m 409.5 67.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 69.75 m 480.5 69.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 67.75 m 480.5 67.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 69.75 m 490.5 69.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 67.75 m 490.5 67.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 69.75 m 561.5 69.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 67.75 m 561.5 67.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 180.20 140.43 Td (Fair Value) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 248.85 200.43 Td (Quoted Prices ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 260.25 190.43 Td (in ) Tj ET Q q 0 0 0 rg BT 270.54 190.43 Td (Active ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 253.40 180.43 Td (Markets for) Tj ET Q q 0 0 0 rg BT 304.59 180.43 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 254.50 170.43 Td (Idednntical ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 256.35 160.43 Td (Assets and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 257.60 150.43 Td (Liabilities ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 260.25 140.43 Td (\(Level 1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 336.40 170.43 Td (Significant ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 346.80 160.43 Td (Other) Tj ET Q q 0 0 0 rg BT 372.17 160.43 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 335.05 150.43 Td (Observable ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 325.60 140.43 Td (Inputs \(Level 2\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 418.40 160.43 Td (Significant ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 412.05 150.43 Td (Unobservable ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 407.60 140.43 Td (Inputs \(Level 3\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 496.65 180.43 Td (Impairment ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 495.90 170.43 Td (Loss For) Tj ET Q q 0 0 0 rg BT 533.22 170.43 Td ( the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 497.40 160.43 Td (Y) Tj ET Q q 0 0 0 rg BT 503.51 160.43 Td (ear) Tj ET Q q 0 0 0 rg BT 517.21 160.43 Td ( Ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 493.40 150.43 Td (December) Tj ET Q q 0 0 0 rg BT 536.52 150.43 Td ( 31, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 507.45 140.43 Td (2012 ) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 529.95 144.96 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 117.42 Td (Douglas Corporate Center) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.50 117.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.15 117.42 Td (26,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.00 117.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.15 117.42 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.50 117.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 117.42 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.50 117.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.15 117.42 Td (26,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.50 117.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 117.47 Td (\(3,575) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 117.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 103.37 Td (Carillon) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.15 103.37 Td (90,600) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.15 103.37 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 103.37 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.15 103.37 Td (90,600) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.80 103.37 Td (\(30,945) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 103.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 91.37 Td (Charlotte Plaza) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.15 91.37 Td (109,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.15 91.37 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 91.37 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.15 91.37 Td (109,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.80 91.37 Td (\(41,956) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 91.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 71.37 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.50 71.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.15 71.37 Td (225,600) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.00 71.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.15 71.37 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.50 71.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 71.37 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.50 71.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.15 71.37 Td (225,600) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.50 71.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.80 71.37 Td (\(76,476) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 71.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 306.00 61.78 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 45.25 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 86.00 49.78 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.63 45.25 Td (T) Tj ET Q q 0 0 0 rg BT 93.04 45.25 Td (otal ) Tj ET Q q 0 0 0 rg BT 110.53 45.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 159.13 45.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 177.19 45.25 Td (excludes ) Tj ET Q q 0 0 0 rg BT 214.68 45.25 Td (impairments ) Tj ET Q q 0 0 0 rg BT 267.17 45.25 Td (on ) Tj ET Q q 0 0 0 rg BT 279.67 45.25 Td (disposed ) Tj ET Q q 0 0 0 rg BT 317.17 45.25 Td (assets.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 237 0 obj <> endobj 238 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.65 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 31.60 Td (16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (Assets ) Tj ET Q q 0 0 0 rg BT 95.97 730.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 136.14 730.10 Td (at ) Tj ET Q q 0 0 0 rg BT 145.22 730.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 160.95 730.10 Td (value ) Tj ET Q q 0 0 0 rg BT 184.47 730.10 Td (on ) Tj ET Q q 0 0 0 rg BT 196.33 730.10 Td (a ) Tj ET Q q 0 0 0 rg BT 202.62 730.10 Td (nonrecurring ) Tj ET Q q 0 0 0 rg BT 256.13 730.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 277.98 730.10 Td (at ) Tj ET Q q 0 0 0 rg BT 287.06 730.10 Td (December ) Tj ET Q q 0 0 0 rg BT 330.00 730.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 344.36 730.10 Td (201) Tj ET Q q 0 0 0 rg BT 358.99 730.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 368.34 730.10 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 414.06 730.10 Td (by ) Tj ET Q q 0 0 0 rg BT 425.92 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 440.00 730.10 Td (level ) Tj ET Q q 0 0 0 rg BT 461.29 730.10 Td (in ) Tj ET Q q 0 0 0 rg BT 470.92 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.00 730.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 500.73 730.10 Td (value ) Tj ET Q q 0 0 0 rg BT 524.25 730.10 Td (hierarchy ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (in ) Tj ET Q q 0 0 0 rg BT 78.28 718.10 Td (which ) Tj ET Q q 0 0 0 rg BT 105.22 718.10 Td (those ) Tj ET Q q 0 0 0 rg BT 128.83 718.10 Td (measurements ) Tj ET Q q 0 0 0 rg BT 188.53 718.10 Td (fall, ) Tj ET Q q 0 0 0 rg BT 206.85 718.10 Td (are ) Tj ET Q q 0 0 0 rg BT 221.56 718.10 Td (as ) Tj ET Q q 0 0 0 rg BT 232.39 718.10 Td (follows ) Tj ET Q q 0 0 0 rg BT 264.89 718.10 Td (\(in ) Tj ET Q q 0 0 0 rg BT 278.50 718.10 Td (thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 611.6 m 181.5 611.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 611.6 m 225.5 611.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 611.6 m 236.5 611.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 611.6 m 300.5 611.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 611.6 m 311.5 611.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 611.6 m 362.5 611.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 611.6 m 404.5 611.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 611.6 m 446.5 611.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 611.6 m 456.5 611.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 611.6 m 545.5 611.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 611.6 m 181.5 611.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 611.6 m 225.5 611.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 611.6 m 236.5 611.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 611.6 m 300.5 611.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 611.6 m 311.5 611.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 611.6 m 362.5 611.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 611.6 m 404.5 611.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 611.6 m 446.5 611.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 611.6 m 456.5 611.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 611.6 m 545.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 500.6 m 181.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 500.6 m 225.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 500.6 m 236.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 500.6 m 300.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 500.6 m 311.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 500.6 m 362.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 500.6 m 404.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 500.6 m 446.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 500.6 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 456.5 500.6 m 545.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 500.6 m 181.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 500.6 m 225.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 500.6 m 236.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 500.6 m 300.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 500.6 m 311.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 500.6 m 362.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 500.6 m 404.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 500.6 m 446.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 500.6 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 456.5 500.6 m 545.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 481.6 m 181.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 479.6 m 181.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 481.6 m 225.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 479.6 m 225.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 481.6 m 236.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 479.6 m 236.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 481.6 m 300.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 479.6 m 300.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 481.6 m 311.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 479.6 m 311.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 481.6 m 362.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 479.6 m 362.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 481.6 m 404.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 479.6 m 404.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 481.6 m 446.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 479.6 m 446.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 481.6 m 456.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 479.6 m 456.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 481.6 m 545.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 479.6 m 545.5 479.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 234.85 686.33 Td (Quoted Prices) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 246.25 674.33 Td (in Active) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 239.40 662.33 Td (Markets for) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 310.40 662.33 Td (Significant) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 246.10 650.33 Td (Identical) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 320.80 650.33 Td (Other) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 460.65 650.33 Td (Impairment Loss) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 251.65 638.33 Td (Assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 309.05 638.33 Td (Observable) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 383.40 638.33 Td (Significant) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 455.75 638.33 Td (For the Year Ended) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 234.25 626.33 Td (and Liabilities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 319.60 626.33 Td (Inputs) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 377.05 626.33 Td (Unobservable) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 468.40 626.33 Td (December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 190.90 614.33 Td (Fair) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 246.25 614.33 Td (\(Level 1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 314.75 614.33 Td (\(Level 2\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 372.60 614.33 Td (Inputs \(Level 3\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.50 614.33 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 593.27 Td (Douglas Corporate Center) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.50 593.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.10 593.27 Td (29,600) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.50 593.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.15 593.27 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.50 593.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.15 593.27 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.00 593.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.10 593.27 Td (29,600) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 593.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.80 593.32 Td (\(27,388) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.65 593.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 578.27 Td (Johnson Ranch Corporate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 568.27 Td (Centre) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.10 568.27 Td (20,300) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.15 568.27 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.15 568.27 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.10 568.27 Td (20,300) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.80 568.32 Td (\(23,277) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.65 568.27 Td (\)) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 549.20 573.43 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 547.27 Td (Olympus Corporate Centre) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.10 547.27 Td (21,800) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.15 547.27 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.15 547.27 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.10 547.27 Td (21,800) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.80 547.32 Td (\(9,214) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.65 547.27 Td (\)) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 549.20 552.43 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 526.27 Td (Roseville Corporate Center) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.10 526.27 Td (14,700) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.15 526.27 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.15 526.27 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.10 526.27 Td (14,700) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.80 526.32 Td (\(17,183) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.65 526.27 Td (\)) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 549.20 531.43 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 505.27 Td (Summit at Douglas Ridge) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.10 505.27 Td (29,400) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.15 505.27 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.15 505.27 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.10 505.27 Td (29,400) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.80 505.32 Td (\(23,995) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.65 505.27 Td (\)) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 549.20 510.43 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 483.22 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.50 483.22 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.10 483.22 Td (115,800) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.50 483.22 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.15 483.22 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.50 483.22 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.15 483.22 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.00 483.22 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.10 483.22 Td (115,800) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 483.22 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.80 483.22 Td (\(101,057) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.65 483.22 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 563.00 485.63 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 455.90 Td (\(1\) ) Tj ET Q BT /F2 11.00 Tf ET BT /F2 7.15 Tf ET q 0 0 0 rg BT 86.00 460.88 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.30 455.90 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 138.18 455.90 Td (losses ) Tj ET Q q 0 0 0 rg BT 165.29 455.90 Td (for ) Tj ET Q q 0 0 0 rg BT 180.18 455.90 Td (the ) Tj ET Q q 0 0 0 rg BT 195.62 455.90 Td (Roseville ) Tj ET Q q 0 0 0 rg BT 236.62 455.90 Td (Disposition ) Tj ET Q q 0 0 0 rg BT 285.96 455.90 Td (Group ) Tj ET Q q 0 0 0 rg BT 314.74 455.90 Td (are ) Tj ET Q q 0 0 0 rg BT 330.17 455.90 Td (included ) Tj ET Q q 0 0 0 rg BT 367.82 455.90 Td (in ) Tj ET Q q 0 0 0 rg BT 378.83 455.90 Td (the ) Tj ET Q q 0 0 0 rg BT 394.27 455.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 448.03 455.90 Td (statement ) Tj ET Q q 0 0 0 rg BT 489.58 455.90 Td (of ) Tj ET Q q 0 0 0 rg BT 501.13 455.90 Td (operations ) Tj ET Q q 0 0 0 rg BT 546.01 455.90 Td (as ) Tj ET Q q 0 0 0 rg BT 557.57 455.90 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 443.90 Td (component ) Tj ET Q q 0 0 0 rg BT 132.93 443.90 Td (of ) Tj ET Q q 0 0 0 rg BT 143.76 443.90 Td (loss ) Tj ET Q q 0 0 0 rg BT 161.83 443.90 Td (from ) Tj ET Q q 0 0 0 rg BT 183.76 443.90 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 237.37 443.90 Td (operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 419.90 Td (The ) Tj ET Q q 0 0 0 rg BT 85.49 419.90 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 134.64 419.90 Td (information ) Tj ET Q q 0 0 0 rg BT 183.80 419.90 Td (about ) Tj ET Q q 0 0 0 rg BT 207.96 419.90 Td (the ) Tj ET Q q 0 0 0 rg BT 222.12 419.90 Td (significant ) Tj ET Q q 0 0 0 rg BT 266.27 419.90 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 321.53 419.90 Td (inputs ) Tj ET Q q 0 0 0 rg BT 347.92 419.90 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 375.96 419.90 Td (3\) ) Tj ET Q q 0 0 0 rg BT 386.23 419.90 Td (for ) Tj ET Q q 0 0 0 rg BT 399.84 419.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 425.11 419.90 Td (measured ) Tj ET Q q 0 0 0 rg BT 465.37 419.90 Td (at ) Tj ET Q q 0 0 0 rg BT 474.53 419.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 490.35 419.90 Td (value ) Tj ET Q q 0 0 0 rg BT 513.95 419.90 Td (during ) Tj ET Q q 0 0 0 rg BT 542.00 419.90 Td (2012 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 407.90 Td (are ) Tj ET Q q 0 0 0 rg BT 82.71 407.90 Td (as ) Tj ET Q q 0 0 0 rg BT 93.54 407.90 Td (follows ) Tj ET Q q 0 0 0 rg BT 126.04 407.90 Td (\(in ) Tj ET Q q 0 0 0 rg BT 139.65 407.90 Td (thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 180 349.4 m 190 349.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 190 349.4 m 268 349.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 273 349.4 m 373 349.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378 349.4 m 479 349.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483 349.4 m 558 349.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 180 349.4 m 190 349.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 190 349.4 m 268 349.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 273 349.4 m 373 349.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378 349.4 m 479 349.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483 349.4 m 558 349.4 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 201.20 376.13 Td (Fair Value) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 404.90 376.13 Td (Significant) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 189.00 364.13 Td (at December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 301.80 364.13 Td (Valuation) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 403.55 364.13 Td (Observable) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 213.50 352.13 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.45 352.13 Td (Technique) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 416.00 352.13 Td (Input) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 506.35 352.13 Td (Range) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 55.50 332.02 Td (Douglas Corporate Center) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.00 332.02 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.65 332.02 Td (26,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.50 332.02 Td (Discounted Cash Flow) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.50 332.02 Td (Discount rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.15 332.02 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.15 332.02 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.50 320.02 Td (Capitalization rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.15 320.02 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.15 320.02 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.50 308.02 Td (Market rent growth) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.50 308.02 Td (3% - 7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.50 296.02 Td (Expense Growth rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.50 296.02 Td (2% - 3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 55.50 276.02 Td (Carillon/Charlotte Plaza) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.00 276.02 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.65 276.02 Td (199,600) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.50 276.02 Td (Discounted Cash Flow) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.50 276.02 Td (Discount rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.50 276.02 Td (7.75% - 8.25%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.50 264.02 Td (Capitalization rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.50 264.02 Td (7.25% - 7.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.50 252.02 Td (Market rent growth) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.50 252.02 Td (1% - 3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.50 240.02 Td (Expense Growth rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.50 240.02 Td (2% - 3%) Tj ET Q BT /F2 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 213.90 Td (Other ) Tj ET Q q 0 0 0 rg BT 94.19 213.90 Td (Financial ) Tj ET Q q 0 0 0 rg BT 137.06 213.90 Td (Instruments) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 187.08 213.90 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.38 213.90 Td (-) Tj ET Q q 0 0 0 rg BT 194.66 213.90 Td (As ) Tj ET Q q 0 0 0 rg BT 208.07 213.90 Td (of ) Tj ET Q q 0 0 0 rg BT 218.70 213.90 Td (December ) Tj ET Q q 0 0 0 rg BT 262.09 213.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 276.89 213.90 Td (2012, ) Tj ET Q q 0 0 0 rg BT 301.69 213.90 Td (management ) Tj ET Q q 0 0 0 rg BT 355.08 213.90 Td (estimated ) Tj ET Q q 0 0 0 rg BT 395.70 213.90 Td (that ) Tj ET Q q 0 0 0 rg BT 412.99 213.90 Td (the ) Tj ET Q q 0 0 0 rg BT 427.51 213.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 443.68 213.90 Td (value ) Tj ET Q q 0 0 0 rg BT 467.64 213.90 Td (of ) Tj ET Q q 0 0 0 rg BT 478.27 213.90 Td (notes ) Tj ET Q q 0 0 0 rg BT 501.68 213.90 Td (payable, ) Tj ET Q q 0 0 0 rg BT 537.57 213.90 Td (which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 201.90 Td (had ) Tj ET Q q 0 0 0 rg BT 85.35 201.90 Td (a ) Tj ET Q q 0 0 0 rg BT 92.70 201.90 Td (carrying ) Tj ET Q q 0 0 0 rg BT 128.92 201.90 Td (value ) Tj ET Q q 0 0 0 rg BT 153.48 201.90 Td (of ) Tj ET Q q 0 0 0 rg BT 164.72 201.90 Td ($1,808.4 ) Tj ET Q q 0 0 0 rg BT 202.63 201.90 Td (million, ) Tj ET Q q 0 0 0 rg BT 236.93 201.90 Td (was ) Tj ET Q q 0 0 0 rg BT 255.39 201.90 Td ($1,829.3 ) Tj ET Q q 0 0 0 rg BT 293.30 201.90 Td (million. ) Tj ET Q q 0 0 0 rg BT 326.96 201.90 Td (As ) Tj ET Q q 0 0 0 rg BT 340.98 201.90 Td (of ) Tj ET Q q 0 0 0 rg BT 352.22 201.90 Td (December ) Tj ET Q q 0 0 0 rg BT 396.22 201.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 411.63 201.90 Td (201) Tj ET Q q 0 0 0 rg BT 426.26 201.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 436.66 201.90 Td (management ) Tj ET Q q 0 0 0 rg BT 490.66 201.90 Td (estimated ) Tj ET Q q 0 0 0 rg BT 531.89 201.90 Td (that ) Tj ET Q q 0 0 0 rg BT 549.80 201.90 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 189.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 84.72 189.90 Td (value ) Tj ET Q q 0 0 0 rg BT 109.22 189.90 Td (of ) Tj ET Q q 0 0 0 rg BT 120.40 189.90 Td (notes ) Tj ET Q q 0 0 0 rg BT 144.35 189.90 Td (payable, ) Tj ET Q q 0 0 0 rg BT 180.79 189.90 Td (which ) Tj ET Q q 0 0 0 rg BT 208.08 189.90 Td (had ) Tj ET Q q 0 0 0 rg BT 225.36 189.90 Td (a ) Tj ET Q q 0 0 0 rg BT 232.65 189.90 Td (carrying ) Tj ET Q q 0 0 0 rg BT 268.81 189.90 Td (value ) Tj ET Q q 0 0 0 rg BT 293.31 189.90 Td (of ) Tj ET Q q 0 0 0 rg BT 304.48 189.90 Td ($2,227.1 ) Tj ET Q q 0 0 0 rg BT 342.33 189.90 Td (million, ) Tj ET Q q 0 0 0 rg BT 376.57 189.90 Td (was ) Tj ET Q q 0 0 0 rg BT 394.96 189.90 Td ($2,186.7 ) Tj ET Q q 0 0 0 rg BT 432.81 189.90 Td (million. ) Tj ET Q q 0 0 0 rg BT 466.84 189.90 Td (The ) Tj ET Q q 0 0 0 rg BT 485.23 189.90 Td (discount ) Tj ET Q q 0 0 0 rg BT 521.97 189.90 Td (rates ) Tj ET Q q 0 0 0 rg BT 543.69 189.90 Td (used ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 177.90 Td (approximate ) Tj ET Q q 0 0 0 rg BT 120.47 177.90 Td (current ) Tj ET Q q 0 0 0 rg BT 151.27 177.90 Td (lending ) Tj ET Q q 0 0 0 rg BT 183.75 177.90 Td (rates ) Tj ET Q q 0 0 0 rg BT 205.12 177.90 Td (for ) Tj ET Q q 0 0 0 rg BT 219.27 177.90 Td (loans ) Tj ET Q q 0 0 0 rg BT 242.86 177.90 Td (or ) Tj ET Q q 0 0 0 rg BT 253.68 177.90 Td (groups ) Tj ET Q q 0 0 0 rg BT 283.39 177.90 Td (of ) Tj ET Q q 0 0 0 rg BT 294.21 177.90 Td (loans ) Tj ET Q q 0 0 0 rg BT 317.80 177.90 Td (with ) Tj ET Q q 0 0 0 rg BT 338.07 177.90 Td (similar ) Tj ET Q q 0 0 0 rg BT 368.33 177.90 Td (maturities ) Tj ET Q q 0 0 0 rg BT 410.81 177.90 Td (and ) Tj ET Q q 0 0 0 rg BT 427.74 177.90 Td (credit ) Tj ET Q q 0 0 0 rg BT 452.99 177.90 Td (quality) Tj ET Q q 0 0 0 rg BT 480.11 177.90 Td (, ) Tj ET Q q 0 0 0 rg BT 485.10 177.90 Td (assumes ) Tj ET Q q 0 0 0 rg BT 520.92 177.90 Td (the ) Tj ET Q q 0 0 0 rg BT 535.62 177.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 555.33 177.90 Td (is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 165.90 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 116.88 165.90 Td (through ) Tj ET Q q 0 0 0 rg BT 150.20 165.90 Td (maturity ) Tj ET Q q 0 0 0 rg BT 186.29 165.90 Td (and ) Tj ET Q q 0 0 0 rg BT 202.94 165.90 Td (considers ) Tj ET Q q 0 0 0 rg BT 242.92 165.90 Td (the ) Tj ET Q q 0 0 0 rg BT 257.35 165.90 Td (debt's ) Tj ET Q q 0 0 0 rg BT 282.47 165.90 Td (collateral ) Tj ET Q q 0 0 0 rg BT 321.88 165.90 Td (\(if ) Tj ET Q q 0 0 0 rg BT 333.53 165.90 Td (applicable\). ) Tj ET Q q 0 0 0 rg BT 382.66 165.90 Td (Management ) Tj ET Q q 0 0 0 rg BT 437.08 165.90 Td (has ) Tj ET Q q 0 0 0 rg BT 452.62 165.90 Td (utilized ) Tj ET Q q 0 0 0 rg BT 484.82 165.90 Td (market ) Tj ET Q q 0 0 0 rg BT 514.80 165.90 Td (information ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 153.90 Td (as ) Tj ET Q q 0 0 0 rg BT 78.83 153.90 Td (available ) Tj ET Q q 0 0 0 rg BT 117.42 153.90 Td (or ) Tj ET Q q 0 0 0 rg BT 128.25 153.90 Td (present ) Tj ET Q q 0 0 0 rg BT 159.63 153.90 Td (value ) Tj ET Q q 0 0 0 rg BT 183.78 153.90 Td (techniques ) Tj ET Q q 0 0 0 rg BT 229.04 153.90 Td (to ) Tj ET Q q 0 0 0 rg BT 239.32 153.90 Td (estimate ) Tj ET Q q 0 0 0 rg BT 275.14 153.90 Td (the ) Tj ET Q q 0 0 0 rg BT 289.86 153.90 Td (amounts ) Tj ET Q q 0 0 0 rg BT 326.25 153.90 Td (required ) Tj ET Q q 0 0 0 rg BT 362.06 153.90 Td (to ) Tj ET Q q 0 0 0 rg BT 372.34 153.90 Td (be ) Tj ET Q q 0 0 0 rg BT 384.28 153.90 Td (disclosed. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 129.90 Td (Other ) Tj ET Q q 0 0 0 rg BT 92.98 129.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 130.17 129.90 Td (instruments ) Tj ET Q q 0 0 0 rg BT 179.04 129.90 Td (not ) Tj ET Q q 0 0 0 rg BT 194.03 129.90 Td (measured ) Tj ET Q q 0 0 0 rg BT 234.55 129.90 Td (at ) Tj ET Q q 0 0 0 rg BT 243.98 129.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 260.06 129.90 Td (value ) Tj ET Q q 0 0 0 rg BT 283.92 129.90 Td (on ) Tj ET Q q 0 0 0 rg BT 296.13 129.90 Td (a ) Tj ET Q q 0 0 0 rg BT 302.78 129.90 Td (recurring ) Tj ET Q q 0 0 0 rg BT 341.63 129.90 Td (basis ) Tj ET Q q 0 0 0 rg BT 363.84 129.90 Td (include ) Tj ET Q q 0 0 0 rg BT 395.48 129.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 415.46 129.90 Td (and ) Tj ET Q q 0 0 0 rg BT 432.11 129.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 452.09 129.90 Td (equivalents, ) Tj ET Q q 0 0 0 rg BT 502.34 129.90 Td (restricted ) Tj ET Q q 0 0 0 rg BT 541.75 129.90 Td (cash, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 117.90 Td (tenant ) Tj ET Q q 0 0 0 rg BT 93.78 117.90 Td (and ) Tj ET Q q 0 0 0 rg BT 109.57 117.90 Td (other ) Tj ET Q q 0 0 0 rg BT 131.47 117.90 Td (receivables, ) Tj ET Q q 0 0 0 rg BT 180.29 117.90 Td (accounts ) Tj ET Q q 0 0 0 rg BT 216.63 117.90 Td (payable ) Tj ET Q q 0 0 0 rg BT 249.07 117.90 Td (and ) Tj ET Q q 0 0 0 rg BT 264.86 117.90 Td (accrued ) Tj ET Q q 0 0 0 rg BT 297.29 117.90 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 337.24 117.90 Td (other ) Tj ET Q q 0 0 0 rg BT 359.14 117.90 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 400.20 117.90 Td (due ) Tj ET Q q 0 0 0 rg BT 415.99 117.90 Td (to ) Tj ET Q q 0 0 0 rg BT 425.12 117.90 Td (af) Tj ET Q q 0 0 0 rg BT 432.71 117.90 Td (filiates ) Tj ET Q q 0 0 0 rg BT 461.27 117.90 Td (and ) Tj ET Q q 0 0 0 rg BT 477.06 117.90 Td (distributions ) Tj ET Q q 0 0 0 rg BT 528.42 117.90 Td (payable. ) Tj ET Q q 0 0 0 rg BT 564.51 117.90 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 105.90 Td (The ) Tj ET Q q 0 0 0 rg BT 86.18 105.90 Td (carrying ) Tj ET Q q 0 0 0 rg BT 122.12 105.90 Td (value ) Tj ET Q q 0 0 0 rg BT 146.41 105.90 Td (of ) Tj ET Q q 0 0 0 rg BT 157.37 105.90 Td (these ) Tj ET Q q 0 0 0 rg BT 180.55 105.90 Td (items ) Tj ET Q q 0 0 0 rg BT 204.84 105.90 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 250.79 105.90 Td (approximates ) Tj ET Q q 0 0 0 rg BT 307.29 105.90 Td (their ) Tj ET Q q 0 0 0 rg BT 328.25 105.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 344.76 105.90 Td (value ) Tj ET Q q 0 0 0 rg BT 369.04 105.90 Td (based ) Tj ET Q q 0 0 0 rg BT 394.44 105.90 Td (on ) Tj ET Q q 0 0 0 rg BT 407.07 105.90 Td (their ) Tj ET Q q 0 0 0 rg BT 428.03 105.90 Td (highly-liquid ) Tj ET Q q 0 0 0 rg BT 482.88 105.90 Td (nature ) Tj ET Q q 0 0 0 rg BT 510.50 105.90 Td (and/or ) Tj ET Q q 0 0 0 rg BT 538.68 105.90 Td (short-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 93.90 Td (term ) Tj ET Q q 0 0 0 rg BT 88.83 93.90 Td (maturities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 239 0 obj <> endobj 240 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.65 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 31.60 Td (17) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (13. ) Tj ET Q q 0 0 0 rg BT 65.00 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 742.25 Td (SUPPLEMENT) Tj ET Q q 0 0 0 rg BT 135.10 742.25 Td (AL) Tj ET Q q 0 0 0 rg BT 148.44 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 150.94 742.25 Td (CASH ) Tj ET Q q 0 0 0 rg BT 181.22 742.25 Td (FLOW) Tj ET Q q 0 0 0 rg BT 211.60 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 214.10 742.25 Td (DISCLOSURES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.00 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 72.00 718.25 Td (Supplemental ) Tj ET Q q 0 0 0 rg BT 129.49 718.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 149.76 718.25 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 196.70 718.25 Td (were ) Tj ET Q q 0 0 0 rg BT 218.63 718.25 Td (as ) Tj ET Q q 0 0 0 rg BT 229.46 718.25 Td (follows ) Tj ET Q q 0 0 0 rg BT 261.96 718.25 Td (\(in ) Tj ET Q q 0 0 0 rg BT 275.56 718.25 Td (thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 367 696.75 m 376 696.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 376 696.75 m 426 696.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 435 696.75 m 443 696.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 443 696.75 m 493 696.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 502 696.75 m 511 696.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511 696.75 m 561 696.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 367 696.75 m 376 696.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 376 696.75 m 426 696.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 435 696.75 m 443 696.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 443 696.75 m 493 696.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 502 696.75 m 511 696.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511 696.75 m 561 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 674.75 m 376 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 672.75 m 376 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 674.75 m 426 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 672.75 m 426 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 674.75 m 443 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 672.75 m 443 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 674.75 m 493 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 672.75 m 493 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 674.75 m 511 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 672.75 m 511 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 674.75 m 561 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 672.75 m 561 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 672.75 m 376 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 674.75 m 376 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 659.75 m 376 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 657.75 m 376 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 672.75 m 426 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 674.75 m 426 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 659.75 m 426 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 657.75 m 426 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 672.75 m 443 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 674.75 m 443 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 659.75 m 443 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 657.75 m 443 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 672.75 m 493 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 674.75 m 493 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 659.75 m 493 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 657.75 m 493 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 672.75 m 511 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 674.75 m 511 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 659.75 m 511 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 657.75 m 511 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 672.75 m 561 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 674.75 m 561 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 659.75 m 561 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 657.75 m 561 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 622.75 m 376 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 620.75 m 376 620.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 622.75 m 426 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 620.75 m 426 620.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 622.75 m 443 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 620.75 m 443 620.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 622.75 m 493 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 620.75 m 493 620.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 622.75 m 511 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 620.75 m 511 620.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 622.75 m 561 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 620.75 m 561 620.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 620.75 m 376 620.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 622.75 m 376 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 607.75 m 376 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 605.75 m 376 605.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 620.75 m 426 620.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 622.75 m 426 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 607.75 m 426 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 605.75 m 426 605.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 620.75 m 443 620.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 622.75 m 443 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 607.75 m 443 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 605.75 m 443 605.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 620.75 m 493 620.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 622.75 m 493 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 607.75 m 493 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 605.75 m 493 605.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 620.75 m 511 620.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 622.75 m 511 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 607.75 m 511 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 605.75 m 511 605.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 620.75 m 561 620.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 622.75 m 561 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 607.75 m 561 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 605.75 m 561 605.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 605.75 m 376 605.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 607.75 m 376 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 605.75 m 426 605.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 607.75 m 426 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 605.75 m 443 605.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 607.75 m 443 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 605.75 m 493 605.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 607.75 m 493 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 605.75 m 511 605.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 607.75 m 511 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 605.75 m 561 605.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 607.75 m 561 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 577.75 m 376 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 575.75 m 376 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 577.75 m 426 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 575.75 m 426 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 577.75 m 443 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 575.75 m 443 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 577.75 m 493 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 575.75 m 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376 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 530.75 m 426 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 532.75 m 426 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 517.75 m 426 517.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 515.75 m 426 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 530.75 m 443 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 532.75 m 443 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 517.75 m 443 517.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 515.75 m 443 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 530.75 m 493 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 532.75 m 493 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 517.75 m 493 517.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 515.75 m 493 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 530.75 m 511 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 532.75 m 511 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 517.75 m 511 517.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 515.75 m 511 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 530.75 m 561 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 532.75 m 561 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 517.75 m 561 517.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 515.75 m 561 515.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 386.00 698.53 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 453.50 698.53 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 521.00 698.53 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 687.37 Td (SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 676.37 Td ( Cash paid during the period for interest, net of amounts capitalized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.50 676.37 Td 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596.42 Td ( Dividends and distributions declared and unpaid to redeemable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 581.42 Td ( noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.50 581.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.65 581.42 Td (10,664) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 581.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 581.42 Td (3,073) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.50 581.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.65 581.42 Td (4,559) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 566.42 Td ( Accrued redemption of partnership interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.50 566.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.65 566.42 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 566.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 566.42 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.50 566.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.65 566.42 Td (30,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 551.42 Td ( Security deposits applied against outstanding tenant accounts receivable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.50 551.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.65 551.42 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 551.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.15 551.42 Td (22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.50 551.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.15 551.42 Td (800) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 536.42 Td ( Mortgage assumed by buyer upon disposition of property) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.50 536.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.65 536.42 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 536.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 536.42 Td ( -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.50 536.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.65 536.42 Td (49,850) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 521.42 Td ( Security deposits assumed by buyer upon disposition of property) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.50 521.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 521.42 Td (879) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 521.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.15 521.42 Td (285) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.50 521.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.65 521.42 Td (1,201) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 493.25 Td (14.COMMITMENTS ) Tj ET Q q 0 0 0 rg BT 149.45 493.25 Td (AND ) Tj ET Q q 0 0 0 rg BT 173.61 493.25 Td (CONTINGENCIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 469.25 Td (The ) Tj ET Q q 0 0 0 rg BT 86.22 469.25 Td (Fund ) Tj ET Q q 0 0 0 rg BT 109.46 469.25 Td (is ) Tj ET Q q 0 0 0 rg BT 118.81 469.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 149.81 469.25 Td (to ) Tj ET Q q 0 0 0 rg BT 160.26 469.25 Td (various ) Tj ET Q q 0 0 0 rg BT 192.38 469.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 214.48 469.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 265.48 469.25 Td (and ) Tj ET Q q 0 0 0 rg BT 282.59 469.25 Td (claims ) Tj ET Q q 0 0 0 rg BT 311.37 469.25 Td (that ) Tj ET Q q 0 0 0 rg BT 329.04 469.25 Td (arise ) Tj ET Q q 0 0 0 rg BT 350.59 469.25 Td (in ) Tj ET Q q 0 0 0 rg BT 361.05 469.25 Td (the ) Tj ET Q q 0 0 0 rg BT 375.94 469.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 412.49 469.25 Td (course ) Tj ET Q q 0 0 0 rg BT 441.27 469.25 Td (of ) Tj ET Q q 0 0 0 rg BT 452.27 469.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 491.15 469.25 Td (These ) Tj ET Q q 0 0 0 rg BT 517.70 469.25 Td (matters ) Tj ET Q q 0 0 0 rg BT 549.81 469.25 Td (are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 457.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 106.94 457.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 140.32 457.25 Td (by ) Tj ET Q q 0 0 0 rg BT 152.05 457.25 Td (insurance. ) Tj ET Q q 0 0 0 rg BT 194.48 457.25 Td (While ) Tj ET Q q 0 0 0 rg BT 220.65 457.25 Td (the ) Tj ET Q q 0 0 0 rg BT 234.60 457.25 Td (resolution ) Tj ET Q q 0 0 0 rg BT 276.33 457.25 Td (of ) Tj ET Q q 0 0 0 rg BT 286.39 457.25 Td (these ) Tj ET Q q 0 0 0 rg BT 308.67 457.25 Td (matters ) Tj ET Q q 0 0 0 rg BT 339.84 457.25 Td (cannot ) Tj ET Q q 0 0 0 rg BT 368.23 457.25 Td (be ) Tj ET Q q 0 0 0 rg BT 379.41 457.25 Td (predicted ) Tj ET Q q 0 0 0 rg BT 418.34 457.25 Td (with ) Tj ET Q q 0 0 0 rg BT 437.86 457.25 Td (certainty) Tj ET Q q 0 0 0 rg BT 472.19 457.25 Td (, ) Tj ET Q q 0 0 0 rg BT 476.42 457.25 Td (management ) Tj ET Q q 0 0 0 rg BT 529.25 457.25 Td (believes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 445.25 Td (the ) Tj ET Q q 0 0 0 rg BT 82.72 445.25 Td (final ) Tj ET Q q 0 0 0 rg BT 103.54 445.25 Td (outcome ) Tj ET Q q 0 0 0 rg BT 140.48 445.25 Td (of ) Tj ET Q q 0 0 0 rg BT 151.31 445.25 Td (such ) Tj ET Q q 0 0 0 rg BT 172.14 445.25 Td (matters ) Tj ET Q q 0 0 0 rg BT 204.07 445.25 Td (will 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Td (15.SUBSEQUENT) Tj ET Q q 0 0 0 rg BT 134.57 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 137.07 742.25 Td (EVENTS) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (Foreclosure ) Tj ET Q q 0 0 0 rg BT 120.55 718.25 Td (of ) Tj ET Q q 0 0 0 rg BT 131.42 718.25 Td (Douglas ) Tj ET Q q 0 0 0 rg BT 168.42 718.25 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 212.64 718.25 Td (Center) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 240.42 718.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.96 718.25 Td (-On ) Tj ET Q q 0 0 0 rg BT 263.56 718.25 Td (January ) Tj ET Q q 0 0 0 rg BT 297.21 718.25 Td (2, ) Tj ET Q q 0 0 0 rg BT 307.25 718.25 Td (2013, ) Tj ET Q q 0 0 0 rg BT 332.30 718.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 369.28 718.25 Td (to ) Tj ET Q q 0 0 0 rg BT 379.61 718.25 Td (a ) Tj ET Q q 0 0 0 rg BT 386.59 718.25 Td (foreclosure, ) Tj ET Q q 0 0 0 rg BT 436.62 718.25 Td (the ) Tj ET Q q 0 0 0 rg BT 451.38 718.25 Td (Fund ) Tj ET Q q 0 0 0 rg BT 474.49 718.25 Td (transferred ) Tj ET Q q 0 0 0 rg BT 520.34 718.25 Td (ownership ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 78.51 706.25 Td (Douglas ) Tj ET Q q 0 0 0 rg BT 114.01 706.25 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 156.17 706.25 Td (Center ) Tj ET Q q 0 0 0 rg BT 185.00 706.25 Td (to ) Tj ET Q q 0 0 0 rg BT 194.96 706.25 Td (the ) Tj ET Q q 0 0 0 rg BT 209.35 706.25 Td (lender ) Tj ET Q q 0 0 0 rg BT 236.51 706.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 279.78 706.25 Td (with ) Tj ET Q q 0 0 0 rg BT 299.73 706.25 Td (this ) Tj ET Q q 0 0 0 rg BT 316.35 706.25 Td (property ) Tj ET Q q 0 0 0 rg BT 352.41 706.25 Td (in ) Tj ET Q q 0 0 0 rg BT 362.36 706.25 Td (full ) Tj ET Q q 0 0 0 rg BT 378.42 706.25 Td (settlement ) Tj ET Q q 0 0 0 rg BT 421.70 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 432.20 706.25 Td (the ) Tj ET Q q 0 0 0 rg BT 446.59 706.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 486.53 706.25 Td (debt. ) Tj ET Q q 0 0 0 rg BT 508.42 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 510.44 706.25 Td (The ) Tj ET Q q 0 0 0 rg BT 528.17 706.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 547.56 706.25 Td (had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 694.25 Td (an ) Tj ET Q q 0 0 0 rg BT 79.47 694.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 128.16 694.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 165.73 694.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 198.29 694.25 Td (of ) Tj ET Q q 0 0 0 rg BT 208.65 694.25 Td ($36.0 ) Tj ET Q q 0 0 0 rg BT 233.18 694.25 Td (million ) Tj ET Q q 0 0 0 rg BT 264.10 694.25 Td (and ) Tj ET Q q 0 0 0 rg BT 280.57 694.25 Td (a ) Tj ET Q q 0 0 0 rg BT 287.04 694.25 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 329.05 694.25 Td (maturity ) Tj ET Q q 0 0 0 rg BT 364.96 694.25 Td (date ) Tj ET Q q 0 0 0 rg BT 383.64 694.25 Td (of ) Tj ET Q q 0 0 0 rg BT 394.00 694.25 Td (June ) Tj ET Q q 0 0 0 rg BT 414.36 694.25 Td (2014. ) Tj ET Q q 0 0 0 rg BT 438.89 694.25 Td ( ) Tj ET Q q 0 0 0 rg BT 440.77 694.25 Td (The ) Tj ET Q q 0 0 0 rg BT 458.35 694.25 Td (net ) Tj ET Q q 0 0 0 rg BT 472.59 694.25 Td (book ) Tj ET Q q 0 0 0 rg BT 494.62 694.25 Td (value ) Tj ET Q q 0 0 0 rg BT 518.31 694.25 Td (of ) Tj ET Q q 0 0 0 rg BT 528.67 694.25 Td (Douglas ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 682.25 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 110.49 682.25 Td (Center) Tj ET Q q 0 0 0 rg BT 136.74 682.25 Td (, ) Tj ET Q q 0 0 0 rg BT 141.74 682.25 Td (excluding ) Tj ET Q q 0 0 0 rg BT 183.67 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 198.39 682.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 236.43 682.25 Td (balance, ) Tj ET Q q 0 0 0 rg BT 271.96 682.25 Td (totaled ) Tj ET Q q 0 0 0 rg BT 301.68 682.25 Td ($23.4 ) Tj ET Q q 0 0 0 rg BT 326.68 682.25 Td (million ) Tj ET Q q 0 0 0 rg BT 358.07 682.25 Td (as ) Tj ET Q q 0 0 0 rg BT 368.90 682.25 Td (of ) Tj ET Q q 0 0 0 rg BT 379.73 682.25 Td (December ) Tj ET Q q 0 0 0 rg BT 423.31 682.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 438.31 682.25 Td (2012.) Tj ET Q BT /F2 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 85.61 658.25 Td (results ) Tj ET Q q 0 0 0 rg BT 113.77 658.25 Td (of ) Tj ET Q q 0 0 0 rg BT 124.16 658.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 167.88 658.25 Td (for ) Tj ET Q q 0 0 0 rg BT 181.60 658.25 Td (Douglas ) Tj ET Q q 0 0 0 rg BT 216.99 658.25 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 259.03 658.25 Td (Center ) Tj ET Q q 0 0 0 rg BT 287.75 658.25 Td (for ) Tj ET Q q 0 0 0 rg BT 301.47 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 315.74 658.25 Td (years ) Tj ET Q q 0 0 0 rg BT 338.90 658.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 364.84 658.25 Td (December ) Tj ET Q q 0 0 0 rg BT 407.98 658.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 422.54 658.25 Td (2012, ) Tj ET Q q 0 0 0 rg BT 447.10 658.25 Td (201) Tj ET Q q 0 0 0 rg BT 461.73 658.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 468.79 658.25 Td (and ) Tj ET Q q 0 0 0 rg BT 485.29 658.25 Td (2010 ) Tj ET Q q 0 0 0 rg BT 507.35 658.25 Td (are ) Tj ET Q q 0 0 0 rg BT 521.61 658.25 Td (as ) Tj ET Q q 0 0 0 rg BT 532.00 658.25 Td (follows ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 646.25 Td (\(in ) Tj ET Q q 0 0 0 rg BT 81.61 646.25 Td (thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 304 612.75 m 314 612.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 314 612.75 m 384 612.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 393 612.75 m 403 612.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 403 612.75 m 473 612.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 482 612.75 m 492 612.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492 612.75 m 562 612.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 304 612.75 m 314 612.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 314 612.75 m 384 612.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 393 612.75 m 403 612.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 403 612.75 m 473 612.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 482 612.75 m 492 612.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492 612.75 m 562 612.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 576.75 m 314 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314 576.75 m 384 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 576.75 m 403 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 576.75 m 473 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 576.75 m 492 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 576.75 m 562 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 576.75 m 314 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314 576.75 m 384 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 576.75 m 403 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 576.75 m 473 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 576.75 m 492 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 576.75 m 562 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 488.75 m 314 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314 488.75 m 384 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 488.75 m 403 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 488.75 m 473 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 488.75 m 492 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 488.75 m 562 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 488.75 m 314 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 477.75 m 314 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314 488.75 m 384 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314 477.75 m 384 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 488.75 m 403 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 477.75 m 403 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 488.75 m 473 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 477.75 m 473 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 488.75 m 492 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 477.75 m 492 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 488.75 m 562 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 477.75 m 562 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 420.75 m 314 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314 420.75 m 384 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 420.75 m 403 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 420.75 m 473 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 420.75 m 492 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 420.75 m 562 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 420.75 m 314 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314 420.75 m 384 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 420.75 m 403 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 420.75 m 473 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 420.75 m 492 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 420.75 m 562 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 403.75 m 314 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 401.75 m 314 401.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314 403.75 m 384 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314 401.75 m 384 401.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 403.75 m 403 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 401.75 m 403 401.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 403.75 m 473 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 401.75 m 473 401.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 403.75 m 492 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 401.75 m 492 401.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 403.75 m 562 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 401.75 m 562 401.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 338.50 614.53 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 427.50 614.53 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 516.50 614.53 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 600.37 Td (Revenues:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 589.37 Td (Rental revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.50 589.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.65 589.37 Td (3,713) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.50 589.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.65 589.37 Td (4,418) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.50 589.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 589.37 Td (4,591) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 578.37 Td (Other revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.15 578.37 Td (32) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.15 578.37 Td (24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 578.37 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.50 567.37 Td (Total revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.65 567.37 Td (3,745) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.65 567.37 Td (4,442) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 567.37 Td (4,605) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 556.37 Td (Expenses:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 545.37 Td (Depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 545.37 Td (811) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.65 545.37 Td (1,572) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 545.37 Td (2,430) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 534.37 Td (Property operating expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.65 534.37 Td (1,358) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.65 534.37 Td (1,410) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg 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245.50 465.75 13.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 465.75 42.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 465.75 12.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 465.75 42.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 465.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 465.75 46.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 465.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 465.75 35.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 465.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 465.75 45.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 465.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 465.75 42.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 538.50 465.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 542.50 465.75 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/GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 434.75 13.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 434.75 42.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 434.75 12.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 434.75 42.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 434.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 434.75 46.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 434.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 434.75 35.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 434.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 434.75 45.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 434.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 434.75 42.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 538.50 434.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 542.50 434.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 592.50 434.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 596.50 434.75 48.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 644.50 434.75 14.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 658.50 434.75 48.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 706.50 434.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 710.50 434.75 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 27.50 389.75 57.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 84.50 389.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 389.75 57.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 389.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 149.50 389.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 389.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 389.75 38.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 389.75 13.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 389.75 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 389.75 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 389.75 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 389.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 389.75 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 389.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 389.75 35.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 389.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 389.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 389.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 389.75 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 538.50 389.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 542.50 389.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 592.50 389.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 596.50 389.75 48.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 644.50 389.75 14.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 658.50 389.75 48.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 706.50 389.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 710.50 389.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 27.50 358.75 57.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 84.50 358.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 358.75 57.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 358.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 149.50 358.75 54.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 358.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 358.75 38.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 358.75 13.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 358.75 42.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 358.75 12.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 358.75 42.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 358.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 358.75 46.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 358.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 358.75 35.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 358.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 358.75 45.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 358.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 358.75 42.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 538.50 358.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 542.50 358.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 592.50 358.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 596.50 358.75 48.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 644.50 358.75 14.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 658.50 358.75 48.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 706.50 358.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 710.50 358.75 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 27.50 318.75 57.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 84.50 318.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 318.75 57.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 318.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 149.50 318.75 54.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 318.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 318.75 38.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 318.75 13.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 318.75 42.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 318.75 12.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 318.75 42.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 318.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 318.75 46.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 318.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 318.75 35.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 318.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 318.75 45.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 318.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 318.75 42.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 538.50 318.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 542.50 318.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 592.50 318.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 596.50 318.75 48.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 644.50 318.75 14.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 658.50 318.75 48.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 706.50 318.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 710.50 318.75 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 27.50 278.75 57.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 84.50 278.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 278.75 57.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 278.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 149.50 278.75 54.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 278.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 278.75 38.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 278.75 13.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 278.75 42.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 278.75 12.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 278.75 42.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 278.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 278.75 46.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 278.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 278.75 35.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 278.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 278.75 45.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 278.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 278.75 42.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 538.50 278.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 542.50 278.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 592.50 278.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 596.50 278.75 48.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 644.50 278.75 14.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 658.50 278.75 48.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 706.50 278.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 710.50 278.75 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 27.50 238.75 57.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 84.50 238.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 238.75 57.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 238.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 149.50 238.75 54.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 238.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 238.75 38.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 238.75 13.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 238.75 42.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 238.75 12.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 238.75 42.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 238.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 238.75 46.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 238.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 238.75 35.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 238.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 238.75 45.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 238.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 238.75 42.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 538.50 238.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 542.50 238.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 592.50 238.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 596.50 238.75 48.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 644.50 238.75 14.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 658.50 238.75 48.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 706.50 238.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 710.50 238.75 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 27.50 193.75 57.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 84.50 193.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 193.75 57.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 193.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 149.50 193.75 54.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 193.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 193.75 38.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 193.75 13.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 193.75 42.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 193.75 12.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 193.75 42.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 193.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 193.75 46.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 193.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 193.75 35.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 193.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 193.75 45.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 193.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 193.75 42.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 538.50 193.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 542.50 193.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 592.50 193.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 596.50 193.75 48.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 644.50 193.75 14.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 658.50 193.75 48.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 706.50 193.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 710.50 193.75 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 27.50 155.75 57.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 84.50 155.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 155.75 57.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 155.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 149.50 155.75 54.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 155.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 155.75 38.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 155.75 13.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 155.75 42.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 155.75 12.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 155.75 42.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 155.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 155.75 46.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 155.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 155.75 35.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 155.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 155.75 45.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 155.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 155.75 42.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 538.50 155.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 542.50 155.75 50.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 592.50 155.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 596.50 155.75 48.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 644.50 155.75 14.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 658.50 155.75 48.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 706.50 155.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 710.50 155.75 53.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 27.50 117.75 57.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 84.50 117.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 117.75 57.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 117.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 149.50 117.75 54.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 117.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 117.75 38.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 117.75 13.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 117.75 42.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 117.75 12.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 117.75 42.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 117.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 117.75 46.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 117.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 117.75 35.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 117.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 117.75 45.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 117.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 117.75 42.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 538.50 117.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 542.50 117.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 592.50 117.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 596.50 117.75 48.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 644.50 117.75 14.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 658.50 117.75 48.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 706.50 117.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 710.50 117.75 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 27.50 77.75 57.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 84.50 77.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 77.75 57.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 77.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 149.50 77.75 54.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 77.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 77.75 38.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 77.75 13.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 77.75 42.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 77.75 12.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 77.75 42.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 77.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 77.75 46.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 77.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 77.75 35.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 77.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 77.75 45.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 77.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 77.75 42.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 538.50 77.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 542.50 77.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 592.50 77.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 596.50 77.75 48.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 644.50 77.75 14.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 658.50 77.75 48.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 706.50 77.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 710.50 77.75 53.00 -19.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 510.75 m 245.5 510.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 510.75 m 258.5 510.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 510.75 m 300.5 510.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 510.75 m 312.5 510.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 510.75 m 354.5 510.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 510.75 m 443.5 510.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 510.75 m 447.5 510.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 510.75 m 492.5 510.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 510.75 m 496.5 510.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 510.75 m 538.5 510.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 477.75 m 84.5 477.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 477.75 m 145.5 477.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 477.75 m 203.5 477.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 477.75 m 245.5 477.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 477.75 m 300.5 477.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 477.75 m 354.5 477.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 477.75 m 404.5 477.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 477.75 m 443.5 477.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 477.75 m 492.5 477.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 477.75 m 538.5 477.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 542.5 477.75 m 592.5 477.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 596.5 477.75 m 644.5 477.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 658.5 477.75 m 706.5 477.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 710.5 477.75 m 763.5 477.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 58.75 m 203.5 58.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 58.75 m 245.5 58.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 58.75 m 300.5 58.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 58.75 m 354.5 58.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 58.75 m 404.5 58.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 58.75 m 443.5 58.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 58.75 m 492.5 58.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 58.75 m 538.5 58.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 542.5 58.75 m 592.5 58.75 l s BT /F3 7.00 Tf ET q 0 0 0 rg BT 263.65 514.81 Td (Initial Cost) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 372.80 509.81 Td (Costs) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 363.85 502.81 Td (Capitalized) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 363.65 495.81 Td (Subsequent) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 378.05 488.81 Td (to) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 363.85 481.81 Td (Acquisition) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 436.85 521.81 Td (Gr) Tj ET Q q 0 0 0 rg BT 445.28 521.81 Td (oss ) Tj ET Q q 0 0 0 rg BT 455.59 521.81 Td (Amount at ) Tj ET Q q 0 0 0 rg BT 489.30 521.81 Td (Which) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 440.50 514.81 Td (Carried at 12/31/2012) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 725.90 509.81 Td (Life on) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 726.55 502.81 Td (Which) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 714.10 495.81 Td (Depr) Tj ET Q q 0 0 0 rg BT 729.14 495.81 Td (eciation is) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 720.70 488.81 Td (Computed) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 732.20 481.81 Td (\(b\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 33.20 481.81 Td (Description \(a\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 103.25 481.81 Td (Location) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 153.60 481.81 Td (Encumbrances) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 210.00 481.81 Td (Land) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 264.75 502.81 Td (Buildings) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 273.35 495.81 Td (and) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 265.05 488.81 Td (Impr) Tj ET Q q 0 0 0 rg BT 280.48 488.81 Td (ove-) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 270.05 481.81 Td (ments) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 325.30 481.81 Td (Total) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 417.50 481.81 Td (Land) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.25 502.81 Td (Buildings) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.85 495.81 Td (and) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.55 488.81 Td (Impr) Tj ET Q q 0 0 0 rg BT 470.98 488.81 Td (ove-) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 460.55 481.81 Td (ments) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 509.30 481.81 Td (Total) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 547.15 488.81 Td (Accumulated) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 547.80 481.81 Td (Depr) Tj ET Q q 0 0 0 rg BT 562.84 481.81 Td (eciation) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 609.20 488.81 Td (Date of) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 600.35 481.81 Td (Construction) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 675.00 488.81 Td (Date) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 668.05 481.81 Td (Acquir) Tj ET Q q 0 0 0 rg BT 688.92 481.81 Td (ed) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 348.80 470.51 Td (\(In thousands\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 457.81 Td (1900 and 2000 ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 450.81 Td (Alameda) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 457.80 Td (San Mateo,) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 450.80 Td (California) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 152.00 450.80 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 181.40 450.80 Td (33,065) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 210.00 450.80 Td ($18,522) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 261.00 450.80 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 278.40 450.80 Td (22,495) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 315.00 450.80 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 332.40 450.80 Td (41,017) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 361.00 450.80 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 385.90 450.80 Td (4,268) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 411.00 450.80 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 421.35 450.80 Td (18,523) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 450.00 450.80 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 470.40 450.80 Td (26,762) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 499.00 450.80 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 516.40 450.80 Td (45,285) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 545.00 450.80 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 571.55 450.80 Td (\(5,146) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 589.65 450.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 604.25 450.80 Td (1971, 1983) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 670.90 450.80 Td (June-05) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 716.75 450.80 Td (10 to 40 years) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 438.81 Td (Citymark) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 438.80 Td (Dallas, Texas) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 181.40 438.80 Td (15,303) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 210.00 438.80 Td (6,796) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 281.90 438.80 Td (3,442) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 332.40 438.80 Td (10,238) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 385.90 438.80 Td (2,602) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 424.90 438.80 Td (6,796) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 473.90 438.80 Td (6,044) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 516.40 438.80 Td (12,840) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 576.80 438.80 Td (\(880) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 589.65 438.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 613.00 438.80 Td (1987) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 667.20 438.80 Td (August-05) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 716.75 438.80 Td (10 to 40 years) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 419.81 Td (1515 S Street) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 426.80 Td (Sacramento,) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 419.80 Td (California) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 181.40 419.80 Td (39,737) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 210.00 419.80 Td (13,099) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 278.40 419.80 Td (54,017) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 332.40 419.80 Td (67,116) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 385.90 419.80 Td (2,560) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 421.35 419.80 Td (13,099) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 470.40 419.80 Td (56,577) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 516.40 419.80 Td (69,676) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 571.55 419.80 Td (\(9,883) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 589.65 419.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 613.00 419.80 Td (1987) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 662.60 419.80 Td (November-05) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 716.75 419.80 Td (10 to 40 years) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 407.81 Td (Airport ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 400.81 Td (Corporate ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 393.81 Td (Center) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 393.80 Td (Miami, Florida) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 181.40 393.80 Td (79,000) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 210.00 393.80 Td (44,292) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 274.90 393.80 Td (100,535) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 328.90 393.80 Td (144,827) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 385.90 393.80 Td (4,041) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 421.35 393.80 Td (44,292) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 466.90 393.80 Td (104,576) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 512.90 393.80 Td (148,868) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 568.05 393.80 Td (\(18,261) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 589.65 393.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 604.80 393.80 Td (1982-1996) Tj ET Q BT /F2 5.20 Tf ET q 0 0 0 rg BT 647.00 398.11 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 666.40 393.80 Td (January-06) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 716.75 393.80 Td (10 to 40 years) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 381.81 Td (321 North Clark) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 381.80 Td (Chicago, Illinois) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 177.90 381.80 Td (136,632) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 210.00 381.80 Td (27,896) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 274.90 381.80 Td (159,763) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 328.90 381.80 Td (187,659) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 385.90 381.80 Td (1,543) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 421.35 381.80 Td (27,896) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 466.90 381.80 Td (161,306) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 512.90 381.80 Td (189,202) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 568.05 381.80 Td (\(27,092) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 589.65 381.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 613.00 381.80 Td (1987) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 669.90 381.80 Td (April-06) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 716.75 381.80 Td (10 to 40 years) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 362.81 Td (3400 Data Drive) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 369.80 Td (Rancho Cordova,) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 362.80 Td (California) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 181.40 362.80 Td (18,079) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 210.00 362.80 Td (4,514) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 278.40 362.80 Td (21,083) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 332.40 362.80 Td (25,597) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 391.15 362.80 Td (737) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 424.90 362.80 Td (4,514) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 470.40 362.80 Td (21,820) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 516.40 362.80 Td (26,334) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 571.55 362.80 Td (\(3,387) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 589.65 362.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 613.00 362.80 Td (1990) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 662.60 362.80 Td (November-06) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 716.75 362.80 Td (10 to 40 years) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 343.81 Td (2100 Powell) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 350.80 Td (Emeryville,) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 343.80 Td (California) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 181.40 343.80 Td (79,921) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 210.00 343.80 Td (31,258) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 278.40 343.80 Td (93,316) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 328.90 343.80 Td (124,574) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 391.15 343.80 Td (281) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 421.35 343.80 Td (31,258) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 470.40 343.80 Td (93,597) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 512.90 343.80 Td (124,855) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 568.05 343.80 Td (\(14,294) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 589.65 343.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 613.00 343.80 Td (2001) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 663.00 343.80 Td (December-06) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 716.75 343.80 Td (10 to 40 years) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 329.81 Td (Daytona) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 322.81 Td (Buildings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 329.80 Td (Redmond,) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 322.80 Td (Washington) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 181.40 322.80 Td (53,458) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 210.00 322.80 Td (19,197) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 278.40 322.80 Td (63,613) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 332.40 322.80 Td (82,810) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 391.15 322.80 Td (420) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 421.35 322.80 Td (19,197) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 470.40 322.80 Td (64,033) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 516.40 322.80 Td (83,230) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 571.55 322.80 Td (\(9,628) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 589.65 322.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 613.00 322.80 Td (2002) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 663.00 322.80 Td (December-06) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 716.75 322.80 Td (10 to 40 years) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 310.81 Td (Laguna) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 303.81 Td (Buildings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 310.80 Td (Redmond,) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 303.80 Td (Washington) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 181.40 303.80 Td (65,542) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 210.00 303.80 Td (28,619) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 278.40 303.80 Td (76,180) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 328.90 303.80 Td (104,799) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 391.15 303.80 Td (456) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 421.35 303.80 Td (28,619) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 470.40 303.80 Td (76,636) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 512.90 303.80 Td (105,255) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 568.05 303.80 Td (\(11,495) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 589.65 303.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 613.00 303.80 Td (1987) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 666.40 303.80 Td (January-07) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 716.75 303.80 Td (10 to 40 years) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 289.81 Td (Seattle Design ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 282.81 Td (Center) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 289.80 Td (Seattle,) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 282.80 Td (Washington) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 181.40 282.80 Td (31,000) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 210.00 282.80 Td (8,670) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 248.00 285.42 Td (\(d\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 278.40 282.80 Td (15,844) Tj ET Q BT /F2 4.55 Tf ET q 0 0 0 rg BT 303.65 286.37 Td (\(d\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 332.40 282.80 Td (24,514) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 391.15 282.80 Td (773) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 424.90 282.80 Td (8,669) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 470.40 282.80 Td (16,618) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 516.40 282.80 Td (25,287) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 576.80 282.80 Td (\(522) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 589.65 282.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 604.25 282.80 Td (1973, 1983) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 647.00 286.02 Td (\(e\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 670.90 282.80 Td (June-07) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 716.75 282.80 Td (10 to 40 years) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 263.81 Td (5th and Bell) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 270.80 Td (Seattle,) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 263.80 Td (Washington) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 181.40 263.80 Td (39,000) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 210.00 263.80 Td (3,533) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 278.40 263.80 Td (58,628) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 332.40 263.80 Td (62,161) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 391.15 263.80 Td (100) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 424.90 263.80 Td (3,533) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 470.40 263.80 Td (58,728) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 516.40 263.80 Td (62,261) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 571.55 263.80 Td (\(8,107) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 589.65 263.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 613.00 263.80 Td (2002) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 670.90 263.80 Td (June-07) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 716.75 263.80 Td (10 to 40 years) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 249.81 Td (3 Huntington ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 242.81 Td (Quadrangle) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 249.80 Td (Melville, New) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 242.80 Td (York) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 181.40 242.80 Td (48,000) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 210.00 242.80 Td (10,383) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 248.00 245.42 Td (\(d\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 278.40 242.80 Td (33,017) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 303.65 245.42 Td (\(d\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 332.40 242.80 Td (43,400) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 385.90 242.80 Td (1,967) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 421.35 242.80 Td (10,402) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 470.40 242.80 Td (34,965) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 516.40 242.80 Td (45,367) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 576.80 242.80 Td (\(701) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 589.65 242.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 613.00 242.80 Td (1971) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 671.50 242.80 Td (July-07) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 716.75 242.80 Td (10 to 40 years) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 223.81 Td (One Wilshire) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 230.80 Td (Los Angeles,) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 223.80 Td (California) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 177.90 223.80 Td (159,500) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 210.00 223.80 Td (32,618) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 274.90 223.80 Td (236,797) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 328.90 223.80 Td (269,415) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 385.90 223.80 Td (7,323) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 421.35 223.80 Td (32,618) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 466.90 223.80 Td (244,120) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 512.90 223.80 Td (276,738) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 568.05 223.80 Td (\(32,600) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 589.65 223.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 613.00 223.80 Td (1966) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 667.20 223.80 Td (August-07) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 716.75 223.80 Td (10 to 40 years) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 211.81 Td (Minneapolis ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 204.81 Td (Office/Flex ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 197.81 Td (Portfolio) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 204.80 Td (Minneapolis,) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 197.80 Td (Minnesota) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 193.65 197.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 210.00 197.80 Td (21,970) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 248.00 200.42 Td (\(d\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 278.40 197.80 Td (37,600) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 303.00 200.42 Td (\(d\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 332.40 197.80 Td (59,570) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 385.90 197.80 Td (5,944) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 421.35 197.80 Td (21,969) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 470.40 197.80 Td (43,545) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 516.40 197.80 Td (65,514) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 571.55 197.80 Td (\(5,535) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 589.65 197.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 604.80 197.80 Td (1986-1999) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 647.00 201.02 Td (\(f\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 662.40 197.80 Td (September-07) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 716.75 197.80 Td (10 to 40 years) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 185.81 Td (JPMorgan) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 178.81 Td (Chase Tower) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 178.80 Td (Dallas, Texas) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 177.90 178.80 Td (160,000) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 210.00 178.80 Td (9,285) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 274.90 178.80 Td (253,293) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 328.90 178.80 Td (262,578) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 385.90 178.80 Td (2,639) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 424.90 178.80 Td (9,285) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 466.90 178.80 Td (255,932) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 512.90 178.80 Td (265,217) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 568.05 178.80 Td (\(32,782) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 589.65 178.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 613.00 178.80 Td (1987) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 662.60 178.80 Td (November-07) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 716.75 178.80 Td (10 to 40 years) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 159.81 Td (2555 Grand) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 166.80 Td (Kansas City,) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 159.80 Td (Missouri) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 181.40 159.80 Td (86,000) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 210.00 159.80 Td (1,194) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 274.90 159.80 Td (123,816) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 328.90 159.80 Td (125,010) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 391.15 159.80 Td (295) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 424.90 159.80 Td (1,194) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 466.90 159.80 Td (124,111) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 512.90 159.80 Td (125,305) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 568.05 159.80 Td (\(15,034) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 589.65 159.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 613.00 159.80 Td (2003) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 664.65 159.80 Td (February-08) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 716.75 159.80 Td (10 to 40 years) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 147.81 Td (Raytheon/) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 140.81 Td (Dir) Tj ET Q q 0 0 0 rg BT 39.98 140.81 Td (ecTV) Tj ET Q q 0 0 0 rg BT 55.79 140.81 Td ( ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 133.81 Td (Buildings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 140.80 Td (El Segundo,) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 133.80 Td (California) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 181.40 133.80 Td (49,785) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 210.00 133.80 Td (37,366) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 278.40 133.80 Td (65,422) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 328.90 133.80 Td (102,788) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 394.65 133.80 Td (43) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 421.35 133.80 Td (37,366) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 470.40 133.80 Td (65,465) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 512.90 133.80 Td (102,831) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 571.55 133.80 Td (\(7,859) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 589.65 133.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 613.00 133.80 Td (1976) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 668.15 133.80 Td (March-08) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 716.75 133.80 Td (10 to 40 years) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 121.81 Td (Williams Tower) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 121.80 Td (Houston, Texas) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 177.90 121.80 Td (165,000) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 210.00 121.80 Td (37,502) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 248.00 125.02 Td (\(g\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 274.90 121.80 Td (185,184) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 328.90 121.80 Td (222,686) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 385.90 121.80 Td (6,717) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 421.35 121.80 Td (37,502) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 466.90 121.80 Td (191,901) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 512.90 121.80 Td (229,403) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 568.05 121.80 Td (\(21,886) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 589.65 121.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 613.00 121.80 Td (1982) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 670.90 121.80 Td (May-08) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 716.75 121.80 Td (10 to 40 years) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 109.81 Td (4050/4055 ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 102.81 Td (Corporate Drive) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 102.80 Td (Dallas, Texas) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 193.65 102.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 210.00 102.80 Td (6,030) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 278.40 102.80 Td (34,022) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 332.40 102.80 Td (40,052) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 391.15 102.80 Td (798) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 424.90 102.80 Td (6,030) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 470.40 102.80 Td (34,820) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 516.40 102.80 Td (40,850) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 571.55 102.80 Td (\(3,977) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 589.65 102.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 604.25 102.80 Td (1996, 1997) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 670.90 102.80 Td (May-08) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 716.75 102.80 Td (10 to 40 years) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 88.81 Td (345 Inverness) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 81.81 Td (Drive) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 81.80 Td (Denver, Colorado) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 181.40 81.80 Td (14,070) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 210.00 81.80 Td (1,985) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 278.40 81.80 Td (17,798) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 332.40 81.80 Td (19,783) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 391.15 81.80 Td (257) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 424.90 81.80 Td (1,985) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 470.40 81.80 Td (18,055) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 516.40 81.80 Td (20,040) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 571.55 81.80 Td (\(1,840) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 589.65 81.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 613.00 81.80 Td (2002) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 663.00 81.80 Td (December-08) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 716.75 81.80 Td (10 to 40 years) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 69.81 Td (Arapahoe) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 62.81 Td (Business Park) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 91.00 62.80 Td (Denver, Colorado) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 181.40 62.80 Td (18,472) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 210.00 62.80 Td (3,463) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 278.40 62.80 Td (29,350) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 332.40 62.80 Td (32,813) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 391.15 62.80 Td (171) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 424.90 62.80 Td (3,463) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 470.40 62.80 Td (29,521) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 516.40 62.80 Td (32,984) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 571.55 62.80 Td (\(2,999) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 589.65 62.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 604.80 62.80 Td (1997-2001) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 663.00 62.80 Td (December-08) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 716.75 62.80 Td (10 to 40 years) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 30.00 49.81 Td (Total) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 152.00 49.80 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 172.65 49.80 Td (1,291,564) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 210.00 49.80 Td ($368,192) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 261.00 49.80 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 269.60 49.80 Td (1,685,215) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 315.00 49.80 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.60 49.80 Td (2,053,407) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 361.00 49.80 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 382.40 49.80 Td (43,935) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 411.00 49.80 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 417.85 49.80 Td (368,210) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 450.00 49.80 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 461.60 49.80 Td (1,729,132) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 499.00 49.80 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 507.60 49.80 Td (2,097,342) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 545.00 49.80 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 564.55 49.80 Td (\(233,908) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 589.65 49.80 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 592.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 592.60 Td (able of Contents) Tj ET Q endstream endobj 247 0 obj <> endobj 248 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.50 24.60 Td (121) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 578.10 Td (\(a\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 578.10 Td (Assets consist of institutional-quality of) Tj ET Q q 0 0 0 rg BT 204.25 578.10 Td (fice properties and industrial/distribution facilities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 560.10 Td (\(b\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 560.10 Td (Real estate assets are depreciated or amortized using the straight-lined method over the useful lives of the assets by class. ) Tj ET Q q 0 0 0 rg BT 532.16 560.10 Td (The estimated useful lives for computing depreciation are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 548.10 Td (generally ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.70 548.10 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.70 548.10 Td (years for furniture and fixtures, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.93 548.10 Td (15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.93 548.10 Td (-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.26 548.10 Td (20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.26 548.10 Td (years for electrical and mechanical installations and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.39 548.10 Td (40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.39 548.10 Td (years for buildings. Major replacements that extend the useful life of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 536.10 Td (assets are capitalized and maintenance and repair costs are expensed as incurred.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 518.10 Td (\(c\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 518.10 Td (Airport Corporate Center consists of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.58 518.10 Td (1) Tj ET Q q 0 0 0 rg BT 198.21 518.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.21 518.10 Td ( buildings constructed between 1982 and 1996 and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.66 518.10 Td (5.46) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.16 518.10 Td (-acre land development site.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 500.10 Td (\(d\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 500.10 Td (The decrease is a result of an impairment char) Tj ET Q q 0 0 0 rg BT 229.18 500.10 Td (ge recorded in 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 482.10 Td (\(e\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 482.10 Td (Seattle Design Center consists of a two-story of) Tj ET Q q 0 0 0 rg BT 235.62 482.10 Td (fice building constructed in 1973 and a five-story of) Tj ET Q q 0 0 0 rg BT 443.71 482.10 Td (fice building with an under) Tj ET Q q 0 0 0 rg BT 551.84 482.10 Td (ground garage constructed in 1983.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 464.10 Td (\(f\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 464.10 Td (The Minneapolis Of) Tj ET Q q 0 0 0 rg BT 125.91 464.10 Td (fice/Flex Portfolio consists of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.01 464.10 Td (nine) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.23 464.10 Td ( buildings constructed between 1986 and 1999.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 446.10 Td (\(g\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 446.10 Td (The decrease is a result of the sale of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.15 446.10 Td (2.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.65 446.10 Td ( acre park and waterwall adjacent to ) Tj ET Q q 0 0 0 rg BT 361.33 446.10 Td (W) Tj ET Q q 0 0 0 rg BT 370.37 446.10 Td (illiams ) Tj ET Q q 0 0 0 rg BT 399.91 446.10 Td (T) Tj ET Q q 0 0 0 rg BT 405.32 446.10 Td (ower in December 2008 and an impairment char) Tj ET Q q 0 0 0 rg BT 598.68 446.10 Td (ge recorded on a land parcel in October ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 434.10 Td (2009.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 410.10 Td (The changes in total r) Tj ET Q q 0 0 0 rg BT 128.60 410.10 Td (eal estate assets for) Tj ET Q q 0 0 0 rg BT 209.77 410.10 Td ( the years ended December) Tj ET Q q 0 0 0 rg BT 324.56 410.10 Td ( 31 \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 27.50 372.60 535.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 562.50 372.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 627.50 372.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 631.50 372.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 696.50 372.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 700.50 372.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 27.50 343.60 535.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 562.50 343.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 627.50 343.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 631.50 343.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 696.50 343.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 700.50 343.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 27.50 313.60 535.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 562.50 313.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 627.50 313.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 631.50 313.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 696.50 313.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 700.50 313.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 27.50 283.60 535.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 562.50 283.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 627.50 283.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 631.50 283.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 696.50 283.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 700.50 283.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 27.50 253.60 535.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 562.50 253.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 627.50 253.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 631.50 253.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 696.50 253.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 700.50 253.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 27.50 223.60 535.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 562.50 223.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 627.50 223.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 631.50 223.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 696.50 223.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 700.50 223.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 27.50 195.60 535.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 562.50 195.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 627.50 195.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 631.50 195.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 696.50 195.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 700.50 195.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 27.50 165.60 535.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 562.50 165.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 627.50 165.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 631.50 165.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 696.50 165.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 700.50 165.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 27.50 135.60 535.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 562.50 135.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 627.50 135.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 631.50 135.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 696.50 135.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 700.50 135.60 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 562.5 372.6 m 627.5 372.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 631.5 372.6 m 696.5 372.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 372.6 m 765.5 372.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 238.60000000000002 m 627.5 238.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 631.5 238.60000000000002 m 696.5 238.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 238.60000000000002 m 765.5 238.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 224.60000000000002 m 627.5 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 222.60000000000002 m 627.5 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 631.5 224.60000000000002 m 696.5 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 631.5 222.60000000000002 m 696.5 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 224.60000000000002 m 765.5 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 222.60000000000002 m 765.5 222.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 135.60000000000002 m 627.5 135.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 631.5 135.60000000000002 m 696.5 135.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 135.60000000000002 m 765.5 135.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 121.60000000000002 m 627.5 121.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 119.60000000000002 m 627.5 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 631.5 121.60000000000002 m 696.5 121.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 631.5 119.60000000000002 m 696.5 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 121.60000000000002 m 765.5 121.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 119.60000000000002 m 765.5 119.60000000000002 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 584.50 377.28 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 653.75 377.28 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 722.50 377.28 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 30.00 363.28 Td (Gross real estate assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 30.00 348.28 Td (Balance, beginning of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 565.00 348.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 583.65 348.27 Td (2,152,780) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 634.00 348.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 652.65 348.27 Td (2,389,475) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 703.00 348.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 721.65 348.27 Td (2,522,029) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 30.00 333.27 Td (Additions during the period:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 318.27 Td (Effect of foreign currency exchange rates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 613.65 318.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 670.15 318.27 Td (5,529) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 739.15 318.27 Td (8,778) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 303.27 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 596.15 303.27 Td (11,785) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 670.15 303.27 Td (9,529) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 739.15 303.27 Td (5,247) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 30.00 288.27 Td (Deductions during the period:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 273.27 Td (Cost of real estate sold) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 613.65 273.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 656.80 273.27 Td (\(251,261) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 692.65 273.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 725.80 273.27 Td (\(145,768) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 761.65 273.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 258.27 Td (Fully-depreciated assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 605.30 258.27 Td (\(431) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 623.65 258.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 674.30 258.27 Td (\(492) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 692.65 258.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 751.65 258.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 243.27 Td (Impairment losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 592.80 243.27 Td (\(66,792) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 623.65 243.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 682.65 243.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 743.30 243.27 Td (\(811) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 761.65 243.27 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 30.00 228.28 Td (Balance, end of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 565.00 228.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 583.65 228.27 Td (2,097,342) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 634.00 228.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 652.65 228.27 Td (2,152,780) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 703.00 228.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 721.65 228.27 Td (2,389,475) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 30.00 200.28 Td (Accumulated Depreciation) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 30.00 185.28 Td (Balance, beginning of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 565.00 185.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 587.80 185.27 Td (\(202,654) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 623.65 185.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 634.00 185.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 656.80 185.27 Td (\(176,263) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 692.65 185.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 703.00 185.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 725.80 185.27 Td (\(128,749) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 761.65 185.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 30.00 170.27 Td (Depreciation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 592.80 170.27 Td (\(44,994) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 623.65 170.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 661.80 170.27 Td (\(47,644) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 692.65 170.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 730.80 170.27 Td (\(50,110) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 761.65 170.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 30.00 155.27 Td (Impairment losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 596.15 155.27 Td (13,309) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 682.65 155.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 751.65 155.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 30.00 140.27 Td (Retirements or sales of assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 608.65 140.27 Td (431) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 665.15 140.27 Td (21,253) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 739.15 140.27 Td (2,596) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 30.00 125.28 Td (Balance, end of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 565.00 125.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 587.80 125.27 Td (\(233,908) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 623.65 125.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 634.00 125.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 656.80 125.27 Td (\(202,654) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 692.65 125.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 703.00 125.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 725.80 125.27 Td (\(176,263) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 761.65 125.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 592.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 592.60 Td (able of Contents) Tj ET Q endstream endobj 249 0 obj <> endobj 250 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (122) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 273.85 742.25 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 304.78 742.25 Td (TURES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (Pursuant to the requirements of Section13 or 15\(d\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 384.87 718.25 Td (Act of 1934, the Registrant has duly caused ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (this Report to be signed on its behalf by the undersigned, thereunto duly authorized representative.) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 627.75 m 385.5 627.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.00 674.32 Td (HINES REAL ESTATE INVESTMENT TRUST, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.00 660.32 Td (\(registrant\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 632.32 Td (March 28, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.00 632.32 Td (By:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.00 632.32 Td (/s/ Sherri ) Tj ET Q q 0 0 0 rg BT 273.71 632.32 Td (W) Tj ET Q q 0 0 0 rg BT 282.23 632.32 Td (. Schugart) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.00 618.32 Td (Sherri ) Tj ET Q q 0 0 0 rg BT 261.76 618.32 Td (W) Tj ET Q q 0 0 0 rg BT 270.28 618.32 Td (. Schugart) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.00 604.32 Td (President and Chief Executive Officer) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 552.25 Td (Pursuant to the requirements of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 294.05 552.25 Td (Act of 1934, this Report has been signed below by the following ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 540.25 Td (persons on behalf of the Registrant and in the capacities indicated on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.69 540.25 Td (March28, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.29 540.25 Td (.) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 503.75 m 200.5 503.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 503.75 m 430.5 503.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 503.75 m 562.5 503.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 473.75 m 200.5 473.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 428.75 m 200.5 428.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 383.75 m 200.5 383.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 338.75 m 200.5 338.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 293.75 m 200.5 293.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 248.75 m 200.5 248.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 203.75 m 200.5 203.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 158.75 m 200.5 158.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 113.75 m 200.5 113.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 68.75 m 200.5 68.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 508.48 Td (Signature) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 305.05 508.48 Td (Title) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 486.00 508.48 Td (Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 479.32 Td (/s/Jeffrey C. Hines) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.75 479.32 Td (Chairman of the Board of Directors) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.20 479.32 Td (March 28, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 464.32 Td (Jeffrey C. Hines) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 434.32 Td (/s/Sherri ) Tj ET Q q 0 0 0 rg BT 94.21 434.32 Td (W) Tj ET Q q 0 0 0 rg BT 102.73 434.32 Td (. Schugart) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.70 434.32 Td (President and Chief Executive Officer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.20 434.32 Td (March 28, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 419.32 Td (Sherri ) Tj ET Q q 0 0 0 rg BT 79.76 419.32 Td (W) Tj ET Q q 0 0 0 rg BT 88.28 419.32 Td (. Schugart) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.75 419.32 Td (\(Principal Executive Officer\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 389.32 Td (/s/Ryan T. Sims) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.80 389.32 Td (Chief Financial Officer and Secretary) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.20 389.32 Td (March 28, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 374.32 Td (Ryan T. Sims) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.55 374.32 Td (\(Principal Financial Officer and Secretary\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 344.32 Td (/s/J. Shea Morgenroth) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.35 344.32 Td (Chief Accounting Officer and Treasurer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.20 344.32 Td (March 28, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 329.32 Td (J. Shea Morgenroth) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.10 329.32 Td (\(Principal Accounting Officer and Treasurer\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 299.32 Td (/s/Charles M. Baughn) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 284.32 Td (Charles M. Baughn) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.30 284.32 Td (Director) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.20 284.32 Td (March 28, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 254.32 Td (/s/Thomas A. Hassard) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 239.32 Td (Thomas A. Hassard) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.30 239.32 Td (Director) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.20 239.32 Td (March 28, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 209.32 Td (/s/C. Hastings Johnson) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 194.32 Td (C. Hastings Johnson) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.30 194.32 Td (Director) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.20 194.32 Td (March 28, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 164.32 Td (/s/Lee A. Lahourcade) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 149.32 Td (Lee A. Lahourcade) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.30 149.32 Td (Director) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.20 149.32 Td (March 28, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 119.32 Td (/s/Stanley D. Levy) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 104.32 Td (Stanley D. Levy) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.30 104.32 Td (Director) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.20 104.32 Td (March 28, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 74.32 Td (/s/Paul B. Murphy Jr.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 59.32 Td (Paul B. Murphy Jr.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.30 59.32 Td (Director) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.20 59.32 Td (March 28, 2013) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 251 0 obj <> endobj 252 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (123) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 256.15 742.25 Td (INDEX ) Tj ET Q q 0 0 0 rg BT 290.70 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 297.19 742.25 Td (O EXHIBITS) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 695.75 40.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.50 695.75 472.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 635.75 40.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.50 635.75 472.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 575.75 40.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.50 575.75 472.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 535.75 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.50 535.75 472.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 505.75 40.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.50 505.75 472.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 456.75 40.00 -55.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.50 456.75 472.00 -55.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 695.75 m 90.5 695.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 90.5 695.75 m 562.5 695.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 710.43 Td (Exhibit) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 700.43 Td (No.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 710.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 301.25 700.43 Td (Description) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 686.32 Td (3.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 686.32 Td (Second Amended and Restated Articles of Incorporation of Hines Real Estate Investment Trust, Inc. \(filed as) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 676.32 Td (Exhibit 3.1to the registrants Current Report on Form 8-K filed July 13, 2007 and incorporated herein by) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 666.32 Td (reference\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 651.32 Td (3.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 651.32 Td (Second Amended and Restated Bylaws of Hines Real Estate Investment Trust, Inc. \(filed as Exhibit 3.1 to the) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 641.32 Td (registrants Current Report on Form 8-K filed August 3, 2006 and incorporated herein by reference\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 626.32 Td (10.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 626.32 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 132.17 626.32 Td (Agreement among Hines REIT) Tj ET Q q 0 0 0 rg BT 256.68 626.32 Td ( Properties, L.P) Tj ET Q q 0 0 0 rg BT 317.79 626.32 Td (., Hines ) Tj ET Q q 0 0 0 rg BT 350.56 626.32 Td (Advisors Limited Partnership and Hines Real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 616.32 Td (Estate Investment ) Tj ET Q q 0 0 0 rg BT 166.69 616.32 Td (T) Tj ET Q q 0 0 0 rg BT 172.44 616.32 Td (rust, Inc., dated July 1, 2010 as renewed for additional one-year terms ef) Tj ET Q q 0 0 0 rg BT 462.17 616.32 Td (fective through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 606.32 Td (December 31, 2013 \(filed as Exhibit10.1 to the registrant) Tj ET Q q 0 0 0 rg BT 326.55 606.32 Td (s Current Report on Form8-K on July 8, 2010 and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 596.32 Td (incorporated by reference herein\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 581.32 Td (21.1*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 581.32 Td (List of Subsidiaries of Hines Real Estate Investment Trust, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 566.32 Td (23.1*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 566.32 Td (Consent of Independent Registered Public Accounting Firm of Hines Real Estate Investment Trust, Inc. and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 556.32 Td (subsidiaries, Deloitte & Touche LLP.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 541.32 Td (23.2*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 541.32 Td (Consent of Independent Auditors of Hines US Core Office Fund LP and subsidiaries, Deloitte & Touche LLP.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 526.32 Td (31.1*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 526.32 Td (Certification.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 511.32 Td (31.2*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 511.32 Td (Certification.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 496.32 Td (32.1*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 496.32 Td (Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18U.S.C., Section 1350, as) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 486.32 Td (adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Pursuant to SEC Release 34-47551 this Exhibit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 476.32 Td (is furnished to the SEC and shall not be deemed to be filed.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 461.32 Td (99.1*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 461.32 Td (Consent of Independent ) Tj ET Q q 0 0 0 rg BT 190.85 461.32 Td (V) Tj ET Q q 0 0 0 rg BT 196.96 461.32 Td (aluer) Tj ET Q q 0 0 0 rg BT 216.55 461.32 Td (, Jones Lang LaSalle.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 447.32 Td (101**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 447.32 Td (The following materials from Hines REIT) Tj ET Q q 0 0 0 rg BT 260.83 447.32 Td (, Inc.) Tj ET Q q 0 0 0 rg BT 283.87 447.32 Td (s ) Tj ET Q q 0 0 0 rg BT 289.71 447.32 Td (Annual Report on Form 10-K for the year ended December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 437.32 Td (2012, filed on March 28, 2013, are formatted in XBRL) Tj ET Q q 0 0 0 rg BT 312.58 437.32 Td ( \(eXtensible Business Reporting Language\): \(i\) Consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 427.32 Td (Balance Sheets, \(ii\) Consolidated Statements of Operations and Comprehensive Income \(Loss\), \(iii\) Consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 417.32 Td (Statements of Equity) Tj ET Q q 0 0 0 rg BT 176.23 417.32 Td (, \(iv\) Consolidated Statements of Cash Flows, and \(v\) Notes to the Consolidated Financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 407.32 Td (Statements.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 390.25 Td (__________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 370.32 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 370.32 Td (Filed herewith) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 333.32 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 333.32 Td (In accordance with Rule 406T of Regulation S-T, the information in these exhibits is furnished and deemed not filed or) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 323.32 Td (a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 313.32 Td (amended \(the Securities Act\), is deemed not filed for purposes of Section18 of the Exchange Act of 1934, as) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 303.32 Td (amended, and otherwise is not subject to liability under these sections and shall not be incorporated by reference into) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 293.32 Td (any registration statement or other document filed under the Securities Act , except as expressly set forth by specific) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 283.32 Td (reference in such filing.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 9.00 Tf ET endstream endobj 253 0 obj <> endobj 254 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 510.30 742.25 Td (Exhibit 21.1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.10 718.25 Td (LIST) Tj ET Q q 0 0 0 rg BT 272.71 718.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 288.73 718.25 Td ( SUBSIDIARIES) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 681.75 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 681.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 681.75 143.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 653.75 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 653.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 653.75 143.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 625.75 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 625.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 625.75 143.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 597.75 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 597.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 597.75 143.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 569.75 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 569.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 569.75 143.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 541.75 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 541.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 541.75 143.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 513.75 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 513.75 75.00 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