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Employer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.95 441.17 Td (of incorporation\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.40 441.17 Td (File Number\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.25 441.17 Td (Identification No.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 47.00 427.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.00 427.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.00 427.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.10 413.17 Td (2800 Post Oak Blvd, Suite 5000, Houston, Texas) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.00 413.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.50 413.17 Td (77056-6118) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.50 399.17 Td (_________________________________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.65 389.17 Td (\(Address of principal executive of) Tj ET Q q 0 0 0 rg BT 222.09 389.17 Td (fices\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.00 389.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.00 399.17 Td (___________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.40 389.17 Td (\(Zip Code\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 373.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 361.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 47.50 341.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.50 341.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.50 341.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.55 327.17 Td (Registrant's telephone number, including area code:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.50 327.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.75 327.17 Td (\(888\) 220-6121) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 311.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.55 299.10 Td (Not ) Tj ET Q q 0 0 0 rg BT 292.50 299.10 Td (Applicable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.00 287.10 Td (______________________________________________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.30 275.10 Td (Former name or former address, if changed since last report) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 263.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 251.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 239.10 Td (Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 227.10 Td (registrant under any of the following provisions:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 215.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 203.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 191.10 Td ([ ] ) Tj ET Q q 0 0 0 rg BT 61.48 191.10 Td (W) Tj ET Q q 0 0 0 rg BT 70.52 191.10 Td (ritten communications pursuant to Rule 425 under the Securities ) Tj ET Q q 0 0 0 rg BT 330.19 191.10 Td (Act \(17 CFR 230.425\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 179.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 167.10 Td ([ ] Soliciting material pursuant to Rule 14a-12 under the Exchange ) Tj ET Q q 0 0 0 rg BT 318.54 167.10 Td (Act \(17 CFR 240.14a-12\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 155.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 143.10 Td ([ ] Pre-commencement communications pursuant to Rule 14d-2\(b\) under the Exchange ) Tj ET Q q 0 0 0 rg BT 400.18 143.10 Td (Act \(17 CFR 240.14d-2\(b\)\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 131.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 119.10 Td ([ ] Pre-commencement communications pursuant to Rule 13e-4\(c\) under the Exchange ) Tj ET Q q 0 0 0 rg BT 399.05 119.10 Td (Act \(17 CFR 240.13e-4\(c\)\)) Tj ET Q endstream endobj 5 0 obj <> endobj 6 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 36.00 749.25 Td (Item 7.01 Regulation FD Disclosur) Tj ET Q q 0 0 0 rg BT 183.31 749.25 Td (e) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 725.25 Td (Shar) Tj ET Q q 0 0 0 rg BT 56.38 725.25 Td (eholder) Tj ET Q q 0 0 0 rg BT 88.42 725.25 Td ( Letter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 701.25 Td (On March 28, 2013, Hines Real Estate Investment ) Tj ET Q q 0 0 0 rg BT 239.66 701.25 Td (T) Tj ET Q q 0 0 0 rg BT 245.42 701.25 Td (rust, Inc. \(Hines REIT or the Company\) distributed a communication to its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 689.25 Td (stockholders and certain broker) Tj ET Q q 0 0 0 rg BT 161.59 689.25 Td (-dealers and is simultaneously making this information available through this filing. ) Tj ET Q q 0 0 0 rg BT 499.31 689.25 Td (A) Tj ET Q q 0 0 0 rg BT 505.98 689.25 Td ( copy of such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 677.25 Td (communication is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K. Pursuant to the rules and regulations of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 665.25 Td (Securities and Exchange Commission, such exhibit and the information set forth therein are deemed to have been furnished and shall ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 653.25 Td (not be deemed to be filed under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 272.02 653.25 Td (Act of 1934, as amended.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 629.25 Td (Item 8.01 Other) Tj ET Q q 0 0 0 rg BT 103.86 629.25 Td ( Events. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 605.25 Td (Special Distribution ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 581.25 Td (On March 25, 2013, the board of directors of Hines REIT) Tj ET Q q 0 0 0 rg BT 266.32 581.25 Td ( authorized the Company to declare a distribution of $197 million, resulting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 569.25 Td (in a distribution to stockholders of $0.80 per share to be paid on ) Tj ET Q q 0 0 0 rg BT 293.73 569.25 Td (April 30, 2013 to all stockholders of record as of ) Tj ET Q q 0 0 0 rg BT 490.64 569.25 Td (April 2, 2013. ) Tj ET Q q 0 0 0 rg BT 549.07 569.25 Td (This ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 557.25 Td (distribution will be designated by Hines REIT) Tj ET Q q 0 0 0 rg BT 220.24 557.25 Td ( 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 36.00 545.25 Td (capital and, as such, will reduce their remaining investment in Hines REIT) Tj ET Q q 0 0 0 rg BT 333.78 545.25 Td (. ) Tj ET Q q 0 0 0 rg BT 338.60 545.25 Td (The special distribution represents a portion of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 533.25 Td (proceeds from the sale of ) Tj ET Q q 0 0 0 rg BT 139.39 533.25 Td (W) Tj ET Q q 0 0 0 rg BT 148.43 533.25 Td (illiams ) Tj ET Q q 0 0 0 rg BT 177.97 533.25 Td (T) Tj ET Q q 0 0 0 rg BT 183.38 533.25 Td (ower and other strategic asset sales. ) Tj ET Q q 0 0 0 rg BT 328.42 533.25 Td (The special distribution will be paid on ) Tj ET Q q 0 0 0 rg BT 487.01 533.25 Td (April 30, 2013 and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 521.25 Td (the designation as a special distribution will not impact the tax treatment of the distribution to the Company's stockholders. ) Tj ET Q q 0 0 0 rg BT 530.31 521.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 509.25 Td (special distribution is not subject to reinvestment pursuant to the Company's dividend reinvestment plan and will be paid in cash.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 485.25 Td (New Estimated Per) Tj ET Q q 0 0 0 rg BT 118.02 485.25 Td ( Shar) Tj ET Q q 0 0 0 rg BT 140.90 485.25 Td (e Net ) Tj ET Q q 0 0 0 rg BT 164.77 485.25 Td (Asset ) Tj ET Q q 0 0 0 rg BT 189.87 485.25 Td (V) Tj ET Q q 0 0 0 rg BT 196.17 485.25 Td (alue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 461.25 Td (As previously disclosed in the Company's Current Reports on Form 8-K, approximately 30% of distributions that were declared for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 449.25 Td (the quarters ended December 31, 2012 and March 31, 2013 were designated by the Company as special distributions, which represent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 437.25 Td (a return of a portion of the stockholders' invested capital and, as such, reduced their remaining investment in Hines REIT) Tj ET Q q 0 0 0 rg BT 519.42 437.25 Td (. For each of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 425.25 Td (the quarters ended December 31, 2012 and March 31, 2013, the portion of the distribution that was designated as a special distribution ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 413.25 Td (was equal to $0.03 per share. ) Tj ET Q q 0 0 0 rg BT 157.17 413.25 Td (The combination of the special distribution of $0.80 per share described above with the $0.03 per share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 401.25 Td (special 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 36.00 389.25 Td ($0.86 per share since the Company's last announcement of an estimated per share net asset value \(NA) Tj ET Q q 0 0 0 rg BT 446.10 389.25 Td (V\) of its common stock. ) Tj ET Q q 0 0 0 rg BT 549.79 389.25 Td (These ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 377.25 Td (special distributions reduce the estimated per share NA) Tj ET Q q 0 0 0 rg BT 255.47 377.25 Td (V) Tj ET Q q 0 0 0 rg BT 262.51 377.25 Td ( of $7.61, that was disclosed in the Company's Current Report on Form 8-K ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 365.25 Td (filed on November 30, 2012, resulting in a new estimated per share NA) Tj ET Q q 0 0 0 rg BT 320.75 365.25 Td (V) Tj ET Q q 0 0 0 rg BT 327.79 365.25 Td ( of $6.75, ef) Tj ET Q q 0 0 0 rg BT 376.21 365.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 405.36 365.25 Td (April 2, 2013.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 341.25 Td (It is important to note that the prior estimated per share NA) Tj ET Q q 0 0 0 rg BT 272.15 341.25 Td (V) Tj ET Q q 0 0 0 rg BT 279.19 341.25 Td ( of $7.61 was based on estimates of the value of the Company's real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 329.25 Td (investments, cash and other assets and debt and other liabilities as of September 30, 2012 and that no subsequent valuation has been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 317.25 Td (undertaken by the Company) Tj ET Q q 0 0 0 rg BT 148.38 317.25 Td (. For a discussion of the methodology pursuant to which the prior estimated per share NA) Tj ET Q q 0 0 0 rg BT 507.85 317.25 Td (V) Tj ET Q q 0 0 0 rg BT 514.89 317.25 Td ( was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 305.25 Td (determined by the Company's board of directors, please see the Company's Current Report on Form 8-K filed on November 30, 2012. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 281.25 Td (The new estimated per share NA) Tj ET Q q 0 0 0 rg BT 166.05 281.25 Td (V) Tj ET Q q 0 0 0 rg BT 173.09 281.25 Td ( of $6.75 has been calculated as of a moment in time, and has only been updated to reflect the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 269.25 Td (reduction that results from the declaration of the $0.86 per share of special distributions. ) Tj ET Q q 0 0 0 rg BT 390.90 269.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 440.24 269.25 Td (, the reduction in the estimated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 257.25 Td (per share NA) Tj ET Q q 0 0 0 rg BT 88.02 257.25 Td (V) Tj ET Q q 0 0 0 rg BT 95.06 257.25 Td ( is a function of the payment of the special distribution as a partial return of stockholders' investment in the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 245.25 Td (and is not indicative of any new valuation of the Company's real estate portfolio. ) Tj ET Q q 0 0 0 rg BT 363.28 245.25 Td (Although the value of the Company's common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 233.25 Td (shares will fluctuate over time as a result of, among other things, developments related to individual assets, changes in the real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 221.25 Td (and capital markets, additional sales of assets, the distribution of sales proceeds to the Company's stockholders and changes in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 209.25 Td (corporate policies such as the Company's dividend level relative to earnings, the Company does not undertake to update the estimated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 197.25 Td (per share NA) Tj ET Q q 0 0 0 rg BT 88.02 197.25 Td (V) Tj ET Q q 0 0 0 rg BT 95.06 197.25 Td ( on a regular basis. ) Tj ET Q q 0 0 0 rg BT 172.26 197.25 Td (As a result, stockholders should not rely on the estimated per share NA) Tj ET Q q 0 0 0 rg BT 455.63 197.25 Td (V) Tj ET Q q 0 0 0 rg BT 462.67 197.25 Td ( as being an accurate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 185.25 Td (measure of the then-current value of shares of the Company's common stock in making a decision to buy or sell shares of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 173.25 Td (Company's 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 36.00 161.25 Td (to request redemption pursuant to the Company's share redemption program. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 137.25 Td (April 2013 Distributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 113.25 Td (W) Tj ET Q q 0 0 0 rg BT 45.04 113.25 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 439.12 113.25 Td (April 2013. ) Tj ET Q q 0 0 0 rg BT 487.54 113.25 Td (These distributions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 101.25 Td (will be calculated based on stockholders of record each day during the month of ) Tj ET Q q 0 0 0 rg BT 358.12 101.25 Td (April 2013 in an amount equal to $0.00073973 per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 89.25 Td (share, per day and will be paid in July 2013 in cash or reinvested in stock for those participating in Hines REIT's dividend ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 77.25 Td (reinvestment plan. ) Tj ET Q q 0 0 0 rg BT 112.19 77.25 Td (This rate per share, per day) Tj ET Q q 0 0 0 rg BT 220.38 77.25 Td (, 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 36.00 62.85 Td (between July 1, 2010 and March 31, 2013.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 206.52 62.85 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.52 62.85 Td (This rate per share, per day represents a 4.0% annualized yield based on the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 50.85 Td (new estimated per share NA) Tj ET Q q 0 0 0 rg BT 148.00 50.85 Td (V) Tj ET Q q 0 0 0 rg BT 155.04 50.85 Td ( of $6.75, assuming such distribution rate is maintained for a twelve-month period. ) 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 /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 749.25 Td (Shar) Tj ET Q q 0 0 0 rg BT 56.38 749.25 Td (e Pur) Tj ET Q q 0 0 0 rg BT 79.25 749.25 Td (chase Price for) Tj ET Q q 0 0 0 rg BT 142.37 749.25 Td ( Dividend Reinvestment Plan) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 725.25 Td (As the new estimated per share NA) Tj ET Q q 0 0 0 rg BT 176.33 725.25 Td (V) Tj ET Q q 0 0 0 rg BT 183.37 725.25 Td ( will take ef) Tj ET Q q 0 0 0 rg BT 230.67 725.25 Td (fect on ) Tj ET Q q 0 0 0 rg BT 260.11 725.25 Td (April 2, 2013, participants in the Company's dividend reinvestment plan will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 713.25 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 paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 701.25 Td (for the second quarter of 2013, which will be aggregated and paid in July 2013. ) Tj ET Q q 0 0 0 rg BT 356.01 701.25 Td (Therefore, the shares to be issued under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 689.25 Td (Company's dividend reinvestment plan in connection with distributions previously declared for January) Tj ET Q q 0 0 0 rg BT 449.56 689.25 Td (, February and March of 2013, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 677.25 Td (which will be aggregated and paid in ) Tj ET Q q 0 0 0 rg BT 185.68 677.25 Td (April 2013, will be issued at the current price of $7.61 per share. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 653.25 Td (Shar) Tj ET Q q 0 0 0 rg BT 56.38 653.25 Td (e Redemption Pr) Tj ET Q q 0 0 0 rg BT 128.41 653.25 Td (ogram ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 629.25 Td (Shares of common stock of Hines REIT) Tj ET Q q 0 0 0 rg BT 195.79 629.25 Td ( are currently not listed on a national securities exchange and the Company currently does not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 617.25 Td (intend to list its shares. In order to provide its stockholders with some liquidity) Tj ET Q q 0 0 0 rg BT 350.32 617.25 Td (, the Company instituted a share redemption program. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 605.25 Td (However) Tj ET Q q 0 0 0 rg BT 72.25 605.25 Td (, on November 30, 2009, the Company's board of directors determined that it was in the Company's best interest to suspend ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 593.25 Td (its share redemption program until further notice, except with respect to redemption requests made in connection with the death or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 581.25 Td (disability \(as defined in the Internal Revenue Code of 1986, as amended \(the Code\)\) of a stockholder) Tj ET Q q 0 0 0 rg BT 448.37 581.25 Td (. On March 25, 2013, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 569.25 Td (Company's board of directors amended and restated the Company's share redemption program and reinstated the program ef) Tj ET Q q 0 0 0 rg BT 532.60 569.25 Td (fective for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 557.25 Td (share redemption requests received on or after ) Tj ET Q q 0 0 0 rg BT 222.87 557.25 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 36.00 545.25 Td (restated share redemption program. ) Tj ET Q q 0 0 0 rg BT 182.43 545.25 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 36.00 521.25 Td (Prior to the time, if any) Tj ET Q q 0 0 0 rg BT 128.67 521.25 Td (, as the Company's 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 36.00 509.25 Td (limitations described in this share redemption program, any shares that have been held by the stockholder for at least one year since ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 497.25 Td (the date of their acquisition, and were \(i\) purchased from the Company \(ii\) received through a non-cash transaction, not in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 485.25 Td (secondary market or \(iii\) purchased from another stockholder prior to January 1) Tj ET Q q 0 0 0 rg BT 354.69 485.25 Td (1, 2009, may be presented in whole or in part to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 473.25 Td (Company for redemption. In connection with such requests, the Company may) Tj ET Q q 0 0 0 rg BT 353.34 473.25 Td (, in its discretion, waive the one-year holding period ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 461.25 Td (requirement as well as certain other limitations in the circumstances described below) Tj ET Q q 0 0 0 rg BT 374.96 461.25 Td (. ) Tj ET Q q 0 0 0 rg BT 379.77 461.25 Td (The Company will not pay its ) Tj ET Q q 0 0 0 rg BT 500.88 461.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 532.70 461.25 Td (, Hines ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 449.25 Td (Associates Limited Partnership, or its af) Tj ET Q q 0 0 0 rg BT 196.34 449.25 Td (filiates any fees to complete any transactions under our share redemption program. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 425.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.41 425.25 Td (o the extent the Company's board of directors determines that it has suf) Tj ET Q q 0 0 0 rg BT 325.74 425.25 Td (ficient available cash flow for redemptions, the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 413.25 Td (intends to redeem redemption requests for cash on a quarterly basis; however) Tj ET Q q 0 0 0 rg BT 344.67 413.25 Td (, the Company's board of directors may determine from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 401.25 Td (time to time to adjust the timing of redemptions upon 30 days' notice, which will be provided in the form of a Current Report on Form ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 389.25 Td (8-K filed with the U.S. Securities and Exchange Commission \(SEC\) and made available on the Company's website ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 377.25 Td (\(www) Tj ET Q q 0 0 0 rg BT 60.35 377.25 Td (.Hinessecurities.com\). ) Tj ET Q q 0 0 0 rg BT 151.81 377.25 Td (The funds available for redemption will generally be limited to the amount of proceeds received from the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 365.25 Td (Company's dividend reinvestment plan in the prior quarter) Tj ET Q q 0 0 0 rg BT 269.14 365.25 Td (. However) Tj ET Q q 0 0 0 rg BT 310.39 365.25 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 36.00 353.25 Td (redemptions in excess of this amount, as long as the total amount redeemed does not exceed the amount required to redeem 10% of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 341.25 Td (Company's shares outstanding as of the same date in the prior calendar year) Tj ET Q q 0 0 0 rg BT 338.27 341.25 Td (. In the event of a redemption request in connection with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 329.25 Td (the death or disability \(as defined in the Code\) of a stockholder) Tj ET Q q 0 0 0 rg BT 288.03 329.25 Td (, the Company may waive the one-year holding period requirement as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 317.25 Td (well as the annual limitation on the number of shares that will be redeemed as summarized above. In addition, in the event a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 305.25 Td (stockholder is having all his shares redeemed, the one-year holding requirement will be waived for shares purchased under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 293.25 Td (Company's dividend reinvestment plan.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 269.25 Td (The Company's board of directors may terminate, suspend or amend the Company's share redemption program and discontinue ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 257.25 Td (redemptions at any time without stockholder approval upon 30 days' written notice if the Company's board of directors believes such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 245.25 Td (action is in the Company's best interests, or if the board of directors determines the funds otherwise available to fund the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 233.25 Td (share redemption program are needed for other purposes. ) Tj ET Q q 0 0 0 rg BT 267.12 233.25 Td (The written notice will take the form of a Current Report on Form 8-K filed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 221.25 Td (with the SEC and made available on the Company's website.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 197.25 Td (Beginning with share redemption requests received on or after ) Tj ET Q q 0 0 0 rg BT 287.31 197.25 Td (April 1, 2013, the Company's share redemption price will be $5.75 per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 185.25 Td (share, which is 85% of the Company's revised estimated per share NA) Tj ET Q q 0 0 0 rg BT 315.88 185.25 Td (V) Tj ET Q q 0 0 0 rg BT 321.82 185.25 Td (. ) Tj ET Q q 0 0 0 rg BT 326.63 185.25 Td (The redemption price was determined by the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 173.25 Td (board of directors in its sole discretion. ) Tj ET Q q 0 0 0 rg BT 194.67 173.25 Td (This new share redemption price will apply to ordinary share redemption requests received on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 161.25 Td (or after ) Tj ET Q q 0 0 0 rg BT 67.09 161.25 Td (April 1, 2013, which, if redeemed, will be redeemed in July 2013. ) Tj ET Q q 0 0 0 rg BT 332.87 161.25 Td (Any shares that are redeemed in ) Tj ET Q q 0 0 0 rg BT 463.37 161.25 Td (April 2013 pursuant to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 149.25 Td (eligible 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 485.31 149.25 Td (April 1, 2013 will be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 137.25 Td (redeemed at the current redemption price of $7.61 per share. ) Tj ET Q q 0 0 0 rg BT 282.28 137.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 332.19 137.25 Td (, any shares that are redeemed pursuant to eligible ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 125.25 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 464.75 125.25 Td (April 1, 2013, will be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 113.25 Td (redeemed at the new estimated per share NA) Tj ET Q q 0 0 0 rg BT 213.80 113.25 Td (V) Tj ET Q q 0 0 0 rg BT 220.84 113.25 Td ( of $6.75.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 89.25 Td (The Company's board of directors may adjust the per) Tj ET Q q 0 0 0 rg BT 248.10 89.25 Td (-share redemption price from time to time based on the Company's then-current ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 77.25 Td (estimated per share value at the time of the adjustment and such other factors as it deems appropriate, including but not limited to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 65.25 Td (then-current of) Tj ET Q q 0 0 0 rg BT 95.51 65.25 Td (fering price of the Company's shares \(if any\), the Company's then-current dividend reinvestment plan price and general ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 53.25 Td (market conditions. ) Tj ET Q q 0 0 0 rg BT 112.38 53.25 Td (At any time during which the Company is engaged in an of) Tj ET Q q 0 0 0 rg BT 349.09 53.25 Td (fering of shares, the per) Tj ET Q q 0 0 0 rg BT 443.57 53.25 Td (-share price for shares purchased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 41.25 Td (under the Company's redemption program will always be equal to or lower than the applicable per) Tj ET Q q 0 0 0 rg BT 428.87 41.25 Td (-share of) Tj ET Q q 0 0 0 rg BT 463.95 41.25 Td (fering price. Real estate ) 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 36.00 749.10 Td (asset and notes payable values fluctuate, which in the future may result in an increase or decrease in the Company's net asset value. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 737.10 Td (Thus, future adjustments to the Company's per share net asset value could result in a higher or lower redemption price. ) Tj ET Q q 0 0 0 rg BT 513.05 737.10 Td (The members ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 725.10 Td (of the Company's board of directors must, in accordance with their fiduciary duties, act in a manner they believe is in the best interests ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 713.10 Td (of the Company's stockholders when making any decision to adjust the redemption price of) Tj ET Q q 0 0 0 rg BT 401.15 713.10 Td (fered under the Company's share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 701.10 Td (redemption program. ) Tj ET Q q 0 0 0 rg BT 122.74 701.10 Td (The Company's board of directors will announce any price adjustment and the time period of its ef) Tj ET Q q 0 0 0 rg BT 516.47 701.10 Td (fectiveness ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 689.10 Td (upon 30 days' notice, which will be provided in the form of a Current Report on Form 8-K filed with the SEC and made available on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 677.10 Td (the Company's website. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 665.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 653.10 Td (All redemption requests must be made in writing and received by the Company 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 36.00 641.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 63.76 641.10 Td (. Stockholders may also withdraw their request to have their shares redeemed. ) Tj ET Q q 0 0 0 rg BT 377.93 641.10 Td (W) Tj ET Q q 0 0 0 rg BT 386.97 641.10 Td (ithdrawal requests must also be made in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 629.10 Td (writing and received by the Company at least five business days prior to the end of the quarter) Tj ET Q q 0 0 0 rg BT 412.28 629.10 Td (. If the number of shares subject to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 617.10 Td (redemption requests exceeds the limitations described above, or the Company's board of directors determines that available cash flow ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 605.10 Td (is insuf) Tj ET Q q 0 0 0 rg BT 64.99 605.10 Td (ficient to meet such requests, the Company will first redeem in full the shares for which redemption was requested in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 593.10 Td (connection with the death or disability of a stockholder and thereafter the remaining redemption requests will be reduced on a pro rata ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 581.10 Td (basis and 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 36.00 569.10 Td (redemption request is withdrawn by the stockholder) Tj ET Q q 0 0 0 rg BT 243.18 569.10 Td (. Such pending requests will generally be honored on a pro rata basis with any new ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 557.10 Td (redemption requests received in the applicable quarter) Tj ET Q q 0 0 0 rg BT 252.17 557.10 Td (, after all redemption requests in connection with the death or disability of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 543.90 Td (stockholder have been honored in their entirety) Tj ET Q q 0 0 0 rg BT 224.17 543.90 Td (.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 226.67 543.90 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.42 543.90 Td (The Company cannot guarantee that it will accommodate all requests made in any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 531.90 Td (quarter) Tj ET Q q 0 0 0 rg BT 63.76 531.90 Td (. If the Company cannot accommodate all requests in a given quarter) Tj ET Q q 0 0 0 rg BT 338.82 531.90 Td (, stockholders may withdraw their redemption request. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 507.90 Td (Commitments by the Company 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 36.00 495.90 Td (submitted a redemption request at or promptly \(no more than five business days\) after the fifth business day following the end of each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 483.90 Td (quarter) Tj ET Q q 0 0 0 rg BT 63.76 483.90 Td (. ) Tj ET Q q 0 0 0 rg BT 68.58 483.90 Td (The Company will redeem the shares subject to these commitments, and pay the redemption price associated therewith, within ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 471.90 Td (three business days following the delivery of such commitments. Stockholders will not relinquish their shares until the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 459.90 Td (redeems them. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 435.90 Td (Cash used to fund redemptions reduces the Company's liquidity available to fund its cash needs. Shares redeemed under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 423.90 Td (Company's share redemption program will be cancelled and will have the status of authorized but unissued shares. ) Tj ET Q q 0 0 0 rg BT 495.83 423.90 Td (The Company will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 411.90 Td (not resell such shares to the public unless such sales are first registered with the Securities and Exchange Commission under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 399.90 Td (Securities ) Tj ET Q q 0 0 0 rg BT 77.38 399.90 Td (Act of 1933, as amended, and under appropriate state securities laws or are exempt under such laws. ) Tj ET Q q 0 0 0 rg BT 480.95 399.90 Td (The Company will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 387.90 Td (terminate its share redemption program in the event that its shares ever become listed on a national securities exchange or in the event ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 375.90 Td (a secondary market for its common shares develops.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 351.90 Td (Item 9.01 Financial Statements and Exhibits.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 327.90 Td (\(d\) Exhibits:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 303.90 Td (99.1 Hines REIT) Tj ET Q q 0 0 0 rg BT 103.87 303.90 Td ( Shareholder Letter dated, March 28, 2013.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 267.90 Td (Statements in this Current Report on Form 8-K, including intentions, beliefs, expectations or projections relating to items such as the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 255.90 Td (timing of payment of distributions and the fulfillment of redemption requests are forward-looking statements within the meaning of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 243.90 Td (Section 27A) Tj ET Q q 0 0 0 rg BT 85.17 243.90 Td ( of the Securities ) Tj ET Q q 0 0 0 rg BT 154.59 243.90 Td (Act of 1933, as amended and Section 21E of the Exchange ) Tj ET Q q 0 0 0 rg BT 391.75 243.90 Td (Act of 1934, as amended. Such statements are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 231.90 Td (based on current expectations and assumptions with respect to, among other things, future economic, competitive and market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 219.90 Td (conditions and future business decisions that may prove to be incorrect or inaccurate. Important factors that could cause actual results ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 207.90 Td (to dif) Tj ET Q q 0 0 0 rg BT 57.21 207.90 Td (fer materially from those in the forward looking statements include the risks described in the Risk Factors section of Hines ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 195.90 Td (REIT's ) Tj ET Q q 0 0 0 rg BT 65.86 195.90 Td (Annual Report on Form 10-K for the year ended December 31, 201) Tj ET Q q 0 0 0 rg BT 335.41 195.90 Td (1 and its other filings with the Securities and Exchange ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 183.90 Td (Commission.) 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 /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 the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 294.05 718.25 Td (Act of 1934, the registrant has duly caused this report to be signed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (on its behalf by the undersigned thereunto duly authorized.) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 640.75 m 461.5 640.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.00 674.32 Td (HINES REAL ESTATE INVESTMENT TRUST, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.40 646.32 Td (March 28, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.00 646.32 Td (By:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 646.32 Td (/s/J. Shea Mor) Tj ET Q q 0 0 0 rg BT 352.82 646.32 Td (genroth) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 631.32 Td (J. Shea Mor) Tj ET Q q 0 0 0 rg BT 340.87 631.32 Td (genroth) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 616.32 Td (Chief ) Tj ET Q q 0 0 0 rg BT 317.17 616.32 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 376.69 616.32 Td (ficer and ) Tj ET Q q 0 0 0 rg BT 414.26 616.32 Td (T) Tj ET Q q 0 0 0 rg BT 420.02 616.32 Td (reasurer) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 13 0 obj <> endobj 14 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 276.65 730.10 Td (Exhibit Index) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 692.6 m 162.5 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162.5 692.6 m 548.5 692.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.00 697.28 Td (Exhibit No.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 165.00 697.28 Td (Description) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 682.27 Td (99.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.00 682.27 Td (Hines REIT) Tj ET Q q 0 0 0 rg BT 212.87 682.27 Td ( Shareholder Letter) Tj ET Q q 0 0 0 rg BT 289.65 682.27 Td (, dated March 28, 2013) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 15 0 obj <> endobj 16 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 99.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (March 28, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 686.25 Td (Dear Hines REIT) Tj ET Q q 0 0 0 rg BT 119.79 686.25 Td ( Investor) Tj ET Q q 0 0 0 rg BT 154.66 686.25 Td (,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 664.25 Td (Since the launch of Hines REIT) Tj ET Q q 0 0 0 rg BT 177.29 664.25 Td ( in 2004, our management has sought to build a high-quality portfolio, maximize cash flows ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 652.25 Td (and preserve long-term share value despite the numerous challenges presented by the recent global recessionary environment. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 640.25 Td (e thank you for the trust you have placed in us to manage your investment responsibly in an ef) Tj ET Q q 0 0 0 rg BT 435.59 640.25 Td (fort to ultimately provide ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (liquidity while maximizing returns to our shareholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 606.25 Td (In December 2009, our board of directors stated its intent to consider liquidity strategies beginning in 2015. In the interim, we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 594.25 Td (continuously monitor the commercial real estate markets for opportunities to harvest solid gains through the strategic sale of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 582.25 Td (specific assets. ) Tj ET Q q 0 0 0 rg BT 113.87 582.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 163.21 582.25 Td (, we are pleased to inform you of the recent sale of ) Tj ET Q q 0 0 0 rg BT 368.22 582.25 Td (W) Tj ET Q q 0 0 0 rg BT 377.26 582.25 Td (illiams ) Tj ET Q q 0 0 0 rg BT 406.80 582.25 Td (T) Tj ET Q q 0 0 0 rg BT 412.21 582.25 Td (ower in Houston. ) Tj ET Q q 0 0 0 rg BT 486.19 582.25 Td (W) Tj ET Q q 0 0 0 rg BT 494.83 582.25 Td (e purchased this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 570.25 Td (iconic of) Tj ET Q q 0 0 0 rg BT 85.08 570.25 Td (fice building on the city's west side in 2008 for $271.5 million, and after five years we were able to sell it for a net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 558.25 Td (contract price of $412 million, providing net sales proceeds of approximately $228 million to the company) Tj ET Q q 0 0 0 rg BT 476.47 558.25 Td (. ) Tj ET Q q 0 0 0 rg BT 483.42 558.25 Td (After reserving the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 546.25 Td (cash necessary for continued leasing capital to maximize the occupancy and value of our portfolio, proceeds from this sale as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 534.25 Td (well as other strategic asset sales are allowing us to make several liquidity announcements to our shareholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 512.25 Td (In its March 25) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 111.38 516.78 Td (th) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.43 512.25 Td ( meeting, the Hines REIT) Tj ET Q q 0 0 0 rg BT 218.73 512.25 Td ( board of directors authorized the following, for which additional details can be found ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 500.25 Td (in our 8-K filed with the Securities and Exchange Commission on March 28, 2013:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 478.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 478.25 Td (A) Tj ET Q q 0 0 0 rg BT 92.67 478.25 Td ( special distribution of approximately $197 million, resulting in a distribution to shareholders of $0.80 per share, has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 466.25 Td (been declared to investors of record on ) Tj ET Q q 0 0 0 rg BT 243.44 466.25 Td (April 2, 2013 and will be paid on ) Tj ET Q q 0 0 0 rg BT 378.15 466.25 Td (April 30, 2013. ) Tj ET Q q 0 0 0 rg BT 444.08 466.25 Td (This means that you will be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 454.25 Td (receiving a separate distribution payment in addition to your normal quarterly distributions. ) Tj ET Q q 0 0 0 rg BT 456.84 454.25 Td (This special distribution ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 442.25 Td (is not subject to reinvestment pursuant to our dividend reinvestment plan so all eligible shareholders will be receiving ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 430.25 Td (this distribution in cash.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 406.25 Td (Combining this special distribution of $0.80 per share with the $0.03 per share return of capital distributions paid to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 394.25 Td (investors as a part of each of the last two quarterly distributions results in total special distributions of $0.86 \(i.e. $0.80 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 382.25 Td (+ $0.03 + $0.03 = $0.86\) per share since we last announced an estimated per share net asset value \(NA) Tj ET Q q 0 0 0 rg BT 495.95 382.25 Td (V\). ) Tj ET Q q 0 0 0 rg BT 513.82 382.25 Td (This $0.86 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 370.25 Td (per share represents a partial return of your investment and reduces the estimated per share NA) Tj ET Q q 0 0 0 rg BT 464.84 370.25 Td (V) Tj ET Q q 0 0 0 rg BT 471.88 370.25 Td ( of $7.61, announced ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 358.25 Td (on November 30, 2012, to $6.75 per share, ef) Tj ET Q q 0 0 0 rg BT 267.44 358.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 296.59 358.25 Td (April 2, 2013.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 352.70 362.78 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.95 358.25 Td ( ) Tj ET Q q 0 0 0 rg BT 358.27 358.25 Td (This reduction is purely a function of us returning ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 346.25 Td (a portion of your original investment and is not indicative of a decline in the value of our real estate portfolio.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 322.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 322.25 Td (When evaluating your investment in Hines REIT) Tj ET Q q 0 0 0 rg BT 281.32 322.25 Td (, it is important for you to consider the cumulative distributions you ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 310.25 Td (have received since your initial investment, as shown on the front of your shareholder statement, as well as the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 298.25 Td (estimated remaining value of your investment based on the shares you own and the current estimated per share NA) Tj ET Q q 0 0 0 rg BT 544.57 298.25 Td (V) Tj ET Q q 0 0 0 rg BT 550.50 298.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 286.25 Td (For example, an investor who invested $100,000 in Hines REIT) Tj ET Q q 0 0 0 rg BT 341.61 286.25 Td ( at $10.00 per share on January 1, 2005 will have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 274.25 Td (received cumulative cash distributions of $55,810 \(or $5.58 per share\) through ) Tj ET Q q 0 0 0 rg BT 402.31 274.25 Td (April 30, 2013 and has a current ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 262.25 Td (estimated value remaining of $67,500 \(based on the revised estimated per share NA) Tj ET Q q 0 0 0 rg BT 419.88 262.25 Td (V) Tj ET Q q 0 0 0 rg BT 426.92 262.25 Td ( of $6.75\).) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 468.58 266.78 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 238.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 238.25 Td (Beginning with redemption requests received on or after ) Tj ET Q q 0 0 0 rg BT 313.71 238.25 Td (April 1, 2013, we have reopened the Hines REIT) Tj ET Q q 0 0 0 rg BT 509.58 238.25 Td ( share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 226.25 Td (redemption program for ordinary redemptions at $5.75 per share, which is 85% of our revised estimated per share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 214.25 Td (NA) Tj ET Q q 0 0 0 rg BT 99.15 214.25 Td (V) Tj ET Q q 0 0 0 rg BT 106.20 214.25 Td ( of $6.75. ) Tj ET Q q 0 0 0 rg BT 149.34 214.25 Td (This provides an option for our shareholders who desire near) Tj ET Q q 0 0 0 rg BT 392.69 214.25 Td (-term liquidity while keeping the interests ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 202.25 Td (of our remaining shareholders in mind. Eligible redemption requests that are redeemed will be paid on July 1, 2013. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 190.25 Td (Funds available for redemption will generally be limited to dividend reinvestment plan proceeds from the prior ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 178.25 Td (quarter) Tj ET Q q 0 0 0 rg BT 113.76 178.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 116.26 182.78 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.51 178.25 Td ( Death and disability redemption requests will continue to be honored at 100% of the current estimated per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 166.25 Td (share NA) Tj ET Q q 0 0 0 rg BT 122.75 166.25 Td (V) Tj ET Q q 0 0 0 rg BT 129.79 166.25 Td ( at the time of the redemption \($6.75 per share for those redeemed on July 1, 2013\). If you desire to submit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 154.25 Td (your shares for redemption, please contact your financial advisor or Hines Investor Relations at 1-888-220-6121 to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 142.25 Td (initiate this process.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 118.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 118.25 Td (A) Tj ET Q q 0 0 0 rg BT 92.67 118.25 Td ( distribution rate for ) Tj ET Q q 0 0 0 rg BT 174.88 118.25 Td (April 2013 was declared in the annualized amount of 4.0%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 410.36 122.78 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.61 118.25 Td ( on the new estimated per share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 106.25 Td (NA) Tj ET Q q 0 0 0 rg BT 99.15 106.25 Td (V) Tj ET Q q 0 0 0 rg BT 106.20 106.25 Td ( of $6.75. ) Tj ET Q q 0 0 0 rg BT 149.34 106.25 Td (This distribution rate is lower than those previously declared primarily due to decreased cash flows as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 94.25 Td (a result of our recent strategic asset sales which have resulted in significant economic gains.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 70.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 70.25 Td (Participants in our dividend reinvestment plan will acquire shares at a fixed price of $6.75 per share rather than at the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 58.25 Td (previous price of $7.61, beginning with the distributions for the second quarter of 2013, which will be aggregated and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 46.25 Td (paid in July 2013. ) 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 50.00 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 730.10 Td (e have worked diligently to preserve value in the Hines REIT) Tj ET Q q 0 0 0 rg BT 303.94 730.10 Td ( portfolio during one of the most dif) Tj ET Q q 0 0 0 rg BT 447.90 730.10 Td (ficult times in ) Tj ET Q q 0 0 0 rg BT 505.40 730.10 Td (American ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (financial history) Tj ET Q q 0 0 0 rg BT 114.61 718.10 Td (. ) Tj ET Q q 0 0 0 rg BT 121.56 718.10 Td (As we look forward, we are continuing to evaluate all liquidity options for the shareholders. ) Tj ET Q q 0 0 0 rg BT 493.69 718.10 Td (As the lar) Tj ET Q q 0 0 0 rg BT 532.38 718.10 Td (gest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (investor in Hines REIT) Tj ET Q q 0 0 0 rg BT 142.30 706.10 Td (, Hines' interests remain aligned with the investors, and we are committed to prudently managing our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (portfolio to maximize value and investment returns to our shareholders over the long term.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 672.10 Td (Thank you again for the opportunity to serve you and for your continued support.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 650.10 Td (Sincerely) Tj ET Q q 0 0 0 rg BT 87.11 650.10 Td (,) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 562.27 Td (Jeffrey C. Hines) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.00 562.27 Td (Sherri W. Schugart) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 547.27 Td (Chairman of the Board) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.00 547.27 Td (President and Chief Executive Officer) Tj ET Q BT /F2 10.00 Tf ET BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 50.00 504.38 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.92 500.30 Td (Please note that the prior estimated per share NA) Tj ET Q q 0 0 0 rg BT 228.21 500.30 Td (V) Tj ET Q q 0 0 0 rg BT 234.54 500.30 Td ( of $7.61 was based on estimates of the value of our real estate investments, cash and other ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 489.50 Td (assets and debt and other liabilities as of September 30, 2012 and that no subsequent valuation has been undertaken. ) Tj ET Q q 0 0 0 rg BT 472.23 489.50 Td (The new estimated per ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 478.70 Td (share NA) Tj ET Q q 0 0 0 rg BT 83.08 478.70 Td (V) Tj ET Q q 0 0 0 rg BT 89.41 478.70 Td ( of $6.75 has been calculated as of a moment in time, and has only been updated to reflect the reduction that results from the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 467.90 Td (declaration of the $0.86 per share of special distributions.) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 256.94 471.98 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 258.40 467.90 Td ( Shareholders should not rely on the estimated per share NA) Tj ET Q q 0 0 0 rg BT 474.19 467.90 Td (V) Tj ET Q q 0 0 0 rg BT 480.52 467.90 Td ( as an accurate ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 457.10 Td (measure of the then-current value of shares of our common stock in making a decision to buy or sell shares, including whether to reinvest ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 446.30 Td (distributions by participating in our dividend reinvestment plan and whether to request redemption pursuant to our share redemption program. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 435.50 Td (Details concerning the methodology pursuant to which the prior estimated per share NA) Tj ET Q q 0 0 0 rg BT 366.25 435.50 Td (V) Tj ET Q q 0 0 0 rg BT 372.59 435.50 Td ( was determined by our board of directors can be ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 424.70 Td (found in our 8-K filed with the SEC on November 30, 2012.) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 50.00 406.78 Td (2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.92 402.70 Td (This example assumes that the shares were held continuously) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.87 402.70 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 276.37 402.70 Td (since the date purchased and that the investor did not participate in the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 391.90 Td (dividend reinvestment plan. ) Tj ET Q q 0 0 0 rg BT 154.56 391.90 Td (The amounts presented in this example would vary significantly for each shareholder) Tj ET Q q 0 0 0 rg BT 460.86 391.90 Td (, depending on the date of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 381.10 Td (the investment, the price at which the shares were purchased and whether the investor has participated in the dividend reinvestment plan. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 370.30 Td (This example is presented for illustrative purposes only) Tj ET Q q 0 0 0 rg BT 249.12 370.30 Td (, and should not be relied upon as an accurate measure of the current value of a ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 359.50 Td (shareholder's investment in making a decision to buy or sell shares.) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 50.00 342.78 Td (3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.92 338.70 Td (Redemptions cannot exceed the amount required to redeem 10% of the Company's shares outstanding as of the same date in the prior ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 327.90 Td (calendar year and will be subject to the other limitations set forth in our amended and restated share redemption program, as described in our ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 317.10 Td (8-K filed with the SEC on March 28, 2013.) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 50.00 300.38 Td (4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.92 296.30 Td (The distribution rate for ) Tj ET Q q 0 0 0 rg BT 140.90 296.30 Td (April 2013 was declared in the amount of $0.00073973 per share, per day) Tj ET Q q 0 0 0 rg BT 405.74 296.30 Td (. ) Tj ET Q q 0 0 0 rg BT 414.58 296.30 Td (This rate represents a 4.0% annualized ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 285.50 Td (yield based on our new estimated per share NA) Tj ET Q q 0 0 0 rg BT 219.29 285.50 Td (V) Tj ET Q q 0 0 0 rg BT 225.62 285.50 Td ( of $6.75, assuming the distribution rate is maintained for a twelve-month period.) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 50.00 264.70 Td (Statements in this letter) Tj ET Q q 0 0 0 rg BT 133.74 264.70 Td (, including intentions, beliefs, expectations or pr) Tj ET Q q 0 0 0 rg BT 307.63 264.70 Td (ojections r) Tj ET Q q 0 0 0 rg BT 345.55 264.70 Td (elating to items such as the timing of distribution payments, ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 50.00 253.90 Td (the fulfillment of r) Tj ET Q q 0 0 0 rg BT 114.91 253.90 Td (edemption r) Tj ET Q q 0 0 0 rg BT 157.82 253.90 Td (equests and maximizing value ar) Tj ET Q q 0 0 0 rg BT 275.47 253.90 Td (e forwar) Tj ET Q q 0 0 0 rg BT 305.89 253.90 Td (d-looking statements within the meaning of Section 27A) Tj ET Q q 0 0 0 rg BT 506.45 253.90 Td ( of the ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 50.00 243.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 87.58 243.10 Td (Act of 1933, as amended and Section 21E of the Exchange ) Tj ET Q q 0 0 0 rg BT 299.86 243.10 Td (Act of 1934, as amended. Such statements ar) Tj ET Q q 0 0 0 rg BT 460.76 243.10 Td (e based on curr) Tj ET Q q 0 0 0 rg BT 516.66 243.10 Td (ent ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 50.00 232.30 Td (expectations and assumptions with r) Tj ET Q q 0 0 0 rg BT 180.66 232.30 Td (espect to, among other things, futur) Tj ET Q q 0 0 0 rg BT 308.57 232.30 Td (e economic, competitive and market conditions and futur) Tj ET Q q 0 0 0 rg BT 513.19 232.30 Td (e business ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 50.00 221.50 Td (decisions that may pr) Tj ET Q q 0 0 0 rg BT 126.91 221.50 Td (ove to be incorr) Tj ET Q q 0 0 0 rg BT 183.81 221.50 Td (ect or inaccurate. Important factors that could cause actual r) Tj ET Q q 0 0 0 rg BT 404.44 221.50 Td (esults to differ materially fr) Tj ET Q q 0 0 0 rg BT 503.10 221.50 Td (om those in the ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 50.00 210.70 Td (forwar) Tj ET Q q 0 0 0 rg BT 74.17 210.70 Td (d looking statements include the risks described in the Risk Factors section of Hines REIT's ) Tj ET Q q 0 0 0 rg BT 416.14 210.70 Td (Annual Report on Form 10-K for the ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 50.00 199.90 Td (year ended December 31, 201) Tj ET Q q 0 0 0 rg BT 157.54 199.90 Td (1, as supplemented or updated by its other filings with the SEC.) 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