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0 0 rg BT 389.00 475.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.00 475.21 Td (2,710,608) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.00 475.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.00 475.21 Td (2,078,572) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.85 461.20 Td (LIABILITIES AND EQUITY) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.00 461.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.00 461.21 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 447.20 Td (Liabilities:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.00 447.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.00 447.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 433.21 Td (Accounts payable and accrued expenses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.00 433.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.25 433.21 Td (41,225) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.00 433.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 548.25 433.21 Td (35,889) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 419.21 Td (Due to affiliates) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.25 419.21 Td (17,311) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 548.25 419.21 Td (10,198) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 405.21 Td (Intangible lease liabilities, net) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.25 405.21 Td (33,253) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 548.25 405.21 Td (27,183) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 391.21 Td (Other liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.25 391.21 Td (20,122) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 548.25 391.21 Td (18,472) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 377.21 Td (Derivative instruments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.25 377.21 Td (15,754) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 548.25 377.21 Td (15,453) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 363.21 Td (Distributions payable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.25 363.21 Td (10,555) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 552.75 363.21 Td (8,777) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 349.21 Td (Notes payable to af) Tj ET Q q 0 0 0 rg BT 108.56 349.21 Td (filiates) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.25 349.21 Td (30,938) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 548.25 349.21 Td (28,535) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 335.21 Td (Notes payable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.00 335.21 Td (1,340,317) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 543.75 335.21 Td (829,795) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 321.20 Td (T) Tj ET Q q 0 0 0 rg BT 44.18 321.20 Td (otal liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.00 321.21 Td (1,509,475) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 543.75 321.21 Td (974,302) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 293.21 Td (Commitments and contingencies \(Note 14\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.00 293.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 564.00 293.21 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 265.20 Td (Equity:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.00 265.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.00 265.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 251.21 Td (Stockholders equity:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.00 251.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.00 251.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 237.21 Td (Preferred shares, $.001 par value; 500,000 preferred shares authorized, none issued or ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 228.21 Td (outstanding as of March 31, 2013 and December 31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.00 228.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 564.00 228.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 214.21 Td (Common stock, $.001 par value; 1,500,000 shares authorized, 167,723 and 148,889 issued and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 205.21 Td (outstanding as of March 31, 2013 and December 31, 2012, respectively) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.50 205.21 Td (168) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.50 205.21 Td (149) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 191.21 Td (Additional paid-in capital) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.00 191.21 Td (1,331,292) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.00 191.21 Td (1,189,739) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 177.21 Td (Accumulated deficit) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.75 177.21 Td (\(149,861) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.00 177.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 540.75 177.21 Td (\(117,369) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 573.00 177.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 163.21 Td (Accumulated other comprehensive income \(loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.25 163.21 Td (\(19,430) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.00 163.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 549.75 163.21 Td (\(8,612) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 573.00 163.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 149.21 Td (Total stockholders equity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.00 149.21 Td (1,162,169) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.00 149.21 Td (1,063,907) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 135.21 Td (Noncontrolling interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.25 135.21 Td (38,964) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 548.25 135.21 Td (40,363) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 121.20 Td (Total equity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.00 121.21 Td (1,201,133) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.00 121.21 Td (1,104,270) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 107.20 Td (T) Tj ET Q q 0 0 0 rg BT 44.18 107.20 Td (otal liabilities and equity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.00 107.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.00 107.21 Td (2,710,608) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.00 107.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.00 107.21 Td (2,078,572) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.25 79.25 Td (See notes to the condensed consolidated financial statements.) 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 24.60 Td (2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 242.00 749.25 Td (HINES GLOBAL) Tj ET Q q 0 0 0 rg BT 317.86 749.25 Td ( REIT) Tj ET Q q 0 0 0 rg BT 344.07 749.25 Td (, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 737.25 Td (CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 184.11 737.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 218.66 737.25 Td (A) Tj ET Q q 0 0 0 rg BT 225.14 737.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 290.06 737.25 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 326.82 737.25 Td (TIONS ) Tj ET Q q 0 0 0 rg BT 359.89 737.25 Td (AND COMPREHENSIVE INCOME \(LOSS\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 188.85 725.25 Td (For) Tj ET Q q 0 0 0 rg BT 204.22 725.25 Td ( the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 222.37 725.25 Td (Thr) Tj ET Q q 0 0 0 rg BT 238.85 725.25 Td (ee) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.73 725.25 Td ( Months Ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 315.81 725.25 Td (Mar) Tj ET Q q 0 0 0 rg BT 334.50 725.25 Td (ch31, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 382.00 725.25 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 403.13 725.25 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 423.13 725.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 272.35 713.25 Td (\(UNAUDITED\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 636.75 389.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 636.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 636.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 636.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 606.75 389.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 606.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 606.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 606.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 576.75 389.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 576.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 576.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 576.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 546.75 389.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 546.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 546.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 546.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 516.75 389.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 516.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 516.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 516.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 486.75 389.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 486.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 486.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 486.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 456.75 389.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 456.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 456.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 456.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 426.75 389.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 426.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 426.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 426.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 396.75 389.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 396.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 396.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 396.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 366.75 389.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 366.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 366.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 366.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 336.75 389.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 336.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 336.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 336.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 306.75 389.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 306.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 306.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 306.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 276.75 389.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 276.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 276.75 4.00 -15.00 re f /GS0 gs 0.8 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0.9333333333333333 1 rg /GS0 gs 36.50 156.75 389.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 156.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 156.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 156.75 72.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 673.75 m 497.5 673.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 673.75 m 573.5 673.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 606.75 m 497.5 606.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 606.75 m 573.5 606.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 471.75 m 497.5 471.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 471.75 m 573.5 471.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 456.75 m 497.5 456.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 456.75 m 573.5 456.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 366.75 m 497.5 366.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 366.75 m 573.5 366.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 336.75 m 497.5 336.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 336.75 m 573.5 336.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 306.75 m 497.5 306.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 306.75 m 573.5 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 292.75 m 497.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 290.75 m 497.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 292.75 m 573.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 290.75 m 573.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 277.75 m 497.5 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 275.75 m 497.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 277.75 m 573.5 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 275.75 m 573.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 262.75 m 497.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 260.75 m 497.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 262.75 m 573.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 260.75 m 573.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 247.75 m 497.5 247.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 245.75 m 497.5 245.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 247.75 m 573.5 247.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 245.75 m 573.5 245.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 186.75 m 497.5 186.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 186.75 m 573.5 186.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 156.75 m 497.5 156.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 156.75 m 573.5 156.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 142.75 m 497.5 142.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 140.75 m 497.5 140.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 142.75 m 573.5 142.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 140.75 m 573.5 140.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 430.40 693.43 Td (Three Months Ended March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 678.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 451.00 678.43 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 527.00 678.43 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 655.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 432.35 664.48 Td (\(In thousands, except per share) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 478.95 654.48 Td (amounts\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 641.43 Td (Revenues:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 461.00 641.43 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 537.00 641.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 626.42 Td (Rental revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.00 626.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 626.42 Td (55,904) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 626.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.15 626.42 Td (34,508) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 611.42 Td (Other revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 611.42 Td (4,128) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.15 611.42 Td (2,273) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 596.42 Td (Total revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 596.42 Td (60,032) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.15 596.42 Td (36,781) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 581.43 Td (Expenses:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.00 581.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 570.00 581.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 566.42 Td (Property operating expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 566.42 Td (12,548) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.15 566.42 Td (8,554) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 551.42 Td (Real property taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 551.42 Td (5,299) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.15 551.42 Td (2,768) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 536.42 Td (Property management fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 536.42 Td (1,328) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.65 536.42 Td (763) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 521.42 Td (Depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 521.42 Td (24,465) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.15 521.42 Td (17,151) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 506.42 Td (Acquisition related expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 506.42 Td (16,473) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.65 506.42 Td (767) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 491.42 Td (Asset management and acquisition fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 491.42 Td (16,097) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.15 491.42 Td (2,947) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 476.42 Td (General and administrative expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 476.42 Td (1,088) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.65 476.42 Td (889) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 461.42 Td (Total expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 461.42 Td (77,298) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.15 461.42 Td (33,839) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 446.43 Td (Income \(loss\) before other income \(expenses\) and benefit \(provision\) for income taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.80 446.47 Td (\(17,266) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 446.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.15 446.42 Td (2,942) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 431.43 Td (Other income \(expenses\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.00 431.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 570.00 431.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 416.42 Td (Gain \(loss\) on derivative instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 416.42 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.80 416.42 Td (\(1,923) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 569.65 416.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 401.42 Td (Foreign currency gains \(losses\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.80 401.47 Td (\(4,531) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 401.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.80 401.42 Td (\(1,494) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 569.65 401.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 386.42 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.80 386.47 Td (\(10,693) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 386.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.80 386.42 Td (\(7,623) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 569.65 386.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 371.42 Td (Interest income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 371.42 Td (90) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.65 371.42 Td (208) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 356.43 Td (Income \(loss\) before benefit \(provision\) for income taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.80 356.47 Td (\(32,379) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 356.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.80 356.42 Td (\(7,890) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 569.65 356.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 341.42 Td (Benefit \(provision\) for income taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 341.42 Td (408) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.30 341.42 Td (\(881) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 569.65 341.42 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 326.43 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.80 326.47 Td (\(31,971) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 326.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.80 326.42 Td (\(8,771) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 569.65 326.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 311.42 Td (Net \(income\) loss attributable to noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.30 311.47 Td (\(521) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 311.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.65 311.42 Td (17) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 296.43 Td (Net income \(loss\) attributable to common stockholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.00 296.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.80 296.47 Td (\(32,492) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 296.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 296.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.80 296.42 Td (\(8,754) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 569.65 296.42 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 281.43 Td (Basic and diluted income \(loss\) per common share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.00 281.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 281.47 Td (\(0.20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 281.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 281.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.80 281.42 Td (\(0.09) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 569.65 281.42 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 266.43 Td (Distributions declared per common share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.00 266.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 266.42 Td (0.16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 266.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.15 266.42 Td (0.16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 251.42 Td (Weighted average number of common shares outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.15 251.42 Td (163,514) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.15 251.42 Td (94,573) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 236.43 Td (Net compr) Tj ET Q q 0 0 0 rg BT 84.08 236.43 Td (ehensive income \(loss\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.00 236.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 570.00 236.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 221.42 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.00 221.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.80 221.47 Td (\(31,971) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 221.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 221.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.80 221.42 Td (\(8,771) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 569.65 221.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 206.42 Td (Other comprehensive income \(loss\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.00 206.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 570.00 206.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 191.42 Td (Foreign currency translation adjustment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.80 191.47 Td (\(12,499) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 191.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.15 191.42 Td (19,761) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 176.43 Td (Net comprehensive income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.80 176.47 Td (\(44,470) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 176.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.15 176.42 Td (10,990) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 161.42 Td (Net comprehensive \(income\) loss attributable to noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 161.42 Td (1,160) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.30 161.42 Td (\(927) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 569.65 161.42 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 146.43 Td (Net comprehensive income \(loss\) attributable to common stockholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.00 146.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.80 146.47 Td (\(43,310) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 146.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 146.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.15 146.42 Td (10,063) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.25 118.25 Td (See notes to the condensed consolidated financial statements.) 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 24.60 Td (3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 242.00 749.25 Td (HINES GLOBAL) Tj ET Q q 0 0 0 rg BT 317.86 749.25 Td ( REIT) Tj ET Q q 0 0 0 rg BT 344.07 749.25 Td (, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 169.65 737.25 Td (CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 294.76 737.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 329.31 737.25 Td (A) Tj ET Q q 0 0 0 rg BT 335.79 737.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 400.71 737.25 Td ( EQUITY) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 188.85 725.25 Td (For) Tj ET Q q 0 0 0 rg BT 204.22 725.25 Td ( the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 222.37 725.25 Td (Thr) Tj ET Q q 0 0 0 rg BT 238.85 725.25 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 334.50 725.25 Td (ch 31, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 382.00 725.25 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 403.13 725.25 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 423.13 725.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 272.35 713.25 Td (\(UNAUDITED\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 275.00 701.25 Td (\(In thousands\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 649.75 101.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 137.50 649.75 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 649.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 649.75 45.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 649.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 649.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 649.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 649.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 649.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 649.75 66.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 649.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 649.75 59.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 649.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 649.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 603.75 101.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 137.50 603.75 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 603.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 603.75 45.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 603.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 603.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 603.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 603.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 603.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 603.75 66.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 603.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 603.75 59.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 603.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 603.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 566.75 101.00 -41.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 137.50 566.75 50.00 -41.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 566.75 4.00 -41.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 566.75 45.00 -41.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 566.75 4.00 -41.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 566.75 65.00 -41.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 566.75 4.00 -41.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 566.75 65.00 -41.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 566.75 4.00 -41.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 566.75 66.00 -41.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 566.75 4.00 -41.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 566.75 59.00 -41.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 566.75 4.00 -41.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 566.75 65.00 -41.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 502.75 101.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 137.50 502.75 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 502.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 502.75 45.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 502.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 502.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 502.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 502.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 502.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 502.75 66.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 502.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 502.75 59.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 502.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 502.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 465.75 101.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 137.50 465.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 465.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 465.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 465.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 465.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 465.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 465.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 465.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 465.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 465.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 465.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 465.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 465.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 428.75 101.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 137.50 428.75 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 428.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 428.75 45.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 428.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 428.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 428.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 428.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 428.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 428.75 66.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 428.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 428.75 59.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 428.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 428.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 352.75 101.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 137.50 352.75 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 352.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 352.75 45.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 352.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 352.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 352.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 352.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 352.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 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[] 0 d 0 J 0 j 3 M 378.5 649.75 m 444.5 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 649.75 m 507.5 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 649.75 m 576.5 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 649.75 m 187.5 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 649.75 m 236.5 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 649.75 m 305.5 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 649.75 m 374.5 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 649.75 m 444.5 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 649.75 m 507.5 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 649.75 m 576.5 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 428.75 m 187.5 428.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 428.75 m 236.5 428.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 428.75 m 305.5 428.75 l s 0 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0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 158.75 m 576.5 158.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 136.75 m 187.5 136.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 134.75 m 187.5 134.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 136.75 m 236.5 136.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 134.75 m 236.5 134.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 136.75 m 305.5 136.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 134.75 m 305.5 134.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 136.75 m 374.5 136.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 134.75 m 374.5 134.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 136.75 m 444.5 136.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 134.75 m 444.5 134.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 136.75 m 507.5 136.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 134.75 m 507.5 134.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 136.75 m 576.5 136.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 134.75 m 576.5 134.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 654.21 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.25 663.20 Td (Common) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 149.05 654.20 Td (Shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 197.70 654.20 Td (Amount) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 251.95 663.20 Td (Additional) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 243.10 654.20 Td (Paid-in Capital) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.00 663.20 Td (Accumulated) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 328.75 654.20 Td (Deficit) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.50 681.20 Td (Accumulated) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.55 672.20 Td (Other) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.05 663.20 Td (Comprehensive) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.85 654.20 Td (Income \(Loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.65 672.20 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 451.30 663.20 Td (Stockholders) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.45 654.20 Td (Equity) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.55 663.20 Td (Noncontrolling) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.80 654.20 Td (Interests) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 640.20 Td (Balance as of) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 631.20 Td (January 1, 2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 154.75 631.21 Td (148,889) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 194.00 631.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 219.50 631.21 Td (149) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 243.00 631.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 266.00 631.21 Td (1,189,739) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.00 631.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.75 631.21 Td (\(117,369) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 371.00 631.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 381.00 631.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.75 631.21 Td (\(8,612) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 441.00 631.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 631.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.00 631.21 Td (1,063,907) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 514.00 631.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 548.25 631.21 Td (40,363) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 617.21 Td (Issuance of common) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 608.21 Td (shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 159.25 608.21 Td (19,168) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 224.00 608.21 Td (19) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.75 608.21 Td (190,471) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.00 608.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.00 608.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.75 608.21 Td (190,490) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 564.00 608.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 594.21 Td (Contribution from) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 585.21 Td (noncontrolling interest) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 175.00 585.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 224.00 585.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 293.00 585.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.00 585.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.00 585.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 495.00 585.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.50 585.21 Td (315) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 571.21 Td (Distributions declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 175.00 571.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 224.00 571.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 274.25 571.21 Td (\(26,190) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 302.00 571.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.00 571.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.00 571.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.25 571.21 Td (\(26,190) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 504.00 571.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 565.50 571.21 Td (\(3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 573.00 571.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 557.21 Td (Distributions on) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 548.21 Td (Convertible Preferred) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 539.21 Td (Equity Certificates) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 530.21 Td (\(CPEC\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 175.00 530.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 224.00 530.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 293.00 530.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.00 530.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.00 530.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 495.00 530.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 556.50 530.21 Td (\(551) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 573.00 530.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 516.21 Td (Redemption of common) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 507.21 Td (shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 167.50 507.21 Td (\(334) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 184.00 507.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 224.00 507.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 278.75 507.21 Td (\(3,906) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 302.00 507.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.00 507.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.00 507.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.75 507.21 Td (\(3,906) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 504.00 507.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 564.00 507.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 493.21 Td (Selling commissions and) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 484.21 Td (dealer manager fees) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 175.00 484.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 224.00 484.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 274.25 484.21 Td (\(16,899) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 302.00 484.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.00 484.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.00 484.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.25 484.21 Td (\(16,899) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 504.00 484.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 564.00 484.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 470.21 Td (Issuer costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 175.00 470.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 224.00 470.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 278.75 470.21 Td (\(1,923) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 302.00 470.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.00 470.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.00 470.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.75 470.21 Td (\(1,923) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 504.00 470.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 564.00 470.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 456.21 Td (Net income \(loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 175.00 456.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 224.00 456.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 293.00 456.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 343.25 456.21 Td (\(32,492) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 371.00 456.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.00 456.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.25 456.21 Td (\(32,492) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 504.00 456.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.50 456.21 Td (521) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 442.21 Td (Foreign currency) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 433.21 Td (translation adjustment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 175.00 433.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 224.00 433.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 293.00 433.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.00 433.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.25 433.21 Td (\(10,818) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 441.00 433.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.25 433.21 Td (\(10,818) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 504.00 433.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 549.75 433.21 Td (\(1,681) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 573.00 433.21 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 419.20 Td (Balance as of) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 410.20 Td (March 31, 2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 154.75 410.21 Td (167,723) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 194.00 410.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 219.50 410.21 Td (168) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 243.00 410.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 266.00 410.21 Td (1,331,292) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.00 410.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.75 410.21 Td (\(149,861) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 371.00 410.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 381.00 410.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.25 410.21 Td (\(19,430) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 441.00 410.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 410.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.00 410.21 Td (1,162,169) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 514.00 410.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 548.25 410.21 Td (38,964) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 357.21 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.25 366.20 Td (Common) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 149.05 357.20 Td (Shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 197.70 357.20 Td (Amount) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 251.95 366.20 Td (Additional) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 243.10 357.20 Td (Paid-in Capital) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.00 366.20 Td (Accumulated) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 328.75 357.20 Td (Deficit) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.50 384.20 Td (Accumulated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.55 375.20 Td (Other) Tj ET Q q 0 0 0 rg BT 422.38 375.20 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.05 366.20 Td (Compr) Tj ET Q q 0 0 0 rg BT 408.38 366.20 Td (ehensive ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.85 357.20 Td (Income \(Loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.65 375.20 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 451.30 366.20 Td (Stockholders) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.45 357.20 Td (Equity) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.55 366.20 Td (Noncontrolling) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.80 357.20 Td (Interests) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 343.20 Td (Balance as of) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 334.20 Td (January 1, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 159.25 334.21 Td (90,023) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 194.00 334.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 224.00 334.21 Td (90) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 243.00 334.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.75 334.21 Td (738,616) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.00 334.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 343.25 334.21 Td (\(82,890) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 371.00 334.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 381.00 334.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.25 334.21 Td (\(19,741) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 441.00 334.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 334.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.75 334.21 Td 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Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 260.21 Td (Distributions on CPECs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 175.00 260.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 224.00 260.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 293.00 260.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.00 260.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.00 260.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 495.00 260.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 556.50 260.21 Td (\(543) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 573.00 260.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 246.21 Td (Redemption of common) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 237.21 Td (shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 167.50 237.21 Td (\(166) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 184.00 237.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 224.00 237.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 278.75 237.21 Td (\(1,868) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 302.00 237.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.00 237.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.00 237.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.75 237.21 Td (\(1,868) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 504.00 237.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 564.00 237.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 223.21 Td (Selling commissions and) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 214.21 Td (dealer manager fees) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 175.00 214.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 224.00 214.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 278.75 214.21 Td (\(9,042) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 302.00 214.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.00 214.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.00 214.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.75 214.21 Td (\(9,042) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 504.00 214.21 Td 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186.21 Td (\(8,754) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 371.00 186.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.00 186.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.75 186.21 Td (\(8,754) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 504.00 186.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 561.00 186.21 Td (\(17) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 573.00 186.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 172.21 Td (Foreign currency) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 163.21 Td (translation adjustment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 175.00 163.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 224.00 163.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 293.00 163.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.00 163.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.25 163.21 Td (18,817) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 479.25 163.21 Td (18,817) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.50 163.21 Td (944) Tj ET Q BT 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514.00 140.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 548.25 140.21 Td (34,110) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.25 112.25 Td (See notes to the condensed consolidated financial statements.) 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Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 156.00 737.25 Td (CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 737.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 315.66 737.25 Td (A) Tj ET Q q 0 0 0 rg BT 322.14 737.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 387.06 737.25 Td ( CASH FLOWS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 188.85 725.25 Td (For) Tj ET Q q 0 0 0 rg BT 204.22 725.25 Td ( the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 222.37 725.25 Td (Thr) Tj ET Q q 0 0 0 rg BT 238.85 725.25 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 334.50 725.25 Td (ch 31, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 382.00 725.25 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 403.13 725.25 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 423.13 725.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 272.35 713.25 Td (\(UNAUDITED\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 674.75 406.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 674.75 65.00 -14.00 re f /GS0 gs 0.8 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/F2 10.00 Tf ET q 0 0 0 rg BT 503.65 665.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 665.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.80 665.32 Td (\(8,771) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 665.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 651.32 Td (Adjustments to reconcile net income \(loss\) to net cash from operating activities:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.00 651.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 651.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 637.32 Td (Depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 637.32 Td (27,142) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 637.32 Td (19,173) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 623.32 Td (Foreign currency \(gains\) losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.15 623.32 Td (4,531) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 623.32 Td (1,494) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 609.32 Td (\(Gain\) loss on derivative instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.30 609.37 Td (\(21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.65 609.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 609.32 Td (1,923) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 595.32 Td (Changes in assets and liabilities:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.00 595.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 595.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 581.32 Td (Change in other assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.80 581.37 Td (\(4,276) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.65 581.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 581.32 Td (972) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 567.32 Td (Change in tenant and other receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.15 567.32 Td (2,031) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.30 567.32 Td (\(931) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 567.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 553.32 Td (Change in deferred leasing costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.80 553.37 Td (\(5,821) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.65 553.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.30 553.32 Td (\(573) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 553.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 539.32 Td (Change in accounts payable and accrued expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.15 539.32 Td (5,236) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 539.32 Td (548) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 525.32 Td (Change in other liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.80 525.37 Td (\(3,339) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.65 525.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 525.32 Td (310) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 511.32 Td (Change in due to affiliates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.15 511.32 Td (7,131) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 511.32 Td (507) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 497.32 Td (Net cash from operating activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 497.32 Td (643) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 497.32 Td (14,652) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 482.43 Td (CASH FLOWS FROM INVESTING ACTIVITIES:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.00 482.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 482.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 468.32 Td (Investments in acquired properties and lease intangibles) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.80 468.37 Td (\(681,803) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.65 468.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.80 468.32 Td (\(130,226) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 468.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 454.32 Td (Capital expenditures at operating properties and developments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 454.37 Td (\(11,852) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.65 454.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.30 454.32 Td (\(806) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 454.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 440.32 Td (Deposits on investment property) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 440.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.80 440.32 Td (\(8,664) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 440.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 426.32 Td (Investments in real estate loans receivable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 426.37 Td (\(10,206) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.65 426.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 426.32 Td (\(12,093) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 426.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 412.32 Td (Change in restricted cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.80 412.37 Td (\(4,122) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.65 412.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.80 412.32 Td (\(1,015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 412.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 398.32 Td (Net cash from investing activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.80 398.37 Td (\(707,983) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.65 398.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.80 398.32 Td (\(152,804) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 398.32 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 383.43 Td (CASH FLOWS FROM FINANCING ACTIVITIES:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.00 383.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 383.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 369.32 Td (Proceeds from issuance of common stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 369.32 Td (181,542) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 369.32 Td (92,277) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 355.32 Td (Contribution from noncontrolling interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 355.32 Td (315) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 355.32 Td (400) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 341.32 Td (Redemption of common shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.80 341.37 Td (\(3,238) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.65 341.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.80 341.32 Td (\(1,589) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 341.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 327.32 Td (Payments of issuer costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.80 327.37 Td (\(1,096) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.65 327.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.80 327.32 Td (\(1,320) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 327.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 313.32 Td (Payment of selling commissions and dealer manager fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 313.37 Td (\(18,758) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.65 313.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.80 313.32 Td (\(8,675) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 313.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 299.32 Td (Distributions paid to stockholders and noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 299.37 Td (\(11,826) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.65 299.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.80 299.32 Td (\(7,813) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 299.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 285.32 Td (Proceeds from notes payable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 285.32 Td (663,306) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 285.32 Td (165,880) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 271.32 Td (Proceeds from related party notes payable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.15 271.32 Td (2,139) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 271.32 Td (690) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 257.32 Td (Payments on notes payable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.80 257.37 Td (\(133,106) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.65 257.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 257.32 Td (\(79,643) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 257.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 243.32 Td (Change in security deposit liability) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.15 243.32 Td (2,144) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 243.32 Td (114) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 229.32 Td (Deferred financing costs paid) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.80 229.37 Td (\(2,113) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.65 229.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.30 229.32 Td (\(186) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 229.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 215.32 Td (Payments related to interest rate contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.30 215.37 Td (\(776) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.65 215.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.65 215.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 201.32 Td (Net cash from financing activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 201.32 Td (678,533) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 201.32 Td (160,135) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 187.43 Td (Effect of exchange rate changes on cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.15 187.32 Td (1,543) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 187.32 Td (906) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 173.43 Td (Net change in cash and cash equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 173.37 Td (\(27,264) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.65 173.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 173.32 Td (22,889) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 159.43 Td (Cash and cash equivalents, beginning of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 159.32 Td (97,398) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 159.32 Td (66,490) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 145.43 Td (Cash and cash equivalents, end of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.00 145.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 145.32 Td (70,134) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 145.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 145.32 Td (89,379) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.25 117.25 Td (See notes to the condensed consolidated financial statements.) 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Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.95 737.25 Td (NOTES) Tj ET Q q 0 0 0 rg BT 167.17 737.25 Td (T) Tj ET Q q 0 0 0 rg BT 173.66 737.25 Td (O ) Tj ET Q q 0 0 0 rg BT 183.76 737.25 Td (THE CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 332.49 737.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 411.67 737.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 425.66 737.25 Td (A) Tj ET Q q 0 0 0 rg BT 432.14 737.25 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 188.85 725.25 Td (For) Tj ET Q q 0 0 0 rg BT 204.22 725.25 Td ( the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 222.37 725.25 Td (Thr) Tj ET Q q 0 0 0 rg BT 238.85 725.25 Td (ee) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.73 725.25 Td ( Months Ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 315.81 725.25 Td (Mar) Tj ET Q q 0 0 0 rg BT 334.50 725.25 Td (ch31, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 382.00 725.25 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 403.13 725.25 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 423.13 725.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 702.25 Td (1.ORGANIZA) Tj ET Q q 0 0 0 rg BT 102.76 702.25 Td (TION) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 678.25 Td (The accompanying interim unaudited condensed consolidated financial information has been pr) Tj ET Q q 0 0 0 rg BT 438.58 678.25 Td (epar) Tj ET Q q 0 0 0 rg BT 456.53 678.25 Td (ed accor) Tj ET Q q 0 0 0 rg BT 490.87 678.25 Td (ding to the rules and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 666.25 Td (r) Tj ET Q q 0 0 0 rg BT 39.52 666.25 Td (egulations of the United States Securities and Exchange Commission \(SEC\). Certain information and footnote disclosur) Tj ET Q q 0 0 0 rg BT 530.51 666.25 Td (es ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 654.25 Td (normally included in financial statements pr) Tj ET Q q 0 0 0 rg BT 213.11 654.25 Td (epar) Tj ET Q q 0 0 0 rg BT 231.07 654.25 Td (ed in accor) Tj ET Q q 0 0 0 rg BT 275.68 654.25 Td (dance with accounting principles generally accepted in the United States ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 642.25 Td (of ) Tj ET Q q 0 0 0 rg BT 46.10 642.25 Td (America \(GAAP\) have been condensed or omitted accor) Tj ET Q q 0 0 0 rg BT 282.05 642.25 Td (ding to such rules and r) Tj ET Q q 0 0 0 rg BT 376.96 642.25 Td (egulations. For further information, r) Tj ET Q q 0 0 0 rg BT 527.15 642.25 Td (efer to the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 630.25 Td (financial statements and footnotes for the year ended ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 250.97 630.25 Td (December31, 2012) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 329.55 630.25 Td ( included in Hines Global REIT) Tj ET Q q 0 0 0 rg BT 455.74 630.25 Td (, Inc.) Tj ET Q q 0 0 0 rg BT 478.05 630.25 Td (s ) Tj ET Q q 0 0 0 rg BT 484.26 630.25 Td (Annual Report on ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 618.25 Td (Form10-K for the year ended ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 158.75 618.25 Td (December31, 2012) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 237.34 618.25 Td (. In the opinion of management, all adjustments and eliminations, consisting only of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 606.25 Td (normal r) Tj ET Q q 0 0 0 rg BT 70.91 606.25 Td (ecurring adjustments, necessary to pr) Tj ET Q q 0 0 0 rg BT 221.36 606.25 Td (esent fairly and in conformity with GAAP) Tj ET Q q 0 0 0 rg BT 387.26 606.25 Td ( the financial position of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 564.01 606.25 Td (, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 594.25 Td (Inc. as of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 75.44 594.25 Td (Mar) Tj ET Q q 0 0 0 rg BT 92.29 594.25 Td (ch31, 2013) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 139.23 594.25 Td (, the r) Tj ET Q q 0 0 0 rg BT 162.46 594.25 Td (esults of operations for the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 272.19 594.25 Td (thr) Tj ET Q q 0 0 0 rg BT 283.49 594.25 Td (ee) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 292.36 594.25 Td ( months ended ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 352.63 594.25 Td (Mar) Tj ET Q q 0 0 0 rg BT 369.48 594.25 Td (ch31, 2013) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 416.42 594.25 Td ( and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 436.42 594.25 Td (2012) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 456.42 594.25 Td ( and cash flows for the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 549.75 594.25 Td (thr) Tj ET Q q 0 0 0 rg BT 561.05 594.25 Td (ee ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 582.25 Td (months ended) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 91.27 582.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 93.77 582.25 Td (Mar) Tj ET Q q 0 0 0 rg BT 110.62 582.25 Td (ch31, 2013) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 157.56 582.25 Td ( and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 177.56 582.25 Td (2012) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 197.56 582.25 Td ( have been included.The r) Tj ET Q q 0 0 0 rg BT 305.77 582.25 Td (esults of operations for such interim periods ar) Tj ET Q q 0 0 0 rg BT 494.01 582.25 Td (e not necessarily ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 570.25 Td (indicative of the r) Tj ET Q q 0 0 0 rg BT 106.44 570.25 Td (esults for the full year) Tj ET Q q 0 0 0 rg BT 193.10 570.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 546.25 Td (Hines Global REIT) Tj ET Q q 0 0 0 rg BT 131.02 546.25 Td (, Inc. \(the Company\), was formed as a Maryland corporation on December10, 2008 under the General ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 534.25 Td (Corporation Law of the state of Maryland for the purpose of engaging in the business of investing in and owning commercial real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 522.25 Td (estate properties and other real estate investments. ) Tj ET Q q 0 0 0 rg BT 239.08 522.25 Td (The Company conducts most of its operations through Hines Global REIT) Tj ET Q q 0 0 0 rg BT 536.63 522.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 510.25 Td (Properties, LP) Tj ET Q q 0 0 0 rg BT 92.85 510.25 Td ( \(the Operating Partnership\) and subsidiaries of the Operating Partnership. Beginning with its taxable year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 498.25 Td (December 31, 2009, the Company operated and intends to continue to operate in a manner to qualify as a real estate investment trust ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 486.25 Td (\(REIT\) for federal income tax purposes. ) Tj ET Q q 0 0 0 rg BT 207.69 486.25 Td (The business of the Company is managed by Hines Global REIT) Tj ET Q q 0 0 0 rg BT 466.91 486.25 Td ( ) Tj ET Q q 0 0 0 rg BT 468.86 486.25 Td (AdvisorsLP) Tj ET Q q 0 0 0 rg BT 518.77 486.25 Td ( \(the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 474.25 Td (Advisor\), an af) Tj ET Q q 0 0 0 rg BT 104.96 474.25 Td (filiate of Hines Interests Limited Partnership \(Hines\), pursuant to the ) Tj ET Q q 0 0 0 rg BT 391.27 474.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 430.44 474.25 Td (Agreement between the Company) Tj ET Q q 0 0 0 rg BT 566.13 474.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 462.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.17 462.25 Td (Advisor and the Operating Partnership.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 438.25 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.17 438.25 Td (August5, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.56 438.25 Td (, the Company commenced its initial public of) Tj ET Q q 0 0 0 rg BT 314.90 438.25 Td (fering of common stock for sale to the public \(the Initial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 426.25 Td (Of) Tj ET Q q 0 0 0 rg BT 46.37 426.25 Td (fering\) through which it raised ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.50 426.25 Td ($1.7 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.61 426.25 Td ( from the sale of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.64 426.25 Td (168.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.53 426.25 Td ( shares prior to its expiration on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.23 426.25 Td (February1, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.83 426.25 Td (. ) Tj ET Q q 0 0 0 rg BT 549.15 426.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 414.25 Td (Company commenced a follow-on of) Tj ET Q q 0 0 0 rg BT 185.22 414.25 Td (fering ef) Tj ET Q q 0 0 0 rg BT 219.19 414.25 Td (fective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.89 414.25 Td (February4, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.49 414.25 Td ( through which it is of) Tj ET Q q 0 0 0 rg BT 405.91 414.25 Td (fering up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.07 414.25 Td ($3.5 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.18 414.25 Td ( in shares of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 402.25 Td (common stock \(the Second Of) Tj ET Q q 0 0 0 rg BT 161.90 402.25 Td (fering\). ) Tj ET Q q 0 0 0 rg BT 200.86 402.25 Td (The Company received ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.66 402.25 Td ($14.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.55 402.25 Td ( of gross of) Tj ET Q q 0 0 0 rg BT 395.64 402.25 Td (fering proceeds from its Second Of) Tj ET Q q 0 0 0 rg BT 536.25 402.25 Td (fering ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 390.25 Td (from the sale of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.53 390.25 Td (1.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.42 390.25 Td ( shares through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.02 390.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.62 390.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 366.25 Td (The Company owned interests in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.70 366.25 Td (30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.70 366.25 Td ( real estate investments as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.88 366.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.48 366.25 Td (. ) Tj ET Q q 0 0 0 rg BT 384.30 366.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 444.01 366.25 Td (s investments consisted of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 354.25 Td (following types of investments:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 330.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 330.25 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 103.83 330.25 Td (of) Tj ET Q q 0 0 0 rg BT 111.97 330.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 129.46 330.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 179.73 330.25 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.06 330.25 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.06 330.25 Td ( ) Tj ET Q q 0 0 0 rg BT 190.56 330.25 Td (investments\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 318.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 318.25 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 103.83 318.25 Td (other ) Tj ET Q q 0 0 0 rg BT 126.87 318.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 177.15 318.25 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.48 318.25 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.48 318.25 Td ( ) Tj ET Q q 0 0 0 rg BT 187.98 318.25 Td (investments\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 306.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 306.25 Td (International ) Tj ET Q q 0 0 0 rg BT 116.59 306.25 Td (of) Tj ET Q q 0 0 0 rg BT 124.74 306.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 142.22 306.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 192.50 306.25 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.83 306.25 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.83 306.25 Td ( ) Tj ET Q q 0 0 0 rg BT 203.33 306.25 Td (investments\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 294.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 294.25 Td (International ) Tj ET Q q 0 0 0 rg BT 116.59 294.25 Td (other ) Tj ET Q q 0 0 0 rg BT 139.64 294.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 189.91 294.25 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.24 294.25 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.24 294.25 Td ( ) Tj ET Q q 0 0 0 rg BT 200.74 294.25 Td (investments\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 270.25 Td (Discussed below are additional details related to the Company) Tj ET Q q 0 0 0 rg BT 306.15 270.25 Td (s investments in multi-family projects and investments in real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 258.25 Td (estate related debt, each of which are included in the Company) Tj ET Q q 0 0 0 rg BT 290.07 258.25 Td (s domestic other investments segment. ) Tj ET Q q 0 0 0 rg BT 448.66 258.25 Td (All other investments are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 246.25 Td (operating real estate investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 222.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 222.25 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 222.25 Td (aterW) Tj ET Q q 0 0 0 rg BT 95.26 222.25 Td (all Place JV) Tj ET Q q 0 0 0 rg BT 142.84 222.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.84 222.25 Td (93%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.17 222.25 Td ( interest in a joint venture that was formed to invest in a multi-family development project in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 210.25 Td (Houston, ) Tj ET Q q 0 0 0 rg BT 101.71 210.25 Td (T) Tj ET Q q 0 0 0 rg BT 107.12 210.25 Td (exas. ) Tj ET Q q 0 0 0 rg BT 132.21 210.25 Td (The estimated total cost of the project is expected to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.19 210.25 Td ($65.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.08 210.25 Td ( and the project will consist of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.66 210.25 Td (322) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.66 210.25 Td ( units ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 198.25 Td (upon completion. ) Tj ET Q q 0 0 0 rg BT 134.94 198.25 Td (An af) Tj ET Q q 0 0 0 rg BT 157.25 198.25 Td (filiate of Hines owns the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.10 198.25 Td (7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.43 198.25 Td ( interest in this joint venture. Construction began in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.23 198.25 Td (July 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 564.40 198.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 186.25 Td (and is expected to be completed by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.01 186.25 Td (June 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.84 186.25 Td (, although there can be no assurances as to when construction will be completed.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 162.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 162.25 Td (@1377 @1377 is a multi-family development project in ) Tj ET Q q 0 0 0 rg BT 302.21 162.25 Td (Atlanta, Geor) Tj ET Q q 0 0 0 rg BT 356.46 162.25 Td (gia, in which we have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.43 162.25 Td (51.7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.26 162.25 Td ( ownership interest, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 150.25 Td (which is being developed by an af) Tj ET Q q 0 0 0 rg BT 199.45 150.25 Td (filiate of Hines. ) Tj ET Q q 0 0 0 rg BT 266.75 150.25 Td (The estimated total cost of the project is expected to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.72 150.25 Td ($33.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.62 150.25 Td ( and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 138.25 Td (project will consist of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.43 138.25 Td (215) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.43 138.25 Td ( units upon completion. Constructionbegan in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.19 138.25 Td (July 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.36 138.25 Td ( and is expected tobe completed by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 126.25 Td (December 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.58 126.25 Td (, although there can be no assurances as to when construction will be completed. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 102.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 102.25 Td (Ponce & Bird JV) Tj ET Q q 0 0 0 rg BT 131.43 102.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.43 102.25 Td (83%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.76 102.25 Td ( interest in a joint venture that was formed in July 2012 to invest in a multi-family development ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 90.25 Td (project in Miami, Florida. ) Tj ET Q q 0 0 0 rg BT 173.91 90.25 Td (The estimated total cost of the project is expected to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.89 90.25 Td ($65.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.78 90.25 Td ( and the project will consist of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 78.25 Td (276) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 78.25 Td ( units upon completion. ) Tj ET Q q 0 0 0 rg BT 176.89 78.25 Td (An af) Tj ET Q q 0 0 0 rg BT 199.20 78.25 Td (filiate of Hines owns the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.05 78.25 Td (17%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.38 78.25 Td ( interest in this joint venture. Construction began in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 66.25 Td (April 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.61 66.25 Td ( and is expected to be completed by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.12 66.25 Td (September 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.38 66.25 Td (, although there can be no assurances as to when construction ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 54.25 Td (will be completed.) 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 24.60 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 749.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 749.10 Td (Flagship Capital JV) Tj ET Q q 0 0 0 rg BT 142.26 749.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.26 749.10 Td (97%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.59 749.10 Td ( interest in a joint venture with Flagship Capital GP) Tj ET Q q 0 0 0 rg BT 380.85 749.10 Td (, which provides for financing of real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 737.10 Td (projects of up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.76 737.10 Td ($69.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.66 737.10 Td (. ) Tj ET Q q 0 0 0 rg BT 191.97 737.10 Td (The joint venture has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.17 737.10 Td (eight) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.17 737.10 Td ( loans receivable, totaling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.41 737.10 Td ($41.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.30 737.10 Td (, outstanding as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.12 737.10 Td (March31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 725.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 725.10 Td (. Flagship Capital GP) Tj ET Q q 0 0 0 rg BT 168.74 725.10 Td ( owns the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.61 725.10 Td (3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.94 725.10 Td ( interest in the joint venture. ) Tj ET Q q 0 0 0 rg BT 383.51 725.10 Td (The Company is not af) Tj ET Q q 0 0 0 rg BT 474.98 725.10 Td (filiated with Flagship ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 713.10 Td (Capital GP) Tj ET Q q 0 0 0 rg BT 106.06 713.10 Td (. See Note 5 Real Estate Loans Receivable for additional information regarding these loans receivable.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 689.10 Td (Consolidated VIEs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.87 665.10 Td (W) Tj ET Q q 0 0 0 rg BT 80.50 665.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 104.13 665.10 Td (all Place JV) Tj ET Q q 0 0 0 rg BT 150.60 665.10 Td (, Ponce and Bird JV) Tj ET Q q 0 0 0 rg BT 230.69 665.10 Td ( and Flagship Capital JV) Tj ET Q q 0 0 0 rg BT 329.39 665.10 Td ( were each determined to be variable interest entities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 653.10 Td (\(VIEs\) in which the Company is the primary beneficiary and the Company has consolidated these joint ventures accordingly) Tj ET Q q 0 0 0 rg BT 542.15 653.10 Td (. ) Tj ET Q q 0 0 0 rg BT 549.10 653.10 Td (A) Tj ET Q q 0 0 0 rg BT 555.77 653.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 641.10 Td (summary of the assets and liabilities of these consolidated ) Tj ET Q q 0 0 0 rg BT 270.49 641.10 Td (VIEs, as well as the maximum loss exposure of the Company from each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 629.10 Td (VIE, is as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 34.50 591.60 310.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 591.60 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 591.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 591.60 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 591.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 34.50 561.60 310.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 561.60 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 561.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 561.60 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 561.60 100.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 591.6 m 458.5 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 591.6 m 574.5 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 591.6 m 458.5 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 591.6 m 574.5 591.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 374.90 596.28 Td (March 31, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 483.65 596.28 Td (December 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 37.00 581.27 Td (Maximum risk of loss ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 127.56 585.80 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 581.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.15 581.27 Td (38,076) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.00 581.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.15 581.27 Td (28,626) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 37.00 566.27 Td (Assets held by VIEs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 566.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.15 566.27 Td (88,374) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.00 566.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.15 566.27 Td (68,699) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 37.00 551.27 Td (Assets held as collateral for debt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 551.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.15 551.27 Td (88,374) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.00 551.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.15 551.27 Td (68,699) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 37.00 536.27 Td (Liabilities held by ) Tj ET Q q 0 0 0 rg BT 112.08 536.27 Td (VIEs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 536.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.15 536.27 Td (53,304) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.00 536.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.15 536.27 Td (43,912) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 508.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 508.10 Td (Represents the Company's contributions made to the consolidated ) Tj ET Q q 0 0 0 rg BT 319.46 508.10 Td (VIEs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.51 508.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 484.10 Td (Restrictions on the use of a ) Tj ET Q q 0 0 0 rg BT 164.91 484.10 Td (VIE) Tj ET Q q 0 0 0 rg BT 184.35 484.10 Td (s assets are significant because they serve as collateral for such ) Tj ET Q q 0 0 0 rg BT 438.79 484.10 Td (VIE) Tj ET Q q 0 0 0 rg BT 458.22 484.10 Td (s debt, and the Company is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 472.10 Td (generally required to obtain its partners) Tj ET Q q 0 0 0 rg BT 196.03 472.10 Td ( approval in accordance with the respective joint venture agreements for any major ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 460.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 91.08 460.10 Td (T) Tj ET Q q 0 0 0 rg BT 96.84 460.10 Td (ransactions with these joint ventures on the Company) Tj ET Q q 0 0 0 rg BT 313.74 460.10 Td (s consolidated financial statements primarily relate to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 448.10 Td (contributions for the funding of loans receivable at the Flagship JV) Tj ET Q q 0 0 0 rg BT 302.98 448.10 Td (. ) Tj ET Q q 0 0 0 rg BT 310.30 448.10 Td (The Company and its partners are subject to the provisions of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 436.10 Td (joint ventures agreements which include provisions for when additional contributions may be required. During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.39 436.10 Td (three) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.37 436.10 Td ( months ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 424.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.38 424.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.98 424.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.41 424.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.41 424.10 Td (, the Company made capital contributions of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.93 424.10 Td ($9.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.82 424.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.26 424.10 Td ($10.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.15 424.10 Td ( in accordance with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 412.10 Td (Company) Tj ET Q q 0 0 0 rg BT 77.67 412.10 Td (s respective joint venture agreements. ) Tj ET Q q 0 0 0 rg BT 233.26 412.10 Td (These contributions are eliminated in consolidation of the ) Tj ET Q q 0 0 0 rg BT 466.35 412.10 Td (VIEs, but increase the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 400.10 Td (Company) Tj ET Q q 0 0 0 rg BT 77.67 400.10 Td (s maximum risk of loss.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 376.10 Td (Unconsolidated VIEs) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 352.10 Td (The @1377 Equity Method Investment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 328.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 113.71 328.10 Td (s investment in @1377 was determined to be a ) Tj ET Q q 0 0 0 rg BT 302.98 328.10 Td (VIE in which the Company was determined not to be the primary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 316.10 Td (beneficiary since the joint venture partner has the ability to direct the activities that significantly impact the economic performance of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 304.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.54 304.10 Td (VIE and the secured loan is fully guaranteed by the joint venture partner) Tj ET Q q 0 0 0 rg BT 339.33 304.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.64 304.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 406.36 304.10 Td (s maximum loss exposure is expected to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 292.10 Td (change in future periods as a result of additional contributions made.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.64 292.10 Td ( Other than the initial capital contributions provided by the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 280.10 Td (Company) Tj ET Q q 0 0 0 rg BT 74.24 280.10 Td (, the Company has not provided any additional subordinated financial support. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 256.10 Td (The table below includes the Company) Tj ET Q q 0 0 0 rg BT 213.13 256.10 Td (s maximum loss exposure related to this investment as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.20 256.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.80 256.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 244.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.58 244.10 Td (, which is equal to the carrying value of its investment in the joint venture included in the balance sheet line item ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 232.10 Td (Investments in unconsolidated entities in the condensed consolidated balance sheets as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.78 232.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.38 232.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.82 232.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 566.40 232.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 220.10 Td (\(in thousands\). ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 182.60 196.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 182.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 182.60 168.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 182.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 182.60 168.00 -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 36.5 182.60000000000002 m 232.5 182.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 182.60000000000002 m 404.5 182.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 182.60000000000002 m 576.5 182.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.55 187.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.05 187.27 Td (Period) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 240.45 187.28 Td (Investment in @1377 Development ) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 391.96 191.81 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 442.40 187.28 Td (Maximum Risk of Loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 173.17 Td (March 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.00 173.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.15 173.17 Td (3,573) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 173.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 173.17 Td (3,573) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 159.17 Td (December 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.00 159.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.15 159.17 Td (3,573) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 159.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 159.17 Td (3,573) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 131.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 131.10 Td (Represents the carrying amount of the investment in @1377, which represents the Company) Tj ET Q q 0 0 0 rg BT 426.18 131.10 Td (s contribution made to the ) Tj ET Q q 0 0 0 rg BT 532.92 131.10 Td (VIE.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 108.25 Td (2.SUMMAR) Tj ET Q q 0 0 0 rg BT 97.25 108.25 Td (Y) Tj ET Q q 0 0 0 rg BT 104.10 108.25 Td ( ) Tj ET Q q 0 0 0 rg BT 106.60 108.25 Td (OF) Tj ET Q q 0 0 0 rg BT 120.12 108.25 Td ( ) Tj ET Q q 0 0 0 rg BT 122.62 108.25 Td (SIGNIFICANT) Tj ET Q q 0 0 0 rg BT 189.12 108.25 Td ( ) Tj ET Q q 0 0 0 rg BT 191.07 108.25 Td (ACCOUNTING ) Tj ET Q q 0 0 0 rg BT 263.01 108.25 Td (POLICIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 84.25 Td (Described below are certain of the Company) Tj ET Q q 0 0 0 rg BT 235.60 84.25 Td (s significant accounting policies. ) Tj ET Q q 0 0 0 rg BT 369.00 84.25 Td (The disclosures regarding several of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 72.25 Td (policies have been condensed or omitted in accordance with interim reporting regulations specified by Form 10-Q. Please see the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 60.25 Td (Company) Tj ET Q q 0 0 0 rg BT 77.67 60.25 Td (s ) Tj ET Q q 0 0 0 rg BT 83.50 60.25 Td (Annual Report on Form 10-K for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.84 60.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.43 60.25 Td ( for a complete listing of all of its significant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 48.25 Td (accounting policies.) 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 /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 730.10 Td (T) Tj ET Q q 0 0 0 rg BT 58.64 730.10 Td (enant and Other Receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 59.41 706.10 Td (enant and other receivables are recorded at cost, net of any applicable allowance for doubtful accounts.) Tj ET Q q 0 0 0 rg BT 475.99 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 481.40 706.10 Td (enant and other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 694.10 Td (receivables are shown at cost in the condensed 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 507.77 694.10 Td ($0.5 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 682.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.89 682.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.33 682.10 Td ($0.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.22 682.10 Td ( at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.44 682.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.04 682.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.48 682.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.06 682.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 359.72 682.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 658.10 Td (Deferr) Tj ET Q q 0 0 0 rg BT 80.29 658.10 Td (ed Financing Costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 634.10 Td (Deferred financing costs consist of direct costs incurred in obtaining debt financing. ) Tj ET Q q 0 0 0 rg BT 392.33 634.10 Td (These costs are amortized into interest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 622.10 Td (expense on a straight-line basis, which approximates the ef) Tj ET Q q 0 0 0 rg BT 271.58 622.10 Td (fective interest method, over the terms of the obligations.For the three ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 610.10 Td (months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.33 610.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.92 610.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.36 610.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.36 610.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.36 610.10 Td ($1.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.25 610.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.69 610.10 Td ($0.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.58 610.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 372.25 610.10 Td (, were amortized into interest expense. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 598.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 586.10 Td (Real Estate Loans Receivable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 562.10 Td (Real estate loans receivable are shown at cost, net of any applicable allowance for uncollectibility and net deferred loan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 550.10 Td (origination fees. ) Tj ET Q q 0 0 0 rg BT 103.30 550.10 Td (The Company defers certain loan origination fees, net of related direct loan origination costs, and amortizes them ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 538.10 Td (as an adjustment of yield over the term of the related real estate loan receivable. ) Tj ET Q q 0 0 0 rg BT 360.40 538.10 Td (The related amortization of the deferred loan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 526.10 Td (origination fees are recorded in other revenue in the accompanying consolidated statement of operations and comprehensive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 514.10 Td (income \(loss\). ) Tj ET Q q 0 0 0 rg BT 97.10 514.10 Td (An allowance for the uncollectible portion of the real estate loans receivable is determined based upon an analysis ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 502.10 Td (of the economic conditions in the area in which the property is located and credit quality indicators which include: the borrower) Tj ET Q q 0 0 0 rg BT 547.88 502.10 Td () Tj ET Q q 0 0 0 rg BT 550.65 502.10 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 490.10 Td (payment history) Tj ET Q q 0 0 0 rg BT 100.06 490.10 Td (, the financial condition of the borrower) Tj ET Q q 0 0 0 rg BT 259.33 490.10 Td (, and business conditions in the industry in which the borrower operates.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 466.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 103.90 466.10 Td (, a real estate loan receivable is considered to be impaired, when based upon current events, it is probable that the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 454.10 Td (Company will be unable to collect all amounts due according to the existing contractual terms. If a real estate loan receivable is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 442.10 Td (considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 430.10 Td (discounting the expected future cash flows at its ef) Tj ET Q q 0 0 0 rg BT 238.53 430.10 Td (fective interest rate or to the value of the underlying collateral if the real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 418.10 Td (loan receivable is collateral dependent. Evaluating real estate loans receivable for potential impairment can require management to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 406.10 Td (exercise significant judgment. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.24 406.10 Td (No) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.46 406.10 Td ( impairment was recorded for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.96 406.10 Td (three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.27 406.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.77 406.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.37 406.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.81 406.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.81 406.10 Td (. Further) Tj ET Q q 0 0 0 rg BT 529.35 406.10 Td (, as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 394.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.60 394.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.04 394.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.62 394.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.62 394.10 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.62 394.10 Td ( allowances for uncollectibility have been recorded.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 370.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 79.65 370.10 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 346.10 Td (Other assets included the following \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 311.60 318.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 311.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 311.60 102.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 311.60 7.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 311.60 95.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 283.60 318.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 283.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 283.60 102.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 283.60 7.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 283.60 95.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 311.6 m 460.5 311.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 311.6 m 562.5 311.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 311.6 m 460.5 311.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 311.6 m 562.5 311.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 283.6 m 460.5 283.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 283.6 m 562.5 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 270.6 m 460.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 268.6 m 460.5 268.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 270.6 m 562.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 268.6 m 562.5 268.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 316.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 375.90 316.28 Td (March 31, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 474.15 316.28 Td (December 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 302.17 Td (Deposits) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 302.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.15 302.17 Td (6,843) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.00 302.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 302.17 Td (7,767) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 288.17 Td (Other ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 64.27 292.70 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.15 288.17 Td (10,740) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 288.17 Td (6,484) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 274.17 Td (Other assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 274.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.15 274.17 Td (17,583) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.00 274.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 274.17 Td (14,251) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 246.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 246.10 Td (Other primarily consists of deferred tax assets, deferred of) Tj ET Q q 0 0 0 rg BT 295.67 246.10 Td (fering costs related to the Second Of) Tj ET Q q 0 0 0 rg BT 441.55 246.10 Td (fering and prepaid insurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 234.10 Td (and expenses.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 210.10 Td (Revenue Recognition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 198.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 186.10 Td (Rental payments are generally paid by the tenants prior to the beginning of each month or quarter to which they relate. ) Tj ET Q q 0 0 0 rg BT 529.96 186.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 174.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.60 174.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.04 174.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.62 174.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 250.28 174.10 Td (, the Company recorded liabilities of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.41 174.10 Td ($14.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.30 174.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.74 174.10 Td ($14.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.63 174.10 Td ( related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 162.10 Td (to prepaid rental payments which were included in other liabilities in the accompanying condensed consolidated balance sheets. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 150.10 Td (The Company recognizes 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 511.30 150.10 Td (. Straight-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 138.10 Td (line rent receivable was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.17 138.10 Td ($14.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.06 138.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.50 138.10 Td ($13.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.39 138.10 Td ( as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.55 138.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.15 138.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.59 138.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.18 138.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 498.84 138.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 114.10 Td (Redemption of Common Stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 90.10 Td (The Company has recorded liabilities of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.29 90.10 Td ($1.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.18 90.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.62 90.10 Td ($0.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.51 90.10 Td ( in accounts payable and accrued expenses in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 78.10 Td (accompanying condensed consolidated balance sheets as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.19 78.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.79 78.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.23 78.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.81 78.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 490.47 78.10 Td (, related to shares ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 66.10 Td (tendered for redemption and approved by the board of directors, but which were not redeemed until the subsequent month. Such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 54.10 Td (amounts have been included in redemption of common shares in the accompanying condensed consolidated statements of equity) Tj ET Q q 0 0 0 rg BT 549.65 54.10 Td (.) 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 /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 730.10 Td (Reclassifications) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 706.10 Td (Certain reclassifications have been made in the condensed consolidated statement of cash flows for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.02 706.10 Td (three months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 694.10 Td (March 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.60 694.10 Td ( to be consistent with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.81 694.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.81 694.10 Td ( presentation. Specifically) Tj ET Q q 0 0 0 rg BT 325.29 694.10 Td (, the Company reclassified amounts out of investment in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 682.10 Td (properties and acquired lease intangibles to a separate line item for capital expenditures at operating properties and developments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 670.10 Td (to conform to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.65 670.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.65 670.10 Td ( presentation. Management believes these changes in presentation provide useful information related to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 658.10 Td (Company) Tj ET Q q 0 0 0 rg BT 77.67 658.10 Td (s financial statements, although management does not believe these changes are necessary for the fair presentation of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 646.10 Td (Company) Tj ET Q q 0 0 0 rg BT 77.67 646.10 Td (s financial statements.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 622.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 83.52 622.10 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 141.19 622.10 Td (onouncements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 598.10 Td (In December 201) Tj ET Q q 0 0 0 rg BT 123.04 598.10 Td (1, the Financial ) Tj ET Q q 0 0 0 rg BT 186.92 598.10 Td (Accounting Standards Board \(F) Tj ET Q q 0 0 0 rg BT 317.54 598.10 Td (ASB\) issued guidance on disclosures about) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 586.10 Td (of) Tj ET Q q 0 0 0 rg BT 44.15 586.10 Td (fsetting assets and liabilities. ) Tj ET Q q 0 0 0 rg BT 161.45 586.10 Td (This guidance results in enhanced disclosures by requiring improved information about) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 574.10 Td (financial instruments and derivative instruments that are either \(1\) of) Tj ET Q q 0 0 0 rg BT 311.00 574.10 Td (fset in accordance with either ) Tj ET Q q 0 0 0 rg BT 430.67 574.10 Td (ASC 210-20-45 or ) Tj ET Q q 0 0 0 rg BT 507.06 574.10 Td (ASC) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 562.10 Td (815-10-45 or \(2\) subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 550.10 Td (of) Tj ET Q q 0 0 0 rg BT 44.15 550.10 Td (fset in accordance with either ) Tj ET Q q 0 0 0 rg BT 163.82 550.10 Td (ASC 210-20-45 or ) Tj ET Q q 0 0 0 rg BT 240.21 550.10 Td (ASC 815-10-45. ) Tj ET Q q 0 0 0 rg BT 308.64 550.10 Td (The adoption of this guidance is ef) Tj ET Q q 0 0 0 rg BT 447.31 550.10 Td (fective for annual) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 538.10 Td (periods beginning on or after January 1, 2013 and interim periods within those annual periods. ) Tj ET Q q 0 0 0 rg BT 416.01 538.10 Td (The adoption of this guidance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 526.10 Td (did not have a material ef) Tj ET Q q 0 0 0 rg BT 137.72 526.10 Td (fect on the Company) Tj ET Q q 0 0 0 rg BT 224.09 526.10 Td (s financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 502.10 Td (In October 2012, F) Tj ET Q q 0 0 0 rg BT 129.36 502.10 Td (ASB clarified and relocated guidance in the ) Tj ET Q q 0 0 0 rg BT 306.24 502.10 Td (Accounting Standards Codification \(the Codification\), ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 490.10 Td (corrected unintended application of guidance and made minor improvements to the Codification that are not expected to have a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 478.10 Td (significant ef) Tj ET Q q 0 0 0 rg BT 88.30 478.10 Td (fect on current accounting practice. ) Tj ET Q q 0 0 0 rg BT 234.06 478.10 Td (Amendments made to the Codification without transition guidance are ef) Tj ET Q q 0 0 0 rg BT 525.75 478.10 Td (fective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 466.10 Td (upon issuance and amendments subject to transition guidance will be ef) Tj ET Q q 0 0 0 rg BT 322.41 466.10 Td (fective for fiscal periods beginning after December 15, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 454.10 Td (2012. ) Tj ET Q q 0 0 0 rg BT 63.32 454.10 Td (This guidance did not have a material impact on the Company) Tj ET Q q 0 0 0 rg BT 314.92 454.10 Td (s financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 430.10 Td (In February 2013, F) Tj ET Q q 0 0 0 rg BT 133.25 430.10 Td (ASB issued guidance to improve transparency of reporting reclassifications out of accumulated other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 418.10 Td (comprehensive income. ) Tj ET Q q 0 0 0 rg BT 135.79 418.10 Td (The adoption of this guidance is ef) Tj ET Q q 0 0 0 rg BT 274.46 418.10 Td (fective for interim and annual periods beginning after December 15, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 406.10 Td (2012. ) Tj ET Q q 0 0 0 rg BT 63.32 406.10 Td (The adoption of this guidance did not have a material ef) Tj ET Q q 0 0 0 rg BT 286.95 406.10 Td (fect on the Company's financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 382.10 Td (In February 2013, F) Tj ET Q q 0 0 0 rg BT 133.25 382.10 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 36.00 370.10 Td (obligations resulting from joint and several liability arrangements for which the total amount of obligation within the scope of this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 358.10 Td (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 460.89 358.10 Td (. ) Tj ET Q q 0 0 0 rg BT 468.21 358.10 Td (The amendments are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 346.10 Td (ef) Tj ET Q q 0 0 0 rg BT 43.59 346.10 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 444.94 346.10 Td (The Company does not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 334.10 Td (believe the adoption of this guidance will have a material impact on the Company) Tj ET Q q 0 0 0 rg BT 366.18 334.10 Td (s financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 310.10 Td (In March 2013, F) Tj ET Q q 0 0 0 rg BT 123.25 310.10 Td (ASB issued guidance on releasing cumulative translation adjustments when a reporting entity ceases to have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 298.10 Td (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 451.37 298.10 Td (. ) Tj ET Q q 0 0 0 rg BT 458.69 298.10 Td (The guidance is ef) Tj ET Q q 0 0 0 rg BT 532.09 298.10 Td (fective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 286.10 Td (on a prospective basis for fiscal years and interim reporting periods within those years beginning after December 15, 2013. ) Tj ET Q q 0 0 0 rg BT 532.34 286.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 274.10 Td (Company has not concluded its analysis on this guidance, but it does not believe the adoption of this guidance will have a material ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 262.10 Td (impact on the Company) Tj ET Q q 0 0 0 rg BT 134.59 262.10 Td (s financial statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 239.25 Td (3. INVESTMENT) Tj ET Q q 0 0 0 rg BT 113.06 239.25 Td ( PROPER) Tj ET Q q 0 0 0 rg BT 156.31 239.25 Td (TY) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 227.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 215.25 Td (Investment property consisted of the following amounts as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.01 215.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.61 215.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.04 215.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.63 215.25 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 169.75 395.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 169.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 169.75 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 169.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 141.75 395.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 141.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 141.75 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 141.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 113.75 395.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 113.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 113.75 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 113.75 70.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 169.75 m 501.5 169.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 169.75 m 576.5 169.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 169.75 m 501.5 169.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 169.75 m 576.5 169.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 141.75 m 501.5 141.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 141.75 m 576.5 141.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 113.75 m 501.5 113.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 113.75 m 576.5 113.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 100.75 m 501.5 100.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 98.75 m 501.5 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 100.75 m 576.5 100.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 98.75 m 576.5 98.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 174.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 444.15 183.48 Td (March 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 456.00 173.48 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 511.90 183.48 Td (December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.00 173.48 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 160.32 Td (Buildings and improvements ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 157.05 164.85 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.00 160.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 160.32 Td (1,689,469) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.00 160.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.65 160.32 Td (1,319,954) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 146.32 Td (Less: accumulated depreciation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.80 146.37 Td (\(54,328) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.65 146.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 146.32 Td (\(47,197) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 146.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 132.32 Td (Buildings and improvements, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 132.32 Td (1,635,141) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.65 132.32 Td (1,272,757) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 118.32 Td (Land) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 118.32 Td (292,760) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 118.32 Td (209,721) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 104.32 Td (Investment property, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.00 104.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 104.32 Td (1,927,901) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.00 104.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.65 104.32 Td (1,482,478) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 76.25 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 76.25 Td (Included in buildings and improvements is approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.57 76.25 Td ($23.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.46 76.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.90 76.25 Td ($13.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.79 76.25 Td ( of construction-in-progress related to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 64.25 Td (the Company) Tj ET Q q 0 0 0 rg BT 110.38 64.25 Td (s multi-family developments in Houston, ) Tj ET Q q 0 0 0 rg BT 276.85 64.25 Td (T) Tj ET Q q 0 0 0 rg BT 282.26 64.25 Td (exas and Miami, Florida as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.18 64.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.78 64.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.22 64.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 565.80 64.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 52.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 101.66 52.25 Td (.) 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 24.60 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 737.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.44 737.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.04 737.10 Td (, the cost basis and accumulated amortization related to lease intangibles was as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 672.60 304.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 672.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 672.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 672.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 672.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 672.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 644.60 304.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 644.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 644.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 644.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 644.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 644.60 76.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 700.6 m 416.5 700.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 700.6 m 420.5 700.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 700.6 m 496.5 700.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 700.6 m 500.5 700.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 700.6 m 576.5 700.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 672.6 m 416.5 672.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 672.6 m 496.5 672.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 672.6 m 576.5 672.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 672.6 m 416.5 672.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 672.6 m 496.5 672.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 672.6 m 576.5 672.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 644.6 m 416.5 644.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 644.6 m 496.5 644.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 644.6 m 576.5 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 631.6 m 416.5 631.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 629.6 m 416.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 631.6 m 496.5 631.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 629.6 m 496.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 631.6 m 576.5 631.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 629.6 m 576.5 629.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 705.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 420.60 705.28 Td (Lease Intangibles) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 691.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.00 691.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 426.05 687.28 Td (Out-of-Market) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 431.45 677.28 Td (Lease ) Tj ET Q q 0 0 0 rg BT 457.84 677.28 Td (Assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 506.05 687.28 Td (Out-of-Market) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 503.10 677.28 Td (Lease Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 677.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 344.80 677.28 Td (In-Place Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 663.17 Td (Cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.00 663.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.15 663.17 Td (574,184) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.00 663.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 663.17 Td (84,575) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.00 663.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 663.17 Td (\(39,890) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 663.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 649.17 Td (Less: accumulated amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.80 649.22 Td (\(97,710) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.65 649.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.80 649.22 Td (\(17,450) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 649.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 649.17 Td (6,637) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 635.17 Td (Net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.00 635.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.15 635.17 Td (476,474) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.00 635.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 635.17 Td (67,125) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.00 635.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 635.17 Td (\(33,253) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 635.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 607.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.44 607.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.03 607.10 Td (, the cost basis and accumulated amortization related to lease intangibles was as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 542.60 304.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 542.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 542.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 542.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 542.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 542.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 514.60 304.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 514.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 514.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 514.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 514.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 514.60 76.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 570.6 m 416.5 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 570.6 m 420.5 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 570.6 m 496.5 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 570.6 m 500.5 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 570.6 m 576.5 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 542.6 m 416.5 542.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 542.6 m 496.5 542.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 542.6 m 576.5 542.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 542.6 m 416.5 542.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 542.6 m 496.5 542.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 542.6 m 576.5 542.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 514.6 m 416.5 514.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 514.6 m 496.5 514.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 514.6 m 576.5 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 501.6 m 416.5 501.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 499.6 m 416.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 501.6 m 496.5 501.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 499.6 m 496.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 501.6 m 576.5 501.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 499.6 m 576.5 499.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 575.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 420.60 575.28 Td (Lease Intangibles) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 561.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.00 561.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 426.05 557.28 Td (Out-of-Market) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 431.45 547.28 Td (Lease ) Tj ET Q q 0 0 0 rg BT 457.84 547.28 Td (Assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 506.05 557.28 Td (Out-of-Market) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 503.10 547.28 Td (Lease Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 547.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 344.80 547.28 Td (In-Place Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 533.17 Td (Cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.00 533.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.15 533.17 Td (407,249) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.00 533.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 533.17 Td (77,539) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.00 533.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 533.17 Td (\(32,583) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 533.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 519.17 Td (Less: accumulated amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.80 519.22 Td (\(84,361) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.65 519.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.80 519.22 Td (\(14,895) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 519.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 519.17 Td (5,400) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 505.17 Td (Net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.00 505.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.15 505.17 Td (322,888) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.00 505.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 505.17 Td (62,644) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.00 505.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 505.17 Td (\(27,183) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 505.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 477.10 Td (Amortization expense of in-place leases was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.49 477.10 Td ($15.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.38 477.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.82 477.10 Td ($1) Tj ET Q q 0 0 0 rg BT 317.45 477.10 Td (1.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.34 477.10 Td ( for the three months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.53 477.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.13 477.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 465.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.00 465.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 108.66 465.10 Td (. Net amortization of out-of-market leases was a decrease to rental revenue of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.30 465.10 Td ($1.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.19 465.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.63 465.10 Td ($1.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.52 465.10 Td ( for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 453.10 Td (three months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.81 453.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.41 453.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.85 453.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.85 453.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 272.51 453.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 429.10 Td (Expected future amortization of in-place leases and out-of-market leases, net, for the period from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.40 429.10 Td (April 1, 2013 through December ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 417.10 Td (31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 417.10 Td ( and for each of the years ending December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.86 417.10 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.86 417.10 Td ( through December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.55 417.10 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.55 417.10 Td ( are as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 371.60 384.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 371.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 371.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 371.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 343.60 384.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 343.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 343.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 343.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 315.60 384.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 315.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 315.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 315.60 76.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 371.6 m 496.5 371.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 371.6 m 576.5 371.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 371.6 m 496.5 371.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 371.6 m 576.5 371.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 440.20 385.33 Td (In-Place) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 443.80 375.33 Td (Leases) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 506.05 385.33 Td (Out-of-Market) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 513.80 375.33 Td (Leases, Net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 362.17 Td (April 1, 2013 through December 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.00 362.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 362.17 Td (58,928) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.00 362.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 362.17 Td (3,885) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 348.17 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 348.17 Td (75,142) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 348.17 Td (5,381) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 334.17 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 334.17 Td (65,694) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 334.17 Td (6,344) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 320.17 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 320.17 Td (54,801) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 320.17 Td (5,847) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 306.17 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 306.17 Td (45,785) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 306.17 Td (4,661) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 278.10 Td ( Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 266.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 254.10 Td (The Company has entered into non-cancelable lease agreements with tenants for space. ) Tj ET Q q 0 0 0 rg BT 404.70 254.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.14 254.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.74 254.10 Td (, the approximate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 242.10 Td (fixed future minimum rentals for the period from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.28 242.10 Td (April 1, 2013 through December 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.58 242.10 Td (, for each of the years ending December ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 230.10 Td (31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.00 230.10 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 230.10 Td ( through December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.69 230.10 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.69 230.10 Td ( and for the period thereafter are as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 184.60 425.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 184.60 115.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 156.60 425.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 156.60 115.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 128.60 425.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 128.60 115.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 100.60 425.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 100.60 115.00 -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 461.5 184.60000000000002 m 576.5 184.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 184.60000000000002 m 576.5 184.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 100.60000000000002 m 576.5 100.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 87.60000000000002 m 576.5 87.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 85.60000000000002 m 576.5 85.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 189.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 468.00 198.33 Td (Fixed Future Minimum) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 502.35 188.33 Td (Rentals) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 175.17 Td (April 1, 2013 through December 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.00 175.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 175.17 Td (154,445) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 161.17 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 161.17 Td (205,391) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 147.17 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 147.17 Td (194,571) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 133.17 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 133.17 Td (171,115) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 119.17 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 119.17 Td (148,495) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 105.17 Td (Thereafter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 105.17 Td (571,797) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 91.17 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.00 91.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.65 91.17 Td (1,445,814) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 63.10 Td (Pursuant to the lease agreements with certain tenants in one of its buildings, a wholly-owned subsidiary of the Company receives ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 51.10 Td (fees for the provision of various telecommunication-related services and the use of certain related facilities. ) Tj ET Q q 0 0 0 rg BT 467.87 51.10 Td (The fixed future minimum ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 39.10 Td (rentals expected to be received for such services for the period from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.77 39.10 Td (April 1, 2013 through December 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.08 39.10 Td ( and for each of the ) 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 24.60 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 749.10 Td (years ended December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.56 749.10 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.56 749.10 Td ( through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.67 749.10 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.67 749.10 Td (and for the period thereafter are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.54 749.10 Td ($2.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.43 749.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.43 749.10 Td ($3.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.32 749.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.32 749.10 Td ($3.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.21 749.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.21 749.10 Td ($2.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 563.10 749.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 737.10 Td ($2.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.89 737.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.33 737.10 Td ($8.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.22 737.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 205.88 737.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td (During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.55 713.10 Td (three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.86 713.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.36 713.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.96 713.10 Td (, the Company did not earn more than 10% of its revenue from any individual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 701.10 Td (tenant. Of the Company) Tj ET Q q 0 0 0 rg BT 137.37 701.10 Td (s total rental revenue for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.32 701.10 Td (three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.63 701.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.13 701.10 Td (March31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.73 701.10 Td (, approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.99 701.10 Td (12%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.32 701.10 Td ( was earned from a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 689.10 Td (tenant in the accounting industry who has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.13 689.10 Td (leases that expire in 2016, 2019 and 2024) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.21 689.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 666.25 Td (4. RECENT) Tj ET Q q 0 0 0 rg BT 87.49 666.25 Td ( ) Tj ET Q q 0 0 0 rg BT 89.44 666.25 Td (ACQUISITIONS OF) Tj ET Q q 0 0 0 rg BT 179.37 666.25 Td ( REAL) Tj ET Q q 0 0 0 rg BT 209.10 666.25 Td ( EST) Tj ET Q q 0 0 0 rg BT 229.76 666.25 Td (A) Tj ET Q q 0 0 0 rg BT 236.24 666.25 Td (TE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 642.25 Td (The amounts recognized for major assets acquired as of the acquisition date were determined by allocating the purchase price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 630.25 Td (each property acquired in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.39 630.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 160.39 630.25 Td ( as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 569.75 112.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 569.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 569.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 569.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 569.75 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 569.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 569.75 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 569.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 569.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 569.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 569.75 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 569.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 569.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 541.75 112.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 541.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 541.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 541.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 541.75 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 541.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 541.75 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 541.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 541.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 541.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 541.75 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 541.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 541.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 513.75 112.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 513.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 513.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 513.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 513.75 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 513.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 513.75 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 513.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 513.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 513.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 513.75 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 513.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 513.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 485.75 112.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 485.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 485.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 485.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 485.75 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 485.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 485.75 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 485.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 485.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 485.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 485.75 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 485.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 485.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 448.75 112.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 448.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 448.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 448.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 448.75 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 448.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 448.75 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 448.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 448.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 448.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 448.75 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 448.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 448.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 420.75 112.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 420.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 420.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 420.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 420.75 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 420.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 420.75 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 420.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 420.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 420.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 420.75 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 420.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 420.75 63.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 582.75 m 148.5 582.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 152.5 582.75 m 210.5 582.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 582.75 m 297.5 582.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 582.75 m 345.5 582.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 582.75 m 421.5 582.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 582.75 m 509.5 582.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 582.75 m 576.5 582.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 569.75 m 148.5 569.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 471.75 m 148.5 471.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.15 587.43 Td (Property Name) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 156.50 597.43 Td (Acquisition) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 171.00 587.43 Td (Date) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 227.80 597.43 Td (Building and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 219.40 587.43 Td (Impr) Tj ET Q q 0 0 0 rg BT 241.44 587.43 Td (ovements ) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 283.93 591.96 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.00 587.43 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 306.55 587.43 Td (Land ) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 331.84 591.96 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 367.50 607.43 Td (In-place) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 372.75 597.43 Td (Lease) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 356.05 587.43 Td (Intangibles ) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 406.34 591.96 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 451.15 607.43 Td (Out-of-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 437.40 597.43 Td (Market Lease) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 428.05 587.43 Td (Intangibles, Net ) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 498.33 591.96 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 528.50 587.43 Td (T) Tj ET Q q 0 0 0 rg BT 534.25 587.43 Td (otal ) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 552.86 591.96 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.00 574.15 Td (2013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 181.00 574.15 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 217.00 574.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 300.00 574.01 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 323.00 574.15 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.00 574.15 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.00 574.15 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.50 574.15 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 560.21 Td (Mercedes Benz Bank) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 164.95 560.21 Td (02/07/13) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 217.00 560.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 269.25 560.21 Td (47,643) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.00 560.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 317.25 560.21 Td (11,953) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 352.00 560.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.75 560.21 Td (7,093) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.00 560.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.75 560.21 Td (3,533) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.00 560.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 548.25 560.21 Td (70,222) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 546.21 Td (One ) Tj ET Q q 0 0 0 rg BT 56.08 546.21 Td (W) Tj ET Q q 0 0 0 rg BT 63.86 546.21 Td (estferry Circus) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 164.95 546.21 Td (02/28/13) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 217.00 546.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 269.25 546.21 Td (48,874) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.00 546.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 333.00 546.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 352.00 546.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.25 546.21 Td (74,693) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.00 546.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.75 546.21 Td (1,049) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.00 546.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 543.75 546.21 Td (124,616) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 532.21 Td (465 Victoria) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 164.95 532.21 Td (02/28/13) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 217.00 532.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 269.25 532.21 Td (48,788) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.00 532.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 317.25 532.21 Td (26,566) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 352.00 532.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.25 532.21 Td (17,712) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.00 532.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.75 532.21 Td (\(2,233) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 506.00 532.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.00 532.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 548.25 532.21 Td (90,833) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 518.21 Td (Riverside Center) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 164.95 518.21 Td (03/27/13) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 217.00 518.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.75 518.21 Td (125,130) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.00 518.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 317.25 518.21 Td (45,930) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 352.00 518.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.25 518.21 Td (30,360) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.00 518.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.75 518.21 Td (\(4,170) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 506.00 518.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.00 518.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 543.75 518.21 Td (197,250) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 504.21 Td (New City) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 164.95 504.21 Td (03/28/13) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 217.00 504.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.75 504.21 Td (115,208) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.00 504.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 333.00 504.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 352.00 504.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.25 504.21 Td (46,117) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.00 504.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.75 504.21 Td (2,137) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.00 504.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 543.75 504.21 Td (163,462) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.00 476.20 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 181.00 476.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 217.00 476.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 300.00 476.21 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 323.00 476.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.00 476.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.00 476.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.50 476.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 453.21 Td (Poland Logistics) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 99.25 457.29 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 100.71 453.21 Td (Portfolio) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 132.71 457.29 Td ( \(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 157.35 462.21 Td (03/29/12 and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 160.85 453.21 Td (10/10/12) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 192.85 457.29 Td ( \(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 217.00 453.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 269.25 453.21 Td (97,627) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 300.00 453.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.00 453.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 317.25 453.21 Td (25,893) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 352.00 453.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.25 453.21 Td (33,062) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.00 453.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 492.50 453.21 Td (644) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.00 453.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 543.75 453.21 Td (157,226) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 439.21 Td (144 Montague) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 164.95 439.21 Td (04/16/12) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 217.00 439.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 269.25 439.21 Td (49,424) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 300.00 439.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.00 439.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 317.25 439.21 Td (13,803) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 352.00 439.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.25 439.21 Td (28,083) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.00 439.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.00 439.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.00 439.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 548.25 439.21 Td (91,310) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 425.21 Td (100 Brookes) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 164.95 425.21 Td (07/13/12) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 217.00 425.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 269.25 425.21 Td (41,404) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.00 425.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 321.75 425.21 Td (8,600) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 352.00 425.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.25 425.21 Td (12,859) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.00 425.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.75 425.21 Td (4,737) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.00 425.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 548.25 425.21 Td (67,600) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 411.21 Td (Minneapolis Retail Center ) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 136.23 415.29 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 164.95 411.21 Td (08/01/12) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 217.00 411.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 269.25 411.21 Td (78,711) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.00 411.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 317.25 411.21 Td (30,792) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 352.00 411.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.25 411.21 Td (34,176) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.00 411.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.25 411.21 Td (\(13,078) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 506.00 411.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.00 411.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 543.75 411.21 Td (130,601) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 397.21 Td (550 Terry Francois) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 164.95 397.21 Td (08/31/12) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 217.00 397.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.75 397.21 Td (109,760) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.00 397.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 317.25 397.21 Td (41,270) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 352.00 397.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.25 397.21 Td (20,860) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.00 397.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.75 397.21 Td (8,110) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.00 397.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 543.75 397.21 Td (180,000) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 369.25 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 369.25 Td (For acquisitions denominated in a foreign currency) Tj ET Q q 0 0 0 rg BT 257.74 369.25 Td (, amounts have been translated at a rate based on the exchange rate in ef) Tj ET Q q 0 0 0 rg BT 545.48 369.25 Td (fect on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 357.25 Td (the acquisition date. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 333.25 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 333.25 Td (The Poland Logistics Portfolio is comprised of five industrial parks located in ) Tj ET Q q 0 0 0 rg BT 367.65 333.25 Td (W) Tj ET Q q 0 0 0 rg BT 376.29 333.25 Td (arsaw) Tj ET Q q 0 0 0 rg BT 398.96 333.25 Td (, ) Tj ET Q q 0 0 0 rg BT 403.78 333.25 Td (W) Tj ET Q q 0 0 0 rg BT 412.82 333.25 Td (roclaw and Upper Silesia, Poland.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 309.25 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 309.25 Td (The first four industrial parks in the Poland Logistics Portfolio were acquired on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.10 309.25 Td (March29, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.70 309.25 Td ( and the remaining fifth ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 297.25 Td (industrial park, Distribution Park Sosnowiec, was acquired on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.51 297.25 Td (October10, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.22 297.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 273.25 Td (\(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 273.25 Td (The Minneapolis Retail Center includes the acquisition of a parking garage on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.46 273.25 Td (December26, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.05 273.25 Td (.) 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 24.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 24.60 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 749.10 Td ( ) Tj ET Q q 0 0 0 rg BT 58.50 749.10 Td (The weighted average amortization period for the intangible assets and liabilities acquired in connection with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.79 749.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.79 749.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 737.10 Td (acquisitions, as of the date of the acquisition, was as follows \(in years\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 697.60 170.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 697.60 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 697.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 697.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 697.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 697.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 697.60 124.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 667.60 170.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 667.60 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 667.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 667.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 667.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 667.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 667.60 124.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 637.60 170.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 637.60 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 637.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 637.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 637.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 637.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 637.60 124.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 607.60 170.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 607.60 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 607.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 607.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 607.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 607.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 607.60 124.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 577.60 170.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 577.60 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 577.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 577.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 577.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 577.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 577.60 124.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 547.60 170.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 547.60 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 547.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 547.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 547.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 547.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 547.60 124.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 517.60 170.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 517.60 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 517.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 517.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 517.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 517.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 517.60 124.00 -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 216.5 697.6 m 311.5 697.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 697.6 m 326.5 697.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 697.6 m 433.5 697.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 697.6 m 451.5 697.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 697.6 m 575.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 682.6 m 205.5 682.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 577.6 m 205.5 577.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 230.30 702.28 Td (In-Place Leases) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 334.65 712.28 Td (Above-Market Lease ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 366.15 702.28 Td (Assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 468.70 712.28 Td (Below-Market Lease ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 491.60 702.28 Td (Liabilities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 687.28 Td (2013 ) Tj ET Q q 0 0 0 rg BT 59.95 687.28 Td (Acquisitions:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 672.06 Td (Mercedes Benz Bank) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.25 672.27 Td (5.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.25 672.27 Td (5.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.00 672.27 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 657.06 Td (One ) Tj ET Q q 0 0 0 rg BT 55.08 657.06 Td (W) Tj ET Q q 0 0 0 rg BT 62.86 657.06 Td (estferry Circus ) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 118.34 661.14 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.25 657.27 Td (8.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.25 657.27 Td (9.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.25 657.27 Td (13.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 642.27 Td (465 Victoria) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.25 642.27 Td (4.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.25 642.27 Td (5.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.75 642.27 Td (7.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 627.06 Td (Riverside Center) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.25 627.27 Td (6.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.25 627.27 Td (1.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.75 627.27 Td (6.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 612.06 Td (New City ) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 75.00 616.14 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.25 612.27 Td (4.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.25 612.27 Td (4.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.75 612.27 Td (3.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 582.28 Td (2012 ) Tj ET Q q 0 0 0 rg BT 59.95 582.28 Td (Acquisitions:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 567.27 Td (Poland Logistics) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 104.94 571.80 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.57 567.27 Td (Portfolio) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.25 567.27 Td (4.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.25 567.27 Td (5.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.75 567.27 Td (3.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 552.27 Td (144 Montague) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.25 552.27 Td (9.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.50 552.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.00 552.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 537.27 Td (100 Brookes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.25 537.27 Td (5.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.25 537.27 Td (5.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.00 537.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 522.27 Td (Minneapolis Retail Center) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.25 522.27 Td (6.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.25 522.27 Td (8.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.75 522.27 Td (9.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 507.27 Td (550 Terry Francois) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.25 507.27 Td (5.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.25 507.27 Td (5.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.00 507.27 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 479.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 479.10 Td (Excludes the ef) Tj ET Q q 0 0 0 rg BT 115.46 479.10 Td (fect of ground leases which significantly increase the weighted average useful life for these intangibles.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 455.10 Td (The table below includes the amounts of revenue and net income \(loss\) of the acquisitions completed during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.43 455.10 Td (three months ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 443.10 Td (ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.88 443.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.38 443.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.98 443.10 Td (, which are included in the Company) Tj ET Q q 0 0 0 rg BT 276.21 443.10 Td (s condensed consolidated results of operations for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.83 443.10 Td (three) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.81 443.10 Td ( months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 431.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.60 431.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 390.60 165.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 390.60 229.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 390.60 146.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 361.60 165.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 361.60 229.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 361.60 146.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 333.60 165.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 333.60 229.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 333.60 146.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 305.60 165.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 305.60 229.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 305.60 146.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 277.60 165.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 277.60 229.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 277.60 146.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 390.6 m 201.5 390.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 390.6 m 576.5 390.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 390.6 m 576.5 390.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 440.75 410.28 Td (For the Three Months Ended) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 395.28 Td (2013 ) Tj ET Q q 0 0 0 rg BT 60.95 395.28 Td (Acquisitions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.00 395.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 469.90 395.28 Td (March 31, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 380.28 Td (Mer) Tj ET Q q 0 0 0 rg BT 57.13 380.28 Td (cedes Benz Bank) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.00 380.27 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.00 380.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 380.27 Td (935) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 366.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.00 366.17 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.00 366.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.80 366.17 Td (\(4,355) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 366.17 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 352.28 Td (One ) Tj ET Q q 0 0 0 rg BT 59.10 352.28 Td (W) Tj ET Q q 0 0 0 rg BT 68.55 352.28 Td (estferry Cir) Tj ET Q q 0 0 0 rg BT 118.61 352.28 Td (cus) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.00 352.17 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.00 352.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 352.17 Td (1,155) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 338.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.00 338.17 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.00 338.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.80 338.17 Td (\(5,298) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 338.17 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 324.28 Td (465 ) Tj ET Q q 0 0 0 rg BT 56.32 324.28 Td (V) Tj ET Q q 0 0 0 rg BT 63.17 324.28 Td (ictoria) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.00 324.17 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.00 324.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 324.17 Td (872) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.00 310.17 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.00 310.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.80 310.17 Td (\(5,292) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 310.17 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 296.28 Td (Riverside Center) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.00 296.17 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.00 296.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 296.17 Td (251) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.00 282.17 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.00 282.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.30 282.17 Td (\(97) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 282.17 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 268.28 Td (New City) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.00 268.17 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.00 268.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.65 268.17 Td (92) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.00 254.17 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.00 254.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.30 254.17 Td (\(765) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 254.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 226.10 Td (The following unaudited consolidated information is presented to give ef) Tj ET Q q 0 0 0 rg BT 345.69 226.10 Td (fect to current year acquisitions through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.86 226.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 571.46 226.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 214.10 Td (as if the acquisitions occurred on January 1, 2012. ) Tj ET Q q 0 0 0 rg BT 238.82 214.10 Td (This information excludes activity that is non-recurring and not representative of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 202.10 Td (the Company) Tj ET Q q 0 0 0 rg BT 92.38 202.10 Td (s future activity) Tj ET Q q 0 0 0 rg BT 154.49 202.10 Td (, primarily acquisition fees and expenses of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.55 202.10 Td ($31.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.44 202.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.88 202.10 Td ($3.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.77 202.10 Td ( for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.15 202.10 Td (three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.46 202.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 190.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.60 190.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.04 190.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.04 190.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 191.70 190.10 Td (. ) Tj ET Q q 0 0 0 rg BT 196.52 190.10 Td (The information below is not necessarily indicative of what the actual results of operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 178.10 Td (would have been had the Company completed these transactions on January 1, 2012, nor does it purport to represent the Company) Tj ET Q q 0 0 0 rg BT 560.32 178.10 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 166.10 Td (future operations \(amounts in thousands, except per share amounts\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 101.60 396.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 101.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 101.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 101.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 71.60 396.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 71.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 71.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 71.60 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 101.60000000000002 m 502.5 101.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 101.60000000000002 m 576.5 101.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 101.60000000000002 m 502.5 101.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 101.60000000000002 m 576.5 101.60000000000002 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 441.75 145.28 Td (For the Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 130.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 482.15 130.28 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 106.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 443.60 116.28 Td (Pro Forma) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.00 106.28 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 517.60 116.28 Td (Pro Forma) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.00 106.28 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 91.27 Td (Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.00 91.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 91.27 Td (70,612) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.00 91.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 91.27 Td (50,667) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 76.27 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.00 76.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 76.32 Td (\(6,751) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.65 76.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.00 76.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 76.27 Td (\(11,889) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 76.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 61.27 Td (Basic and diluted income \(loss\) per common share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.00 61.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.80 61.32 Td (\(0.04) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.65 61.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.00 61.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.80 61.27 Td (\(0.06) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 61.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET 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 24.60 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 749.10 Td (The table below includes the amounts of revenue and net income \(loss\) of the acquisition completed during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.54 749.10 Td (three months ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 737.10 Td (ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.88 737.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.38 737.10 Td (March31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.98 737.10 Td (, which are included in the Company) Tj ET Q q 0 0 0 rg BT 276.21 737.10 Td (s condensed consolidated results of operations for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.83 737.10 Td (three) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.81 737.10 Td ( months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 725.10 Td (March31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.60 725.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 685.60 161.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 685.60 235.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 685.60 144.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 685.6 m 197.5 685.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 685.6 m 576.5 685.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 685.6 m 197.5 685.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 685.6 m 576.5 685.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 441.75 705.28 Td (For the Three Months Ended) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 690.28 Td (2012 ) Tj ET Q q 0 0 0 rg BT 60.95 690.28 Td (Acquisitions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.00 690.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 470.90 690.28 Td (March 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 676.17 Td (Poland Logistics Portfolio) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.00 676.17 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.00 676.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.65 676.17 Td (94) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 662.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.00 662.17 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.00 662.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.30 662.17 Td (\(770) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 662.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 634.10 Td (The following unaudited consolidated information is presented to give ef) Tj ET Q q 0 0 0 rg BT 345.69 634.10 Td (fect to the 2012 acquisition through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.66 634.10 Td (March31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.26 634.10 Td ( as if ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 622.10 Td (the acquisition occurred on January 1, 201) Tj ET Q q 0 0 0 rg BT 205.30 622.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 215.12 622.10 Td (This information excludes activity that is non-recurring and not representative of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 610.10 Td (Company) Tj ET Q q 0 0 0 rg BT 77.67 610.10 Td (s future activity) Tj ET Q q 0 0 0 rg BT 139.77 610.10 Td (, primarily acquisition fees and expenses of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.83 610.10 Td ($3.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.73 610.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.16 610.10 Td ($3.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.06 610.10 Td ( for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.43 610.10 Td (three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.74 610.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 598.10 Td (March31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.60 598.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.04 598.10 Td (201) Tj ET Q q 0 0 0 rg BT 133.67 598.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.67 598.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 191.33 598.10 Td (. ) Tj ET Q q 0 0 0 rg BT 196.15 598.10 Td (The information below is not necessarily indicative of what the actual results of operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 586.10 Td (would have been had the Company completed these transactions on January 1, 201) Tj ET Q q 0 0 0 rg BT 367.48 586.10 Td (1, nor does it purport to represent the Company) Tj ET Q q 0 0 0 rg BT 559.95 586.10 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 574.10 Td (future operations \(amounts in thousands, except per share amounts\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 509.60 392.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 509.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 509.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 509.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 479.60 392.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 479.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 479.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 479.60 72.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 509.6 m 500.5 509.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 509.6 m 576.5 509.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 509.6 m 500.5 509.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 509.6 m 576.5 509.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 439.75 553.28 Td (For the Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 538.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 480.15 538.28 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 514.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 440.60 524.28 Td (Pro Forma) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.00 514.28 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 516.60 524.28 Td (Pro Forma) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 530.25 514.28 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 499.27 Td (Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 499.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.15 499.27 Td (37,574) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.00 499.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 499.27 Td (19,726) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 484.27 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 484.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.80 484.32 Td (\(5,024) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.65 484.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.00 484.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.80 484.27 Td (\(5,009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 484.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 469.27 Td (Basic and diluted income \(loss\) per common share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 469.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.80 469.32 Td (\(0.05) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.65 469.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.00 469.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.80 469.27 Td (\(0.05) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 469.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 442.25 Td (5. REAL) Tj ET Q q 0 0 0 rg BT 73.23 442.25 Td ( EST) Tj ET Q q 0 0 0 rg BT 93.89 442.25 Td (A) Tj ET Q q 0 0 0 rg BT 100.37 442.25 Td (TE LOANS RECEIV) Tj ET Q q 0 0 0 rg BT 190.77 442.25 Td (ABLE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 418.25 Td (Real estate loans receivable included the following at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.03 418.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.63 418.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.07 418.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.07 418.25 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 372.75 396.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 372.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 372.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 372.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 344.75 396.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 344.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 344.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 344.75 70.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 372.75 m 502.5 372.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 372.75 m 576.5 372.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 372.75 m 502.5 372.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 372.75 m 576.5 372.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 344.75 m 502.5 344.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 344.75 m 576.5 344.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 331.75 m 502.5 331.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 329.75 m 502.5 329.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 331.75 m 576.5 331.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 329.75 m 576.5 329.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 377.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 445.15 386.48 Td (March 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.00 376.48 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 511.90 386.48 Td (December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.00 376.48 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 363.32 Td (Flagship Capital JV) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.00 363.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 363.32 Td (41,361) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.00 363.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 363.32 Td (31,381) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 349.32 Td (@1377) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 349.32 Td (3,404) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 349.32 Td (3,320) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 335.32 Td (Real estate loans receivable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.00 335.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 335.32 Td (44,765) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.00 335.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 335.32 Td (34,701) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 307.25 Td (The table below provides additional detail on the Company) Tj ET Q q 0 0 0 rg BT 293.94 307.25 Td (s outstanding real estate loans receivable through the Flagship Capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 295.25 Td (JV) Tj ET Q q 0 0 0 rg BT 46.93 295.25 Td ( as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.09 295.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.69 295.25 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 260.75 162.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 260.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 260.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 260.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 260.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 260.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 260.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 260.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 260.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 260.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 260.75 98.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 231.75 162.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 231.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 231.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 231.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 231.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 231.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 231.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 231.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 231.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 231.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 231.75 98.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 203.75 162.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 203.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 203.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 203.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 203.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 203.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 203.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 203.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 203.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 203.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 203.75 98.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 175.75 162.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 175.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 175.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 175.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 175.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 175.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 175.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 175.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 175.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 175.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 175.75 98.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 147.75 162.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 147.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 147.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 147.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 147.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 147.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 147.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 147.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 147.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 147.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 147.75 98.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 119.75 162.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 119.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 119.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 119.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 119.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 119.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 119.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 119.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 119.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 119.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 119.75 98.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 260.75 m 198.5 260.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 202.5 260.75 m 267.5 260.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 260.75 m 336.5 260.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 260.75 m 405.5 260.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 260.75 m 474.5 260.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 260.75 m 576.5 260.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 202.5 260.75 m 267.5 260.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 260.75 m 336.5 260.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 260.75 m 405.5 260.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 260.75 m 474.5 260.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 260.75 m 576.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 147.75 m 474.5 147.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 147.75 m 576.5 147.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 147.75 m 405.5 147.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 119.75 m 576.5 119.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 106.75 m 576.5 106.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 104.75 m 576.5 104.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.90 265.43 Td (Property) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 216.40 275.43 Td (Original) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 205.15 265.43 Td (Funding Date) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 284.05 275.43 Td (Maturity) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 293.50 265.43 Td (Date) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 344.65 265.43 Td (Interest Rate) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 418.20 275.43 Td (T) Tj ET Q q 0 0 0 rg BT 423.95 275.43 Td (otal Loan) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 413.15 265.43 Td (Commitment) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 483.30 275.43 Td (Balance as of March) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 509.50 265.43 Td (31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 250.42 Td (Norchester ) Tj ET Q q 0 0 0 rg BT 85.19 250.42 Td (V) Tj ET Q q 0 0 0 rg BT 91.81 250.42 Td (illage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.70 250.42 Td (3/1/2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.70 250.42 Td (3/1/2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.55 250.42 Td (7.75%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 250.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 250.42 Td (4,961) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.00 250.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 250.42 Td (4,229) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 236.32 Td (Rutland Place) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.20 236.32 Td (3/28/2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.20 236.32 Td (9/28/2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.55 236.32 Td (7.70%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 236.32 Td (7,720) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 236.32 Td (6,528) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 222.32 Td (The Lakeside Apartments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.90 222.32 Td (12/22/2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.20 222.32 Td (3/21/2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.05 222.32 Td (12.00%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 222.32 Td (5,359) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 222.32 Td (5,193) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 208.32 Td (Bay Park ) Tj ET Q q 0 0 0 rg BT 77.89 208.32 Td (Apartments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.20 208.32 Td (7/30/2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.20 208.32 Td (7/30/2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.55 208.32 Td (7.80%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 208.32 Td (3,231) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 208.32 Td (3,084) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 194.32 Td (Houston Retail Portfolio) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.70 194.32 Td (8/2/2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.70 194.32 Td (8/2/2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.55 194.32 Td (7.60%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 194.32 Td (11,804) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 194.32 Td (11,348) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 180.32 Td (Motor Circle) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.70 180.32 Td (12/28/2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.70 180.32 Td (12/28/2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.55 180.32 Td (8.00%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 180.32 Td (3,175) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 180.32 Td (1,857) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 166.32 Td (Deer Creek) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.70 166.32 Td (2/7/2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.70 166.32 Td (2/6/2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.55 166.32 Td (8.00%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 166.32 Td (5,450) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 166.32 Td (4,850) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 152.32 Td (Casa Blanca) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.70 152.32 Td (2/7/2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.70 152.32 Td (2/6/2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.55 152.32 Td (8.00%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 152.32 Td (5,628) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 152.32 Td (4,840) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 138.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.00 138.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.00 138.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.55 138.32 Td (8.30%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 138.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 138.32 Td (47,328) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.00 138.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 138.32 Td (41,929) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 124.32 Td (Less: Origination fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.30 124.32 Td (\(568) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 124.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.00 110.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 110.32 Td (41,361) Tj ET Q BT /F2 10.00 Tf ET 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 24.60 Td (13) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 749.25 Td (6. DEBT) Tj ET Q q 0 0 0 rg BT 73.05 749.25 Td ( FINANCING) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 737.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 725.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.44 725.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.04 725.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.48 725.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.06 725.25 Td (, the Company had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.11 725.25 Td ($1,371.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.50 725.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.94 725.25 Td ($858.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.83 725.25 Td ( of debt outstanding, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 713.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 83.66 713.25 Td (, with a weighted average years to maturity of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.71 713.25 Td (3.0 years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.80 713.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.24 713.25 Td (3.7 years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.34 713.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 414.00 713.25 Td (, and a weighted average interest rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 701.25 Td (3.6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.83 701.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.27 701.25 Td (4.4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.10 701.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 149.76 701.25 Td (. ) Tj ET Q q 0 0 0 rg BT 157.08 701.25 Td (The following table describes the Company's debt outstanding at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.55 701.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.15 701.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.59 701.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 689.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.00 689.25 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 595.75 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 595.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 595.75 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 595.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 595.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 595.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 595.75 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 595.75 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 595.75 74.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 595.75 17.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 595.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 595.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 595.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 569.75 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 569.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 569.75 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 569.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 569.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 569.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 569.75 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 569.75 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 569.75 74.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 569.75 17.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 569.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 569.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 569.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 543.75 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 543.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 543.75 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 543.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 543.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 543.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 543.75 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 543.75 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 543.75 74.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 543.75 17.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 543.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 543.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 543.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 517.75 110.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 517.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 517.75 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 517.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 517.75 47.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 517.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 517.75 65.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 517.75 6.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 517.75 74.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 517.75 17.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 517.75 72.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 517.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 517.75 72.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 475.75 110.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 475.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 475.75 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 475.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 475.75 47.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 475.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 475.75 65.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 475.75 6.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 475.75 74.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 475.75 17.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 475.75 72.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 475.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 475.75 72.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 433.75 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 433.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 433.75 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 433.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 433.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 433.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 433.75 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 433.75 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 433.75 74.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 433.75 17.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 433.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 433.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 433.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 407.75 110.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 407.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 407.75 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 407.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 407.75 47.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 407.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 407.75 65.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 407.75 6.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 407.75 74.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 407.75 17.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 407.75 72.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 407.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 407.75 72.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 365.75 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 365.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 365.75 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 365.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 365.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 365.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 365.75 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 365.75 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 365.75 74.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 365.75 17.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 365.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 365.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 365.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 339.75 110.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 339.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 339.75 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 339.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 339.75 47.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 339.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 339.75 65.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 339.75 6.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 339.75 74.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 339.75 17.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 339.75 72.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 339.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 339.75 72.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 297.75 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 297.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 297.75 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 297.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 297.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 297.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 297.75 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 297.75 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 297.75 74.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 297.75 17.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 297.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 297.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 297.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 271.75 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 271.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 271.75 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 271.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 271.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 271.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 271.75 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 271.75 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 271.75 74.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 271.75 17.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 271.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 271.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 271.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 245.75 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 245.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 245.75 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 245.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 245.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 245.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 245.75 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 245.75 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 245.75 74.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 245.75 17.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 245.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 245.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 245.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 211.75 110.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 211.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 211.75 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 211.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 211.75 47.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 211.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 211.75 65.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 211.75 6.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 211.75 74.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 211.75 17.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 211.75 72.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 211.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 211.75 72.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 177.75 110.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 177.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 177.75 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 177.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 177.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 177.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 177.75 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 177.75 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 177.75 74.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 177.75 17.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 177.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 177.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 177.75 72.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 637.75 m 146.5 637.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 150.5 637.75 m 208.5 637.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 637.75 m 259.5 637.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 637.75 m 328.5 637.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 637.75 m 408.5 637.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 637.75 m 497.5 637.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 637.75 m 573.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 284.75 m 497.5 284.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 284.75 m 573.5 284.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 258.75 m 497.5 258.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 258.75 m 573.5 258.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 245.75 m 497.5 245.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 245.75 m 573.5 245.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 190.75 m 497.5 190.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 190.75 m 573.5 190.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 177.75 m 497.5 177.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 165.75 m 497.5 165.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 163.75 m 497.5 163.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 177.75 m 573.5 177.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 165.75 m 573.5 165.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 163.75 m 573.5 163.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 641.98 Td (Description) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 154.25 657.98 Td (Origination or) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 158.50 649.98 Td (Assumption) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 171.00 641.98 Td (Date) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 219.90 649.98 Td (Maturity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 227.50 641.98 Td (Date) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 273.20 649.98 Td (Inter) Tj ET Q q 0 0 0 rg BT 290.38 649.98 Td (est Rate ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 275.70 641.98 Td (Description) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 339.85 649.98 Td (Inter) Tj ET Q q 0 0 0 rg BT 357.03 649.98 Td (est Rate as of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 344.50 641.98 Td (Mar) Tj ET Q q 0 0 0 rg BT 359.46 641.98 Td (ch 31, 2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 411.00 641.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.20 657.98 Td (Principal ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 435.30 649.98 Td (Outstanding at ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 434.50 641.98 Td (Mar) Tj ET Q q 0 0 0 rg BT 449.46 641.98 Td (ch 31, 2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.20 657.98 Td (Principal ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 511.30 649.98 Td (Outstanding at ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 504.75 641.98 Td (December) Tj ET Q q 0 0 0 rg BT 539.25 641.98 Td ( 31, 2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 628.98 Td (Secured Mortgage Debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 179.00 629.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 235.50 629.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.00 629.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 411.00 629.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.00 629.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.00 629.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 600.00 Td (Brindleyplace Project) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 164.75 600.00 Td (7/1/2010) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 221.25 600.00 Td (7/7/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.05 616.00 Td (75% fixed via) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 276.80 608.00 Td (swap / 25%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 282.60 600.00 Td (variable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 600.00 Td (3.46) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.30 600.00 Td (%) Tj ET Q BT /F2 5.20 Tf ET q 0 0 0 rg BT 411.00 604.11 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.00 600.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.30 600.00 Td (183,882) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.00 600.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 600.00 Td (195,552) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 587.00 Td (Hock Plaza) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 164.75 587.00 Td (9/8/2010) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 219.25 587.00 Td (12/6/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.35 587.00 Td (Fixed) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 587.00 Td (5.58) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.30 587.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 411.00 587.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 587.00 Td (77,669) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 587.00 Td (77,957) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 574.00 Td (Southpark) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 160.75 574.00 Td (10/19/2010) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 219.25 574.00 Td (12/6/2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.35 574.00 Td (Fixed) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 574.00 Td (5.67) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.30 574.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 411.00 574.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 574.00 Td (18,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 574.00 Td (18,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 561.00 Td (Fifty South Sixth) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 162.90 561.00 Td (11/4/2010) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 219.40 561.00 Td (11/4/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 271.25 561.00 Td (Fixed via swap) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 561.00 Td (3.62) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.30 561.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 561.00 Td (95,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 561.00 Td (95,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 548.00 Td (Stonecutter Court) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 163.05 548.00 Td (3/11/2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 219.40 548.00 Td (3/11/2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 271.25 548.00 Td (Fixed via swap) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 548.00 Td (4.79) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.30 548.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 548.00 Td (82,768) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 548.00 Td (88,527) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 535.00 Td (Gogolevsky 11) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 162.90 535.00 Td (8/25/2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 221.25 535.00 Td (4/7/2021) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 282.15 535.00 Td (V) Tj ET Q q 0 0 0 rg BT 287.04 535.00 Td (ariable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 535.00 Td (6.54) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.30 535.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 535.00 Td (37,550) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 535.00 Td (37,900) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 522.00 Td (Campus at Marlborough) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 160.90 522.00 Td (10/28/2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 219.25 522.00 Td (12/1/2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.35 522.00 Td (Fixed) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 522.00 Td (5.21) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.30 522.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 522.00 Td (55,570) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 522.00 Td (55,897) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 501.00 Td (Flagship Capital JV) Tj ET Q q 0 0 0 rg BT 102.41 501.00 Td ( ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 104.41 504.63 Td ( \(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 164.75 501.00 Td (3/8/2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 221.25 501.00 Td (3/8/2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 268.80 509.00 Td (V) Tj ET Q q 0 0 0 rg BT 273.69 509.00 Td (ariable, subject ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 269.90 501.00 Td (to floor of 4.5%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 501.00 Td (4.50) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.30 501.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.30 501.00 Td (7,469) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 501.00 Td (7,469) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 480.00 Td (144 Montague ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 87.44 483.63 Td (\(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 162.75 480.00 Td (4/16/2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 219.25 480.00 Td (4/16/2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 268.80 488.00 Td (V) Tj ET Q q 0 0 0 rg BT 273.69 488.00 Td (ariable, subject ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 266.05 480.00 Td (to interest rate cap) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 389.65 480.00 Td ( N/A) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.30 480.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 480.00 Td (58,368) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 459.00 Td (100 Brookes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 162.75 459.00 Td (7/13/2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 219.25 459.00 Td (7/31/2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 268.80 467.00 Td (V) Tj ET Q q 0 0 0 rg BT 273.69 467.00 Td (ariable, subject ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 266.05 459.00 Td (to interest rate cap) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 459.00 Td (5.64) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.30 459.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 459.00 Td (45,023) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 459.00 Td (44,829) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 438.00 Td (Poland Logistics Portfolio) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 164.75 438.00 Td (8/2/2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 219.25 438.00 Td (6/30/2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 268.80 446.00 Td (V) Tj ET Q q 0 0 0 rg BT 273.69 446.00 Td (ariable, subject ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 266.05 438.00 Td (to interest rate cap) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 438.00 Td (3.03) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.30 438.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 438.00 Td (83,307) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 438.00 Td (85,937) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 425.00 Td (Minneapolis Retail Center) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 164.75 425.00 Td (8/2/2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 219.25 425.00 Td (8/10/2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.35 425.00 Td (Fixed) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 425.00 Td (3.50) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.30 425.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 425.00 Td (65,500) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 425.00 Td (65,500) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 412.00 Td (825 ) Tj ET Q q 0 0 0 rg BT 52.56 412.00 Td (Ann ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 68.34 415.63 Td (\(4\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 160.90 412.00 Td (11/16/2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 219.25 412.00 Td (4/30/2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.10 412.00 Td (V) Tj ET Q q 0 0 0 rg BT 282.99 412.00 Td (ariable ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 306.75 415.63 Td (\(4\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.85 412.00 Td ( See below) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.30 412.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 562.30 412.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 391.00 Td (Mercedes Benz Bank) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 164.75 391.00 Td (2/7/2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 217.25 391.00 Td (12/31/2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 268.80 399.00 Td (Variable, subject) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 266.05 391.00 Td (to interest rate cap) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 391.00 Td (1.77) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.30 391.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 391.00 Td (44,373) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 562.30 391.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 370.00 Td (465 ) Tj ET Q q 0 0 0 rg BT 52.86 370.00 Td (V) Tj ET Q q 0 0 0 rg BT 58.15 370.00 Td (ictoria) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 162.75 370.00 Td (2/28/2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 219.25 370.00 Td (2/28/2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 268.80 378.00 Td (Variable, subject) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 266.05 370.00 Td (to interest rate cap) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 370.00 Td (5.07) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.30 370.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 370.00 Td (55,421) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 562.30 370.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 357.00 Td (New City) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 162.75 357.00 Td (3/28/2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 219.25 357.00 Td (3/28/2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.45 357.00 Td (V) Tj ET Q q 0 0 0 rg BT 283.34 357.00 Td (ariable) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 305.10 360.63 Td ( \(4\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 357.00 Td (3.01) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.30 357.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.30 357.00 Td (105,813) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 562.30 357.00 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 343.98 Td (Other Notes Payable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 179.00 344.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 235.50 344.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 405.00 344.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.00 344.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.00 344.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 331.00 Td (JPMorgan Chase Revolving) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 323.00 Td (Credit Facility) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 162.75 323.00 Td (4/13/2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 219.25 323.00 Td (4/13/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 282.15 323.00 Td (V) Tj ET Q q 0 0 0 rg BT 287.04 323.00 Td (ariable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 323.00 Td (2.30) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.30 323.00 Td (%) Tj ET Q BT /F2 5.20 Tf ET q 0 0 0 rg BT 411.00 327.11 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.30 323.00 Td (228,407) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 562.30 323.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 310.00 Td (W) Tj ET Q q 0 0 0 rg BT 45.91 310.00 Td (aterW) Tj ET Q q 0 0 0 rg BT 64.81 310.00 Td (all Place Construction ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 302.00 Td (Loan) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 162.75 302.00 Td (6/29/2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 219.25 302.00 Td (6/29/2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 268.80 310.00 Td (V) Tj ET Q q 0 0 0 rg BT 273.69 310.00 Td (ariable, subject ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 266.05 302.00 Td (to interest rate cap) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 302.00 Td (2.45) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.30 302.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.30 302.00 Td (5,600) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 562.30 302.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 289.00 Td (Bridge Loan - March 2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 162.75 289.00 Td (3/26/2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 219.25 289.00 Td (5/28/2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 282.15 289.00 Td (V) Tj ET Q q 0 0 0 rg BT 287.04 289.00 Td (ariable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 289.00 Td (2.21) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.30 289.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.30 289.00 Td (150,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 562.30 289.00 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 45.00 275.98 Td (Total Principal Outstanding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 235.50 276.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.00 276.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.00 276.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.30 276.00 Td (1,341,352) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.00 276.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 276.00 Td (830,936) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 263.00 Td (Unamortized Discount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 179.00 263.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 235.50 263.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.00 263.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.60 263.00 Td (\(1,035) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.30 263.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 549.60 263.05 Td (\(1,141) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 570.30 263.00 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 45.00 249.98 Td (Notes Payable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 235.50 250.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.00 250.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.00 250.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.30 250.00 Td (1,340,317) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.00 250.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 250.00 Td (829,795) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 236.98 Td (Affiliates Notes Payable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 224.00 Td (W) Tj ET Q q 0 0 0 rg BT 45.91 224.00 Td (aterW) Tj ET Q q 0 0 0 rg BT 64.81 224.00 Td (all Place Construction ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 216.00 Td (Loan) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 160.90 216.00 Td (12/15/2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 217.25 216.00 Td (12/14/2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 282.15 216.00 Td (V) Tj ET Q q 0 0 0 rg BT 287.04 216.00 Td (ariable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 216.00 Td (2.20) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.30 216.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 216.00 Td (20,004) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 216.00 Td (18,180) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 203.00 Td (Ponce & Bird Construction ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 195.00 Td (Loan) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 162.75 195.00 Td (7/13/2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 219.25 195.00 Td (7/13/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 282.15 195.00 Td (V) Tj ET Q q 0 0 0 rg BT 287.04 195.00 Td (ariable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 195.00 Td (2.20) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.30 195.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 195.00 Td (10,934) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 195.00 Td (10,355) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 45.00 181.98 Td (Notes Payable to ) Tj ET Q q 0 0 0 rg BT 103.44 181.98 Td (Affiliates) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.00 182.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 182.00 Td (30,938) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.00 182.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 182.00 Td (28,535) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.00 169.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.30 169.00 Td (1,371,255) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.00 169.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 169.00 Td (858,330) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 141.25 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 141.25 Td (Represents the weighted average interest rate as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.91 141.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.51 141.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 117.25 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 117.25 Td (In March 2013, the Flagship JV) Tj ET Q q 0 0 0 rg BT 181.03 117.25 Td ( amended its revolving line of credit agreement to increase the maximum commitment amount to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 105.25 Td ($18.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.89 105.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 81.25 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 81.25 Td (In February 2013, the Company paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.25 81.25 Td ($57.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.14 81.25 Td (, the outstanding balance, on the Company) Tj ET Q q 0 0 0 rg BT 431.44 81.25 Td (s secured credit facility with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 69.25 Td (Commonwealth Bank of ) Tj ET Q q 0 0 0 rg BT 154.27 69.25 Td (Australia related to 144 Montague, which reduced the outstanding balance on this facility to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.00 69.25 Td (zero) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.20 69.25 Td (.) 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 24.60 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 749.10 Td (\(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 749.10 Td (In November 2012, a subsidiary of the Operating Partnership entered into a secured credit facility with a maximum amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 737.10 Td (81.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.89 737.10 Td ( ) Tj ET Q q 0 0 0 rg BT 104.84 737.10 Td (AUD \(approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.59 737.10 Td ($83.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.49 737.10 Td ( as of the date of the first draw\). ) Tj ET Q q 0 0 0 rg BT 379.31 737.10 Td (The Company made its first draw under the loan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 725.10 Td (at the date of the 825 ) Tj ET Q q 0 0 0 rg BT 140.08 725.10 Td (Ann closing which was ) Tj ET Q q 0 0 0 rg BT 235.63 725.10 Td (April 30, 2013. ) Tj ET Q q 0 0 0 rg BT 301.56 725.10 Td (The interest rate at the date of the borrowing was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.37 725.10 Td (4.96%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.20 725.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 701.10 Td (\(5\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (Subsequent to March 31, 2013, the Company entered into a interest rate contracts to cap the interest rate for this variable rate debt ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 689.10 Td (at strike rates ranging from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.80 689.10 Td (2.50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.63 689.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.40 689.10 Td (4.50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.23 689.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.44 665.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.04 665.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.48 665.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.06 665.10 Td (, the fixed-rate debt includes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.69 665.10 Td ($315.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.58 665.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.02 665.10 Td ($330.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.91 665.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 546.57 665.10 Td (, of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 653.10 Td (variable-rate debt economically fixed through the use of interest rate swaps. ) Tj ET Q q 0 0 0 rg BT 344.32 653.10 Td (The variable-rate debt has variable interest rates ranging ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 641.10 Td (from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.94 641.10 Td (LIBOR, EURIBOR or the BBSY) Tj ET Q q 0 0 0 rg BT 190.63 641.10 Td ( screen rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.15 641.10 Td ( plus ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.82 641.10 Td (1.60%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.65 641.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.43 641.10 Td (6.25%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.26 641.10 Td ( per annum. ) Tj ET Q q 0 0 0 rg BT 374.19 641.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 424.10 641.10 Td (, as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.76 641.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.35 641.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.35 641.10 Td ($178.2 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 629.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.89 629.10 Td ( of the Company) Tj ET Q q 0 0 0 rg BT 134.60 629.10 Td (s variable-rate debt was capped at strike rates ranging from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.39 629.10 Td (1.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.22 629.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.00 629.10 Td (5.3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.83 629.10 Td (. See Note 7 Derivative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 617.10 Td (Instruments for more information regarding the Company) Tj ET Q q 0 0 0 rg BT 269.83 617.10 Td (s interest rate contracts.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td (JPMor) Tj ET Q q 0 0 0 rg BT 81.40 593.10 Td (gan Chase Revolving Cr) Tj ET Q q 0 0 0 rg BT 179.07 593.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 196.38 593.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 211.01 593.10 Td (eement and Bridge Loans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 569.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.28 569.10 Td (April 2012, the Company entered into a credit agreement with JPMor) Tj ET Q q 0 0 0 rg BT 342.09 569.10 Td (gan Chase that provides for a revolving credit facility ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 557.10 Td (with borrowings denominated in U.S. dollars, British pound sterling, Euros, ) Tj ET Q q 0 0 0 rg BT 341.26 557.10 Td (Australian dollars or Canadian dollars \(as amended in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 545.10 Td (December 2012, the Revolving Credit Facility\). ) Tj ET Q q 0 0 0 rg BT 238.54 545.10 Td (The maximum aggregate amount of the lenders) Tj ET Q q 0 0 0 rg BT 430.51 545.10 Td ( commitments is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.12 545.10 Td ($300.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.01 545.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 533.10 Td (with aggregate foreign currency commitments constituting up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.93 533.10 Td ($150.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.82 533.10 Td ( of that amount. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 509.10 Td (In March 2013, the Company entered into a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.45 509.10 Td (60) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.45 509.10 Td (-day) Tj ET Q q 0 0 0 rg BT 258.57 509.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.57 509.10 Td ($150.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.46 509.10 Td ( bridge loan with JPMor) Tj ET Q q 0 0 0 rg BT 419.50 509.10 Td (gan Chase to provide short-term ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 497.10 Td (temporary financing for the Company) Tj ET Q q 0 0 0 rg BT 190.40 497.10 Td (s recent and future acquisitions. ) Tj ET Q q 0 0 0 rg BT 322.12 497.10 Td (The bridge loan can be extended for a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.94 497.10 Td (30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.94 497.10 Td (-day period, subject to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 485.10 Td (certain conditions. For the period from January 2013 through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.67 485.10 Td (March 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.27 485.10 Td (, the Company made draws of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.74 485.10 Td ($450.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.63 485.10 Td ( and payments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 473.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 46.83 473.10 Td ($72.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.72 473.10 Td ( under its bridge loan and the Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 321.42 473.10 Td (, with a loss of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.53 473.10 Td ($0.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.42 473.10 Td ( through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.53 473.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.13 473.10 Td ( related to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 461.10 Td (its borrowings on its loans denominated in a foreign currency) Tj ET Q q 0 0 0 rg BT 281.13 461.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 437.10 Td (From ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.62 437.10 Td (April 1,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.73 437.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.23 437.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.23 437.10 Td ( through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.33 437.10 Td (May14, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.17 437.10 Td (, the Company made draws of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.64 437.10 Td ($144.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.53 437.10 Td ( and payments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.62 437.10 Td ($73.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.51 437.10 Td ( under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 425.10 Td (Revolving Credit Facility resulting in an outstanding principal balance of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.49 425.10 Td ($300.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.38 425.10 Td (, including the ef) Tj ET Q q 0 0 0 rg BT 457.96 425.10 Td (fect of changes in exchange ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 413.10 Td (rates as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.04 413.10 Td (May14, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.87 413.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 389.10 Td (Financial Covenants) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 365.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 113.71 365.10 Td (s mortgage agreements and other financing agreements contain customary events of default, with corresponding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 353.10 Td (grace periods, including payment defaults, cross-defaults to other agreements and bankruptcy-related defaults, and customary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 341.10 Td (covenants, including limitations on liens and indebtedness and maintenance of certain financial ratios. In addition, the Company has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 329.10 Td (executed customary recourse carve-out guarantees of certain obligations under its mortgage agreements and the other loan documents. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 317.10 Td (The Company is not aware of any instances of noncompliance with financial covenants on any of its loans as of March 31, 2013.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.42 317.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 305.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 293.10 Td (Principal Payments on Debt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 281.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 269.10 Td (The Companyis requiredto make the following principal payments on its outstanding notes payable for each of the period ending ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 257.10 Td (April 1, 2013 through December 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.30 257.10 Td ( and through December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.93 257.10 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.93 257.10 Td ( and for the period thereafter) Tj ET Q q 0 0 0 rg BT 450.04 257.10 Td (. ) Tj ET Q q 0 0 0 rg BT 454.49 257.10 Td (Amounts are in thousands:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 174.60 173.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 174.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 174.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 174.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 174.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 174.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 174.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 174.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 174.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 174.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 174.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 174.60 53.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 220.60000000000002 m 291.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 220.60000000000002 m 295.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 220.60000000000002 m 348.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 220.60000000000002 m 352.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 220.60000000000002 m 405.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 220.60000000000002 m 409.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 220.60000000000002 m 462.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 220.60000000000002 m 466.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 220.60000000000002 m 519.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 220.60000000000002 m 523.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 220.60000000000002 m 576.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 220.60000000000002 m 291.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 174.60000000000002 m 291.5 174.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 220.60000000000002 m 348.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 174.60000000000002 m 348.5 174.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 220.60000000000002 m 405.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 174.60000000000002 m 405.5 174.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 220.60000000000002 m 462.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 174.60000000000002 m 462.5 174.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 220.60000000000002 m 519.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 174.60000000000002 m 519.5 174.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 220.60000000000002 m 576.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 174.60000000000002 m 576.5 174.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 174.60000000000002 m 291.5 174.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 174.60000000000002 m 348.5 174.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 174.60000000000002 m 405.5 174.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 174.60000000000002 m 462.5 174.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 174.60000000000002 m 519.5 174.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 174.60000000000002 m 576.5 174.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 225.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 345.10 225.28 Td (Payments due by Year) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 179.28 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 222.35 209.28 Td (April 1, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 232.85 199.28 Td (through) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 220.90 189.28 Td (December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 240.00 179.28 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 311.50 179.28 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 368.50 179.28 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 425.50 179.28 Td (2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 482.50 179.28 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 526.60 179.28 Td (Thereafter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 165.17 Td (Principal payments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.00 165.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.15 165.17 Td (157,117) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.00 165.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.15 165.17 Td (83,140) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.00 165.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.10 165.17 Td (601,285) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 165.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.10 165.17 Td (162,260) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.00 165.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.10 165.17 Td (130,120) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.00 165.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.10 165.17 Td (238,368) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 138.25 Td (7. DERIV) Tj ET Q q 0 0 0 rg BT 76.94 138.25 Td (A) Tj ET Q q 0 0 0 rg BT 83.42 138.25 Td (TIVE INSTRUMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 114.25 Td (The Company has entered into several interest rate swap contracts and interest rate cap agreements as economic hedges against ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 102.25 Td (the variability of future interest rates on its variable interest rate borrowings.) Tj ET Q q 0 0 0 rg BT 346.27 102.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 405.99 102.25 Td (s interest rate swaps ef) Tj ET Q q 0 0 0 rg BT 496.33 102.25 Td (fectively fixed the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 90.25 Td (interest rates on each of the loans to which they relate and the interest rate cap contracts have ef) Tj ET Q q 0 0 0 rg BT 418.43 90.25 Td (fectively limited the interest rate on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 78.25 Td (loans to which they relate.) Tj ET Q q 0 0 0 rg BT 146.06 78.25 Td (The Company has not designated any of these derivatives as hedges for accounting purposes. See Note 1) Tj ET Q q 0 0 0 rg BT 569.75 78.25 Td (1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 66.25 Td ( Fair ) Tj ET Q q 0 0 0 rg BT 66.93 66.25 Td (V) Tj ET Q q 0 0 0 rg BT 73.04 66.25 Td (alue Measurements for additional information regarding the fair value of the Company) Tj ET Q q 0 0 0 rg BT 422.65 66.25 Td (s interest rate contracts.) 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 24.60 Td (15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 749.10 Td (The Company has also entered into foreign currency forward contracts as economic hedges against the variability of foreign ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 737.10 Td (exchange rates on future international investments. ) Tj ET Q q 0 0 0 rg BT 242.14 737.10 Td (These forward contracts ef) Tj ET Q q 0 0 0 rg BT 348.85 737.10 Td (fectively fixed the currency exchange rates on each of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 725.10 Td (the investments to which they relate. ) Tj ET Q q 0 0 0 rg BT 184.95 725.10 Td (The Company has not designated any of these contracts as cash flow hedges for accounting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 713.10 Td (purposes. See Note 1) Tj ET Q q 0 0 0 rg BT 122.56 713.10 Td (1 Fair ) Tj ET Q q 0 0 0 rg BT 160.99 713.10 Td (V) Tj ET Q q 0 0 0 rg BT 167.10 713.10 Td (alue Measurements for additional information regarding the fair value of the Company) Tj ET Q q 0 0 0 rg BT 516.71 713.10 Td (s foreign ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 701.10 Td (currency forwards.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (The table below provides additional information regarding the Company) Tj ET Q q 0 0 0 rg BT 347.26 677.10 Td (s interest rate contracts.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 617.60 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 617.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 617.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 617.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 617.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 617.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 617.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 617.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 617.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 617.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 617.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 587.60 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 587.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 587.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 587.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 587.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 587.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 587.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 587.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 587.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 587.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 587.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 557.60 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 557.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 557.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 557.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 557.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 557.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 557.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 557.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 557.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 557.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 557.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 527.60 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 527.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 527.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 527.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 527.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 527.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 527.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 527.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 527.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 527.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 527.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 497.60 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 497.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 497.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 497.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 497.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 497.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 497.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 497.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 497.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 497.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 497.60 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 36.5 651.6 m 197.5 651.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 651.6 m 197.5 651.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 617.6 m 197.5 617.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 201.5 617.6 m 286.5 617.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 617.6 m 374.5 617.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 617.6 m 433.5 617.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 617.6 m 503.5 617.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 617.6 m 576.5 617.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 617.6 m 197.5 617.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 201.5 617.6 m 286.5 617.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 617.6 m 374.5 617.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 617.6 m 433.5 617.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 617.6 m 503.5 617.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 617.6 m 576.5 617.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 656.28 Td (Inter) Tj ET Q q 0 0 0 rg BT 60.48 656.28 Td (est Rate Contracts) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 293.00 656.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.00 656.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.00 656.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.00 656.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 622.28 Td (T) Tj ET Q q 0 0 0 rg BT 44.93 622.28 Td (ype) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 213.35 622.28 Td (Effective Date) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 297.65 622.28 Td (Expiration Date) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 387.15 632.28 Td (Notional ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 382.95 622.28 Td (Amount ) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 420.45 626.81 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.90 642.28 Td (Interest) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 465.50 632.28 Td (Rate) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 456.30 622.28 Td (Received) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 519.55 632.28 Td (Pay Rate /) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 517.20 622.28 Td (Strike Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 607.27 Td (Interest rate swaps) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.90 607.27 Td (July 7, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.40 607.27 Td (July 7, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.00 607.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.15 607.27 Td (137,911) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 436.00 612.43 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 607.27 Td (LIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 607.27 Td (2.29) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 567.65 607.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 592.27 Td (Interest rate swap) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.10 592.27 Td (November 4, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.60 592.27 Td (November 4, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.00 592.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 592.27 Td (95,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 592.27 Td (LIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 592.27 Td (1.37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 567.65 592.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 577.27 Td (Interest rate swap) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.05 577.27 Td (March 11, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.35 577.27 Td (March 11, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.00 577.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 577.27 Td (82,768) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 577.27 Td (LIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 577.27 Td (2.71) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 567.65 577.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 562.27 Td (Interest rate cap) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.15 562.27 Td (April 16, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.65 562.27 Td (April 16, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.00 562.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 562.27 Td (43,966) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.40 562.27 Td (BBSW) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 562.27 Td (5.25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 567.65 562.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 547.27 Td (Interest rate cap) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.80 547.27 Td (August 2, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.05 547.27 Td (June 30, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.00 547.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 547.27 Td (63,960) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.55 547.27 Td (EURIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 547.27 Td (2.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 567.65 547.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 532.27 Td (Interest rate cap) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.30 532.27 Td (August 13, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.80 532.27 Td (August 13, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.00 532.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 532.27 Td (22,512) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.60 532.27 Td (BBSY) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 532.27 Td (4.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 567.65 532.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 517.27 Td (Interest rate cap) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.10 517.27 Td (October 9, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.05 517.27 Td (June 30, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.00 517.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 517.27 Td (13,284) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.55 517.27 Td (EURIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 517.27 Td (2.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 567.65 517.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 502.27 Td (Interest rate cap) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.70 502.27 Td (January 7, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.05 502.27 Td (June 29, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.00 502.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 502.27 Td (5,335) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 502.27 Td (LIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 502.27 Td (1.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 567.65 502.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 487.27 Td (Interest rate cap) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.85 487.27 Td (March 11, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.20 487.27 Td (March 31, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.00 487.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 487.27 Td (44,373) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.55 487.27 Td (EURIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 487.27 Td (1.50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 567.65 487.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 472.27 Td (Interest rate cap) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.70 472.27 Td (March 20, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.20 472.27 Td (February 29, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.00 472.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 472.27 Td (28,748) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.40 472.27 Td (BBSW) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 472.27 Td (4.33) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 567.65 472.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 444.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 444.10 Td (For notional amounts denominated in a foreign currency) Tj ET Q q 0 0 0 rg BT 279.12 444.10 Td (, amounts have been translated at a rate based on the exchange rate in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 432.10 Td (ef) Tj ET Q q 0 0 0 rg BT 61.59 432.10 Td (fect on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.57 432.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.17 432.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 408.10 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 408.10 Td (On July 7, 2010, the Company executed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.03 408.10 Td (five) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.57 408.10 Td ( swap agreements with identical terms with an aggregate notional amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.26 408.10 Td ($137.9 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 396.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.89 396.10 Td ( as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.05 396.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.65 396.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 372.10 Td (The table below provides additional information regarding the Company) Tj ET Q q 0 0 0 rg BT 347.26 372.10 Td (s current foreign currency forward contracts \(in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 360.10 Td (thousands\).) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 310.60 151.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 310.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 310.60 139.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 310.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 310.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 310.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 310.60 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 310.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 310.60 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 280.60 151.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 280.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 280.60 139.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 280.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 280.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 280.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 280.60 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 280.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 280.60 93.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 334.6 m 187.5 334.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 187.5 334.6 m 191.5 334.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 334.6 m 330.5 334.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 310.6 m 187.5 310.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 310.6 m 330.5 310.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 310.6 m 419.5 310.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 310.6 m 479.5 310.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 310.6 m 576.5 310.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 310.6 m 187.5 310.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 310.6 m 330.5 310.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 310.6 m 419.5 310.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 310.6 m 479.5 310.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 310.6 m 576.5 310.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 339.28 Td (Foreign Currency Forward Contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.00 339.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.00 339.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.00 339.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 315.28 Td (Effective Date) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 226.15 315.28 Td (Expiration Date) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 339.65 315.28 Td (Notional Amount) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 433.20 315.28 Td (Buy/Sell) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 492.30 325.28 Td (Traded Currency) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 519.50 315.28 Td (Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 300.27 Td (February 5, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.00 300.27 Td (February 5, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.00 300.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 300.27 Td (23,492) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.60 300.27 Td (USD/EUR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.00 300.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 555.15 300.27 Td (1.35) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 285.27 Td (February 22, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.00 285.27 Td (February 5, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.00 285.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 285.27 Td (4,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.35 285.27 Td (EUR/ USD) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.00 285.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 555.15 285.27 Td (1.32) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 270.27 Td (March 27, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.00 270.27 Td (September 30, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.00 270.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 270.27 Td (36,439) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 270.27 Td (USD / PLN) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.00 270.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 555.15 270.27 Td (3.35) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 255.27 Td (February 27, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.00 255.27 Td (May 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.00 255.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 255.27 Td (57,085) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.75 255.27 Td (USD/AUD) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.00 255.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 555.15 255.27 Td (1.01) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 227.10 Td (The table below presents the fair value of the Company) Tj ET Q q 0 0 0 rg BT 278.65 227.10 Td (s derivative instruments included in AssetsDerivative Instruments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 215.10 Td (and LiabilitiesDerivative Instruments on the Company) Tj ET Q q 0 0 0 rg BT 275.66 215.10 Td (s condensed consolidated balance sheets, as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.93 215.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.53 215.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 203.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.58 203.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 139.60 237.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 139.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 139.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 139.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 139.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 139.60 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 139.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 139.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 139.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 109.60 237.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 109.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 109.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 109.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 109.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 109.60 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 109.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 109.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 109.60 68.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 178.60000000000002 m 348.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 178.60000000000002 m 352.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 178.60000000000002 m 420.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 178.60000000000002 m 501.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 178.60000000000002 m 507.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 178.60000000000002 m 575.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 178.60000000000002 m 348.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 154.60000000000002 m 348.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 178.60000000000002 m 352.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 178.60000000000002 m 420.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 154.60000000000002 m 420.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 154.60000000000002 m 501.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 178.60000000000002 m 575.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 154.60000000000002 m 575.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 94.60000000000002 m 348.5 94.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 80.60000000000002 m 348.5 80.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 78.60000000000002 m 348.5 78.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 94.60000000000002 m 420.5 94.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 80.60000000000002 m 420.5 80.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 78.60000000000002 m 420.5 78.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 94.60000000000002 m 501.5 94.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 80.60000000000002 m 501.5 80.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 78.60000000000002 m 501.5 78.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 94.60000000000002 m 575.5 94.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 80.60000000000002 m 575.5 80.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 78.60000000000002 m 575.5 78.60000000000002 l s BT /F3 1.00 Tf ET q 0 0 0 rg BT 38.00 181.32 Td () Tj ET Q BT /F3 1.00 Tf ET q 0 0 0 rg BT 275.00 181.32 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 312.45 183.28 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 358.82 183.28 Td (Assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 426.50 183.28 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.10 183.28 Td (Derivative Liabilities) Tj ET Q BT /F3 1.00 Tf ET q 0 0 0 rg BT 38.00 157.32 Td () Tj ET Q BT /F3 1.00 Tf ET q 0 0 0 rg BT 275.00 157.32 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 291.15 169.28 Td (March 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.00 159.28 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 356.90 169.28 Td (December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 376.00 159.28 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 426.50 159.28 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 445.15 169.28 Td (March 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.00 159.28 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 504.00 159.28 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 511.90 169.28 Td (December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.00 159.28 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 144.27 Td (Derivatives not designated as hedging instruments:) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 275.00 142.36 Td () Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 423.00 142.36 Td () Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 504.00 142.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 129.27 Td ( Interest rate swaps) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 275.00 127.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.00 129.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 129.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.00 129.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.65 129.27 Td () Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 423.00 127.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 129.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.80 129.32 Td (\(13,765) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.65 129.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.00 129.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.80 129.27 Td (\(15,255) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 571.65 129.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 114.27 Td ( Interest rate caps) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.15 114.27 Td (1,459) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.65 114.27 Td (790) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.65 114.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 561.65 114.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 99.27 Td ( Foreign currency forward contracts) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 275.00 97.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.15 99.27 Td (1,118) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.65 99.27 Td () Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 423.00 97.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.80 99.32 Td (\(1,989) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.65 99.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.30 99.27 Td (\(198) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 571.65 99.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 84.27 Td (Total derivatives) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 275.00 82.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.00 84.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.15 84.27 Td (2,577) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.00 84.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.65 84.27 Td (790) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 423.00 82.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 84.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.80 84.32 Td (\(15,754) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.65 84.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.00 84.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.80 84.27 Td (\(15,453) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 571.65 84.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET 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 24.60 Td (16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 749.10 Td (The table below presents the ef) Tj ET Q q 0 0 0 rg BT 178.49 749.10 Td (fects of the changes in fair value of the Company) Tj ET Q q 0 0 0 rg BT 378.15 749.10 Td (s derivative instruments in the Company) Tj ET Q q 0 0 0 rg BT 542.84 749.10 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 737.10 Td (condensed consolidated statements of operations and comprehensive income \(loss\) for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.95 737.10 Td (three) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.93 737.10 Td ( months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.76 737.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.36 737.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 725.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.00 725.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 637.60 398.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 637.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 637.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 637.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 607.60 398.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 607.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 607.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 607.60 68.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 690.6 m 502.5 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 690.6 m 508.5 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 690.6 m 576.5 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 676.6 m 502.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 676.6 m 508.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 676.6 m 576.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 652.6 m 502.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 676.6 m 576.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 652.6 m 576.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 592.6 m 502.5 592.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 578.6 m 502.5 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 576.6 m 502.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 592.6 m 576.5 592.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 578.6 m 576.5 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 576.6 m 576.5 576.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 451.80 705.28 Td (Gain \(Loss\) Recorded on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 455.40 695.28 Td (Derivative Instruments) Tj ET Q BT /F3 1.00 Tf ET q 0 0 0 rg BT 39.00 679.32 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.50 681.28 Td (Three Months Ended) Tj ET Q BT /F3 1.00 Tf ET q 0 0 0 rg BT 39.00 655.32 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 446.15 667.28 Td (March 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.00 657.28 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 505.00 657.28 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 520.15 667.28 Td (March 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 532.00 657.28 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 642.27 Td (Derivatives not designated as hedging instruments:) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 505.00 640.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 627.27 Td ( Interest rate swaps) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 627.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 627.27 Td (753) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.00 627.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 627.27 Td (602) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 612.27 Td ( Interest rate caps) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.30 612.32 Td (\(59) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.65 612.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.65 612.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 597.27 Td ( Foreign currency forward contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.30 597.32 Td (\(673) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.65 597.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.80 597.27 Td (\(2,525) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 597.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 582.27 Td (T) Tj ET Q q 0 0 0 rg BT 44.41 582.27 Td (otal gain \(loss\) on derivatives) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 582.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 582.27 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.00 582.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.80 582.27 Td (\(1,923) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 582.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 555.25 Td (8.DISTRIBUTIONS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 531.25 Td (The Company has declared distributions for the months of January 2012 through June 2013 at an amount equal to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.41 531.25 Td ($0.0017808) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.91 531.25 Td ( per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 519.25 Td (share, per day) Tj ET Q q 0 0 0 rg BT 91.16 519.25 Td (. Hines Moorfield UK ) Tj ET Q q 0 0 0 rg BT 186.80 519.25 Td (V) Tj ET Q q 0 0 0 rg BT 192.91 519.25 Td (enture I S.A.R.L. \(the Brindleyplace JV\) declared distributions in the amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.93 519.25 Td ($0.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.82 519.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 507.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.94 507.25 Td ($0.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.83 507.25 Td ( to Moorfield Real Estate Fund II GP) Tj ET Q q 0 0 0 rg BT 250.05 507.25 Td ( Ltd. \(Moorfield\) for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.90 507.25 Td (three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.21 507.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.71 507.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.30 507.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.74 507.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.74 507.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 495.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 83.66 495.25 Td (, related to the operations of several properties acquired by the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 405.31 495.25 Td ( located in Birmingham, England \(the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 483.25 Td (Brindleyplace Project\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 459.25 Td (The table below outlines the Company) Tj ET Q q 0 0 0 rg BT 211.47 459.25 Td (s total distributions declared to stockholders and noncontrolling interests \(Hines Global ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 447.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 58.04 447.25 Td ( ) Tj ET Q q 0 0 0 rg BT 59.98 447.25 Td (Associates Limited Partnership \(HALP\), Moorfield and Flagship Capital GP\) for each of the quarters ended during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.25 447.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.25 447.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 435.25 Td (for each of the quarters ended during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.21 435.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.21 435.25 Td (, including the breakout between the distributions declared in cash and those reinvested ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 423.25 Td (pursuant to the Company) Tj ET Q q 0 0 0 rg BT 139.60 423.25 Td (s distribution reinvestment plan \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 338.75 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 338.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 338.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 338.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 338.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 338.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 338.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 338.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 338.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 294.75 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 294.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 294.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 294.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 294.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 294.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 294.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 294.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 294.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 264.75 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 264.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 264.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 264.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 264.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 264.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 264.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 264.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 264.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 234.75 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 234.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 234.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 234.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 234.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 234.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 234.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 234.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 234.75 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 264.5 376.75 m 339.5 376.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 376.75 m 343.5 376.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 376.75 m 418.5 376.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 376.75 m 422.5 376.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 376.75 m 497.5 376.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 376.75 m 576.5 376.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 352.75 m 339.5 352.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 352.75 m 418.5 352.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 352.75 m 497.5 352.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 352.75 m 576.5 352.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 338.75 m 260.5 338.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 323.75 m 339.5 323.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 323.75 m 418.5 323.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 323.75 m 497.5 323.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 323.75 m 576.5 323.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 309.75 m 339.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 307.75 m 339.5 307.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 309.75 m 418.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 307.75 m 418.5 307.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 309.75 m 497.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 307.75 m 497.5 307.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 309.75 m 576.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 307.75 m 576.5 307.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 294.75 m 260.5 294.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 294.75 m 260.5 294.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 234.75 m 339.5 234.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 234.75 m 418.5 234.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 234.75 m 497.5 234.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 234.75 m 576.5 234.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 220.75 m 339.5 220.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 218.75 m 339.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 220.75 m 418.5 220.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 218.75 m 418.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 220.75 m 497.5 220.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 218.75 m 497.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 220.75 m 576.5 220.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 218.75 m 576.5 218.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 381.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 352.70 381.43 Td (Stockholders) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 506.35 391.43 Td (Noncontrolling) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 519.95 381.43 Td (Interests) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 357.43 Td (Distributions for the three months ended) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 290.65 367.43 Td (Cash) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 273.40 357.43 Td (Distributions) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 352.40 367.43 Td (Distributions) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 357.15 357.43 Td (Reinvested) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 428.25 357.43 Td (Total Declared) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 507.25 357.43 Td (Total Declared) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 343.43 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 301.50 343.43 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 380.50 343.43 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.50 343.43 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 538.50 343.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 328.42 Td (March 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.00 328.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.15 328.42 Td (12,418) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.00 328.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.15 328.42 Td (13,772) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.00 328.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 328.42 Td (26,190) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 328.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 328.42 Td (554) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 313.42 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.00 313.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.15 313.42 Td (12,418) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.00 313.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.15 313.42 Td (13,772) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.00 313.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 313.42 Td (26,190) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 313.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 313.42 Td (554) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 299.43 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 284.42 Td (December 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.00 284.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.15 284.42 Td (10,676) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.00 284.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.15 284.42 Td (11,606) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.00 284.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 284.42 Td (22,282) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 284.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 284.42 Td (1,227) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 269.42 Td (September 30, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.15 269.42 Td (9,266) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.15 269.42 Td (10,001) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 269.42 Td (19,267) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 269.42 Td (711) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 254.42 Td (June 30, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.15 254.42 Td (8,236) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 254.42 Td (8,865) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 254.42 Td (17,101) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 254.42 Td (675) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 239.42 Td (March 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.15 239.42 Td (7,403) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 239.42 Td (7,922) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 239.42 Td (15,325) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 239.42 Td (546) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 224.42 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.00 224.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.15 224.42 Td (35,581) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.00 224.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.15 224.42 Td (38,394) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.00 224.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 224.42 Td (73,975) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 224.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 224.42 Td (3,159) Tj ET Q BT /F2 10.00 Tf ET 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 24.60 Td (17) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 749.25 Td (9.RELA) Tj ET Q q 0 0 0 rg BT 75.54 749.25 Td (TED P) Tj ET Q q 0 0 0 rg BT 103.97 749.25 Td (AR) Tj ET Q q 0 0 0 rg BT 118.06 749.25 Td (TY) Tj ET Q q 0 0 0 rg BT 131.58 749.25 Td ( ) Tj ET Q q 0 0 0 rg BT 133.90 749.25 Td (TRANSACTIONS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 725.25 Td (The table below outlines feesand expense reimbursements incurred that are payable to Hines and its af) Tj ET Q q 0 0 0 rg BT 465.89 725.25 Td (filiates for the periods ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 713.25 Td (indicated below \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 648.75 254.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 648.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 648.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 648.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 648.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 648.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 648.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 648.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 618.75 254.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 618.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 618.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 618.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 618.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 618.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 618.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 618.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 588.75 254.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 588.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 588.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 588.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 588.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 588.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 588.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 588.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 558.75 254.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 558.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 558.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 558.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 558.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 558.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 558.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 558.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 528.75 254.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 528.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 528.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 528.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 528.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 528.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 528.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 528.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 498.75 254.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 498.75 72.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 498.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 498.75 72.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 498.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 498.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 498.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 498.75 65.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 687.75 m 362.5 687.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 687.75 m 366.5 687.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 687.75 m 438.5 687.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 687.75 m 362.5 687.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 672.75 m 362.5 672.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 672.75 m 366.5 672.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 672.75 m 438.5 672.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 672.75 m 507.5 672.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 672.75 m 511.5 672.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 672.75 m 576.5 672.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 672.75 m 362.5 672.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 648.75 m 362.5 648.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 672.75 m 438.5 672.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 648.75 m 438.5 648.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 672.75 m 507.5 672.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 648.75 m 507.5 648.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 672.75 m 576.5 672.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 648.75 m 576.5 648.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 648.75 m 362.5 648.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 648.75 m 438.5 648.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 648.75 m 507.5 648.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 648.75 m 576.5 648.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 473.75 m 507.5 473.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 459.75 m 507.5 459.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 457.75 m 507.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 473.75 m 576.5 473.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 459.75 m 576.5 459.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 457.75 m 576.5 457.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 692.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 344.90 692.43 Td (Incurred) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.00 692.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 692.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 677.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 295.40 677.43 Td (Three Months Ended March 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 482.00 677.43 Td (Unpaid as of) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 653.43 Td (Type and Recipient) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 316.00 653.43 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 392.00 653.43 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 452.65 663.43 Td (March 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 464.50 653.43 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 514.40 663.43 Td (December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 533.50 653.43 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 638.42 Td (Selling Commissions- Dealer Manager) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 638.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.15 638.42 Td (12,468) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.00 638.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.15 638.42 Td (6,723) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.00 638.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 638.42 Td (195) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 638.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 638.42 Td (1,598) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 623.42 Td (Dealer Manager Fee- Dealer Manager) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.15 623.42 Td (4,431) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.15 623.42 Td (2,319) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 623.42 Td (37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 623.42 Td (494) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 608.42 Td (Issuer Costs- the Advisor) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.15 608.42 Td (1,923) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.15 608.42 Td (1,351) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.15 608.42 Td (2,012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 608.42 Td (1,314) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 593.42 Td (Acquisition Fee- the Advisor) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.15 593.42 Td (14,570) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.15 593.42 Td (2,947) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.15 593.42 Td (8,137) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.65 593.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 578.42 Td (Asset Management Fee- the Advisor) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.15 578.42 Td (1,527) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.65 578.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.15 578.42 Td (1,527) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 578.42 Td (2,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 563.42 Td (Other ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 64.27 567.95 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.85 563.42 Td ( - the ) Tj ET Q q 0 0 0 rg BT 94.34 563.42 Td (Advisor) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.65 563.42 Td (853) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 563.42 Td (451) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 563.42 Td (557) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 563.42 Td (1,040) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 548.42 Td (Property Management Fee- Hines) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.65 548.42 Td (939) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 548.42 Td (613) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 548.42 Td (45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.30 548.42 Td (\(113) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 548.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 533.42 Td (Development/Construction Management Fee- Hines) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.65 533.42 Td (634) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.65 533.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 533.42 Td (166) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.65 533.42 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 518.42 Td (Leasing Fee- Hines) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.65 518.42 Td (494) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.65 518.42 Td (22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 518.42 Td (315) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 567.65 518.42 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 503.42 Td (Redevelopment Construction Management- Hines) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.65 503.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.65 503.42 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 503.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.65 503.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 488.42 Td (Expense Reimbursement- Hines \(with respect to management) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 478.42 Td (and operations of the Companys properties\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.15 478.42 Td (1,483) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.15 478.42 Td (1,003) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.15 478.42 Td (4,320) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 478.42 Td (3,849) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 463.43 Td (Due to Affiliates) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 293.00 463.43 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 369.00 463.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.00 463.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 463.42 Td (17,311) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 463.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 463.42 Td (10,198) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 435.25 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 435.25 Td (Includes amounts the ) Tj ET Q q 0 0 0 rg BT 140.93 435.25 Td (Advisor paid on behalf of the Company such as general and administrative expenses and acquisition-related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 423.25 Td (expenses.) Tj ET Q q 0 0 0 rg BT 97.42 423.25 Td (These amounts are generally reimbursed to the ) Tj ET Q q 0 0 0 rg BT 286.52 423.25 Td (Advisor during the month following the period in which they are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 411.25 Td (incurred.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 387.25 Td (Notes Payable to ) Tj ET Q q 0 0 0 rg BT 124.64 387.25 Td (Affiliates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 363.25 Td (The ) Tj ET Q q 0 0 0 rg BT 71.87 363.25 Td (W) Tj ET Q q 0 0 0 rg BT 80.50 363.25 Td (aterW) Tj ET Q q 0 0 0 rg BT 104.13 363.25 Td (all Place JV) Tj ET Q q 0 0 0 rg BT 151.71 363.25 Td ( and Ponce & Bird JV) Tj ET Q q 0 0 0 rg BT 239.58 363.25 Td ( \(as described in Note 1 Or) Tj ET Q q 0 0 0 rg BT 359.64 363.25 Td (ganization\) have entered into separate construction ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 351.25 Td (loans with an af) Tj ET Q q 0 0 0 rg BT 99.41 351.25 Td (filiate of Hines related to the development of multi-family projects in Houston, ) Tj ET Q q 0 0 0 rg BT 417.76 351.25 Td (T) Tj ET Q q 0 0 0 rg BT 423.17 351.25 Td (exas and Miami, Florida, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 339.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 83.66 339.25 Td (. See Note 6 Debt Financing for additional information regarding these construction loans. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 315.25 Td (@1377 Development) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 291.25 Td (In June 2012, the Company entered into a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.68 291.25 Td ($3.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.57 291.25 Td ( mezzanine loan commitment plus accrued interest to provide construction ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 279.25 Td (financing to the @1377 development, which is being developed by an af) Tj ET Q q 0 0 0 rg BT 326.06 279.25 Td (filiate of Hines. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.54 279.25 Td ($3.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.44 279.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.87 279.25 Td ($3.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.77 279.25 Td ( were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 267.25 Td (outstanding under the mezzanine loan as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.78 267.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.38 267.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.81 267.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.40 267.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 426.06 267.25 Td (. See Note 1 Or) Tj ET Q q 0 0 0 rg BT 500.31 267.25 Td (ganization for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 255.25 Td (additional information concerning the @1377 development.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 231.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 79.65 231.25 Td (Affiliate T) Tj ET Q q 0 0 0 rg BT 119.38 231.25 Td (ransactions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 219.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 207.25 Td (In ) Tj ET Q q 0 0 0 rg BT 64.28 207.25 Td (April 2012, the ) Tj ET Q q 0 0 0 rg BT 127.05 207.25 Td (Advisor agreed to waive the asset management fee otherwise payable to it pursuant to the ) Tj ET Q q 0 0 0 rg BT 487.21 207.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 526.38 207.25 Td (Agreement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 195.25 Td (for each quarter in 2012 and 2013, to the extent that the Company) Tj ET Q q 0 0 0 rg BT 302.31 195.25 Td (s modified funds from operations, as disclosed in each quarterly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 183.25 Td (report, for a particular quarter amounts to less than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.48 183.25 Td (100%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.81 183.25 Td ( of the aggregate distributions declared to its stockholders for such quarter) Tj ET Q q 0 0 0 rg BT 561.12 183.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 171.25 Td (As a result of the waiver of these fees, cash flows from operations that would have been paid to the ) Tj ET Q q 0 0 0 rg BT 434.49 171.25 Td (Advisor for asset management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 159.25 Td (feesmay be available to pay distributions to stockholders. ) Tj ET Q q 0 0 0 rg BT 270.21 159.25 Td (This fee waiver is not a deferral and accordingly) Tj ET Q q 0 0 0 rg BT 463.36 159.25 Td (, these fees will not be paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 147.25 Td (to the ) Tj ET Q q 0 0 0 rg BT 60.44 147.25 Td (Advisor in cash at any time in the future. ) Tj ET Q q 0 0 0 rg BT 225.96 147.25 Td (As a result of this fee waiver) Tj ET Q q 0 0 0 rg BT 340.52 147.25 Td (, the ) Tj ET Q q 0 0 0 rg BT 359.69 147.25 Td (Advisor waived asset management fees payable to it ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 135.25 Td (during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.33 135.25 Td (three) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.31 135.25 Td ( months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 160.14 135.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.73 135.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.17 135.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.17 135.25 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.50 135.25 Td ($3.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.39 135.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.83 135.25 Td ($3.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.72 135.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 446.39 135.25 Td (. During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.43 135.25 Td (three months ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 123.25 Td (ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.88 123.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.38 123.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.98 123.25 Td (, the Company incurred asset management fees of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.85 123.25 Td ($1.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.74 123.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.24 123.25 Td (No) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.46 123.25 Td ( asset management fees were incurred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 111.25 Td (during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.33 111.25 Td (three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.64 111.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 160.14 111.25 Td (March31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.73 111.25 Td (.) 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 24.60 Td (18) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 749.25 Td (10.NONCONTROLLING INTERESTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 725.25 Td (In July 2010, the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 193.24 725.25 Td ( issued capital shares and Series B Convertible Preferred Equity Certificates \(CPEC\) to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 713.25 Td (Moorfield as a result of its contributions. Further) Tj ET Q q 0 0 0 rg BT 231.12 713.25 Td (, in December 2012, the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 399.22 713.25 Td ( issued capital shares and Series B3 CPEC ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 701.25 Td (to Moorfied as a result of an additional contribution. Distributions are declared and paid quarterly to Moorfield based on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 689.25 Td (distributable income of the Brindleyplace Project and payment of the distributions will be subject to the approval of the board of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 677.25 Td (directors of the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 167.45 677.25 Td (. During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.99 677.25 Td (three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.30 677.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.80 677.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.40 677.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.84 677.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.84 677.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 454.50 677.25 Td (, the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 543.74 677.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 665.25 Td (declared ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.36 665.25 Td ($0.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.25 665.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.69 665.25 Td ($0.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.58 665.25 Td ( of preferred dividends to Moorfield related to the CPECs. ) Tj ET Q q 0 0 0 rg BT 425.18 665.25 Td (These amounts were included in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 653.25 Td (net \(income\) loss attributable to noncontrolling interests in the accompanying condensed consolidated statements of operations and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 641.25 Td (comprehensive income \(loss\) and of) Tj ET Q q 0 0 0 rg BT 180.78 641.25 Td (fsets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.61 641.25 Td ($48,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.11 641.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.54 641.25 Td ($0.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.44 641.25 Td ( of net loss that was attributable to Moorfield during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.78 641.25 Td (three ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 629.25 Td (months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.83 629.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.33 629.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.92 629.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.36 629.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.36 629.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 250.02 629.25 Td (, related to the results of operations of the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 487.27 629.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 605.25 Td (As described in Note 1 Or) Tj ET Q q 0 0 0 rg BT 171.02 605.25 Td (ganization, the Company has a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.54 605.25 Td (97%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.87 605.25 Td ( interest in the Flagship Capital JV) Tj ET Q q 0 0 0 rg BT 453.56 605.25 Td ( with Flagship Capital GP) Tj ET Q q 0 0 0 rg BT 556.34 605.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 593.25 Td (which is the entity that owns the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.97 593.25 Td (3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.30 593.25 Td ( interest in the joint venture. During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.59 593.25 Td (three months ended March 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.00 593.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.44 593.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 571.44 593.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 581.25 Td (the Flagship Capital GP) Tj ET Q q 0 0 0 rg BT 131.46 581.25 Td ( made capital contributions in the amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.86 581.25 Td ($0.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.75 581.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.19 581.25 Td ($0.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.08 581.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 480.74 581.25 Td (, to the Flagship ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 569.25 Td (Capital JV) Tj ET Q q 0 0 0 rg BT 77.21 569.25 Td (. In accordance with the partnership agreement that governs the joint venture, distributions are declared and paid when the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 557.25 Td (joint venture has available cash \(all cash held by the joint venture less what is reasonably needed to reserve or satisfy cash needs\) with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 545.25 Td (respect to an investment made by the joint venture. ) Tj ET Q q 0 0 0 rg BT 244.93 545.25 Td (The Flagship Capital JV) Tj ET Q q 0 0 0 rg BT 342.24 545.25 Td ( did not declare any distributions to the Flagship Capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 533.25 Td (GP) Tj ET Q q 0 0 0 rg BT 48.41 533.25 Td ( for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.79 533.25 Td (three months ended March 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.20 533.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.64 533.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.64 533.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 510.25 Td (1) Tj ET Q q 0 0 0 rg BT 40.45 510.25 Td (1.F) Tj ET Q q 0 0 0 rg BT 58.31 510.25 Td (AIR ) Tj ET Q q 0 0 0 rg BT 78.97 510.25 Td (V) Tj ET Q q 0 0 0 rg BT 84.90 510.25 Td (ALUE MEASUREMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 486.25 Td (As described in Note 7 Derivative Instruments, the Company entered into several interest rate contracts as economic hedges ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 474.25 Td (against the variability of future interest rates on its variable interest rate borrowings. ) Tj ET Q q 0 0 0 rg BT 374.60 474.25 Td (The valuation of these derivative instruments is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 462.25 Td (determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 450.25 Td (techniques including discounted cash flow analysis on the expected cash flows of each derivative.) Tj ET Q q 0 0 0 rg BT 429.86 450.25 Td (This analysis reflects the contractual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 438.25 Td (terms of the derivatives, including the period to maturity) Tj ET Q q 0 0 0 rg BT 261.68 438.25 Td (, and uses observable market-based inputs, including interest rate curves and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 426.25 Td (implied volatilities.) Tj ET Q q 0 0 0 rg BT 116.09 426.25 Td (The fair values of interest rate contracts have been determined using the market standard methodology of netting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 414.25 Td (the discounted future fixed cash receipts \(or payments\) and the discounted expected variable cash payments \(or receipts\).) Tj ET Q q 0 0 0 rg BT 522.86 414.25 Td (The variable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 402.25 Td (cash payments \(or receipts\) are based on an expectation of future interest rates \(forward curves\) derived from observable market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 390.25 Td (interest rate curves. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 366.25 Td (Although the Company has determined the majority of the inputs used to value its derivatives fall within Level 2 of the fair value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 354.25 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 73.10 354.25 Td (, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 342.25 Td (spreads to evaluate the likelihood of default by the Company and its counterparties, Eurohypo, PB Capital Corporation, Landesbank ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 330.25 Td (Baden-Wrttember) Tj ET Q q 0 0 0 rg BT 113.01 330.25 Td (g, Commonwealth Bank of ) Tj ET Q q 0 0 0 rg BT 223.28 330.25 Td (Australia, Bank of ) Tj ET Q q 0 0 0 rg BT 299.19 330.25 Td (W) Tj ET Q q 0 0 0 rg BT 307.83 330.25 Td (estern ) Tj ET Q q 0 0 0 rg BT 333.65 330.25 Td (Australia, and Deutsche Pfandbriefbank ) Tj ET Q q 0 0 0 rg BT 495.55 330.25 Td (AG. In adjusting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 318.25 Td (the fair values of its derivative contracts for the ef) Tj ET Q q 0 0 0 rg BT 235.46 318.25 Td (fect of nonperformance risk, the Company has considered the impact of netting and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 306.25 Td (any applicable credit enhancements, such as collateral postings, thresholds and guarantees. However) Tj ET Q q 0 0 0 rg BT 437.68 306.25 Td (, as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.34 306.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.94 306.25 Td (, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 294.25 Td (Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 282.25 Td (positions and has determined that the credit valuation adjustments are not significant to the overall valuations of its derivatives. ) Tj ET Q q 0 0 0 rg BT 546.99 282.25 Td (As a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 270.25 Td (result, the Company has determined its derivative valuations are classified in Level 2 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 481.86 270.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 246.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 103.90 246.25 Td (, as described in Note 7 Derivative Instruments, the Company has entered into several foreign currency forward ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 234.25 Td (contracts as economic hedges against the variability of foreign exchange rates on future international investments. ) Tj ET Q q 0 0 0 rg BT 494.55 234.25 Td (The valuation of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 222.25 Td (these forward contracts 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 36.00 210.25 Td (widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative.) Tj ET Q q 0 0 0 rg BT 539.26 210.25 Td (This ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 198.25 Td (analysis reflects the contractual terms of the derivatives, including the period to maturity) Tj ET Q q 0 0 0 rg BT 389.96 198.25 Td (, and uses observable market-based inputs, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 186.25 Td (including currency exchange rate curves and implied volatilities. ) Tj ET Q q 0 0 0 rg BT 297.11 186.25 Td (The Company has determined its foreign currency forward contracts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 174.25 Td (valuations are classified in Level 2 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 280.80 174.25 Td (, as they are based on observable inputs but are not traded in active ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 162.25 Td (markets.) 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 24.60 Td (19) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 749.10 Td (The following table sets forth the Company) Tj ET Q q 0 0 0 rg BT 231.19 749.10 Td (s derivatives which are measured at fair value on a recurring basis, by level within the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 737.10 Td (fair value hierarchy as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.45 737.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.04 737.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.48 737.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.07 737.10 Td ( \(all amounts are in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 643.60 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 643.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 643.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 643.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 643.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 643.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 643.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 643.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 643.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 613.60 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 613.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 613.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 613.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 613.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 613.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 613.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 613.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 613.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 583.60 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 583.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 583.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 583.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 583.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 583.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 583.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 583.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 583.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 553.60 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 553.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 553.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 553.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 553.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 553.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 553.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 553.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 553.60 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 343.5 711.6 m 418.5 711.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 711.6 m 422.5 711.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 711.6 m 497.5 711.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 711.6 m 501.5 711.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 711.6 m 576.5 711.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 657.6 m 260.5 657.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 657.6 m 339.5 657.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 657.6 m 418.5 657.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 657.6 m 497.5 657.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 657.6 m 576.5 657.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 657.6 m 260.5 657.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 716.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.00 716.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 386.90 716.28 Td (Basis of Fair Value Measurements) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 662.28 Td (Period) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 273.80 682.28 Td (Fair Value of) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 288.15 672.28 Td (Assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 276.75 662.28 Td (\(Liabilities\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 350.35 702.28 Td (Quoted Prices) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 361.15 692.28 Td (In Active) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 354.90 682.28 Td (Markets for) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 348.40 672.28 Td (Identical Items) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 361.75 662.28 Td (\(Level 1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 436.40 692.28 Td (Significant) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 446.80 682.28 Td (Other) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 435.05 672.28 Td (Observable) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 425.60 662.28 Td (Inputs \(Level 2\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 515.40 682.28 Td (Significant) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 509.05 672.28 Td (Unobservable) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 504.60 662.28 Td (Inputs \(Level 3\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 648.28 Td (March 31, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 301.50 648.28 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 380.50 648.28 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.50 648.28 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 538.50 648.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 633.27 Td (Interest rate swaps) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.00 633.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.80 633.32 Td (\(13,765) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.65 633.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.00 633.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.65 633.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.00 633.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.80 633.32 Td (\(13,765) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 633.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 633.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.65 633.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 618.27 Td (Interest rate caps) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.00 618.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.15 618.27 Td (1,459) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.00 618.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.65 618.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.00 618.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 618.27 Td (1,459) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 618.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.65 618.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 603.27 Td (Foreign currency forwards - Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.00 603.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.15 603.27 Td (1,118) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.00 603.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.65 603.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.00 603.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 603.27 Td (1,118) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 603.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.65 603.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 588.27 Td (Foreign currency forwards - Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.00 588.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.80 588.32 Td (\(1,989) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.65 588.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.00 588.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.65 588.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.00 588.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.80 588.32 Td (\(1,989) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 588.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 588.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.65 588.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 573.28 Td (December 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.00 573.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.00 573.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.00 573.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 573.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 558.27 Td (Interest rate swaps) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.00 558.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.80 558.32 Td (\(15,255) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.65 558.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.00 558.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.65 558.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.00 558.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.80 558.32 Td (\(15,255) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 558.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 558.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.65 558.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 543.27 Td (Interest rate caps) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.00 543.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.65 543.27 Td (790) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.00 543.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.65 543.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.00 543.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 543.27 Td (790) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 543.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.65 543.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 528.27 Td (Foreign currency forwards - Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.00 528.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.30 528.32 Td (\(198) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.65 528.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.00 528.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.65 528.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.00 528.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.30 528.32 Td (\(198) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 528.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 528.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.65 528.27 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 500.10 Td (Other) Tj ET Q q 0 0 0 rg BT 79.37 500.10 Td ( Items) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 488.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 476.10 Td (Financial Instruments Fair V) Tj ET Q q 0 0 0 rg BT 170.38 476.10 Td (alue Disclosur) Tj ET Q q 0 0 0 rg BT 228.62 476.10 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 464.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 452.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.44 452.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.04 452.10 Td (, the Company estimated that the fair value of its notes payable, which had a book value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.49 452.10 Td ($1,371.3 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 440.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.89 440.10 Td (, was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.94 440.10 Td ($1,375.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.33 440.10 Td (. ) Tj ET Q q 0 0 0 rg BT 158.78 440.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.23 440.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.81 440.10 Td (, the Company estimated that the fair value of its notes payable, which had a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 428.10 Td (book value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.49 428.10 Td ($858.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.38 428.10 Td (, was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.43 428.10 Td ($858.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.32 428.10 Td (. Management has utilized market information as available or present value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 416.10 Td (techniques to estimate the amounts required to be disclosed. ) Tj ET Q q 0 0 0 rg BT 278.16 416.10 Td (Although the Company has determined the majority of the inputs used to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 404.10 Td (value its notes payable fall within Level 2 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 309.13 404.10 Td (, the credit quality adjustments associated with its fair value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 392.10 Td (notes payable utilize Level 3 inputs. However) Tj ET Q q 0 0 0 rg BT 219.15 392.10 Td (, as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.81 392.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.41 392.10 Td (, the Company has assessed the significance of the impact of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 380.10 Td (credit 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 36.00 368.10 Td (significant.) Tj ET Q q 0 0 0 rg BT 82.66 368.10 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 36.00 356.10 Td (estimates that are based on limited available market information for similar transactions, there can be no assurance that the disclosed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 344.10 Td (values could be realized.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 320.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.44 320.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.04 320.10 Td (, the Company estimated that the book values of its real estate loans receivable approximate their fair ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 308.10 Td (values, as all such loans were entered into recently) Tj ET Q q 0 0 0 rg BT 237.77 308.10 Td (. ) Tj ET Q q 0 0 0 rg BT 244.72 308.10 Td (Although the Company has determined the majority of the inputs used to value its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 296.10 Td (real estate notes receivable fall within Level 2 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 325.77 296.10 Td (, the credit quality adjustments associated with its fair value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 284.10 Td (real estate notes receivable utilize Level 3 inputs. However) Tj ET Q q 0 0 0 rg BT 271.89 284.10 Td (, as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.55 284.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.15 284.10 Td (, the Company has assessed the significance of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 272.10 Td (impact of the credit quality adjustments on the overall valuations of its fair market value of real estate notes receivable and has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 260.10 Td (determined that they are not significant.) Tj ET Q q 0 0 0 rg BT 197.34 260.10 Td (As a result, the Company has determined these financial instruments utilize Level 2 inputs. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 248.10 Td (Since such amounts are estimates that are based on limited available market information for similar transactions, there can be no ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 236.10 Td (assurance that the disclosed values could be realized.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 212.10 Td (Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, restricted cash, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 200.10 Td (distributions receivable, tenant and other receivables, accounts payable and accrued expenses, other liabilities, due to af) Tj ET Q q 0 0 0 rg BT 514.24 200.10 Td (filiates and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 188.10 Td (distributions payable. ) Tj ET Q q 0 0 0 rg BT 126.92 188.10 Td (The carrying value of these items reasonably approximates their fair value based on their highly-liquid nature ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 176.10 Td (and/or short-term maturities. Due to the short-term nature of these instruments, Level 1 and Level 2 inputs are utilized to estimate the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 164.10 Td (fair value of these financial instruments.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 140.10 Td (Financial Instruments Measur) Tj ET Q q 0 0 0 rg BT 175.28 140.10 Td (ed on a Nonr) Tj ET Q q 0 0 0 rg BT 227.41 140.10 Td (ecurring Basis) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 116.10 Td (Certain long-lived assets are measured at fair value on a non-recurring basis. ) Tj ET Q q 0 0 0 rg BT 362.87 116.10 Td (These assets are not measured at fair value on an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 104.10 Td (ongoing basis, but are subject to fair value adjustments \(i.e., impairments\) in certain circumstances.) Tj ET Q q 0 0 0 rg BT 435.98 104.10 Td (The inputs associated with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 92.10 Td (valuation of long-lived assets are generally included in Level 3 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 393.54 92.10 Td (.) Tj ET Q q 0 0 0 rg BT 400.86 92.10 Td (There were no events during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.48 92.10 Td (three) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.46 92.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 80.10 Td (months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.33 80.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.92 80.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.36 80.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.36 80.10 Td ( which indicated that fair value adjustments of the Company) Tj ET Q q 0 0 0 rg BT 441.46 80.10 Td (s long-lived assets were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 68.10 Td (necessary) Tj ET Q q 0 0 0 rg BT 74.22 68.10 Td (.) 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 24.60 Td (20) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 749.25 Td (12. REPOR) Tj ET Q q 0 0 0 rg BT 85.65 749.25 Td (T) Tj ET Q q 0 0 0 rg BT 91.58 749.25 Td (ABLE SEGMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 725.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 113.71 725.25 Td (s investments in real estate are geographically diversified and management evaluates the operating performance of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 713.25 Td (each at an individual investment level and considers each investment to be an operating segment. ) Tj ET Q q 0 0 0 rg BT 426.81 713.25 Td (The Company has aggregated all of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 701.25 Td (its operating segments into ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.99 701.25 Td (four) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.65 701.25 Td ( reportable segments based on the location of the segment and the underlying asset class. Management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 689.25 Td (has aggregated the Company's investments that are not of) Tj ET Q q 0 0 0 rg BT 265.89 689.25 Td (fice properties in "other" based on the geographic location of the investment, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 677.25 Td (due to the Company's ownership of interests in various dif) Tj ET Q q 0 0 0 rg BT 268.97 677.25 Td (ferent types of investments that do not stand alone as their own reportable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 665.25 Td (segment. ) Tj ET Q q 0 0 0 rg BT 76.64 665.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 136.36 665.25 Td (s operating segments consist of the following, based on the Company) Tj ET Q q 0 0 0 rg BT 416.59 665.25 Td (s investments as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.92 665.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.51 665.25 Td (:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 641.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 641.25 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 103.83 641.25 Td (of) Tj ET Q q 0 0 0 rg BT 111.97 641.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 129.46 641.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 179.73 641.25 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.06 641.25 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.06 641.25 Td ( ) Tj ET Q q 0 0 0 rg BT 190.56 641.25 Td (investments\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 629.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 629.25 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 103.83 629.25 Td (other ) Tj ET Q q 0 0 0 rg BT 126.87 629.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 177.15 629.25 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.48 629.25 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.48 629.25 Td ( ) Tj ET Q q 0 0 0 rg BT 187.98 629.25 Td (investments\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 617.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 617.25 Td (International ) Tj ET Q q 0 0 0 rg BT 116.59 617.25 Td (of) Tj ET Q q 0 0 0 rg BT 124.74 617.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 142.22 617.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 192.50 617.25 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.83 617.25 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.83 617.25 Td ( ) Tj ET Q q 0 0 0 rg BT 203.33 617.25 Td (investments\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 605.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 605.25 Td (International ) Tj ET Q q 0 0 0 rg BT 116.59 605.25 Td (other ) Tj ET Q q 0 0 0 rg BT 139.64 605.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 189.91 605.25 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.24 605.25 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.24 605.25 Td ( ) Tj ET Q q 0 0 0 rg BT 200.74 605.25 Td (investments\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 581.25 Td (The tables below provide additional information related to each of the Company) Tj ET Q q 0 0 0 rg BT 378.07 581.25 Td (s segments and a reconciliation to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 569.25 Td (Company) Tj ET Q q 0 0 0 rg BT 77.67 569.25 Td (s net loss, as applicable. Corporate-Level ) Tj ET Q q 0 0 0 rg BT 251.22 569.25 Td (Accounts includes amounts incurred by the corporate-level entities which are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 557.25 Td (not allocated to any of the reportable segments. Further) Tj ET Q q 0 0 0 rg BT 259.42 557.25 Td (, amounts related to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.50 557.25 Td (three) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.49 557.25 Td ( months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.31 557.25 Td (March31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.91 557.25 Td ( have been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 545.25 Td (reclassified into the appropriate segment to be consistent with the presentation for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.62 545.25 Td (three) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.60 545.25 Td ( months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.43 545.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.03 545.25 Td ( \(all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 533.25 Td (amounts are in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 465.75 392.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 465.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 465.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 465.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 435.75 392.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 435.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 435.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 435.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 405.75 392.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 405.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 405.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 405.75 72.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 495.75 m 500.5 495.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 495.75 m 504.5 495.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 495.75 m 576.5 495.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 480.75 m 500.5 480.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 480.75 m 576.5 480.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 405.75 m 500.5 405.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 391.75 m 500.5 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 389.75 m 500.5 389.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 405.75 m 576.5 405.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 391.75 m 576.5 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 389.75 m 576.5 389.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 500.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 433.40 500.43 Td (Three Months Ended March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 485.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.00 485.43 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 530.00 485.43 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 470.43 Td (Total Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 470.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.00 470.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 455.42 Td (Domestic of) Tj ET Q q 0 0 0 rg BT 87.97 455.42 Td (fice investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 455.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.15 455.42 Td (21,118) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.00 455.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 455.42 Td (15,922) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 440.42 Td (Domestic other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.15 440.42 Td (12,335) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 440.42 Td (6,656) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 425.42 Td (International of) Tj ET Q q 0 0 0 rg BT 100.74 425.42 Td (fice investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.15 425.42 Td (12,738) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 425.42 Td (5,403) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 410.42 Td (International other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.15 410.42 Td (13,841) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 410.42 Td (8,800) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 395.43 Td (Total Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 395.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.15 395.42 Td (60,032) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.00 395.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 395.42 Td (36,781) Tj ET Q BT /F2 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 323.75 392.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 323.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 323.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 323.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 293.75 392.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 293.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 293.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 293.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 263.75 392.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 263.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 263.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 263.75 72.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 353.75 m 500.5 353.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 353.75 m 504.5 353.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 353.75 m 576.5 353.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 338.75 m 500.5 338.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 338.75 m 576.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 263.75 m 500.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 249.75 m 500.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 247.75 m 500.5 247.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 263.75 m 576.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 249.75 m 576.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 247.75 m 576.5 247.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 358.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 433.40 358.43 Td (Three Months Ended March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 343.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.00 343.43 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 530.00 343.43 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 328.43 Td (Pr) Tj ET Q q 0 0 0 rg BT 49.37 328.43 Td (operty r) Tj ET Q q 0 0 0 rg BT 83.89 328.43 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 209.71 332.96 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 431.00 328.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.00 328.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 313.42 Td (Domestic office investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 313.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.15 313.42 Td (14,102) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.00 313.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 313.42 Td (10,223) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 298.42 Td (Domestic other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.15 298.42 Td (7,408) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 298.42 Td (3,964) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 283.42 Td (International office investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.15 283.42 Td (10,870) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 283.42 Td (4,128) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 268.42 Td (International other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.15 268.42 Td (8,885) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 268.42 Td (5,500) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 253.43 Td (Property revenues in excess of expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 253.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.15 253.42 Td (41,265) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.00 253.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 253.42 Td (23,815) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 225.25 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 225.25 Td (Revenues less property operating expenses, real property taxes, property management fees and income taxes.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 163.75 396.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 163.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 163.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 163.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 133.75 396.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 133.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 133.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 133.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 103.75 396.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 103.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 103.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 103.75 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 178.75 m 502.5 178.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 178.75 m 576.5 178.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 88.75 m 502.5 88.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 74.75 m 502.5 74.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 72.75 m 502.5 72.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 88.75 m 576.5 88.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 74.75 m 576.5 74.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 72.75 m 576.5 72.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 183.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 445.15 193.43 Td (March 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.00 183.43 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 511.90 193.43 Td (December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.00 183.43 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 168.43 Td (Total Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.00 168.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.00 168.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 153.42 Td (Domestic office investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.00 153.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 153.42 Td (676,292) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.00 153.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 153.42 Td (680,272) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 138.42 Td (Domestic other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 138.42 Td (428,231) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 138.42 Td (412,506) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 123.42 Td (International office investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.65 123.42 Td (1,080,700) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 123.42 Td (396,237) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 108.42 Td (International other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 108.42 Td (489,103) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 108.42 Td (532,972) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 93.42 Td (Corporate-level accounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 93.42 Td (36,282) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 93.42 Td (56,585) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 78.43 Td (Total Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.00 78.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.65 78.42 Td (2,710,608) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.00 78.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.65 78.42 Td (2,078,572) Tj ET Q BT /F2 10.00 Tf ET 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 24.60 Td (21) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 710.50 392.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 710.50 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 710.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 710.50 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 680.50 392.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 680.50 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 680.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 680.50 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 650.50 392.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 650.50 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 650.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 650.50 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 620.50 392.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 620.50 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 620.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 620.50 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 590.50 392.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 590.50 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 590.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 590.50 72.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 740.5 m 500.5 740.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 740.5 m 504.5 740.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 740.5 m 576.5 740.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 740.5 m 500.5 740.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 725.5 m 500.5 725.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 740.5 m 576.5 740.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 725.5 m 576.5 725.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 575.5 m 500.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 561.5 m 500.5 561.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 559.5 m 500.5 559.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 575.5 m 576.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 561.5 m 576.5 561.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 559.5 m 576.5 559.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 745.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 433.40 745.18 Td (Three Months Ended March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 730.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.00 730.18 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 530.00 730.18 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 715.18 Td (Reconciliation to net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 715.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.00 715.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 700.17 Td (Total property revenues in excess of expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 700.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.15 700.17 Td (41,265) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.00 700.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 700.17 Td (23,815) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 685.17 Td (Depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.80 685.22 Td (\(24,465) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.65 685.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 685.17 Td (\(17,151) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 685.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 670.17 Td (Acquisition related expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.80 670.22 Td (\(16,473) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.65 670.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.30 670.17 Td (\(767) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 670.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 655.17 Td (Asset management and acquisition fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.80 655.22 Td (\(16,097) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.65 655.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.80 655.17 Td (\(2,947) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 655.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 640.17 Td (General and administrative expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.80 640.22 Td (\(1,088) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.65 640.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.30 640.17 Td (\(889) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 640.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 625.17 Td (Gain \(loss\) on derivatives) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.65 625.17 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.80 625.17 Td (\(1,923) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 625.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 610.17 Td (Foreign currency gains \(losses\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.80 610.22 Td (\(4,531) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.65 610.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.80 610.17 Td (\(1,494) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 610.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 595.17 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.80 595.22 Td (\(10,693) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.65 595.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.80 595.17 Td (\(7,623) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 595.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 580.17 Td (Interest income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.65 580.17 Td (90) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 580.17 Td (208) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 565.17 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 565.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.80 565.22 Td (\(31,971) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.65 565.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.00 565.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.80 565.17 Td (\(8,771) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 565.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 538.25 Td (13. SUPPLEMENT) Tj ET Q q 0 0 0 rg BT 118.60 538.25 Td (AL) Tj ET Q q 0 0 0 rg BT 131.94 538.25 Td ( CASH FLOW) Tj ET Q q 0 0 0 rg BT 195.10 538.25 Td ( DISCLOSURES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 514.25 Td (Supplemental cash flow disclosures for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.40 514.25 Td (three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.71 514.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.21 514.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.81 514.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.25 514.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.25 514.25 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 473.75 396.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 473.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 473.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 473.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 443.75 396.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 443.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 443.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 443.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 413.75 396.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 413.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 413.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 413.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 383.75 396.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 383.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 383.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 383.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 353.75 396.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 353.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 353.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 353.75 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 488.75 m 502.5 488.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 488.75 m 576.5 488.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 493.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.00 493.43 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.00 493.43 Td (2012) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 39.00 478.43 Td (Supplemental Disclosure of Cash Flow Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.00 478.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.00 478.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 463.42 Td (Cash paid for interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.00 463.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 463.42 Td (9,092) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.00 463.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 463.42 Td (6,343) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 448.42 Td (Cash paid for taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.00 448.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 448.42 Td (1,900) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.00 448.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 448.42 Td (439) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 39.00 433.43 Td (Supplemental Schedule of Non-Cash Activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.00 433.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.00 433.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 418.42 Td (Distributions declared and unpaid) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.00 418.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 418.42 Td (10,555) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.00 418.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 418.42 Td (8,001) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 403.42 Td (Other receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.00 403.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 403.42 Td (757) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.00 403.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 403.42 Td (2,271) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 388.42 Td (Distributions reinvested) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.00 388.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 388.42 Td (13,080) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.00 388.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 388.42 Td (7,864) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 373.42 Td (Shares tendered for redemption) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.00 373.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 373.42 Td (1,596) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.00 373.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 373.42 Td (978) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 358.42 Td (Non-cash net assets \(liabilities\) acquired) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.00 358.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 358.47 Td (\(1,219) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.65 358.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.00 358.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 358.42 Td (23,660) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 343.42 Td (Accrued capital additions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.00 343.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 343.42 Td (2,210) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.00 343.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.65 343.42 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 316.25 Td (14. COMMITMENTS ) Tj ET Q q 0 0 0 rg BT 132.95 316.25 Td (AND CONTINGENCIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 292.25 Td (The Company may be subject to various legal proceedings and claims that arise in the ordinary course of business. ) Tj ET Q q 0 0 0 rg BT 514.81 292.25 Td (These matters ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 280.25 Td (are generally covered by insurance. ) Tj ET Q q 0 0 0 rg BT 180.19 280.25 Td (While the resolution of these matters cannot be predicted with certainty) Tj ET Q q 0 0 0 rg BT 465.55 280.25 Td (, management believes the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 268.25 Td (final outcome of such matters will not have a material adverse ef) Tj ET Q q 0 0 0 rg BT 294.89 268.25 Td (fect on the Company) Tj ET Q q 0 0 0 rg BT 381.25 268.25 Td (s condensed consolidated financial statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 245.25 Td (15. SUBSEQUENT) Tj ET Q q 0 0 0 rg BT 118.07 245.25 Td ( EVENTS) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 221.25 Td (825 ) Tj ET Q q 0 0 0 rg BT 71.32 221.25 Td (Ann ) Tj ET Q q 0 0 0 rg BT 89.75 221.25 Td (Acquisition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 197.25 Td (In ) Tj ET Q q 0 0 0 rg BT 64.28 197.25 Td (April 2013, the Company acquired 825 ) Tj ET Q q 0 0 0 rg BT 222.86 197.25 Td (Ann Street, an of) Tj ET Q q 0 0 0 rg BT 291.00 197.25 Td (fice building located in Brisbane, ) Tj ET Q q 0 0 0 rg BT 425.96 197.25 Td (Australia. 825 ) Tj ET Q q 0 0 0 rg BT 487.07 197.25 Td (Ann Street consists of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 185.25 Td (206,507) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.50 185.25 Td ( square feet of rentable area and is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.87 185.25 Td (99%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.20 185.25 Td ( leased. ) Tj ET Q q 0 0 0 rg BT 258.50 185.25 Td (The contract purchase price for 825 ) Tj ET Q q 0 0 0 rg BT 402.88 185.25 Td (Ann Street was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.48 185.25 Td (124.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.38 185.25 Td ( ) Tj ET Q q 0 0 0 rg BT 522.32 185.25 Td (AUD ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 173.25 Td (\(approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.59 173.25 Td ($128.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.48 173.25 Td ( assuming an exchange rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.77 173.25 Td ($1.03) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.27 173.25 Td ( per ) Tj ET Q q 0 0 0 rg BT 321.48 173.25 Td (AUD as of the date of acquisition\), exclusive of transaction ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 161.25 Td (costs and working capital reserves. ) Tj ET Q q 0 0 0 rg BT 180.50 161.25 Td (The acquisition was funded with proceeds from the Company) Tj ET Q q 0 0 0 rg BT 429.88 161.25 Td (s Revolving Credit Facility and an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 149.25 Td (81.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.89 149.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.84 149.25 Td (AUD \(approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.59 149.25 Td ($83.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.49 149.25 Td ( based on an exchange rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.26 149.25 Td ($1.03) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.76 149.25 Td ( per ) Tj ET Q q 0 0 0 rg BT 388.98 149.25 Td (AUD as of the date of acquisition\) mortgage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 137.25 Td (loan with Commonwealth Bank of ) Tj ET Q q 0 0 0 rg BT 176.26 137.25 Td (Australia. See Note 6 Debt Financing for further information regarding the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 125.25 Td (mortgage on 825 ) Tj ET Q q 0 0 0 rg BT 105.71 125.25 Td (Ann Street. ) 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 24.60 Td (22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 749.10 Td (The Company has not concluded its accounting for this recent acquisition, but it expects that the purchase price will primarily be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 737.10 Td (allocated to building, land, and intangible lease assets and liabilities.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 63.63 713.10 Td (obable ) Tj ET Q q 0 0 0 rg BT 93.17 713.10 Td (Acquisition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 689.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.28 689.10 Td (April 2013, the Company entered into a contract to acquire the Campus at Playa ) Tj ET Q q 0 0 0 rg BT 387.06 689.10 Td (V) Tj ET Q q 0 0 0 rg BT 393.68 689.10 Td (ista, a four) Tj ET Q q 0 0 0 rg BT 435.97 689.10 Td (-building of) Tj ET Q q 0 0 0 rg BT 483.28 689.10 Td (fice complex located ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 677.10 Td (in Los ) Tj ET Q q 0 0 0 rg BT 63.23 677.10 Td (Angeles, California. ) Tj ET Q q 0 0 0 rg BT 148.86 677.10 Td (The Campus at Playa ) Tj ET Q q 0 0 0 rg BT 236.43 677.10 Td (V) Tj ET Q q 0 0 0 rg BT 243.06 677.10 Td (ista consists of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.44 677.10 Td (324,955) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.94 677.10 Td ( square feet of rentable area that is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.87 677.10 Td (97%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.20 677.10 Td ( leased. ) Tj ET Q q 0 0 0 rg BT 530.00 677.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 665.10 Td (contract purchase price for the Campus at Playa ) Tj ET Q q 0 0 0 rg BT 229.63 665.10 Td (V) Tj ET Q q 0 0 0 rg BT 236.25 665.10 Td (ista is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.81 665.10 Td ($218.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.70 665.10 Td (, exclusive of transaction costs and working capital reserves. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 653.10 Td (The acquisition will be funded using proceeds from the Company) Tj ET Q q 0 0 0 rg BT 301.22 653.10 Td (s Revolving Credit Facility and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.20 653.10 Td ($1) Tj ET Q q 0 0 0 rg BT 445.83 653.10 Td (15.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.72 653.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.72 653.10 Td (three) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.71 653.10 Td ( year term ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 641.10 Td (loan. ) Tj ET Q q 0 0 0 rg BT 60.54 641.10 Td (The loan will require interest at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.82 641.10 Td (LIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.82 641.10 Td ( plus ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.49 641.10 Td (1.50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.32 641.10 Td (. ) Tj ET Q q 0 0 0 rg BT 276.14 641.10 Td (The Company expects to close on this acquisition in May 2013. ) Tj ET Q q 0 0 0 rg BT 535.64 641.10 Td (There can ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 629.10 Td (be no assurances that this acquisition will be consummated, and if the Company elects not to close on this acquisition, it could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 617.10 Td (potentially forfeit its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.70 617.10 Td ($25.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.59 617.10 Td ( earnest money deposit.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 76.88 593.10 Td (Activity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 569.10 Td (In May 2013, the Company entered into a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.68 569.10 Td (48.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.57 569.10 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.40 569.10 Td ($73.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.30 569.10 Td ( based on an exchange rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.07 569.10 Td ($1.54) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.57 569.10 Td ( per GBP) Tj ET Q q 0 0 0 rg BT 517.42 569.10 Td ( as of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 557.10 Td (transaction date\) term loan secured by ) Tj ET Q q 0 0 0 rg BT 190.76 557.10 Td (W) Tj ET Q q 0 0 0 rg BT 199.39 557.10 Td (estferry Circus with Pricoa Mortgage Capital. ) Tj ET Q q 0 0 0 rg BT 386.94 557.10 Td (The loan matures on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.36 557.10 Td (May9, 2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.19 557.10 Td ( and requires ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 545.10 Td (interest payments at a fixed rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.78 545.10 Td (3.30%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.61 545.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 521.10 Td (In May 2013, the Ponce and Bird JV) Tj ET Q q 0 0 0 rg BT 200.46 521.10 Td ( entered into a construction loan with a maximum commitment of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.68 521.10 Td ($46.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.57 521.10 Td ( with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 509.10 Td (JPMor) Tj ET Q q 0 0 0 rg BT 62.49 509.10 Td (gan Chase. ) Tj ET Q q 0 0 0 rg BT 111.19 509.10 Td (The loan matures on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.61 509.10 Td (May10, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.44 509.10 Td ( and has a variable interest rate which is expected to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.13 509.10 Td (LIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.13 509.10 Td ( plus ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.79 509.10 Td (2.25%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.63 509.10 Td (.) 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 24.60 Td (23) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 749.25 Td (Item2.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 65.99 749.25 Td ( Management) Tj ET Q q 0 0 0 rg BT 130.53 749.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 202.12 749.25 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 725.25 Td (The following discussion and analysis of our financial condition and r) Tj ET Q q 0 0 0 rg BT 334.75 725.25 Td (esults of operations should be r) Tj ET Q q 0 0 0 rg BT 460.21 725.25 Td (ead in conjunction with our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 713.25 Td (unaudited condensed consolidated financial statements andthe notes ther) Tj ET Q q 0 0 0 rg BT 331.14 713.25 Td (eto included in Item 1 in this Quarterly Report on Form10-) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 701.25 Td (Q.The following discussion should also be r) Tj ET Q q 0 0 0 rg BT 216.47 701.25 Td (ead in conjunction with our audited consolidated financial statements and the notes ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 689.25 Td (ther) Tj ET Q q 0 0 0 rg BT 51.74 689.25 Td (eto and Management) Tj ET Q q 0 0 0 rg BT 143.76 689.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 213.87 689.25 Td (Analysis of Financial Condition and Results of Operations included in our ) Tj ET Q q 0 0 0 rg BT 520.07 689.25 Td (Annual ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 677.25 Td (Report on Form 10-K for the year ended ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.97 677.25 Td (December31, 2012) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 279.56 677.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 654.25 Td (Cautionary NoteRegarding Forward-Looking Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 630.25 Td (This Quarterly Report on Form10-Q includes forward-looking statements within the meaning of Section27A) Tj ET Q q 0 0 0 rg BT 492.81 630.25 Td ( of the Securities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 618.25 Td (Act of 1933, as amended, and Section21E of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 317.59 618.25 Td (Act of 1934 \(the Exchange ) Tj ET Q q 0 0 0 rg BT 431.71 618.25 Td (Act\), as amended. Such statements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 606.25 Td (include statements concerning future financial performance and distributions, future debt and financing levels, acquisitions and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 594.25 Td (investment objectives, payments toHines Global REIT) Tj ET Q q 0 0 0 rg BT 256.61 594.25 Td ( ) Tj ET Q q 0 0 0 rg BT 258.56 594.25 Td (Advisors Limited Partnership \(the Advisor\), and its af) Tj ET Q q 0 0 0 rg BT 483.33 594.25 Td (filiates and other plans ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 582.25 Td (and objectives of management for future operations or economic performance, or assumptions or forecasts related thereto as well as all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 570.25 Td (other statements that are not historical statements. ) Tj ET Q q 0 0 0 rg BT 237.98 570.25 Td (These statements are only predictions. ) Tj ET Q q 0 0 0 rg BT 393.31 570.25 Td (W) Tj ET Q q 0 0 0 rg BT 401.95 570.25 Td (e caution that forward-looking statements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 558.25 Td (are not guarantees. ) Tj ET Q q 0 0 0 rg BT 113.19 558.25 Td (Actual events or our investments and results of operations could dif) Tj ET Q q 0 0 0 rg BT 383.50 558.25 Td (fer materially from those expressed or implied ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 546.25 Td (in forward-looking statements. Forward-looking statements are typically identified by the use of terms such as may) Tj ET Q q 0 0 0 rg BT 500.79 546.25 Td (, should, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 534.25 Td (expect, could, intend, plan, anticipate, estimate, believe, continue, predict, potential or the negative of such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 522.25 Td (terms and other comparable terminology) Tj ET Q q 0 0 0 rg BT 198.08 522.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 498.25 Td (The forward-looking statements included in this Quarterly Report on Form10-Q are based on our current expectations, plans, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 486.25 Td (estimates, assumptions and beliefs that involve numerous risks and uncertainties. ) Tj ET Q q 0 0 0 rg BT 362.05 486.25 Td (Assumptions relating to the foregoing involve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 474.25 Td (judgments with respect to, among other things, future economic, competitive and market conditions, the availability of future ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 462.25 Td (financing and future business decisions, all of which are dif) Tj ET Q q 0 0 0 rg BT 274.09 462.25 Td (ficult or impossible to predict accurately and many of which are beyond ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 450.25 Td (our control. ) Tj ET Q q 0 0 0 rg BT 84.60 450.25 Td (Any of the assumptions underlying forward-looking statements could prove to be inaccurate. ) Tj ET Q q 0 0 0 rg BT 458.50 450.25 Td (T) Tj ET Q q 0 0 0 rg BT 463.91 450.25 Td (o the extent that our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 438.25 Td (assumptions dif) Tj ET Q q 0 0 0 rg BT 98.88 438.25 Td (fer from actual results, our ability to meet such forward-looking statements, including our ability to generate positive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 426.25 Td (cash flow from operations, pay distributions to our shareholders and maintain the value of any real estate investments and real estate-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 414.25 Td (related investments in which we may hold an interest in the future, may be significantly hindered.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 390.25 Td (The following are some of the risks and uncertainties, which could cause actual results to dif) Tj ET Q q 0 0 0 rg BT 424.26 390.25 Td (fer materially from those presented in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 378.25 Td (certain forward-looking statements:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 358.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 357.42 Td (We have a limited operating history or established financing sources, and the prior performance of other Hines affiliated entities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 347.42 Td (may not be a good measure of our future results; therefore, there is no assurance we will be able to achieve our investment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 337.42 Td (objectives;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 319.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 318.42 Td (Our current offering is a best efforts offering and as such, the risk that we will not be able to accomplish our business objectives) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 308.42 Td (and that the poor performance of a single investment will materially adversely affect our overall investment performance, will) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 298.42 Td (increase if we do not sell a substantial number of additional shares in the offering;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 280.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 279.42 Td (Whether we will have the opportunity to invest offering anddistribution reinvestment plan proceeds to acquire properties or) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 269.42 Td (other investments or whether such proceeds will be needed to redeem shares; and if proceeds are available for investment, our) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 259.42 Td (ability to make such investments in a timely manner and at appropriate amounts that provide acceptable returns;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 241.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 240.42 Td (Competition for tenants and real estate investment opportunities, including competition with affiliates of Hines Interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 230.42 Td (Limited Partnership \(Hines\);) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 212.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 211.42 Td (Our reliance on our Advisor, Hines and affiliates of Hines for our day-to-day operations and the selection of real estate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 201.42 Td (investments, and our Advisors ability to attract and retain high-quality personnel who can provide service at a level acceptable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 191.42 Td (to us;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 173.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 172.42 Td (Risks associated with conflicts of interests that result from our relationship with our Advisor and Hines, as well as conflicts of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 162.42 Td (interests certain of our officers and directors face relating to the positions they hold with other entities;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 144.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 143.42 Td (The potential need to fund tenant improvements, lease-up costs or other capital expenditures, as well as increases in property) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 133.42 Td (operating expenses and costs of compliance with environmental matters or discovery of previously undetected environmentally) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 123.42 Td (hazardous or other undetected adverse conditions at our properties;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 103.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 102.42 Td (The availability and timing of distributions we may pay is uncertain and cannot be assured;) Tj ET Q BT /F2 10.00 Tf ET 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 24.60 Td (24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 746.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 746.07 Td (Our distributions have been paid using cash flows from financing activities, including proceeds from our public of) Tj ET Q q 0 0 0 rg BT 535.21 746.07 Td (ferings, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 736.07 Td (proceeds from debt financings and cash from the waiver of fees, and some or all of the distributions we pay in the future may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 726.07 Td (paid from similar sources or sources such as cash advances by our ) Tj ET Q q 0 0 0 rg BT 344.59 726.07 Td (Advisor or cash resulting from a deferral of fees. ) Tj ET Q q 0 0 0 rg BT 542.12 726.07 Td (When we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 716.07 Td (pay distributions from certain sources other than our cash flow from operations, we will have less funds available for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 706.07 Td (acquisition of properties, and your overall return may be reduced;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 687.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 687.07 Td (Risks associated with debt and our ability to secure financing;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 668.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 668.07 Td (Risks associated with adverse changes in general economic or local market conditions, including terrorist attacks and other acts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 658.07 Td (of violence, which may affect the markets in which we and our tenants operate;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 639.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 639.07 Td (Catastrophic events, such as hurricanes, earthquakes, tornadoes and terrorist attacks; and our ability to secure adequate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 629.07 Td (insurance at reasonable and appropriate rates;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 610.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 610.07 Td (The failure of any bank in which we deposit our funds could reduce the amount of cash we have available to pay distributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 600.07 Td (and make additional investments;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 581.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 581.07 Td (Changes in governmental, tax, real estate and zoning laws and regulations and the related costs of compliance and increases in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 571.07 Td (our administrative operating expenses, including expenses associated with operating as a public company;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 552.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 552.07 Td (International investment risks, including the burden of complying with a wide variety of foreign laws and the uncertainty of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 542.07 Td (such laws, the tax treatment of transaction structures, political and economic instability, foreign currency fluctuations, and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 532.07 Td (inflation and governmental measures to curb inflation may adversely affect our operations and our ability to make distributions;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 513.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 513.07 Td (The lack of liquidity associated with our assets; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 494.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 494.07 Td (Our ability to continue to qualify as a real estate investment trust \(REIT\) for federal income tax purposes.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 465.00 Td (These risks are more fully discussed in, and all forward-looking statements should be read in light of, all of the factors discussed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 453.00 Td (in Risk Factors in our ) Tj ET Q q 0 0 0 rg BT 133.49 453.00 Td (Annual Report on Form 10-K for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.83 453.00 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.41 453.00 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 429.00 Td (Y) Tj ET Q q 0 0 0 rg BT 60.22 429.00 Td (ou are cautioned not to place undue reliance on any forward-looking statements included in this Quarterly Report on Form10-Q. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 417.00 Td (All forward-looking statements are made as of the date of this Quarterly Report on Form10-Q and the risk that actual results will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 405.00 Td (dif) Tj ET Q q 0 0 0 rg BT 46.93 405.00 Td (fer materially from the expectations expressed in this Quarterly Report on Form10-Q may increase with the passage of time. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 393.00 Td (light of the significant uncertainties inherent in the forward-looking statements included in this Quarterly Report on Form10-Q, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 381.00 Td (inclusion of such forward-looking statements should not be regarded as a representation by us or any other person that the objectives ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 369.00 Td (and plans set forth in this Quarterly Report on Form10-Q will be achieved. ) Tj ET Q q 0 0 0 rg BT 339.55 369.00 Td (All subsequent written and oral forward-looking ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 357.00 Td (statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by reference to these risks and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 345.00 Td (uncertainties. Each forward-looking statement speaks only as of the date of the particular statement, and we do not undertake to update ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 333.00 Td (any forward-looking statement.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 310.25 Td (Executive Summary) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 286.25 Td (Hines Global REIT) Tj ET Q q 0 0 0 rg BT 131.02 286.25 Td (, Inc. \(Hines Global and, together with its consolidated subsidiaries, we, us or the Company\) and its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 274.25 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 76.46 274.25 Td (, Hines Global REIT) Tj ET Q q 0 0 0 rg BT 159.04 274.25 Td ( Properties, LP) Tj ET Q q 0 0 0 rg BT 218.39 274.25 Td ( \(the Operating Partnership\) were formed in December 2008 and January 2009, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 262.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 83.66 262.25 Td (, to invest in a diversified portfolio of quality commercial real estate properties and related investments in the United ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 250.25 Td (States and internationally) Tj ET Q q 0 0 0 rg BT 136.99 250.25 Td (. On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.66 250.25 Td (August5, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.05 250.25 Td (, we commenced our initial public of) Tj ET Q q 0 0 0 rg BT 367.33 250.25 Td (fering of common stock for sale to the public \(the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 238.25 Td (Initial Of) Tj ET Q q 0 0 0 rg BT 77.19 238.25 Td (fering\) which expired on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.26 238.25 Td (February1, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.86 238.25 Td (. ) Tj ET Q q 0 0 0 rg BT 259.18 238.25 Td (W) Tj ET Q q 0 0 0 rg BT 267.82 238.25 Td (e commenced a follow-on of) Tj ET Q q 0 0 0 rg BT 382.59 238.25 Td (fering ef) Tj ET Q q 0 0 0 rg BT 416.56 238.25 Td (fective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.26 238.25 Td (February4, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.86 238.25 Td (, through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 226.25 Td (which we are of) Tj ET Q q 0 0 0 rg BT 99.96 226.25 Td (fering up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.11 226.25 Td ($3.5 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.22 226.25 Td ( in shares of common stock \(the Second Of) Tj ET Q q 0 0 0 rg BT 372.22 226.25 Td (fering\). Collectively) Tj ET Q q 0 0 0 rg BT 459.59 226.25 Td (, through our public ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 214.25 Td (of) Tj ET Q q 0 0 0 rg BT 44.15 214.25 Td (ferings, we have received gross of) Tj ET Q q 0 0 0 rg BT 180.58 214.25 Td (fering proceeds of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.82 214.25 Td ($1.7 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.94 214.25 Td ( from the sale of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.97 214.25 Td (170.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.86 214.25 Td ( shares through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.46 214.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.06 214.25 Td (. Our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 202.25 Td (board of directors established our of) Tj ET Q q 0 0 0 rg BT 180.50 202.25 Td (fering price of $10.28 per share for the Second Of) Tj ET Q q 0 0 0 rg BT 380.24 202.25 Td (fering, which represents an increase of $0.28 per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 190.25 Td (share from our Initial Of) Tj ET Q q 0 0 0 rg BT 134.12 190.25 Td (fering price of $10.00 per share. ) Tj ET Q q 0 0 0 rg BT 267.50 190.25 Td (The increase in the of) Tj ET Q q 0 0 0 rg BT 353.94 190.25 Td (fering price was lar) Tj ET Q q 0 0 0 rg BT 431.22 190.25 Td (gely due to a 4.2% appreciation of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 178.25 Td (our real estate property investments and a 0.9% increase due to favorable movements in currency exchange rates since the acquisition ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 166.25 Td (of each of our international real estate property investments. ) Tj ET Q q 0 0 0 rg BT 281.56 166.25 Td (The increase in the of) Tj ET Q q 0 0 0 rg BT 368.01 166.25 Td (fering price from the appreciation of our real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 154.25 Td (property investments was partially of) Tj ET Q q 0 0 0 rg BT 184.67 154.25 Td (fset by the dilution created by distributions paid to stockholders in excess of the portfolio) Tj ET Q q 0 0 0 rg BT 544.05 154.25 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 142.25 Td (operations during the Initial Of) Tj ET Q q 0 0 0 rg BT 160.23 142.25 Td (fering.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 118.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 118.25 Td (e intend to meet our primary investment objectives by investing in a portfolio of real estate properties and other real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 106.25 Td (investments that relate to properties that are generally diversified by geographic area, lease expirations and tenant industries. ) Tj ET Q q 0 0 0 rg BT 536.47 106.25 Td (These ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 94.25 Td (investments could include a variety of asset types in the US and internationally such as of) Tj ET Q q 0 0 0 rg BT 394.34 94.25 Td (fice, retail, industrial, multi-family) Tj ET Q q 0 0 0 rg BT 532.54 94.25 Td (, etc. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 82.25 Td (addition, we may invest in operating properties, properties under development and undeveloped properties or real estate-related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 70.25 Td (investments such as real estate securities or debt. ) Tj ET Q q 0 0 0 rg BT 233.81 70.25 Td (W) Tj ET Q q 0 0 0 rg BT 242.45 70.25 Td (e fund our acquisitions primarily with proceeds from our public of) Tj ET Q q 0 0 0 rg BT 507.76 70.25 Td (ferings and debt ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 58.25 Td (financing. ) Tj ET Q q 0 0 0 rg BT 80.71 58.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 105.16 58.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.75 58.25 Td (, we owned interests in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.18 58.25 Td (30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.18 58.25 Td ( real estate investments which contain, in the aggregate, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.93 58.25 Td (9.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.82 58.25 Td ( square ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 46.25 Td (feet of leasable space.) 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 24.60 Td (25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 737.10 Td (These investments consisted of:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 713.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 713.10 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 103.83 713.10 Td (of) Tj ET Q q 0 0 0 rg BT 111.97 713.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 129.46 713.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 179.73 713.10 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.06 713.10 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.06 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 190.56 713.10 Td (investments\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 701.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 701.10 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 103.83 701.10 Td (other ) Tj ET Q q 0 0 0 rg BT 126.87 701.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 177.15 701.10 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.48 701.10 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.48 701.10 Td ( ) Tj ET Q q 0 0 0 rg BT 187.98 701.10 Td (investments\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 689.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 689.10 Td (International ) Tj ET Q q 0 0 0 rg BT 116.59 689.10 Td (of) Tj ET Q q 0 0 0 rg BT 124.74 689.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 142.22 689.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 192.50 689.10 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.83 689.10 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.83 689.10 Td ( ) Tj ET Q q 0 0 0 rg BT 203.33 689.10 Td (investments\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 677.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 677.10 Td (International ) Tj ET Q q 0 0 0 rg BT 116.59 677.10 Td (other ) Tj ET Q q 0 0 0 rg BT 139.64 677.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 189.91 677.10 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.24 677.10 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.24 677.10 Td ( ) Tj ET Q q 0 0 0 rg BT 200.74 677.10 Td (investments\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 103.90 653.10 Td (, in ) Tj ET Q q 0 0 0 rg BT 118.63 653.10 Td (April 2013, we acquired an international of) Tj ET Q q 0 0 0 rg BT 291.45 653.10 Td (fice property located in Brisbane, ) Tj ET Q q 0 0 0 rg BT 426.95 653.10 Td (Australia. Including the ef) Tj ET Q q 0 0 0 rg BT 534.24 653.10 Td (fect of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 641.10 Td (this recent acquisition, our portfolio is comprised of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.49 641.10 Td (51%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.82 641.10 Td ( domestic and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.87 641.10 Td (49%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.20 641.10 Td ( international investments. ) Tj ET Q q 0 0 0 rg BT 511.83 641.10 Td (W) Tj ET Q q 0 0 0 rg BT 520.46 641.10 Td (e believe that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 629.10 Td (this diversification is directly in-line with our investment strategies in maintaining a well-diversified real estate portfolio and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 617.10 Td (providing additional diversification across currencies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td (The following table provides additional information regarding each of the properties in which we owned an interest as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 581.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.60 581.10 Td ( and includes the acquisition of 825 ) Tj ET Q q 0 0 0 rg BT 243.74 581.10 Td (Ann, which was acquired in ) Tj ET Q q 0 0 0 rg BT 357.60 581.10 Td (April 2013.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 515.60 115.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 515.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 155.50 515.60 118.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 515.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 515.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 515.60 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 515.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 515.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 515.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 515.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 515.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 515.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 515.60 27.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 515.60 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 487.60 115.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 487.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 155.50 487.60 118.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 487.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 487.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 487.60 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 487.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 487.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 487.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 487.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 487.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 487.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 487.60 27.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 487.60 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 459.60 115.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 459.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 155.50 459.60 118.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 459.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 459.60 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 459.60 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 459.60 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 459.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 459.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 459.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 459.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 459.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 459.60 27.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 459.60 17.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 432.60 115.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 432.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 155.50 432.60 118.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 432.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 432.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 432.60 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 432.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 432.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 432.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 432.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 432.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 432.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 432.60 27.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 432.60 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 404.60 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 404.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 404.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 404.60 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 404.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 404.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 404.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 404.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 404.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 404.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 404.60 27.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 404.60 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 355.60 115.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 355.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 155.50 355.60 118.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 355.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 355.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 355.60 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 355.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 355.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 355.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 355.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 355.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 355.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 355.60 27.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 355.60 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 320.60 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 320.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 320.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 320.60 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 320.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 320.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 320.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 320.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 320.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 320.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 320.60 27.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 320.60 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 272.60 115.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 272.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 155.50 272.60 118.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 272.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 272.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 272.60 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 272.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 272.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 272.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 272.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 272.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 272.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 272.60 27.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 272.60 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 244.60 115.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 244.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 155.50 244.60 118.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 244.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 244.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 244.60 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 244.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 244.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 244.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 244.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 244.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 244.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 244.60 27.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 244.60 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 216.60 115.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 216.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 155.50 216.60 118.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 216.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 216.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 216.60 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 216.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 216.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 216.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 216.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 216.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 216.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 216.60 27.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 216.60 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 188.60 115.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 188.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 155.50 188.60 118.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 188.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 188.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 188.60 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 188.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 188.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 188.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 188.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 188.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 188.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 188.60 27.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 188.60 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 160.60 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 160.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 160.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 160.60 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 160.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 160.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 160.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 160.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 160.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 160.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 160.60 27.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 160.60 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 126.60 115.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 126.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 155.50 126.60 118.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 126.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 126.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 126.60 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 126.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 126.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 126.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 126.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 126.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 126.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 126.60 27.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 126.60 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 98.60 115.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 98.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 155.50 98.60 118.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 98.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 98.60 49.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 98.60 5.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 98.60 79.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 98.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 98.60 55.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 98.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 98.60 55.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 98.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 98.60 27.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 98.60 17.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 61.60 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 61.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 61.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 61.60 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 61.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 61.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 61.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 61.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 61.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 61.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 61.60 27.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 61.60 17.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 529.6 m 151.5 529.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 155.5 529.6 m 273.5 529.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 529.6 m 326.5 529.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 529.6 m 331.5 529.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 529.6 m 410.5 529.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 529.6 m 469.5 529.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 529.6 m 528.5 529.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 529.6 m 559.5 529.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 559.5 529.6 m 576.5 529.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 515.6 m 151.5 515.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 151.5 515.6 m 155.5 515.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 155.5 515.6 m 273.5 515.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 404.6 m 528.5 404.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 404.6 m 559.5 404.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 559.5 404.6 m 576.5 404.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 369.6 m 151.5 369.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 151.5 369.6 m 155.5 369.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 155.5 369.6 m 273.5 369.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 320.6 m 528.5 320.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 320.6 m 559.5 320.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 559.5 320.6 m 576.5 320.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 320.6 m 559.5 320.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 286.6 m 151.5 286.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 151.5 286.6 m 155.5 286.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 155.5 286.6 m 273.5 286.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 160.60000000000002 m 528.5 160.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 160.60000000000002 m 559.5 160.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 559.5 160.60000000000002 m 576.5 160.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 126.60000000000002 m 151.5 126.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 151.5 126.60000000000002 m 155.5 126.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 155.5 126.60000000000002 m 273.5 126.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 75.60000000000002 m 528.5 75.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 75.60000000000002 m 559.5 75.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 559.5 75.60000000000002 m 576.5 75.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 75.60000000000002 m 528.5 75.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 61.60000000000002 m 528.5 61.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 75.60000000000002 m 559.5 75.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 61.60000000000002 m 559.5 61.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 559.5 61.60000000000002 m 576.5 61.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 48.60000000000002 m 528.5 48.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 46.60000000000002 m 528.5 46.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 48.60000000000002 m 559.5 48.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 46.60000000000002 m 559.5 46.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 559.5 61.60000000000002 m 576.5 61.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 559.5 48.60000000000002 m 576.5 48.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 559.5 46.60000000000002 m 576.5 46.60000000000002 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 533.83 Td (Pr) Tj ET Q q 0 0 0 rg BT 47.29 533.83 Td (operty) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 158.00 533.83 Td (Location) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 282.35 541.83 Td (Investment ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 293.10 533.83 Td (T) Tj ET Q q 0 0 0 rg BT 297.84 533.83 Td (ype) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 337.65 549.83 Td (Date ) Tj ET Q q 0 0 0 rg BT 355.20 549.83 Td (Acquir) Tj ET Q q 0 0 0 rg BT 379.06 549.83 Td (ed/ Net ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 339.20 541.83 Td (Pur) Tj ET Q q 0 0 0 rg BT 351.94 541.83 Td (chase Price \(in ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 351.55 533.83 Td (millions\) ) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 383.33 537.46 Td (\(2\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 424.15 557.83 Td (Estimated ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 426.35 549.83 Td (Going-in ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 417.25 541.83 Td (Capitalization ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.45 533.83 Td (Rate ) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 447.44 537.46 Td (\(3\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 485.35 541.83 Td (Leasable) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 480.00 533.83 Td (Square Feet) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.95 541.83 Td (Per) Tj ET Q q 0 0 0 rg BT 552.79 541.83 Td (cent ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.95 533.83 Td (Leased ) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 563.95 537.46 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 519.83 Td (Domestic Office Investments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 370.50 519.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 441.50 519.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.50 519.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 545.50 519.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 567.50 519.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 505.85 Td (17600 Gillette) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.00 505.85 Td (Irvine, California) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 505.85 Td (Of) Tj ET Q q 0 0 0 rg BT 299.65 505.85 Td (fice) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.25 505.85 Td (6/2010; $20.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 431.15 505.85 Td (13.4%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.30 505.85 Td (98,925) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 505.85 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 505.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 505.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 491.85 Td (Hock Plaza) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.00 491.85 Td (Durham, North Carolina) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 491.85 Td (Of) Tj ET Q q 0 0 0 rg BT 299.65 491.85 Td (fice) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.25 491.85 Td (9/2010; $97.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 491.85 Td (7.2%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 491.85 Td (327,160) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 491.85 Td (99) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 491.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 491.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 477.85 Td (Fifty South Sixth) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.00 477.85 Td (Minneapolis, Minnesota) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 477.85 Td (Of) Tj ET Q q 0 0 0 rg BT 299.65 477.85 Td (fice) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.40 477.85 Td (1) Tj ET Q q 0 0 0 rg BT 348.10 477.85 Td (1/2010; $185.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 477.85 Td (7.4%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 477.85 Td (698,783) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 477.85 Td (96) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 477.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 477.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 463.85 Td (250 Royall) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.00 463.85 Td (Canton, Massachusetts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 463.85 Td (Of) Tj ET Q q 0 0 0 rg BT 299.65 463.85 Td (fice) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.40 463.85 Td (9/201) Tj ET Q q 0 0 0 rg BT 366.33 463.85 Td (1; $57.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 463.85 Td (9.1%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 463.85 Td (185,171) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 463.85 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 463.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 463.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 450.85 Td (Campus at Marlborough) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.00 450.85 Td (Marlborough, Massachusetts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 450.85 Td (Of) Tj ET Q q 0 0 0 rg BT 299.65 450.85 Td (fice) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.40 450.85 Td (10/201) Tj ET Q q 0 0 0 rg BT 366.33 450.85 Td (1; $103.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 450.85 Td (8.0%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 450.85 Td (532,246) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 450.85 Td (95) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 450.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 450.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 436.85 Td (9320 Excelsior) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.00 436.85 Td (Hopkins, Minnesota) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 436.85 Td (Of) Tj ET Q q 0 0 0 rg BT 299.65 436.85 Td (fice) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.40 436.85 Td (12/201) Tj ET Q q 0 0 0 rg BT 368.33 436.85 Td (1; $69.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 436.85 Td (6.2%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 436.85 Td (254,915) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 436.85 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 436.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 436.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 422.85 Td (550 ) Tj ET Q q 0 0 0 rg BT 52.86 422.85 Td (T) Tj ET Q q 0 0 0 rg BT 57.18 422.85 Td (erry Francois) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.00 422.85 Td (San Francisco, California) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 422.85 Td (Of) Tj ET Q q 0 0 0 rg BT 299.65 422.85 Td (fice) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.25 422.85 Td (8/2012; $180.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 422.85 Td (8.2%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 422.85 Td (282,773) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 422.85 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 422.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 408.85 Td (Riverside Center) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.00 408.85 Td (Boston, Massachusetts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 408.85 Td (Of) Tj ET Q q 0 0 0 rg BT 299.65 408.85 Td (fice) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.25 408.85 Td (3/2013; $197.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 408.85 Td (5.7%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 408.85 Td (509,702) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 408.85 Td (98) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 408.85 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 394.83 Td (T) Tj ET Q q 0 0 0 rg BT 43.60 394.83 Td (otal for) Tj ET Q q 0 0 0 rg BT 68.56 394.83 Td ( Domestic Office Investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.00 394.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.25 394.85 Td (2,889,675) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 394.85 Td (98) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 394.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 394.85 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 373.83 Td (Domestic Other) Tj ET Q q 0 0 0 rg BT 92.84 373.83 Td ( Investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.00 373.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.50 373.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.00 373.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 556.00 373.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 373.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 359.85 Td (Southpark) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.00 359.85 Td (Austin, Texas) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.15 359.85 Td (Industrial) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.25 359.85 Td (10/2010; $31.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 359.85 Td (8.5%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 359.85 Td (372,125) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 359.85 Td (96) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 359.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 359.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 345.85 Td (Fisher Plaza) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.00 345.85 Td (Seattle, Washington) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 283.50 345.85 Td (Mixed-Use) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.40 345.85 Td (12/201) Tj ET Q q 0 0 0 rg BT 366.33 345.85 Td (1; $160.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 345.85 Td (7.9%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 345.85 Td (293,727) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 345.85 Td (95) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 345.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 345.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 324.85 Td (Minneapolis Retail Center) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.00 324.85 Td (Minneapolis, Minnesota) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.90 324.85 Td (Retail) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.05 332.85 Td (8/2012 & 12/2012; ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.50 324.85 Td ($130.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 324.85 Td (6.5%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 324.85 Td (380,276) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 324.85 Td (96) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 324.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 324.85 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 310.83 Td (T) Tj ET Q q 0 0 0 rg BT 43.60 310.83 Td (otal for) Tj ET Q q 0 0 0 rg BT 68.56 310.83 Td ( Domestic Other) Tj ET Q q 0 0 0 rg BT 124.39 310.83 Td ( Investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.25 310.85 Td (1,046,128) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 310.85 Td (96) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 310.85 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 290.83 Td (International Office Investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.00 290.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 290.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 276.85 Td (Stonecutter Court) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.00 276.85 Td (London, England) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 276.85 Td (Of) Tj ET Q q 0 0 0 rg BT 299.65 276.85 Td (fice) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.40 276.85 Td (3/201) Tj ET Q q 0 0 0 rg BT 364.33 276.85 Td (1; $145.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 276.85 Td (6.8%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 276.85 Td (152,808) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 276.85 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 276.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 276.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 262.85 Td (Gogolevsky 11) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.00 262.85 Td (Moscow, Russia) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 262.85 Td (Of) Tj ET Q q 0 0 0 rg BT 299.65 262.85 Td (fice) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.40 262.85 Td (8/201) Tj ET Q q 0 0 0 rg BT 366.33 262.85 Td (1; $96.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 262.85 Td (8.9%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.30 262.85 Td (85,740) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 262.85 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 262.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 262.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 248.85 Td (144 Montague) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.00 248.85 Td (Brisbane, Australia) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 248.85 Td (Of) Tj ET Q q 0 0 0 rg BT 299.65 248.85 Td (fice) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.25 248.85 Td (4/2012; $91.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 248.85 Td (8.7%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 248.85 Td (164,839) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 248.85 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 248.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 248.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 234.85 Td (100 Brookes St.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.00 234.85 Td (Brisbane, ) Tj ET Q q 0 0 0 rg BT 190.00 234.85 Td (Australia) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 234.85 Td (Of) Tj ET Q q 0 0 0 rg BT 299.65 234.85 Td (fice) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.25 234.85 Td (7/2012; $67.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 431.15 234.85 Td (10.5%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 234.85 Td (105,637) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 234.85 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 234.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 220.85 Td (Mercedes Benz Bank) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.00 220.85 Td (Stuttgart, Germany) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 220.85 Td (Of) Tj ET Q q 0 0 0 rg BT 299.65 220.85 Td (fice) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.25 220.85 Td (2/2013; $70.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 220.85 Td (8.8%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 220.85 Td (263,038) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 220.85 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 220.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 206.85 Td (465 Victoria) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.00 206.85 Td (Sydney, Australia) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 206.85 Td (Of) Tj ET Q q 0 0 0 rg BT 299.65 206.85 Td (fice) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.25 206.85 Td (2/2013; $90.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 206.85 Td (8.0%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 206.85 Td (172,556) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 206.85 Td (95) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 206.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 192.85 Td (One West Ferry Circus) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.00 192.85 Td (London, England) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 192.85 Td (Of) Tj ET Q q 0 0 0 rg BT 299.65 192.85 Td (fice) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.25 192.85 Td (2/2013; $124.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 192.85 Td (7.4%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 192.85 Td (219,889) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 192.85 Td (97) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 192.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 178.85 Td (New City) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.00 178.85 Td (W) Tj ET Q q 0 0 0 rg BT 164.91 178.85 Td (arsaw) Tj ET Q q 0 0 0 rg BT 183.05 178.85 Td (, Poland) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 178.85 Td (Of) Tj ET Q q 0 0 0 rg BT 299.65 178.85 Td (fice) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.25 178.85 Td (3/2013; $163.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 178.85 Td (7.1%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 178.85 Td (484,173) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 178.85 Td (99) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 178.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 164.85 Td (825 ) Tj ET Q q 0 0 0 rg BT 52.56 164.85 Td (Ann) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.00 164.85 Td (Brisbane, ) Tj ET Q q 0 0 0 rg BT 190.00 164.85 Td (Australia) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 164.85 Td (Of) Tj ET Q q 0 0 0 rg BT 299.65 164.85 Td (fice) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.25 164.85 Td (4/2013 ; $128.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 164.85 Td (8.0%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 164.85 Td (206,507) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 164.85 Td (99) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 164.85 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 150.83 Td (Total for International Office Properties) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.00 150.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.25 150.85 Td (1,855,187) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 150.85 Td (99) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 150.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 150.85 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 130.83 Td (International Other) Tj ET Q q 0 0 0 rg BT 106.63 130.83 Td ( Investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.00 130.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 130.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 116.85 Td (Brindleyplace Project) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.00 116.85 Td (Birmingham, England) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 283.50 116.85 Td (Mixed-Use) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.25 116.85 Td (7/2010; $282.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 116.85 Td (7.0%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 116.85 Td (566,048) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 116.85 Td (95) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 116.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 116.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 102.85 Td (FM Logistic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.00 102.85 Td (Moscow, Russia) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.15 102.85 Td (Industrial) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.40 102.85 Td (4/201) Tj ET Q q 0 0 0 rg BT 366.33 102.85 Td (1; $70.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 431.15 102.85 Td (11.2%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 102.85 Td (748,578) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 102.85 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 102.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 102.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 79.85 Td (Poland Logistics Portfolio) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.00 79.85 Td (Poland) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.15 79.85 Td (Industrial) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.05 87.85 Td (03/2012 & 10/2012; ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.50 79.85 Td ($157.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 79.85 Td (8.1%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.25 79.85 Td (2,266,404) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 79.85 Td (95) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 79.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 79.85 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 65.83 Td (T) Tj ET Q q 0 0 0 rg BT 43.60 65.83 Td (otal for) Tj ET Q q 0 0 0 rg BT 68.56 65.83 Td ( International Other) Tj ET Q q 0 0 0 rg BT 138.19 65.83 Td ( Investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.00 65.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.25 65.85 Td (3,581,030) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 65.85 Td (96) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 65.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 65.85 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 51.83 Td (T) Tj ET Q q 0 0 0 rg BT 43.60 51.83 Td (otal for) Tj ET Q q 0 0 0 rg BT 68.56 51.83 Td ( ) Tj ET Q q 0 0 0 rg BT 70.12 51.83 Td (All Investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.00 51.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.25 51.85 Td (9,372,020) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 51.85 Td (97) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 51.85 Td (%) Tj ET Q BT /F2 5.20 Tf ET q 0 0 0 rg BT 562.00 55.96 Td (\(4\)) Tj ET Q BT /F2 10.00 Tf ET 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 24.60 Td (26) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 737.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 737.10 Td (This percentage shows the ef) Tj ET Q q 0 0 0 rg BT 169.89 737.10 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 468.70 737.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.30 737.10 Td (, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 725.10 Td (Company owned a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.49 725.10 Td (99.99%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.32 725.10 Td ( interest in the Operating Partnership as its sole general partner) Tj ET Q q 0 0 0 rg BT 413.35 725.10 Td (. ) Tj ET Q q 0 0 0 rg BT 417.80 725.10 Td (Af) Tj ET Q q 0 0 0 rg BT 428.17 725.10 Td (filiates of Hines owned the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td (remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.04 713.10 Td (0.01%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.87 713.10 Td ( interest in the Operating Partnership. ) Tj ET Q q 0 0 0 rg BT 275.15 713.10 Td (W) Tj ET Q q 0 0 0 rg BT 283.79 713.10 Td (e own a 60% interest in the Brindleyplace Project through our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (investment in the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 193.79 701.10 Td (. See Financial Condition, Liquidity and Capital Resources Cash Flows from Financing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 689.10 Td (Activities Distributions for additional information concerning the Brindleyplace Project and the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 520.09 689.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 665.10 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (For acquisitions denominated in a foreign currency) Tj ET Q q 0 0 0 rg BT 257.74 665.10 Td (, amounts have been translated at a rate based on the exchange rate in ef) Tj ET Q q 0 0 0 rg BT 545.48 665.10 Td (fect on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (the acquisition date.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 629.10 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 629.10 Td (The estimated going-in capitalization rate is determined as of the date of acquisition by dividing the projected property revenues ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td (in excess of expenses for the first fiscal year following the date of acquisition by the net purchase price \(excluding closing costs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 605.10 Td (and taxes\). Property revenues in excess of expenses includes all projected operating revenues \(rental income, tenant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td (reimbursements, parking and any other property-related income\) less all projected operating expenses \(property operating and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (maintenance expenses, property taxes, insurance and property management fees\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 557.10 Td (The projected property revenues in excess of expenses includes assumptions which may not be indicative of the actual future ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 545.10 Td (performance of the property) Tj ET Q q 0 0 0 rg BT 165.80 545.10 Td (, and the actual economic performance of each property for our period of ownership may dif) Tj ET Q q 0 0 0 rg BT 534.91 545.10 Td (fer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 533.10 Td (materially from the amounts used in calculating the estimated going-in capitalization rate. ) Tj ET Q q 0 0 0 rg BT 415.65 533.10 Td (These include assumptions, with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 521.10 Td (respect to each property) Tj ET Q q 0 0 0 rg BT 149.14 521.10 Td (, that in-place tenants will continue to perform under their lease agreements during the 12months ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 509.10 Td (following our acquisition of the property) Tj ET Q q 0 0 0 rg BT 216.37 509.10 Td (.In addition, with respect to the Brindleyplace Project, Hock Plaza,Southpark, Fifty ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 497.10 Td (South Sixth,Fisher Plaza, the Poland Logistics Portfolio, the Minneapolis Retail Center) Tj ET Q q 0 0 0 rg BT 404.68 497.10 Td (, 465 ) Tj ET Q q 0 0 0 rg BT 427.00 497.10 Td (V) Tj ET Q q 0 0 0 rg BT 433.62 497.10 Td (ictoria, One ) Tj ET Q q 0 0 0 rg BT 483.14 497.10 Td (W) Tj ET Q q 0 0 0 rg BT 491.78 497.10 Td (est Ferry Circus, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 485.10 Td (Riverside Center) Tj ET Q q 0 0 0 rg BT 121.08 485.10 Td (, 825 ) Tj ET Q q 0 0 0 rg BT 143.03 485.10 Td (Ann and the Campus at Playa ) Tj ET Q q 0 0 0 rg BT 263.94 485.10 Td (V) Tj ET Q q 0 0 0 rg BT 270.56 485.10 Td (ista, these included assumptions concerning estimates of timing and rental ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 473.10 Td (rates related to re-leasing vacant space.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 449.10 Td (\(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 449.10 Td (This amount represents the percentage leased assuming we own a 100% interest in each of these properties. ) Tj ET Q q 0 0 0 rg BT 486.45 449.10 Td (The percentage leased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 437.10 Td (based on our ef) Tj ET Q q 0 0 0 rg BT 115.19 437.10 Td (fective ownership interest in each property is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.62 437.10 Td (97%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.95 437.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 413.10 Td (Discussed below are additional details related to our investments in multi-family projects and investments in real estate related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 401.10 Td (debt, each of which are included in our domestic other investments segment. ) Tj ET Q q 0 0 0 rg BT 346.75 401.10 Td (All other investments are operating real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 389.10 Td (investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 365.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 365.10 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 365.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 95.26 365.10 Td (all Place JV) Tj ET Q q 0 0 0 rg BT 142.84 365.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.84 365.10 Td (93%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.17 365.10 Td ( interest in a joint venture that was formed to invest in a multi-family development project in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 353.10 Td (Houston, ) Tj ET Q q 0 0 0 rg BT 101.71 353.10 Td (T) Tj ET Q q 0 0 0 rg BT 107.12 353.10 Td (exas. ) Tj ET Q q 0 0 0 rg BT 132.21 353.10 Td (The estimated total cost of the project is expected to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.19 353.10 Td ($65.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.08 353.10 Td ( and the project will consist of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.66 353.10 Td (322) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.66 353.10 Td ( units ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 341.10 Td (upon completion. ) Tj ET Q q 0 0 0 rg BT 134.94 341.10 Td (An af) Tj ET Q q 0 0 0 rg BT 157.25 341.10 Td (filiate of Hines owns the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.10 341.10 Td (7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.43 341.10 Td ( interest in this joint venture. Construction began in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.23 341.10 Td (July 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 564.40 341.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 329.10 Td (and is expected to be completed by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.01 329.10 Td (June 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.84 329.10 Td (, although there can be no assurances as to when construction will be completed.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 305.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 305.10 Td (@1377 @1377 is a multi-family development project in ) Tj ET Q q 0 0 0 rg BT 302.21 305.10 Td (Atlanta, Geor) Tj ET Q q 0 0 0 rg BT 356.46 305.10 Td (gia, in which we have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.43 305.10 Td (51.7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.26 305.10 Td ( ownership interest, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 293.10 Td (which is being developed by an af) Tj ET Q q 0 0 0 rg BT 199.45 293.10 Td (filiate of Hines. ) Tj ET Q q 0 0 0 rg BT 266.75 293.10 Td (The estimated total cost of the project is expected to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.72 293.10 Td ($33.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.62 293.10 Td ( and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 281.10 Td (project will consist of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.43 281.10 Td (215) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.43 281.10 Td ( units upon completion. Constructionbegan in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.19 281.10 Td (July 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.36 281.10 Td ( and is expected tobe completed by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 269.10 Td (December 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.58 269.10 Td (, although there can be no assurances as to when construction will be completed. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 245.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 245.10 Td (Ponce & Bird JV) Tj ET Q q 0 0 0 rg BT 131.43 245.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.43 245.10 Td (83%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.76 245.10 Td ( interest in a joint venture that was formed in July 2012 to invest in a multi-family development ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 233.10 Td (project in Miami, Florida. ) Tj ET Q q 0 0 0 rg BT 168.91 233.10 Td (The estimated total cost of the project is expected to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.89 233.10 Td ($65.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.78 233.10 Td ( and the project will consist of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 221.10 Td (276) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 221.10 Td ( units upon completion. ) Tj ET Q q 0 0 0 rg BT 174.39 221.10 Td (An af) Tj ET Q q 0 0 0 rg BT 196.70 221.10 Td (filiate of Hines owns the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.55 221.10 Td (17%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.88 221.10 Td ( interest in this joint venture. Construction began in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 209.10 Td (April 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.61 209.10 Td ( and is expected to be completed by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.12 209.10 Td (September 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.38 209.10 Td (, although there can be no assurances as to when construction ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 197.10 Td (will be completed.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 173.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 173.10 Td (Flagship Capital JV) Tj ET Q q 0 0 0 rg BT 142.26 173.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.26 173.10 Td (97%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.59 173.10 Td ( interest in a joint venture with Flagship Capital GP) Tj ET Q q 0 0 0 rg BT 380.85 173.10 Td (, which provides for financing of real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 161.10 Td (projects up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.93 161.10 Td ($69.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.83 161.10 Td (. ) Tj ET Q q 0 0 0 rg BT 181.14 161.10 Td (The joint venture has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.34 161.10 Td (eight) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.34 161.10 Td ( loans receivable, totaling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.58 161.10 Td ($41.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.47 161.10 Td (, outstanding as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.29 161.10 Td (March31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 149.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 149.10 Td (. Flagship Capital GP) Tj ET Q q 0 0 0 rg BT 168.74 149.10 Td ( owns the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.61 149.10 Td (3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.94 149.10 Td ( interest in the joint venture. ) Tj ET Q q 0 0 0 rg BT 383.51 149.10 Td (W) Tj ET Q q 0 0 0 rg BT 392.15 149.10 Td (e are not af) Tj ET Q q 0 0 0 rg BT 436.66 149.10 Td (filiated with Flagship Capital GP) Tj ET Q q 0 0 0 rg BT 567.77 149.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 126.25 Td (Critical ) Tj ET Q q 0 0 0 rg BT 70.71 126.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 122.10 126.25 Td (Policies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 102.25 Td (Each of our critical accounting policies involves the use of estimates that require management to make assumptions that are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 90.25 Td (subjective in nature. Management relies on its experience, collects historical and current market data, and analyzes these assumptions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 78.25 Td (in order to arrive at what it believes to be reasonable estimates.In addition, application of these accounting policies involves the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 66.25 Td (exercise of judgments regarding assumptions as to future uncertainties. ) Tj ET Q q 0 0 0 rg BT 322.04 66.25 Td (Actual results could materially dif) Tj ET Q q 0 0 0 rg BT 458.48 66.25 Td (fer from these estimates. ) Tj ET Q q 0 0 0 rg BT 558.72 66.25 Td (A) Tj ET Q q 0 0 0 rg BT 565.39 66.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 54.25 Td (disclosure of our critical accounting policies is included in our ) Tj ET Q q 0 0 0 rg BT 287.60 54.25 Td (Annual Report on Form 10-K for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.94 54.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.52 54.25 Td ( in ) 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 24.60 Td (27) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 749.10 Td (Management) Tj ET Q q 0 0 0 rg BT 90.98 749.10 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 160.15 749.10 Td (Analysis of Financial Condition and Results of Operations. ) Tj ET Q q 0 0 0 rg BT 399.11 749.10 Td (There have been no significant changes to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 737.10 Td (our policies during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.04 737.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.04 737.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 714.25 Td (FinancialCondition, ) Tj ET Q q 0 0 0 rg BT 126.30 714.25 Td (Liquidityand ) Tj ET Q q 0 0 0 rg BT 187.44 714.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 221.61 714.25 Td (Resour) Tj ET Q q 0 0 0 rg BT 251.98 714.25 Td (ces) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 702.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 690.25 Td (Our principal demands for funds are to purchase real estate properties and make other real estate investments, for the payment of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 678.25 Td (operating expenses and distributions, and for the payment of principal and interest on indebtedness. Generally) Tj ET Q q 0 0 0 rg BT 475.23 678.25 Td (, we expect to meet ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 666.25 Td (operating cash needs from our cash flows from operating activities, and we expect to meet cash needs for acquisitions and investments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 654.25 Td (from the net proceeds of our public of) Tj ET Q q 0 0 0 rg BT 187.71 654.25 Td (ferings and from debt proceeds.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 630.25 Td (One of our primary concerns is to invest proceeds raised from our of) Tj ET Q q 0 0 0 rg BT 328.18 630.25 Td (ferings as quickly and prudently as possible.In 2010, a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 618.25 Td (significant amount of investment capital began pursuing high-quality) Tj ET Q q 0 0 0 rg BT 311.68 618.25 Td (, well-located assets and these conditions caused aggressive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 606.25 Td (competition and higher pricing for assets which match our investment strategy) Tj ET Q q 0 0 0 rg BT 349.16 606.25 Td (.) Tj ET Q q 0 0 0 rg BT 356.11 606.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 405.44 606.25 Td (, we experienced delays in investing our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 594.25 Td (public of) Tj ET Q q 0 0 0 rg BT 71.64 594.25 Td (fering proceeds which, combined with higher pricing, caused us to reduce the amount of per share, per day distributions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 582.25 Td (declared from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.30 582.25 Td ($0.00191781) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.80 582.25 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.58 582.25 Td ($0.0017808) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.08 582.25 Td ( ef) Tj ET Q q 0 0 0 rg BT 217.17 582.25 Td (fective January 1, 2012. See Cash Flows from Financing ) Tj ET Q q 0 0 0 rg BT 450.18 582.25 Td (Activities Distributions later ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 570.25 Td (in this section for additional information regarding our distributions. ) Tj ET Q q 0 0 0 rg BT 311.51 570.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.96 570.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.55 570.25 Td (, substantially all of the proceeds from our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 558.25 Td (public of) Tj ET Q q 0 0 0 rg BT 71.64 558.25 Td (ferings raised to date had been invested in or committed to various real estate investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 534.25 Td (In our initial quarters of operations we did not, and from time to time thereafter we may not, generate suf) Tj ET Q q 0 0 0 rg BT 473.96 534.25 Td (ficient cash flow from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 522.25 Td (operations to fully fund distributions paid. ) Tj ET Q q 0 0 0 rg BT 207.19 522.25 Td (Therefore, some or all of our distributions may continue to be paid from other sources, such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 510.25 Td (as cash advances by the ) Tj ET Q q 0 0 0 rg BT 132.91 510.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 164.73 510.25 Td (, cash resulting from a waiver or deferral of fees, borrowings and/or proceeds from our public ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 498.25 Td (of) Tj ET Q q 0 0 0 rg BT 44.15 498.25 Td (ferings. In ) Tj ET Q q 0 0 0 rg BT 89.70 498.25 Td (April 2012, our ) Tj ET Q q 0 0 0 rg BT 153.58 498.25 Td (Advisor agreed to waive the asset management fee otherwise payable to it pursuant to the ) Tj ET Q q 0 0 0 rg BT 513.74 498.25 Td (Advisory ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 486.25 Td (Agreement for each quarter in 2012 and 2013, to the extent that our modified funds from operations \(MFFO\), as disclosed in each of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 474.25 Td (our quarterly reports, for a particular quarter amounts to less than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.80 474.25 Td (100%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.13 474.25 Td ( of the aggregate distributions declared for such quarter) Tj ET Q q 0 0 0 rg BT 544.16 474.25 Td (. ) Tj ET Q q 0 0 0 rg BT 548.98 474.25 Td (This ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 462.25 Td (fee waiver is not a deferral and accordingly) Tj ET Q q 0 0 0 rg BT 208.88 462.25 Td (, these fees will not be paid to our ) Tj ET Q q 0 0 0 rg BT 346.07 462.25 Td (Advisor in cash at any time in the future. ) Tj ET Q q 0 0 0 rg BT 514.09 462.25 Td (As a result of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 450.25 Td (this waiver) Tj ET Q q 0 0 0 rg BT 79.75 450.25 Td (, Hines waived ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.96 450.25 Td ($3.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.85 450.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.29 450.25 Td ($3.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.18 450.25 Td ( of asset management fees payable to it during the three months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 438.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.60 438.25 Td ( and 2012, respectively) Tj ET Q q 0 0 0 rg BT 191.70 438.25 Td (. ) Tj ET Q q 0 0 0 rg BT 199.02 438.25 Td (W) Tj ET Q q 0 0 0 rg BT 207.66 438.25 Td (e have not placed a cap on the amount of our distributions that may be paid from sources ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 426.25 Td (other than cash flows from operations, including proceeds from our debt financings, proceeds from this of) Tj ET Q q 0 0 0 rg BT 459.87 426.25 Td (fering, cash advances by our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 414.25 Td (Advisor and cash resulting from a waiver or deferral fees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 390.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 390.25 Td (e believe that the proper use of leverage can enhance returns on real estate investments. ) Tj ET Q q 0 0 0 rg BT 414.52 390.25 Td (W) Tj ET Q q 0 0 0 rg BT 423.16 390.25 Td (e expect that once we have fully ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 378.25 Td (invested the proceeds of our of) Tj ET Q q 0 0 0 rg BT 159.39 378.25 Td (ferings, our debt financing, including our pro rata share of the debt financing of entities in which we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 366.25 Td (invest, will be in the range of approximately 50% - 70% of the aggregate value of our real estate investments and other assets. ) Tj ET Q q 0 0 0 rg BT 541.67 366.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 354.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.60 354.25 Td (, our portfolio was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.98 354.25 Td (49%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.31 354.25 Td (leveraged, based on the values of our real estate investments. ) Tj ET Q q 0 0 0 rg BT 442.83 354.25 Td (At that time, we had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.70 354.25 Td ($1,371.3 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 342.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.89 342.25 Td ( of principal outstanding under our various loan agreements with a weighted average interest rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.42 342.25 Td (3.6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.25 342.25 Td (, including the ef) Tj ET Q q 0 0 0 rg BT 554.83 342.25 Td (fects ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 330.25 Td (of related interest rate swaps. ) Tj ET Q q 0 0 0 rg BT 154.84 330.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.29 330.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.87 330.25 Td (, our portfolio was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.25 330.25 Td (39%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.58 330.25 Td ( leveraged, based on the aggregate purchase price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 318.25 Td (our real estate investments, and we had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.39 318.25 Td ($858.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.28 318.25 Td ( of principal outstanding under various loan agreements with a weighted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 306.25 Td (average interest rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.83 306.25 Td (4.4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.66 306.25 Td (, including the ef) Tj ET Q q 0 0 0 rg BT 218.24 306.25 Td (fects of related interest rate swaps.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 282.25 Td (The discussions below provide additional details regarding our cash flows.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 258.25 Td ( Cash Flows fr) Tj ET Q q 0 0 0 rg BT 112.81 258.25 Td (om Operating ) Tj ET Q q 0 0 0 rg BT 170.96 258.25 Td (Activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 234.25 Td (Net cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.21 234.25 Td (provided by) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.25 234.25 Td ( operating activities for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.49 234.25 Td (three months ended March 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.90 234.25 Td ( was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.45 234.25 Td ($0.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.35 234.25 Td ( compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.05 234.25 Td ($14.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 571.94 234.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 222.25 Td (for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.88 222.25 Td (three months ended March 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.29 222.25 Td (. ) Tj ET Q q 0 0 0 rg BT 216.61 222.25 Td (The decrease is due to the significant acquisition fees and acquisition-related expenses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 210.25 Td (related to the acquisition of five operating properties during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.03 210.25 Td (three months ended March 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.44 210.25 Td (. During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.49 210.25 Td (three months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 198.25 Td (March 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.60 198.25 Td (, we paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.48 198.25 Td ($21.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.37 198.25 Td ( in acquisition fees and acquisition-related expenses compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.78 198.25 Td ($1.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.67 198.25 Td ( for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.05 198.25 Td (three ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 186.25 Td (months ended March 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.92 186.25 Td (. Excluding these fees and expenses, operating cash flows increased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.72 186.25 Td ($5.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.61 186.25 Td ( between these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 174.25 Td (periods.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 150.25 Td (Cash Flows fr) Tj ET Q q 0 0 0 rg BT 110.31 150.25 Td (om Investing ) Tj ET Q q 0 0 0 rg BT 164.00 150.25 Td (Activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 126.25 Td (Net cash used in investing activitiesprimarily relates to payments made for the acquisition of our real estate investments, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 114.25 Td (including deposits for pending acquisitions and activities related to our loans receivable. During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.28 114.25 Td (three months ended March 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 102.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.00 102.25 Td (, we paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.88 102.25 Td ($681.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.77 102.25 Td ( related to our acquisition of five real estate investments. ) Tj ET Q q 0 0 0 rg BT 385.18 102.25 Td (W) Tj ET Q q 0 0 0 rg BT 393.82 102.25 Td (e also paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.08 102.25 Td ($1) Tj ET Q q 0 0 0 rg BT 448.71 102.25 Td (1.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.60 102.25 Td ( in capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 90.25 Td (expenditures at our properties and investments in our multi-family development projects in Houston, ) Tj ET Q q 0 0 0 rg BT 441.29 90.25 Td (T) Tj ET Q q 0 0 0 rg BT 446.70 90.25 Td (exas and Miami, Florida during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 78.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.72 78.25 Td (three months ended March 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.13 78.25 Td (. ) Tj ET Q q 0 0 0 rg BT 199.57 78.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 249.48 78.25 Td (, during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.80 78.25 Td (three months ended March 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.21 78.25 Td (, we made real estate loans of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 66.25 Td ($10.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.89 66.25 Td (.) 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 24.60 Td (28) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 749.10 Td (By comparison, during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.15 749.10 Td (three months ended March 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.56 749.10 Td (, we paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.44 749.10 Td ($130.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.33 749.10 Td ( related to our acquisitions, paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.13 749.10 Td ($8.7 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 737.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.89 737.10 Td ( related to deposits on pending acquisitions, and made real estate loans of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.92 737.10 Td ($12.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.81 737.10 Td (. Further) Tj ET Q q 0 0 0 rg BT 451.35 737.10 Td (, we paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.23 737.10 Td ($0.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.12 737.10 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 725.10 Td (capital expenditures at our properties and investments in our multi-family development project in Houston, ) Tj ET Q q 0 0 0 rg BT 466.55 725.10 Td (T) Tj ET Q q 0 0 0 rg BT 471.96 725.10 Td (exas.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.55 701.10 Td (three months ended March 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.96 701.10 Td (, we had an increase in restricted cash of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.33 701.10 Td ($4.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.22 701.10 Td ( primarily related to escrows ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 689.10 Td (required by several of our outstanding mortgage loans and security deposits at New City) Tj ET Q q 0 0 0 rg BT 388.88 689.10 Td (. During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.42 689.10 Td (three months ended March 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 677.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.00 677.10 Td (, restricted cash increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.22 677.10 Td ($1.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.12 677.10 Td ( related to such escrows.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (Cash Flows fr) Tj ET Q q 0 0 0 rg BT 110.31 653.10 Td (om Financing ) Tj ET Q q 0 0 0 rg BT 168.45 653.10 Td (Activities) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 629.10 Td (Public Offerings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 605.10 Td (During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.55 605.10 Td (three months ended March 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.96 605.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.39 605.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.39 605.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 336.06 605.10 Td (, we raised proceeds of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.46 605.10 Td ($181.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.35 605.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.79 605.10 Td ($92.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.68 605.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 593.10 Td (from our public of) Tj ET Q q 0 0 0 rg BT 109.41 593.10 Td (ferings, excluding proceeds from the distribution reinvestment plan. In addition, during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.72 593.10 Td (three months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 581.10 Td (March 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.60 581.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.04 581.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.04 581.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 191.70 581.10 Td (, we redeemed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.22 581.10 Td ($3.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.11 581.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.55 581.10 Td ($1.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.44 581.10 Td ( in shares of our common stock through our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 569.10 Td (redemption plan.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 545.10 Td (In addition to the investing activities described above, we use proceeds from our public of) Tj ET Q q 0 0 0 rg BT 414.00 545.10 Td (ferings to make certain payments to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 533.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 67.82 533.10 Td (, Hines Securities, Inc. \(the Dealer Manager\) and Hines and their af) Tj ET Q q 0 0 0 rg BT 346.41 533.10 Td (filiates during the various phases of our or) Tj ET Q q 0 0 0 rg BT 515.36 533.10 Td (ganization and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 521.10 Td (operation. During the or) Tj ET Q q 0 0 0 rg BT 132.46 521.10 Td (ganization and of) Tj ET Q q 0 0 0 rg BT 201.70 521.10 Td (fering stage, these include payments to our Dealer Manager for selling commissions and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 509.10 Td (dealer manager fee and payments to our ) Tj ET Q q 0 0 0 rg BT 197.88 509.10 Td (Advisor for reimbursement of issuer costs. During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.44 509.10 Td (three months ended March 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.85 509.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 497.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.94 497.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.94 497.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 125.60 497.10 Td (, we made payments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.57 497.10 Td ($19.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.46 497.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.90 497.10 Td ($10.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.79 497.10 Td (, for selling commissions, dealer manager fees and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 485.10 Td (issuer costs related to our public of) Tj ET Q q 0 0 0 rg BT 175.79 485.10 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 208.37 485.10 Td (The increase is primarily related to a increase in the proceeds raised from our public ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 473.10 Td (of) Tj ET Q q 0 0 0 rg BT 44.15 473.10 Td (ferings for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.29 473.10 Td (three months ended March 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.70 473.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 449.10 Td (Distributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 425.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 425.10 Td (e have declared distributions for the months of January 2012 through June 2013 at an amount equal to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.10 425.10 Td ($0.0017808) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.60 425.10 Td ( per share, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 413.10 Td (per day) Tj ET Q q 0 0 0 rg BT 65.06 413.10 Td (. In our initial quarters of operations, and from time to time thereafter) Tj ET Q q 0 0 0 rg BT 344.84 413.10 Td (, our cash flows from operations have been and may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 401.10 Td (continue to be insuf) Tj ET Q q 0 0 0 rg BT 114.97 401.10 Td (ficient to fund distributions to stockholders. ) Tj ET Q q 0 0 0 rg BT 294.77 401.10 Td (W) Tj ET Q q 0 0 0 rg BT 303.41 401.10 Td (e funded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.61 401.10 Td (50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.94 401.10 Td ( of total distributions for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.21 401.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.21 401.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.65 401.10 Td (98%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.98 401.10 Td ( of total ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 389.10 Td (distributions for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.38 389.10 Td (three months ended March 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.79 389.10 Td ( with cash flows from financing activities, which include proceeds from our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 377.10 Td (public of) Tj ET Q q 0 0 0 rg BT 71.64 377.10 Td (ferings and proceeds from our debt financings. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 353.10 Td (Distributions are paid monthly on the first business day following the completion of each month to which they relate. ) Tj ET Q q 0 0 0 rg BT 525.02 353.10 Td (All ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 341.10 Td (distributions were or will be paid in cash or reinvested in shares of our common stock for those participating in our distribution ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 329.10 Td (reinvestment plan. Distributions paid to stockholders \(including those reinvested in stock\) during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.48 329.10 Td (three months ended March 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 317.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.00 317.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.44 317.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.44 317.10 Td ( were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.87 317.10 Td ($24.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.76 317.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.20 317.10 Td ($15.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.09 317.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 299.75 317.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 293.10 Td (The Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 141.57 293.10 Td ( declared distributions related to the operations of the Brindleyplace Project of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.58 293.10 Td ($0.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.47 293.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.91 293.10 Td ($0.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 574.80 293.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 281.10 Td (to Moorfield for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.20 281.10 Td (three months ended March 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.61 281.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.05 281.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.05 281.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 354.71 281.10 Td (.) Tj ET Q q 0 0 0 rg BT 359.53 281.10 Td (The table below contains additional information ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 269.10 Td (regarding distributions to our stockholders and noncontrolling interest holders \(HALP) Tj ET Q q 0 0 0 rg BT 379.00 269.10 Td (, Moorfield and Flagship Capital GP\) as well as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 257.10 Td (the sources of distribution payments \(all amounts are in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 176.60 122.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 176.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 162.50 176.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 176.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 176.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 176.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 176.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 176.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 176.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 176.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 176.60 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 176.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 176.60 33.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 176.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 176.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 176.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 535.50 176.60 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 148.60 122.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 148.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 162.50 148.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 148.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 148.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 148.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 148.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 148.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 148.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 148.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 148.60 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 148.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 148.60 33.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 148.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 148.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 148.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 535.50 148.60 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 121.60 122.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 121.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 162.50 121.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 121.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 121.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 121.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 121.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 121.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 121.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 121.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 121.60 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 121.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 121.60 33.00 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0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 63.60000000000002 m 445.5 63.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 65.60000000000002 m 482.5 65.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 63.60000000000002 m 482.5 63.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 65.60000000000002 m 531.5 65.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 63.60000000000002 m 531.5 63.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 65.60000000000002 m 576.5 65.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 63.60000000000002 m 576.5 63.60000000000002 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 216.06 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 220.45 216.05 Td (Stockholders) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.55 225.05 Td (Noncontrolling) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.80 216.05 Td (Interests) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.05 216.05 Td (Sources) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 202.83 Td (Distributions for the Three) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 194.83 Td (Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 181.80 202.83 Td (Cash) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 168.05 194.83 Td (Distributions) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 229.05 202.83 Td (Distributions) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 232.80 194.83 Td (Reinvested) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 297.75 202.83 Td (Total) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 291.20 194.83 Td (Declared) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 340.50 194.83 Td (Total Declared) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 411.85 202.83 Td (Cash Flows From) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 407.65 194.83 Td (Operating Activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 485.00 194.85 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.85 202.83 Td (Cash Flows Fr) Tj ET Q q 0 0 0 rg BT 550.48 202.83 Td (om ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 493.05 194.83 Td (Financing ) Tj ET Q q 0 0 0 rg BT 528.84 194.83 Td (Activities ) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 562.83 198.46 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 181.05 Td (2013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 190.50 181.05 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 251.50 181.05 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.50 181.05 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.50 181.05 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.50 181.05 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.50 181.05 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.00 181.06 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.50 181.05 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.50 181.05 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 167.06 Td (March 31, 2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 165.00 167.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 191.25 167.06 Td (12,418) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 226.00 167.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 252.25 167.06 Td (13,772) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.00 167.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 301.25 167.06 Td (26,190) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.00 167.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 381.50 167.06 Td (554) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 405.00 167.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.50 167.06 Td (643) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.00 167.06 Td (2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.50 167.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.00 167.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.00 167.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.25 167.06 Td (26,101) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.50 167.06 Td (98) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 568.50 167.06 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 153.05 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 165.00 153.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 191.25 153.06 Td (12,418) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 226.00 153.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 252.25 153.06 Td (13,772) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.00 153.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 301.25 153.06 Td (26,190) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.00 153.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 381.50 153.06 Td (554) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 405.00 153.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.50 153.06 Td (643) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.00 153.06 Td (2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.50 153.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.00 153.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.00 153.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.25 153.06 Td (26,101) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.50 153.06 Td (98) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 568.50 153.06 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 139.05 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 190.50 139.05 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 251.50 139.05 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.50 139.05 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.50 139.05 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.00 139.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 125.86 Td (December 31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 165.00 125.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 191.25 125.86 Td (10,676) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 226.00 125.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 252.25 125.86 Td (11,606) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.00 125.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 301.25 125.86 Td (22,282) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.00 125.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.75 125.86 Td (1,227) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 405.00 125.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.25 125.86 Td (17,017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.50 125.86 Td (72) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.50 125.86 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.00 125.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.00 125.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 507.75 125.86 Td (6,492) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.50 125.86 Td (28) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 568.50 125.86 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 112.06 Td (September 30, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 195.75 112.06 Td (9,266) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 252.25 112.06 Td (10,001) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 301.25 112.06 Td (19,267) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 381.50 112.06 Td (711) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.75 112.06 Td (1,435) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.00 112.06 Td (7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.50 112.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.00 112.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.25 112.06 Td (18,543) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.50 112.06 Td (93) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 568.50 112.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 98.06 Td (June 30, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 195.75 98.06 Td (8,236) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 256.75 98.06 Td (8,865) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 301.25 98.06 Td (17,101) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 381.50 98.06 Td (675) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.75 98.06 Td (5,746) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.50 98.06 Td (32) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.50 98.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.25 98.06 Td (12,030) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.50 98.06 Td (68) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 568.50 98.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 84.06 Td (March 31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 195.75 84.06 Td (7,403) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 256.75 84.06 Td (7,922) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 301.25 84.06 Td (15,325) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 381.50 84.06 Td (546) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.25 84.06 Td (14,652) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.50 84.06 Td (92) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.50 84.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.00 84.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 507.75 84.06 Td (1,219) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 564.00 84.06 Td (8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 568.50 84.06 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 69.05 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 165.00 69.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 191.25 69.06 Td (35,581) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 226.00 69.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 252.25 69.06 Td (38,394) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.00 69.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 301.25 69.06 Td (73,975) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.00 69.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.75 69.06 Td (3,159) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 405.00 69.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.25 69.06 Td (38,850) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.50 69.06 Td (50) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.50 69.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.00 69.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.00 69.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.25 69.06 Td (38,284) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.50 69.06 Td (50) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 568.50 69.06 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 41.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 41.10 Td (Cash flows from financing activities includes proceeds from our public of) Tj ET Q q 0 0 0 rg BT 349.30 41.10 Td (ferings and proceeds from debt financings.) 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 24.60 Td (29) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 737.10 Td (Also, during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.22 737.10 Td (three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.53 737.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.03 737.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.63 737.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.06 737.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.06 737.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 357.73 737.10 Td (, we paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.60 737.10 Td ($21.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.49 737.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.93 737.10 Td ($1.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.82 737.10 Td ( in acquisition ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 725.10 Td (fees and expenses. Under accounting principles generally accepted in the United States \(GAAP\), acquisition fees and acquisition-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 713.10 Td (related expenses are expensed and therefore reduce cash flows from operating activities. However) Tj ET Q q 0 0 0 rg BT 430.42 713.10 Td (, we fund these expenses with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 701.10 Td (proceeds from our public of) Tj ET Q q 0 0 0 rg BT 147.45 701.10 Td (ferings or other equity capital.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (Debt Financings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 653.10 Td (e utilize permanent mortgage financing to leverage returns on our real estate investments and use borrowings under our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 641.10 Td (Revolving Credit Facility to provide funding for near) Tj ET Q q 0 0 0 rg BT 248.81 641.10 Td (-term investment or working capital needs. During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.48 641.10 Td (three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.79 641.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 629.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.60 629.10 Td (, we entered into ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.74 629.10 Td ($207.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.63 629.10 Td ( of mortgage financing with a weighted average interest rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.69 629.10 Td (3.3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.52 629.10 Td (, related to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 617.10 Td (acquisition of five operating properties with an aggregate net purchase price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.66 617.10 Td ($646.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.55 617.10 Td (. ) Tj ET Q q 0 0 0 rg BT 419.50 617.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 469.40 617.10 Td (, two of our multi-family ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 605.10 Td (development projects borrowed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.13 605.10 Td ($7.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.02 605.10 Td ( to fund construction costs. During this time, we also borrowed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.20 605.10 Td ($450.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.09 605.10 Td ( under our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 593.10 Td (Revolving Credit Facility and bridge loan and made payments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.16 593.10 Td ($72.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.05 593.10 Td (. ) Tj ET Q q 0 0 0 rg BT 359.37 593.10 Td (W) Tj ET Q q 0 0 0 rg BT 368.01 593.10 Td (e expect to replace our bridge loan at its expiration ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 581.10 Td (with additional temporary financing and/or make payments using proceeds from our public of) Tj ET Q q 0 0 0 rg BT 411.27 581.10 Td (fering.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 557.10 Td (During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.55 557.10 Td (three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.86 557.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.36 557.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.96 557.10 Td (, we made payments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.93 557.10 Td ($2.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.82 557.10 Td ( for financing costs related to our loans and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 545.10 Td ($0.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.89 545.10 Td ( related to our interest rate caps.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 521.10 Td (During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.55 521.10 Td (three months ended March 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.96 521.10 Td (, we did not receive any proceeds from the financing of third-party debt outside of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 509.10 Td (our bridge loan agreements. Our multi-family development project in Houston, ) Tj ET Q q 0 0 0 rg BT 357.13 509.10 Td (T) Tj ET Q q 0 0 0 rg BT 362.54 509.10 Td (exas borrowed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.63 509.10 Td ($0.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.52 509.10 Td ( to fund construction ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 497.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 62.95 497.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 112.85 497.10 Td (, during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.18 497.10 Td (three months ended March 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.58 497.10 Td ( we received proceeds of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.47 497.10 Td ($165.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.37 497.10 Td ( and made payments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 485.10 Td ($78.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.89 485.10 Td ( related to our bridge loans in 2012. ) Tj ET Q q 0 0 0 rg BT 234.96 485.10 Td (W) Tj ET Q q 0 0 0 rg BT 243.59 485.10 Td (e also made payments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.95 485.10 Td ($0.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.84 485.10 Td ( for financing costs related to our loans.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 462.25 Td (Results of Operations) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 438.25 Td (Same-stor) Tj ET Q q 0 0 0 rg BT 94.18 438.25 Td (e ) Tj ET Q q 0 0 0 rg BT 100.94 438.25 Td (Analysis) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 414.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 414.25 Td (e owned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.74 414.25 Td (30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.74 414.25 Td ( real estate investments that were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.68 414.25 Td (97%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.01 414.25 Td ( leased as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.66 414.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.26 414.25 Td (, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.46 414.25 Td (16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.46 414.25 Td ( real estate investments that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 402.25 Td (were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.93 402.25 Td (94%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.26 402.25 Td ( leased as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.90 402.25 Td (March31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.50 402.25 Td (. ) Tj ET Q q 0 0 0 rg BT 196.32 402.25 Td (The following table presents the property-level revenues in excess of expenses for the three ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 390.25 Td (months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.33 390.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.92 390.25 Td (, as compared to the same period in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.04 390.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.04 390.25 Td (, by reportable segment. Same-store properties for the three ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 378.25 Td (months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.33 378.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.92 378.25 Td ( include all properties owned as of January 1, 2012. ) Tj ET Q q 0 0 0 rg BT 368.71 378.25 Td (As we are currently in the acquisition phase of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 366.25 Td (life cycle, changes in our results of operations related to our properties are primarily due to the acquisition of properties, as indicated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 354.25 Td (by the same-store analysis below) Tj ET Q q 0 0 0 rg BT 167.54 354.25 Td (. ) Tj ET Q q 0 0 0 rg BT 171.99 354.25 Td (All amounts are in thousands, except for percentages:) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 88.25 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 39.00 282.75 241.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 282.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 282.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 282.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 282.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 282.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 282.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 282.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 39.00 252.75 241.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 252.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 252.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 252.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 252.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 252.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 252.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 252.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 39.00 222.75 241.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 222.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 222.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 222.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 222.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 222.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 222.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 222.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 39.00 192.75 241.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 192.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 192.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 192.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 192.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 192.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 192.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 192.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 39.00 162.75 241.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 162.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 162.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 162.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 162.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 162.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 162.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 162.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 39.00 132.75 241.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 132.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 132.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 132.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 132.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 132.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 132.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 132.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 39.00 102.75 241.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 102.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 102.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 102.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 102.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 102.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 102.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 102.75 48.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 280 312.75 m 352 312.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 352 312.75 m 356 312.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 356 312.75 m 428 312.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432 312.75 m 500 312.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500 312.75 m 504 312.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 504 312.75 m 552 312.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 280 297.75 m 352 297.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 356 297.75 m 428 297.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432 297.75 m 500 297.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 504 297.75 m 552 297.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 280 207.75 m 352 207.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 356 207.75 m 428 207.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432 207.75 m 500 207.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 504 207.75 m 552 207.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 280 177.75 m 352 177.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 356 177.75 m 428 177.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432 177.75 m 500 177.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 504 177.75 m 552 177.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280 163.75 m 352 163.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280 161.75 m 352 161.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 163.75 m 428 163.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 161.75 m 428 161.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 163.75 m 500 163.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 161.75 m 500 161.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 163.75 m 552 163.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 161.75 m 552 161.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 41.50 317.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 284.90 317.43 Td (Three Months Ended March 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 475.10 317.43 Td (Change) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 41.50 302.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 305.50 302.43 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.50 302.43 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 463.00 302.43 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 522.50 302.43 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 41.50 287.43 Td (Pr) Tj ET Q q 0 0 0 rg BT 51.87 287.43 Td (operty r) Tj ET Q q 0 0 0 rg BT 86.39 287.43 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 212.21 291.96 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.50 287.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.50 287.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.50 287.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.50 287.42 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 41.50 272.46 Td (Same-stor) Tj ET Q q 0 0 0 rg BT 81.68 272.46 Td (e pr) Tj ET Q q 0 0 0 rg BT 97.14 272.46 Td (operties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 47.50 257.42 Td (Domestic office investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.50 257.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.65 257.42 Td (10,540) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.50 257.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.65 257.42 Td (10,222) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.50 257.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.15 257.42 Td (318) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.80 257.42 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.15 257.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 47.50 242.42 Td (Domestic other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.65 242.42 Td (4,755) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.65 242.42 Td (3,965) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.15 242.42 Td (790) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.80 242.42 Td (20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.15 242.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 554.50 246.22 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 47.50 227.42 Td (International office investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.65 227.42 Td (3,896) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.65 227.42 Td (4,128) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.80 227.47 Td (\(232) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.15 227.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.45 227.42 Td (\(6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.80 227.42 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 47.50 212.42 Td (International other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.65 212.42 Td (5,977) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.65 212.42 Td (5,475) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.15 212.42 Td (502) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.80 212.42 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.15 212.42 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.50 197.46 Td (Total same-store properties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.50 197.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.65 197.42 Td (25,168) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.50 197.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.65 197.42 Td (23,790) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.50 197.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.65 197.42 Td (1,378) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.80 197.42 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.15 197.42 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 41.50 182.46 Td (Recent acquisitions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.65 182.42 Td (16,097) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.15 182.42 Td (25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.65 182.42 Td (16,072) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.30 182.42 Td (64,288) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.15 182.42 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 41.50 167.43 Td (T) Tj ET Q q 0 0 0 rg BT 47.25 167.43 Td (otal pr) Tj ET Q q 0 0 0 rg BT 75.68 167.43 Td (operty r) Tj ET Q q 0 0 0 rg BT 110.21 167.43 Td (evenues in excess of expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.50 167.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.65 167.42 Td (41,265) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.50 167.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.65 167.42 Td (23,815) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.50 167.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.65 167.42 Td (17,450) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.80 167.42 Td (73) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.15 167.42 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 41.50 137.43 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.50 137.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.50 137.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 41.50 122.42 Td (Depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.50 122.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.65 122.42 Td (24,465) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.50 122.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.65 122.42 Td (17,151) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.50 122.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.65 122.42 Td (7,314) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.80 122.42 Td (43) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.15 122.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 41.50 107.42 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.50 107.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.65 107.42 Td (10,693) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.50 107.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.65 107.42 Td (7,623) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.50 107.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.65 107.42 Td (3,070) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.80 107.42 Td (40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.15 107.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 41.50 92.42 Td (Interest income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.50 92.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.15 92.42 Td (90) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.50 92.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.15 92.42 Td (208) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.50 92.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.80 92.47 Td (\(118) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.15 92.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.45 92.42 Td (\(57) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.80 92.42 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 76.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 64.25 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 64.25 Td (Property ) Tj ET Q q 0 0 0 rg BT 90.43 64.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 127.95 64.25 Td (in ) Tj ET Q q 0 0 0 rg BT 137.72 64.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 165.81 64.25 Td (of ) Tj ET Q q 0 0 0 rg BT 176.13 64.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 214.21 64.25 Td (include ) Tj ET Q q 0 0 0 rg BT 245.64 64.25 Td (total ) Tj ET Q q 0 0 0 rg BT 265.40 64.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 302.92 64.25 Td (less ) Tj ET Q q 0 0 0 rg BT 319.91 64.25 Td (property ) Tj ET Q q 0 0 0 rg BT 355.78 64.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 395.53 64.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 433.62 64.25 Td (which ) Tj ET Q q 0 0 0 rg BT 460.05 64.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 489.81 64.25 Td (of ) Tj ET Q q 0 0 0 rg BT 500.13 64.25 Td (real ) Tj ET Q q 0 0 0 rg BT 517.11 64.25 Td (property ) Tj ET Q q 0 0 0 rg BT 552.97 64.25 Td (taxes, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 52.25 Td (property ) Tj ET Q q 0 0 0 rg BT 90.38 52.25 Td (management ) Tj ET Q q 0 0 0 rg BT 143.97 52.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 162.56 52.25 Td (and ) Tj ET Q q 0 0 0 rg BT 179.50 52.25 Td (income ) Tj ET Q q 0 0 0 rg BT 211.44 52.25 Td (taxes.) 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 24.60 Td (30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 749.10 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 749.10 Td (This ) Tj ET Q q 0 0 0 rg BT 74.56 749.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 110.10 749.10 Td (is ) Tj ET Q q 0 0 0 rg BT 119.56 749.10 Td (lar) Tj ET Q q 0 0 0 rg BT 129.93 749.10 Td (gely ) Tj ET Q q 0 0 0 rg BT 149.93 749.10 Td (due ) Tj ET Q q 0 0 0 rg BT 167.15 749.10 Td (to ) Tj ET Q q 0 0 0 rg BT 177.72 749.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.72 749.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 228.26 749.10 Td (in ) Tj ET Q q 0 0 0 rg BT 238.82 749.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 271.04 749.10 Td (income ) Tj ET Q q 0 0 0 rg BT 303.26 749.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 332.69 749.10 Td (on ) Tj ET Q q 0 0 0 rg BT 345.48 749.10 Td (our ) Tj ET Q q 0 0 0 rg BT 361.59 749.10 Td (real ) Tj ET Q q 0 0 0 rg BT 379.36 749.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 404.91 749.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 428.81 749.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 472.67 749.10 Td (from ) Tj ET Q q 0 0 0 rg BT 494.90 749.10 Td (the ) Tj ET Q q 0 0 0 rg BT 509.90 749.10 Td (Flagship ) Tj ET Q q 0 0 0 rg BT 547.13 749.10 Td (Capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 737.10 Td (JV) Tj ET Q q 0 0 0 rg BT 63.82 737.10 Td (. ) Tj ET Q q 0 0 0 rg BT 68.34 737.10 Td ( ) Tj ET Q q 0 0 0 rg BT 69.91 737.10 Td (As ) Tj ET Q q 0 0 0 rg BT 83.05 737.10 Td (of ) Tj ET Q q 0 0 0 rg BT 93.39 737.10 Td (March ) Tj ET Q q 0 0 0 rg BT 121.51 737.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 136.03 737.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 160.55 737.10 Td (we ) Tj ET Q q 0 0 0 rg BT 174.23 737.10 Td (had ) Tj ET Q q 0 0 0 rg BT 190.68 737.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 213.81 737.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 256.91 737.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.25 737.10 Td ($41.4 ) Tj ET Q q 0 0 0 rg BT 291.77 737.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.66 737.10 Td ( ) Tj ET Q q 0 0 0 rg BT 322.68 737.10 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 373.86 737.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 415.31 737.10 Td (to ) Tj ET Q q 0 0 0 rg BT 425.10 737.10 Td ($14.8 ) Tj ET Q q 0 0 0 rg BT 449.62 737.10 Td (million ) Tj ET Q q 0 0 0 rg BT 480.53 737.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 529.21 737.10 Td (as ) Tj ET Q q 0 0 0 rg BT 539.56 737.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.91 737.10 Td (March ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 725.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 69.00 725.10 Td (2012.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (Derivative Instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 677.10 Td (e have entered into several interest rate contracts as economic hedges against the fluctuation of future interest rates on our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 665.10 Td (variable interest rate borrowings, and we have also entered into several foreign currency forward contracts as economic hedges against ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 653.10 Td (the variability of future exchange rates on our international investments. ) Tj ET Q q 0 0 0 rg BT 327.11 653.10 Td (W) Tj ET Q q 0 0 0 rg BT 335.75 653.10 Td (e have not designated any of these contracts as hedges for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 641.10 Td (accounting purposes. ) Tj ET Q q 0 0 0 rg BT 122.74 641.10 Td (These derivatives have been recorded at their estimated fair values in the accompanying condensed consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 629.10 Td (balance sheets. Changes in the fair value of these derivatives result in gains or losses recorded in our condensed consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 617.10 Td (statements of operations and comprehensive income \(loss\). See Item 3. Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 0 rg BT 491.43 617.10 Td (About Market Risk ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 605.10 Td (included elsewhere in this Quarterly Report on Form 10-Q for additional information regarding certain risks related to our derivatives, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 593.10 Td (such as the risk of counterparty non-performance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 569.10 Td (The table below summarizes the activity related to our derivatives for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.45 569.10 Td (three) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.43 569.10 Td ( months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.26 569.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.86 569.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.30 569.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.30 569.10 Td ( \(in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 557.10 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 516.60 396.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 516.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 516.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 516.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 486.60 396.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 486.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 486.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 486.60 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 531.6 m 502.5 531.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 531.6 m 506.5 531.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 531.6 m 576.5 531.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 516.6 m 502.5 516.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 516.6 m 576.5 516.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 471.6 m 502.5 471.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 471.6 m 576.5 471.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 457.6 m 502.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 455.6 m 502.5 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 457.6 m 576.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 455.6 m 576.5 455.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 536.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 435.40 536.28 Td (Three Months Ended March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 521.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.00 521.28 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.00 521.28 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 506.27 Td (Gain \(loss\) on interest rate contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.00 506.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 506.27 Td (694) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.00 506.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 506.27 Td (602) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 491.27 Td (Unrealized gain \(loss\) on foreign currency forward contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.30 491.32 Td (\(673) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.65 491.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.65 491.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 476.27 Td (Gain \(loss\) on settlement of foreign currency forward contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 476.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.80 476.27 Td (\(2,525) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 476.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 461.27 Td (Gain \(loss\) on derivative instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.00 461.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 461.27 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.00 461.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.80 461.27 Td (\(1,923) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 461.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 433.10 Td (Other Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 409.10 Td (During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.55 409.10 Td (three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.86 409.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.36 409.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.96 409.10 Td (, we invested in five real estate investments with an aggregate net purchase price ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 397.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 46.83 397.10 Td ($646.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 105.72 397.10 Td (, compared to one real estate investment during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.32 397.10 Td (three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.63 397.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.13 397.10 Td (March31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.73 397.10 Td ( for a net purchase price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 385.10 Td ($132.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.89 385.10 Td (. ) Tj ET Q q 0 0 0 rg BT 102.21 385.10 Td (The table below provides detail relating to our acquisition-related expenses, asset management and acquisition fees ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 373.10 Td (and general and administrative expenses for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.98 373.10 Td (three) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.97 373.10 Td ( months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.79 373.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.39 373.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.83 373.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.83 373.10 Td (. ) Tj ET Q q 0 0 0 rg BT 419.78 373.10 Td (All amounts in thousands, except ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 361.10 Td (percentages:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 320.60 268.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 320.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 320.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 320.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 320.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 320.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 320.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 320.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 290.60 268.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 290.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 290.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 290.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 290.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 290.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 290.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 290.60 50.00 -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 304.5 335.6 m 374.5 335.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 335.6 m 378.5 335.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 335.6 m 448.5 335.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 335.6 m 522.5 335.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 335.6 m 526.5 335.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 335.6 m 576.5 335.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 320.6 m 374.5 320.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 320.6 m 448.5 320.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 320.6 m 522.5 320.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 320.6 m 576.5 320.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 320.6 m 374.5 320.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 320.6 m 448.5 320.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 340.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 307.40 340.28 Td (Three Months Ended March 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 497.60 340.28 Td (Change) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 325.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 329.00 325.28 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 403.00 325.28 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 484.50 325.28 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 546.00 325.28 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 310.27 Td (Acquisition-related expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.00 310.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.15 310.27 Td (16,473) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.00 310.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.65 310.27 Td (767) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.00 310.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.15 310.27 Td (15,706) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 310.27 Td (2,048) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 567.65 310.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 295.27 Td (Asset management and acquisition fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.00 295.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.15 295.27 Td (16,097) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.00 295.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.15 295.27 Td (2,947) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.00 295.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.15 295.27 Td (13,150) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 295.27 Td (446) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 567.65 295.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 280.27 Td (General and administrative expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.00 280.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.15 280.27 Td (1,088) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.00 280.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.65 280.27 Td (889) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.00 280.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.65 280.27 Td (199) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 280.27 Td (22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 567.65 280.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 252.10 Td (Acquisition-related expenses represent costs incurred on properties we have acquired and those which we may acquire in future ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 240.10 Td (periods. ) Tj ET Q q 0 0 0 rg BT 70.26 240.10 Td (These costs vary significantly from one acquisition to another) Tj ET Q q 0 0 0 rg BT 316.86 240.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 228.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 216.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 216.10 Td (e pay our ) Tj ET Q q 0 0 0 rg BT 101.79 216.10 Td (Advisor acquisition fees equal to 2.25% of the net purchase price of our real estate investments. During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.77 216.10 Td (three ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 204.10 Td (months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.83 204.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.33 204.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.92 204.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.36 204.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.36 204.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 250.02 204.10 Td (, we incurred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.00 204.10 Td ($14.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.89 204.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.33 204.10 Td ($2.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.22 204.10 Td ( of acquisition fees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 180.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 180.10 Td (e also pay monthly asset management fees toour ) Tj ET Q q 0 0 0 rg BT 260.64 180.10 Td (Advisor based on an annual fee equal to 1.5% of the amount of net equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 168.10 Td (capital invested in real estate investments. However) Tj ET Q q 0 0 0 rg BT 243.03 168.10 Td (, in ) Tj ET Q q 0 0 0 rg BT 257.75 168.10 Td (April 2012, our ) Tj ET Q q 0 0 0 rg BT 321.64 168.10 Td (Advisor agreed to waive the asset management fee otherwise ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 156.10 Td (payable to it for each quarter in 2012 and 2013 to the extent that our MFFO, as disclosed in each quarterly report, for a particular ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 144.10 Td (quarter amounts to less than 100% of the aggregate distributions declared to our shareholders for such quarter) Tj ET Q q 0 0 0 rg BT 474.20 144.10 Td (. ) Tj ET Q q 0 0 0 rg BT 479.02 144.10 Td (This fee waiver is not a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 132.10 Td (deferral and, accordingly) Tj ET Q q 0 0 0 rg BT 135.58 132.10 Td (, these fees will not be paid to the ) Tj ET Q q 0 0 0 rg BT 271.65 132.10 Td (Advisor in cash at any time in the future. ) Tj ET Q q 0 0 0 rg BT 437.17 132.10 Td (As a result of this fee waiver) Tj ET Q q 0 0 0 rg BT 551.73 132.10 Td (, our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 120.10 Td (Advisor waived asset management fees payable to it during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.48 120.10 Td (three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.79 120.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.29 120.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.89 120.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.33 120.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.33 120.10 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.66 120.10 Td ($3.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.55 120.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 556.99 120.10 Td ($3.0 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 108.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.89 108.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 117.55 108.10 Td (. During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.60 108.10 Td (three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.91 108.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.41 108.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.01 108.10 Td (, we incurred asset management fees of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.94 108.10 Td ($1.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.83 108.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.33 108.10 Td (No) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.55 108.10 Td ( asset ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 96.10 Td (management fees were incurred during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.26 96.10 Td (three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.57 96.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.07 96.10 Td (March31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.67 96.10 Td ( as a result of the waiver) Tj ET Q q 0 0 0 rg BT 450.85 96.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 72.10 Td (General and administrative expenses include legal and accounting fees, printing and mailing costs, insurance costs, costs and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 60.10 Td (expenses associated with our board of directors and other administrative expenses. Certain of these costs are variable and will continue ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 48.10 Td (to increase in the future as we continue to raise capital and make additional real estate investments.) 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 24.60 Td (31) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 737.10 Td (Other Gains \(Losses\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td (Other gains \(losses\) primarily reflect the ef) Tj ET Q q 0 0 0 rg BT 225.98 713.10 Td (fect of changes in foreign currency exchange rateson transactions that were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 701.10 Td (denominated in currencies other than our functional currencies. During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.28 701.10 Td (three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.59 701.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.09 701.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.69 701.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.13 701.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.13 701.10 Td (, these losses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 689.10 Td (primarily relate to the ef) Tj ET Q q 0 0 0 rg BT 133.00 689.10 Td (fect of remeasuring our borrowings denominated in a foreign currency into U.S. dollars and the changes in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 677.10 Td (foreign currency to the U.S. dollar exchange rate between the date of the borrowing and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.03 677.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.63 677.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.07 677.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.07 677.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (Funds fr) Tj ET Q q 0 0 0 rg BT 87.80 653.10 Td (om Operations andModified Funds fr) Tj ET Q q 0 0 0 rg BT 239.92 653.10 Td (om Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 641.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 629.10 Td (Funds from Operations, \("FFO"\), is a non-GAAP) Tj ET Q q 0 0 0 rg BT 251.23 629.10 Td ( financial performance measure defined by the National ) Tj ET Q q 0 0 0 rg BT 476.13 629.10 Td (Association of Real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 617.10 Td (Estate Investment ) Tj ET Q q 0 0 0 rg BT 109.69 617.10 Td (T) Tj ET Q q 0 0 0 rg BT 115.44 617.10 Td (rusts, \("NAREIT"\) widely recognized by investors and analysts as one measure of operating performance of a real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 605.10 Td (estate company) Tj ET Q q 0 0 0 rg BT 97.27 605.10 Td (. FFO excludes items such as real estate depreciation and amortization. Depreciation and amortization, as applied in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 593.10 Td (accordance with GAAP) Tj ET Q q 0 0 0 rg BT 129.86 593.10 Td (, implicitly assumes that the value of real estate assets diminishes predictably over time and also assumes that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 581.10 Td (such assets are adequately maintained and renovated as required in order to maintain their value. Since real estate values have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 569.10 Td (historically risen or fallen with market conditions such as occupancy rates, rental rates, inflation, interest rates, the business cycle, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 557.10 Td (unemployment and consumer spending, it is management) Tj ET Q q 0 0 0 rg BT 269.01 557.10 Td (s view) Tj ET Q q 0 0 0 rg BT 294.19 557.10 Td (, and we believe the view of many industry investors and analysts, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 545.10 Td (that the presentation of operating results for real estate companies using historical cost accounting alone is insuf) Tj ET Q q 0 0 0 rg BT 483.47 545.10 Td (ficient. In addition, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 533.10 Td (FFO excludes gains and losses from the sale of real estate and impairment char) Tj ET Q q 0 0 0 rg BT 352.11 533.10 Td (ges related to depreciable real estate assets and in-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 521.10 Td (substance real estate equity investments, which we believe provides management and investors with a helpful additional measure of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 509.10 Td (the historical performance of our real estate portfolio, as it allows for comparisons, year to year) Tj ET Q q 0 0 0 rg BT 416.85 509.10 Td (, that reflect the impact on operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 497.10 Td (from trends in items such as occupancy rates, rental rates, operating costs, general and administrative expenses and interest costs. ) Tj ET Q q 0 0 0 rg BT 555.00 497.10 Td (A) Tj ET Q q 0 0 0 rg BT 561.67 497.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 485.10 Td (property will be evaluated for impairment if events or circumstances indicate that the carrying amount may not be recoverable \(i.e. the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 473.10 Td (carrying amount exceeds the total estimated undiscounted future cash flows from the property\). Undiscounted future cash flows are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 461.10 Td (based on anticipated operating performance, including estimated future net rental and lease revenues, net proceeds on the sale of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 449.10 Td (property) Tj ET Q q 0 0 0 rg BT 69.23 449.10 Td (, and certain other ancillary cash flows. ) Tj ET Q q 0 0 0 rg BT 228.71 449.10 Td (While impairment char) Tj ET Q q 0 0 0 rg BT 321.26 449.10 Td (ges are excluded from the calculation of FFO as described ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 437.10 Td (above, stockholders are cautioned that due to the limited term of our operations, it could be dif) Tj ET Q q 0 0 0 rg BT 414.04 437.10 Td (ficult to recover any impairment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 425.10 Td (char) Tj ET Q q 0 0 0 rg BT 53.03 425.10 Td (ges. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 401.10 Td (In addition to FFO, management uses MFFO, as defined by the Investment Program ) Tj ET Q q 0 0 0 rg BT 393.13 401.10 Td (Association, \(the "IP) Tj ET Q q 0 0 0 rg BT 475.45 401.10 Td (A"\), as a non-GAAP) Tj ET Q q 0 0 0 rg BT 558.03 401.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 389.10 Td (supplemental financial performance measure to evaluate our operating performance. ) Tj ET Q q 0 0 0 rg BT 375.66 389.10 Td (The IP) Tj ET Q q 0 0 0 rg BT 401.68 389.10 Td (A) Tj ET Q q 0 0 0 rg BT 408.35 389.10 Td ( has recommended the use of MFFO as a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 377.10 Td (supplemental measure for publicly registered, non-listed REIT) Tj ET Q q 0 0 0 rg BT 285.51 377.10 Td (s to enhance the assessment of the operating performance of a non-listed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 365.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 57.47 365.10 Td (. MFFO is not equivalent to our net income or loss as determined under GAAP) Tj ET Q q 0 0 0 rg BT 372.16 365.10 Td (, and MFFO may not be useful as a measure of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 353.10 Td (long-term operating performance of our investments or as a comparative measure to other publicly registered, non-listed REIT) Tj ET Q q 0 0 0 rg BT 541.52 353.10 Td (s if we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 341.10 Td (do not continue to operate with a limited life and tar) Tj ET Q q 0 0 0 rg BT 244.09 341.10 Td (geted exit strategy) Tj ET Q q 0 0 0 rg BT 316.75 341.10 Td (, as currently intended and described herein. MFFO includes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 329.10 Td (funds generated by the operations of our real estate investments and funds used in our corporate-level operations. MFFO is based on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 317.10 Td (FFO, but includes certain additional adjustments which we believe are appropriate. Such items include reversing the ef) Tj ET Q q 0 0 0 rg BT 511.23 317.10 Td (fects of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 305.10 Td (straight-line rent revenue recognition, fair value adjustments to derivative instruments that do not qualify for hedge accounting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 293.10 Td (treatment and certain other items as described below) Tj ET Q q 0 0 0 rg BT 245.55 293.10 Td (. Some of these adjustments are necessary to address changes in the accounting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 281.10 Td (and reporting rules under GAAP) Tj ET Q q 0 0 0 rg BT 166.16 281.10 Td ( such as the accounting for acquisition-related expenses from a capitalization/depreciation model to an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 269.10 Td (expensed-as-incurred model that were put into ef) Tj ET Q q 0 0 0 rg BT 231.85 269.10 Td (fect in 2009 and other changes to GAAP) Tj ET Q q 0 0 0 rg BT 393.94 269.10 Td ( rules for real estate subsequent to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 257.10 Td (establishment of NAREIT) Tj ET Q q 0 0 0 rg BT 143.76 257.10 Td (s definition of FFO. ) Tj ET Q q 0 0 0 rg BT 225.53 257.10 Td (These changes in the accounting and reporting rules under GAAP) Tj ET Q q 0 0 0 rg BT 488.13 257.10 Td ( af) Tj ET Q q 0 0 0 rg BT 498.22 257.10 Td (fected all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 245.10 Td (industries, and as a result of these changes, acquisition fees and expenses are typically accounted for as operating expenses under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 233.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 62.12 233.10 Td (. Management believes these fees and expenses do not af) Tj ET Q q 0 0 0 rg BT 289.63 233.10 Td (fect our overall long-term operating performance. ) Tj ET Q q 0 0 0 rg BT 490.75 233.10 Td (These changes also ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 221.10 Td (have prompted a significant increase in the magnitude of non-cash and non-operating items included in FFO, as defined. Such items ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 209.10 Td (include amortization of out-of-market lease intangible assets and liabilities and certain tenant incentives. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 185.10 Td (Other adjustments included in MFFO are necessary to address issues that are common to publicly registered, non-listed REIT) Tj ET Q q 0 0 0 rg BT 555.41 185.10 Td (s. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 173.10 Td (Publicly registered, non-listed REIT) Tj ET Q q 0 0 0 rg BT 180.27 173.10 Td (s typically have a significant amount of acquisition activity and are substantially more dynamic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 161.10 Td (during their initial years of investment and operations. ) Tj ET Q q 0 0 0 rg BT 255.49 161.10 Td (While other start-up entities may also experience significant acquisition activity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 149.10 Td (during their initial years, we believe that non-listed REIT) Tj ET Q q 0 0 0 rg BT 264.40 149.10 Td (s like us are unique in that they have a limited life with tar) Tj ET Q q 0 0 0 rg BT 497.21 149.10 Td (geted exit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 137.10 Td (strategies within a relatively limited time frame after the acquisition activity ceases. ) Tj ET Q q 0 0 0 rg BT 373.20 137.10 Td (W) Tj ET Q q 0 0 0 rg BT 381.83 137.10 Td (e will use the proceeds raised in our of) Tj ET Q q 0 0 0 rg BT 536.05 137.10 Td (ferings to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 125.10 Td (make real estate investments, and intend to begin the process of considering our alternatives for the execution of a Liquidity Event ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 113.10 Td (\(i.e., a sale of our assets, our sale or mer) Tj ET Q q 0 0 0 rg BT 196.60 113.10 Td (ger) Tj ET Q q 0 0 0 rg BT 208.96 113.10 Td (, a listing of our shares on a national securities exchange, or another similar transaction\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 101.10 Td (between 2017 and 2019. ) Tj ET Q q 0 0 0 rg BT 136.07 101.10 Td (Thus, as a limited life REIT) Tj ET Q q 0 0 0 rg BT 247.53 101.10 Td ( we will not continuously purchase assets and will have a limited life.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 77.10 Td (The purchase of properties, and the corresponding expenses associated with that process, including acquisition fees and expenses, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 65.10 Td (is a key operational feature of our business plan to generate operational income and cash flows in order to make distributions to our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 53.10 Td (stockholders. MFFO excludes acquisition fees payable to our ) Tj ET Q q 0 0 0 rg BT 282.90 53.10 Td (Advisor and acquisition expenses. Under GAAP) Tj ET Q q 0 0 0 rg BT 475.65 53.10 Td (, acquisition fees and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 41.10 Td (expenses are characterized as operating expenses in determining operating net income. ) Tj ET Q q 0 0 0 rg BT 385.12 41.10 Td (These expenses are paid in cash by us, and ) Tj ET Q endstream endobj 69 0 obj <> endobj 70 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (32) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 749.10 Td (therefore such funds will not be available to distribute to our stockholders. ) Tj ET Q q 0 0 0 rg BT 335.65 749.10 Td (All paid and accrued acquisition fees and expenses with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 737.10 Td (respect to the acquisition of a property negatively impact our operating performance during the period in which the property is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 725.10 Td (acquired and will have negative ef) Tj ET Q q 0 0 0 rg BT 173.26 725.10 Td (fects on returns to our stockholders, the potential for future distributions, and future cash flows, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 713.10 Td (unless earnings from operations or net sales proceeds from the disposition of other properties are generated to cover the purchase price ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 701.10 Td (of the property) Tj ET Q q 0 0 0 rg BT 94.77 701.10 Td (, the related acquisition fees and expenses and other costs related to such property) Tj ET Q q 0 0 0 rg BT 421.23 701.10 Td (. In addition, if we acquire a property ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 689.10 Td (after all of) Tj ET Q q 0 0 0 rg BT 77.46 689.10 Td (fering proceeds from our public of) Tj ET Q q 0 0 0 rg BT 215.29 689.10 Td (ferings have been invested, there will not be any of) Tj ET Q q 0 0 0 rg BT 419.48 689.10 Td (fering proceeds to pay the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 677.10 Td (corresponding acquisition-related costs. ) Tj ET Q q 0 0 0 rg BT 197.07 677.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 246.41 677.10 Td (, unless our ) Tj ET Q q 0 0 0 rg BT 294.18 677.10 Td (Advisor determines to waive the payment of any then-outstanding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 665.10 Td (acquisition-related costs otherwise payable to the ) Tj ET Q q 0 0 0 rg BT 234.83 665.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 266.65 665.10 Td (, such costs will be paid from additional debt, operational earnings or cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 653.10 Td (flow) Tj ET Q q 0 0 0 rg BT 53.68 653.10 Td (, net proceeds from the sale of properties, or ancillary cash flows. ) Tj ET Q q 0 0 0 rg BT 317.57 653.10 Td (Therefore, MFFO may not be an accurate indicator of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 641.10 Td (operating performance, especially during periods in which properties are being acquired. Since MFFO excludes acquisition fees and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 629.10 Td (expenses, MFFO would only be comparable to the operations of non-listed REIT) Tj ET Q q 0 0 0 rg BT 359.69 629.10 Td (s that have completed their acquisition activity and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 617.10 Td (have other similar operating characteristics. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td (Management uses MFFO to evaluate the financial performance of our investment portfolio, including the impact of potential ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 581.10 Td (future investments. In addition, management uses MFFO to evaluate and establish our distribution policy and the sustainability ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 569.10 Td (thereof. Further) Tj ET Q q 0 0 0 rg BT 98.35 569.10 Td (, we believe MFFO is one of several measures that may be useful to investors in evaluating the potential performance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 557.10 Td (of our portfolio following the conclusion of the acquisition phase, as it excludes acquisition fees and expenses, as described herein.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 533.10 Td (MFFO has limitations as a performance measure in an of) Tj ET Q q 0 0 0 rg BT 281.82 533.10 Td (fering such as ours where the price of a share of common stock is a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 521.10 Td (stated value and there is no net asset value determination during the of) Tj ET Q q 0 0 0 rg BT 317.40 521.10 Td (fering stage and for a period thereafter) Tj ET Q q 0 0 0 rg BT 470.65 521.10 Td (. MFFO is useful in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 509.10 Td (assisting management and investors in assessing the sustainability \(that is, the capacity to continue to be maintained\) of operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 497.10 Td (performance in future operating periods, and in particular) Tj ET Q q 0 0 0 rg BT 265.51 497.10 Td (, after the of) Tj ET Q q 0 0 0 rg BT 314.19 497.10 Td (fering and acquisition stages are complete and net asset value is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 485.10 Td (disclosed. MFFO is not a useful measure in evaluating net asset value because impairments are taken into account in determining net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 473.10 Td (asset value but not in determining MFFO. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 449.10 Td (FFO and MFFO should not be construed to be more relevant or accurate than the current GAAP) Tj ET Q q 0 0 0 rg BT 437.98 449.10 Td ( methodology in calculating net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 437.10 Td (income or in its applicability in evaluating our operating performance. In addition, FFO and MFFO should not be considered as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 425.10 Td (alternatives to net income \(loss\) or income \(loss\) from continuing operations as an indication of our performance or as alternatives to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 413.10 Td (cash flows from operating activities as an indication of our liquidity) Tj ET Q q 0 0 0 rg BT 306.95 413.10 Td (, but rather should be reviewed in conjunction with these and other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 401.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 62.86 401.10 Td ( measurements. Further) Tj ET Q q 0 0 0 rg BT 156.60 401.10 Td (, FFO and MFFO are not intended to be used as liquidity measures indicative of cash flow available to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 389.10 Td (fund our cash needs, including our ability to make distributions to our stockholders. Please see the limitations listed below associated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 377.10 Td (with the use of MFFO: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 343.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 343.10 Td (As we are currently in the acquisition phase of our life cycle, acquisition costs and other adjustments that are increases to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 331.10 Td (MFFO are, and may continue to be, a significant use of cash and dilutive to the value of an investment in our shares.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 307.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 307.10 Td (MFFO excludes acquisition fees payable to our ) Tj ET Q q 0 0 0 rg BT 254.35 307.10 Td (Advisor and acquisition expenses. ) Tj ET Q q 0 0 0 rg BT 392.94 307.10 Td (Although these amounts reduce net income, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 295.10 Td (we generally fund such costs with proceeds from our of) Tj ET Q q 0 0 0 rg BT 285.26 295.10 Td (fering and acquisition-related indebtedness \(and, solely with respect to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 283.10 Td (acquisition-related costs incurred in connection with our acquisition of the Brindleyplace Project in July 2010, equity capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 271.10 Td (contributions from Moorfield\) and do not consider these fees and expenses in the evaluation of our operating performance and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 259.10 Td (determining MFFO.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 235.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 235.10 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 235.10 Td (e use interest rate swap contracts and interest rate caps as economic hedges against the variability of interest rates on variable-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 223.10 Td (rate loans. ) Tj ET Q q 0 0 0 rg BT 106.04 223.10 Td (Although we expect to hold these instruments to maturity) Tj ET Q q 0 0 0 rg BT 335.35 223.10 Td (, if we were to settle these instruments currently) Tj ET Q q 0 0 0 rg BT 526.59 223.10 Td (, it would ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 211.10 Td (have an impact on our operating performance.) Tj ET Q q 0 0 0 rg BT 252.09 211.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 301.99 211.10 Td (, these derivative instruments are measured at fair value on a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 199.10 Td (quarterly basis in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 228.23 199.10 Td (.MFFO excludes gains \(losses\) related to changes in these estimated values of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 187.10 Td (derivative instruments because such adjustments may not be reflective of ongoing operations and may reflect unrealized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 175.10 Td (impacts on our operating performance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 151.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 151.10 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 151.10 Td (e use foreign currency forward contracts as economic hedges against the variability of foreign exchange rates on certain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 139.10 Td (international investments. ) Tj ET Q q 0 0 0 rg BT 168.63 139.10 Td (These derivative instruments are typically short-term and are frequently settled at amounts that result ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 127.10 Td (in additional amounts paid or received. However) Tj ET Q q 0 0 0 rg BT 257.81 127.10 Td (, such gains \(losses\) are excluded from MFFO since they are not considered to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 115.10 Td (be operational in nature.) Tj ET Q q 0 0 0 rg BT 164.63 115.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 214.53 115.10 Td (, these derivative instruments are measured at fair value on a quarterly basis in accordance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 103.10 Td (with GAAP) Tj ET Q q 0 0 0 rg BT 109.40 103.10 Td (.MFFO excludes gains \(losses\) related to changes in these estimated values of our derivative instruments because ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 91.10 Td (such adjustments may not be reflective of ongoing operations or may reflect unrealized impacts on our operating performance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 67.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 67.10 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 67.10 Td (e utilize the definition of FFO as set forth by NAREIT) Tj ET Q q 0 0 0 rg BT 289.20 67.10 Td ( and the definition of MFFO as set forth by the IP) Tj ET Q q 0 0 0 rg BT 486.87 67.10 Td (A. Our FFO and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 55.10 Td (MFFO as presented may not be comparable to amounts calculated by other REIT) Tj ET Q q 0 0 0 rg BT 387.21 55.10 Td (s, if they use dif) Tj ET Q q 0 0 0 rg BT 451.19 55.10 Td (ferent approaches.) Tj ET Q endstream endobj 71 0 obj <> endobj 72 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (33) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 749.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 749.10 Td (Our business is subject to volatility in the real estate markets and general economic conditions, and adverse changes in those ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 737.10 Td (conditions could have a material adverse impact on our business, results of operations and MFFO. ) Tj ET Q q 0 0 0 rg BT 457.64 737.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 506.98 737.10 Td (, the predictive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 725.10 Td (nature of MFFO is uncertain and past performance may not be indicative of future results. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (Neither the United States Securities and Exchange Commission \(the SEC\), NAREIT) Tj ET Q q 0 0 0 rg BT 401.24 701.10 Td ( nor any regulatory body has passed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 689.10 Td (judgment on the acceptability of the adjustments that we use to calculate FFO or MFFO. In the future, the SEC, NAREIT) Tj ET Q q 0 0 0 rg BT 521.56 689.10 Td ( or a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 677.10 Td (regulatory body may decide to standardize the allowable adjustments across the non-listed REIT) Tj ET Q q 0 0 0 rg BT 421.82 677.10 Td ( industry and we would have to adjust ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 665.10 Td (our calculation and characterization of FFO or MFFO.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (The following section presents our calculation of FFO and MFFO and provides additional information related to our operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 629.10 Td (\(in thousands, except per share amounts\) for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.66 629.10 Td (three) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.65 629.10 Td ( months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.47 629.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.07 629.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.51 629.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.51 629.10 Td ( and the period from inception ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 617.10 Td (\(December 10, 2008\) through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.35 617.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.95 617.10 Td (. ) Tj ET Q q 0 0 0 rg BT 225.40 617.10 Td (As we are in the capital raising and acquisition phase of our operations, FFO and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 605.10 Td (MFFO are not useful in comparing operations for the two periods presented below) Tj ET Q q 0 0 0 rg BT 365.28 605.10 Td (. ) Tj ET Q q 0 0 0 rg BT 370.10 605.10 Td (W) Tj ET Q q 0 0 0 rg BT 378.73 605.10 Td (e expect revenues and expenses to increase in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 593.10 Td (future periods as we raise additional of) Tj ET Q q 0 0 0 rg BT 191.32 593.10 Td (fering proceeds and use them to acquire additional investments.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 548.60 278.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 548.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 548.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 548.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 548.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 548.60 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 518.60 278.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 518.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 518.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 518.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 518.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 518.60 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 488.60 278.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 488.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 488.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 488.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 488.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 488.60 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 458.60 278.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 458.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 458.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 458.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 458.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 458.60 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 428.60 278.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 428.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 428.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 428.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 428.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 428.60 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 398.60 278.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 398.60 72.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 398.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 398.60 72.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 398.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 398.60 110.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 358.60 278.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 358.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 358.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 358.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 358.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 358.60 110.00 -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 314.5 548.6 m 386.5 548.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 548.6 m 462.5 548.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 548.6 m 576.5 548.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 503.6 m 386.5 503.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 503.6 m 462.5 503.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 503.6 m 576.5 503.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 413.6 m 386.5 413.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 413.6 m 462.5 413.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 413.6 m 576.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 399.6 m 386.5 399.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 397.6 m 386.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 399.6 m 462.5 399.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 397.6 m 462.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 399.6 m 576.5 399.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 397.6 m 576.5 397.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 568.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 319.40 568.28 Td (Three Months Ended March 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 473.55 573.28 Td (Period fr) Tj ET Q q 0 0 0 rg BT 511.96 573.28 Td (om Inception ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.35 563.28 Td (\(December) Tj ET Q q 0 0 0 rg BT 523.81 563.28 Td ( 10, 2008\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 469.50 553.28 Td (thr) Tj ET Q q 0 0 0 rg BT 482.65 553.28 Td (ough Mar) Tj ET Q q 0 0 0 rg BT 524.97 553.28 Td (ch 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 553.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 340.00 553.28 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 416.00 553.28 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 538.27 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.00 538.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.80 538.32 Td (\(31,971) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 538.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.00 538.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.80 538.32 Td (\(8,771) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.65 538.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.00 538.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.80 538.27 Td (\(156,098) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 538.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 523.27 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 183.62 527.80 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.15 523.27 Td (24,465) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.15 523.27 Td (17,151) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 523.27 Td (178,408) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 508.27 Td () Tj ET Q q 0 0 0 rg BT 58.95 508.27 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 220.87 512.80 Td ( \(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.80 508.32 Td (\(1,197) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 508.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.30 508.32 Td (\(856) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.65 508.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.80 508.27 Td (\(5,079) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 508.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 493.27 Td (Funds from operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.80 493.32 Td (\(8,703) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 493.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.15 493.27 Td (7,524) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 493.27 Td (17,231) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 478.27 Td (Loss \(gain\) on derivative instruments ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 208.91 482.80 Td (\(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.30 478.32 Td (\(21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 478.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.15 478.27 Td (1,923) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 478.27 Td (12,304) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 463.27 Td (Loss \(gain\) on foreign currency ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 186.12 467.80 Td (\(4\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.15 463.27 Td (3,788) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.15 463.27 Td (1,740) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 463.27 Td (3,333) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 448.27 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 235.00 452.80 Td ( \(5\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.30 448.32 Td (\(208) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 448.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.30 448.32 Td (\(793) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.65 448.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.80 448.27 Td (\(3,445) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 448.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 433.27 Td (Acquisition fees and expenses ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 180.30 437.80 Td (\(6\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.15 433.27 Td (31,023) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.15 433.27 Td (3,698) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 433.27 Td (104,763) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 418.27 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 221.42 422.80 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.65 418.27 Td (311) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.65 418.27 Td (424) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.80 418.27 Td (\(5,754) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 418.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 403.27 Td (Modified Funds From Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.00 403.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.15 403.27 Td (26,190) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.00 403.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.15 403.27 Td (14,516) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.00 403.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 403.27 Td (128,432) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 388.27 Td (Basic and Diluted Loss Per Common Share ) Tj ET Q q 0 0 0 rg BT 214.82 388.27 Td (Attributable to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 378.27 Td (Common Stockholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.00 378.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.80 378.32 Td (\(0.20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 378.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.00 378.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.80 378.32 Td (\(0.09) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.65 378.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.00 378.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.80 378.27 Td (\(2.64) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 378.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 363.27 Td (Funds From Operations Per Common Share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.00 363.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.80 363.32 Td (\(0.05) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 363.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.00 363.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.15 363.27 Td (0.08) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.00 363.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 555.15 363.27 Td (0.30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 348.27 Td (Modified Funds From Operations Per Common Share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.00 348.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 348.27 Td (0.16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.00 348.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.15 348.27 Td (0.15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.00 348.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 555.15 348.27 Td (2.26) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 333.27 Td (Weighted Average Shares Outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.15 333.27 Td (163,514) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.15 333.27 Td (94,573) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 333.27 Td (56,850) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 305.10 Td (Notes to the table:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 281.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 281.10 Td (Represents the depreciation and amortization of various real estate assets.Historical cost accounting for real estate assets in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 269.10 Td (accordance with GAAP) Tj ET Q q 0 0 0 rg BT 148.59 269.10 Td ( implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 257.10 Td (values have historically risen or fallen with market conditions, we believe that such depreciation and amortization may be of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 245.10 Td (limited relevance in evaluating current operating performance and, as such, these items are excluded from our determination of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 233.10 Td (FFO.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 209.10 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 209.10 Td (Includes income attributable to noncontrolling interests and all adjustments to eliminate the noncontrolling interests) Tj ET Q q 0 0 0 rg BT 519.54 209.10 Td ( share of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 197.10 Td (adjustments to convert our net loss to FFO and MFFO.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 173.10 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 173.10 Td (Represents components of net loss related to the estimated changes in the values of our interest rate contract derivatives and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 161.10 Td (foreign currency forwards. ) Tj ET Q q 0 0 0 rg BT 165.71 161.10 Td (W) Tj ET Q q 0 0 0 rg BT 174.35 161.10 Td (e have excluded these changes in value from our evaluation of our operating performance and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 149.10 Td (MFFO because such adjustments may not be reflective of our ongoing performance and may reflect unrealized impacts on our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 137.10 Td (operating performance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 113.10 Td (\(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 113.10 Td (Represents components of net loss primarily resulting from the remeasurement of loans denominated in currencies other than our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 101.10 Td (functional currencies. ) Tj ET Q q 0 0 0 rg BT 142.95 101.10 Td (W) Tj ET Q q 0 0 0 rg BT 151.58 101.10 Td (e have excluded these changes in value from our evaluation of our operating performance and MFFO ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 89.10 Td (because such adjustments may not be reflective of our ongoing performance and may reflect unrealized impacts on our operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 77.10 Td (performance.) Tj ET Q endstream endobj 73 0 obj <> endobj 74 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (34) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 749.10 Td (\(5\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 749.10 Td (Includes the following components of revenues and expenses that we do not consider in evaluating our operating performance and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 737.10 Td (determining MFFO for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.43 737.10 Td (three) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.42 737.10 Td ( months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.24 737.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.84 737.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.28 737.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.28 737.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 676.60 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 676.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 676.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 676.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 676.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 676.60 118.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 646.60 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 646.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 646.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 646.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 646.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 646.60 118.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 616.60 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 616.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 616.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 616.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 616.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 616.60 118.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 676.6 m 391.5 676.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 676.6 m 454.5 676.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 676.6 m 576.5 676.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 676.6 m 576.5 676.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 616.6 m 391.5 616.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 616.6 m 454.5 616.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 616.6 m 576.5 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 602.6 m 391.5 602.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 600.6 m 391.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 602.6 m 454.5 602.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 600.6 m 454.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 602.6 m 576.5 602.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 600.6 m 576.5 600.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 697.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 347.00 705.33 Td (Three Months Ended) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 370.65 695.33 Td (March 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 469.55 701.28 Td (Period fr) Tj ET Q q 0 0 0 rg BT 507.96 701.28 Td (om Inception ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 473.35 691.28 Td (\(December) Tj ET Q q 0 0 0 rg BT 519.81 691.28 Td ( 10, 2008\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 465.50 681.28 Td (thr) Tj ET Q q 0 0 0 rg BT 478.65 681.28 Td (ough Mar) Tj ET Q q 0 0 0 rg BT 520.97 681.28 Td (ch 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 681.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 351.00 681.28 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 414.50 681.28 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 667.17 Td (Straight-line rent adjustment \(a\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.00 666.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.80 666.32 Td (\(1,882) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.65 666.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.00 666.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.80 666.32 Td (\(2,087) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 666.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.00 666.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 666.27 Td (\(14,820) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 666.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 652.17 Td (Amortization of lease incentives \(b\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.65 651.27 Td (319) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.65 651.27 Td (57) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 651.27 Td (1,034) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 637.17 Td (Amortization of out-of-market leases \(b\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 636.27 Td (1,284) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.15 636.27 Td (1,114) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 636.27 Td (8,937) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 622.17 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.65 621.27 Td (71) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 621.27 Td (123) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 621.27 Td (1,404) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 606.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.00 606.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.30 606.32 Td (\(208) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.65 606.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.00 606.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.30 606.32 Td (\(793) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 606.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.00 606.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.80 606.27 Td (\(3,445) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.65 606.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 578.10 Td (\(a\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 578.10 Td (Represents the adjustments to rental revenue as required by GAAP) Tj ET Q q 0 0 0 rg BT 339.06 578.10 Td ( to recognize minimum lease payments on a straight-line ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 566.10 Td (basis over the respective lease terms.) Tj ET Q q 0 0 0 rg BT 224.54 566.10 Td (W) Tj ET Q q 0 0 0 rg BT 233.18 566.10 Td (e have excluded these adjustments from our evaluation of our operating performance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 554.10 Td (and in determining MFFO because we believe that the rent that is billable during the current period is a more relevant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 542.10 Td (measure of our operating performance for such period.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 518.10 Td (\(b\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 518.10 Td (Represents the amortization of lease incentives and out-of-market leases.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 494.10 Td (\(6\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 494.10 Td (Represents acquisition expenses and acquisition fees paid to our ) Tj ET Q q 0 0 0 rg BT 312.55 494.10 Td (Advisor that are expensed in our condensed consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 482.10 Td (statements of operations. ) Tj ET Q q 0 0 0 rg BT 156.02 482.10 Td (W) Tj ET Q q 0 0 0 rg BT 164.65 482.10 Td (e fund such costs with proceeds from our of) Tj ET Q q 0 0 0 rg BT 339.99 482.10 Td (fering, and therefore do not consider these expenses in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 470.10 Td (evaluating our operating performance and determining MFFO.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 446.10 Td (Set forth below is additional information relating to certain items excluded from the analysis above which may be helpful in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 434.10 Td (assessing our operating results.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 410.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 410.10 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 128.42 410.10 Td (of ) Tj ET Q q 0 0 0 rg BT 139.85 410.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 176.25 410.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 217.12 410.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 240.22 410.10 Td (was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.87 410.10 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 279.47 410.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.36 410.10 Td ( ) Tj ET Q q 0 0 0 rg BT 311.46 410.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.00 410.10 Td ($0.7 ) Tj ET Q q 0 0 0 rg BT 349.60 410.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.49 410.10 Td ( ) Tj ET Q q 0 0 0 rg BT 381.59 410.10 Td (for ) Tj ET Q q 0 0 0 rg BT 396.35 410.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.67 410.10 Td (three ) Tj ET Q q 0 0 0 rg BT 434.75 410.10 Td (months ) Tj ET Q q 0 0 0 rg BT 467.30 410.10 Td (ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.17 410.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.27 410.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 538.47 410.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.47 410.10 Td ( ) Tj ET Q q 0 0 0 rg BT 561.57 410.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 398.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.00 398.10 Td (, ) Tj ET Q q 0 0 0 rg BT 97.00 398.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 144.66 398.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 374.10 Td (As noted previously) Tj ET Q q 0 0 0 rg BT 133.90 374.10 Td (, in our initial quarters of operations we did not, and from time to time thereafter we may not, generate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 362.10 Td (suf) Tj ET Q q 0 0 0 rg BT 48.04 362.10 Td (ficient cash flow from operations to fully fund distributions paid. ) Tj ET Q q 0 0 0 rg BT 310.31 362.10 Td (Therefore, some or all of our distributions may continue to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 350.10 Td (paid from other sources, such as cash advances by the ) Tj ET Q q 0 0 0 rg BT 253.43 350.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 285.25 350.10 Td (, cash resulting from a waiver or deferral of fees, borrowings and/or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 338.10 Td (proceeds from our public of) Tj ET Q q 0 0 0 rg BT 147.45 338.10 Td (ferings. Our ) Tj ET Q q 0 0 0 rg BT 200.22 338.10 Td (Advisor has waived asset management fees payable to it during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.53 338.10 Td (three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.84 338.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 326.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.60 326.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.04 326.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.04 326.10 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.37 326.10 Td ($3.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.26 326.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.70 326.10 Td ($3.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.59 326.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 322.25 326.10 Td (. Further) Tj ET Q q 0 0 0 rg BT 358.79 326.10 Td (, since the asset management fee waiver has been in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 314.10 Td (place, we have waived ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.01 314.10 Td ($12.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.90 314.10 Td ( in asset management fees. See Results of Operations Same-store ) Tj ET Q q 0 0 0 rg BT 464.77 314.10 Td (Analysis Other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 302.10 Td (Expenses," for additional information regarding our asset management fee waiver) Tj ET Q q 0 0 0 rg BT 362.75 302.10 Td (. ) Tj ET Q q 0 0 0 rg BT 367.57 302.10 Td (W) Tj ET Q q 0 0 0 rg BT 376.21 302.10 Td (e have not placed a cap on the amount of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 290.10 Td (distributions that may be paid from any of these sources.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 266.10 Td (From inception through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 151.49 266.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.09 266.10 Td (, we declared distributions to our stockholders totaling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.32 266.10 Td ($161.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.21 266.10 Td (, compared to total ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 254.10 Td (aggregate FFO of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.04 254.10 Td ($17.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.93 254.10 Td ( and cash flows from operating activities of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.99 254.10 Td ($46.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.88 254.10 Td (. For the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.99 254.10 Td (three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.30 254.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.80 254.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 573.40 254.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 242.10 Td (we declared distributions to our stockholders totaling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.23 242.10 Td ($26.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.13 242.10 Td (, compared to total aggregate FFO loss of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.70 242.10 Td ($8.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.59 242.10 Td (. For the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 230.10 Td (three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.31 230.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.81 230.10 Td (March31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.41 230.10 Td (, we declared distributions to our stockholders totaling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.64 230.10 Td ($15.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.54 230.10 Td (, compared to total aggregate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 218.10 Td (FFO of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.67 218.10 Td ($7.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.57 218.10 Td (. During our of) Tj ET Q q 0 0 0 rg BT 176.38 218.10 Td (fering and investment stages, we incur acquisition fees and expenses in connection with our real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 206.10 Td (estate investments, which are recorded as reductions to net income and FFO. From inception through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.85 206.10 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.44 206.10 Td (, we incurred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 194.10 Td (acquisition fees and expenses totaling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.57 194.10 Td ($104.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.46 194.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 171.25 Td (Related-Party ) Tj ET Q q 0 0 0 rg BT 98.29 171.25 Td (T) Tj ET Q q 0 0 0 rg BT 104.22 171.25 Td (ransactions and ) Tj ET Q q 0 0 0 rg BT 173.69 171.25 Td (Agr) Tj ET Q q 0 0 0 rg BT 190.17 171.25 Td (eements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 147.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 147.25 Td (e have entered into agreements with the ) Tj ET Q q 0 0 0 rg BT 223.41 147.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 255.23 147.25 Td (, Dealer Manager and Hines or its af) Tj ET Q q 0 0 0 rg BT 400.55 147.25 Td (filiates, whereby we pay certain fees and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 135.25 Td (reimbursements to these entities during the various phases of our or) Tj ET Q q 0 0 0 rg BT 306.31 135.25 Td (ganization and operation. During the or) Tj ET Q q 0 0 0 rg BT 463.86 135.25 Td (ganization and of) Tj ET Q q 0 0 0 rg BT 533.10 135.25 Td (fering ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 123.25 Td (stage, these include payments to our Dealer Manager for selling commissions and the dealer manager fee and payments to our ) Tj ET Q q 0 0 0 rg BT 542.23 123.25 Td (Advisor ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 111.25 Td (for reimbursement of issuer costs. During the acquisition and operational stages, these include payments for certain services related to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 99.25 Td (acquisitions, financing and management of our investments and operations provided to us by our ) Tj ET Q q 0 0 0 rg BT 425.09 99.25 Td (Advisor and Hines and its af) Tj ET Q q 0 0 0 rg BT 539.05 99.25 Td (filiates ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 87.25 Td (pursuant to various agreements we have entered into or anticipate entering into with these entities. See Note 9 Related Party ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 75.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.76 75.25 Td (ransactions and our ) Tj ET Q q 0 0 0 rg BT 121.46 75.25 Td (Annual Report on Form 10-K for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.80 75.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.38 75.25 Td ( for additional information concerning our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 63.25 Td (related-party transactions.) Tj ET Q endstream endobj 75 0 obj <> endobj 76 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (35) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 749.25 Td (Off-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 115.43 749.25 Td (Arrangements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 737.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 725.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.44 725.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.04 725.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.48 725.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.06 725.25 Td (, we had no of) Tj ET Q q 0 0 0 rg BT 296.81 725.25 Td (f-balance sheet arrangements that have or are reasonably likely to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 713.25 Td (have a current or future ef) Tj ET Q q 0 0 0 rg BT 139.93 713.25 Td (fect on our financial condition, changes in financial condition, revenues or expenses, results of operations, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 701.25 Td (liquidity) Tj ET Q q 0 0 0 rg BT 69.24 701.25 Td (, capital expenditures or capital resources.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 678.25 Td (Subsequent Events) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 654.25 Td (825 ) Tj ET Q q 0 0 0 rg BT 71.32 654.25 Td (Ann ) Tj ET Q q 0 0 0 rg BT 89.75 654.25 Td (Acquisition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 630.25 Td (In ) Tj ET Q q 0 0 0 rg BT 64.28 630.25 Td (April 2013, we acquired 825 ) Tj ET Q q 0 0 0 rg BT 180.92 630.25 Td (Ann Street, an of) Tj ET Q q 0 0 0 rg BT 249.05 630.25 Td (fice building located in Brisbane, ) Tj ET Q q 0 0 0 rg BT 384.02 630.25 Td (Australia. 825 ) Tj ET Q q 0 0 0 rg BT 445.12 630.25 Td (Ann Street consists of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.67 630.25 Td (206,507) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 568.17 630.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 618.25 Td (square feet of rentable area and is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.87 618.25 Td (99%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.20 618.25 Td ( leased. ) Tj ET Q q 0 0 0 rg BT 223.50 618.25 Td (The contract purchase price for 825 ) Tj ET Q q 0 0 0 rg BT 367.88 618.25 Td (Ann Street was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.48 618.25 Td (124.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.38 618.25 Td ( ) Tj ET Q q 0 0 0 rg BT 487.32 618.25 Td (AUD \(approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 606.25 Td ($128.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.89 606.25 Td ( assuming an exchange rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.18 606.25 Td ($1.03) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.68 606.25 Td ( per ) Tj ET Q q 0 0 0 rg BT 257.89 606.25 Td (AUD as of the date of acquisition\), exclusive of transaction costs and working ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 594.25 Td (capital reserves. ) Tj ET Q q 0 0 0 rg BT 105.23 594.25 Td (The acquisition was funded with proceeds from our Revolving Credit Facility and an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 594.25 Td (81.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.54 594.25 Td ( ) Tj ET Q q 0 0 0 rg BT 498.49 594.25 Td (AUD ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 582.25 Td (\(approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.59 582.25 Td ($83.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.48 582.25 Td ( based on an exchange rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.26 582.25 Td ($1.03) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.76 582.25 Td ( per ) Tj ET Q q 0 0 0 rg BT 313.97 582.25 Td (AUD as of the date of acquisition\) mortgage loan with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 570.25 Td (Commonwealth Bank of ) Tj ET Q q 0 0 0 rg BT 136.27 570.25 Td (Australia. See Note 6 Debt Financing for further information regarding our mortgage on 825 ) Tj ET Q q 0 0 0 rg BT 523.67 570.25 Td (Ann Street. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 546.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 546.25 Td (e have not concluded our accounting for this recent acquisition, but we expect that the purchase price will primarily be allocated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 534.25 Td (to building, land, and intangible lease assets and liabilities.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 510.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 63.63 510.25 Td (obable ) Tj ET Q q 0 0 0 rg BT 93.17 510.25 Td (Acquisition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 486.25 Td (In ) Tj ET Q q 0 0 0 rg BT 64.28 486.25 Td (April 2013, we entered into a contract to acquire the Campus at Playa ) Tj ET Q q 0 0 0 rg BT 345.12 486.25 Td (V) Tj ET Q q 0 0 0 rg BT 351.74 486.25 Td (ista, a four) Tj ET Q q 0 0 0 rg BT 394.02 486.25 Td (-building of) Tj ET Q q 0 0 0 rg BT 441.34 486.25 Td (fice complex located in Los ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 474.25 Td (Angeles, California. ) Tj ET Q q 0 0 0 rg BT 121.63 474.25 Td (The Campus at Playa ) Tj ET Q q 0 0 0 rg BT 209.21 474.25 Td (V) Tj ET Q q 0 0 0 rg BT 215.83 474.25 Td (ista consists of 324,955 square feet of rentable area that is 97% leased. ) Tj ET Q q 0 0 0 rg BT 502.78 474.25 Td (The contract ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 462.25 Td (purchase price for the Campus at Playa ) Tj ET Q q 0 0 0 rg BT 194.93 462.25 Td (V) Tj ET Q q 0 0 0 rg BT 201.55 462.25 Td (ista is $218.0 million, exclusive of transaction costs and working capital reserves. ) Tj ET Q q 0 0 0 rg BT 535.46 462.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 450.25 Td (acquisition will be funded using proceeds from our Revolving Credit Facility and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.21 450.25 Td ($1) Tj ET Q q 0 0 0 rg BT 380.84 450.25 Td (15.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.73 450.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.73 450.25 Td (three) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.72 450.25 Td ( year term loan. ) Tj ET Q q 0 0 0 rg BT 522.28 450.25 Td (The loan will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 438.25 Td (require interest at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.47 438.25 Td (LIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.47 438.25 Td ( plus ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 160.14 438.25 Td (1.50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.97 438.25 Td (. ) Tj ET Q q 0 0 0 rg BT 193.29 438.25 Td (W) Tj ET Q q 0 0 0 rg BT 201.92 438.25 Td (e expect to close on this acquisition in May 2013. ) Tj ET Q q 0 0 0 rg BT 405.04 438.25 Td (There can be no assurances that this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 426.25 Td (acquisition will be consummated, and if we elect not to close on this acquisition, we could potentially forfeit our $25.0 million earnest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 414.25 Td (money deposit.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 390.25 Td (Loan ) Tj ET Q q 0 0 0 rg BT 76.88 390.25 Td (Activity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 366.25 Td (In May 2013, we entered into a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.74 366.25 Td (48.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.63 366.25 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.46 366.25 Td ($73.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.35 366.25 Td ( based on an exchange rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.13 366.25 Td ($1.54) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.63 366.25 Td ( per GBP) Tj ET Q q 0 0 0 rg BT 475.48 366.25 Td ( as of the transaction ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 354.25 Td (date\) term loan secured by ) Tj ET Q q 0 0 0 rg BT 144.38 354.25 Td (W) Tj ET Q q 0 0 0 rg BT 153.02 354.25 Td (estferry Circus with Pricoa Mortgage Capital. ) Tj ET Q q 0 0 0 rg BT 340.57 354.25 Td (The loan matures on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.99 354.25 Td (May9, 2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.82 354.25 Td ( and requires interest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 342.25 Td (payments at a fixed rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.84 342.25 Td (3.30%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.67 342.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 318.25 Td (In May 2013, the Ponce and Bird JV) Tj ET Q q 0 0 0 rg BT 200.46 318.25 Td ( entered into a construction loan with a maximum commitment of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.68 318.25 Td ($46.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.57 318.25 Td ( with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 306.25 Td (JPMor) Tj ET Q q 0 0 0 rg BT 62.49 306.25 Td (gan Chase. ) Tj ET Q q 0 0 0 rg BT 111.19 306.25 Td (The loan matures on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.61 306.25 Td (May10, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.44 306.25 Td ( and has a variable interest rate which is expected to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.13 306.25 Td (LIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.13 306.25 Td ( plus ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.79 306.25 Td (2.25%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.63 306.25 Td (.) Tj ET Q endstream endobj 77 0 obj <> endobj 78 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (36) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 749.25 Td (Item3.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 65.99 749.25 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 0 rg BT 240.63 749.25 Td (About Market Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 725.25 Td (Market risk includes risks that arise from changes in interest rates, foreign currency exchange rates, commodity prices, equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 713.25 Td (prices and other market changes that af) Tj ET Q q 0 0 0 rg BT 192.42 713.25 Td (fect market-sensitive instruments. In pursuing our business plan, we believe that interest rate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 701.25 Td (risk, currency risk and real estate valuation risk are the primary market risks to which we are exposed.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 677.25 Td (Inter) Tj ET Q q 0 0 0 rg BT 73.07 677.25 Td (est ) Tj ET Q q 0 0 0 rg BT 86.68 677.25 Td (Rate ) Tj ET Q q 0 0 0 rg BT 107.50 677.25 Td (Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 653.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 653.25 Td (e are exposed to the ef) Tj ET Q q 0 0 0 rg BT 152.13 653.25 Td (fects of interest rate changes primarily as a result of debt used to maintain liquidity and fund expansion of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 641.25 Td (our real estate investment portfolio and operations. One of our interest rate risk management objectives is to limit the impact of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 629.25 Td (interest rate changes on cash flows. ) Tj ET Q q 0 0 0 rg BT 179.94 629.25 Td (T) Tj ET Q q 0 0 0 rg BT 185.35 629.25 Td (o achieve this objective, we may borrow at fixed rates or fix the variable rates of interest on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 617.25 Td (variable interest rate borrowings through the use of interest rate swaps. ) Tj ET Q q 0 0 0 rg BT 321.84 617.25 Td (W) Tj ET Q q 0 0 0 rg BT 330.48 617.25 Td (e have and may continue to enter into derivative financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 605.25 Td (instruments such as interest rate swaps and caps in order to mitigate our interest rate risk on a related financial instrument. ) Tj ET Q q 0 0 0 rg BT 526.78 605.25 Td (W) Tj ET Q q 0 0 0 rg BT 535.42 605.25 Td (e will not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 593.25 Td (enter into derivative or interest rate transactions for speculative purposes. ) Tj ET Q q 0 0 0 rg BT 331.55 593.25 Td (W) Tj ET Q q 0 0 0 rg BT 340.18 593.25 Td (e are exposed to credit risk of the counterparty to these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 581.25 Td (interest rate swap agreements in the event of non-performance under the terms of the derivative contracts.In the event of non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 569.25 Td (performance by the counterparty) Tj ET Q q 0 0 0 rg BT 166.12 569.25 Td (, if we were not able to replace these swaps, we would be subject to the variability of interest rates on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 557.25 Td (the total amount of debt outstanding under the mortgage.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 533.25 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.50 533.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.10 533.25 Td (, we had fixed-rate debt of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.11 533.25 Td ($532.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.00 533.25 Td ( and variable-rate debt of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.00 533.25 Td ($839.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.89 533.25 Td (, after adjusting for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 521.25 Td ($315.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.89 521.25 Td ( notional amount of our interest rate swap contracts. If interest rates were to increase by 1% and all other variables ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 509.25 Td (were held constant, we would incur ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.68 509.25 Td ($8.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.57 509.25 Td ( in additional annual interest expense associated with our variable-rate debt. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 497.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 85.90 497.25 Td (, we have notional amounts of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.19 497.25 Td ($178.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.08 497.25 Td ( in interest rate caps to cap our variable-rate debt. ) Tj ET Q q 0 0 0 rg BT 530.21 497.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 485.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.60 485.25 Td (, the variable interest rates did not exceed their capped interest rates. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 461.25 Td (For) Tj ET Q q 0 0 0 rg BT 68.63 461.25 Td (eign ) Tj ET Q q 0 0 0 rg BT 88.35 461.25 Td (Curr) Tj ET Q q 0 0 0 rg BT 107.43 461.25 Td (ency ) Tj ET Q q 0 0 0 rg BT 128.24 461.25 Td (Risks) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 437.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 437.25 Td (e currently have real estate investments located in countries outside of the U.S. that are subject to the ef) Tj ET Q q 0 0 0 rg BT 476.20 437.25 Td (fects of exchange rate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 425.25 Td (movements between the foreign currency of each real estate investment and the U.S. dollar) Tj ET Q q 0 0 0 rg BT 399.63 425.25 Td (, which may af) Tj ET Q q 0 0 0 rg BT 458.87 425.25 Td (fect future costs and cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 413.25 Td (flows as well as amounts translated into U.S. dollars for inclusion in our condensed consolidated financial statements. Generally) Tj ET Q q 0 0 0 rg BT 551.06 413.25 Td (, we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 401.25 Td (have entered into mortgage loans denominated in foreign currencies for these investments, which provide natural hedges with regard ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 389.25 Td (to changes in exchange rates between the foreign currencies and U.S. dollar and reduces our exposure to exchange rate dif) Tj ET Q q 0 0 0 rg BT 524.78 389.25 Td (ferences. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 377.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 85.90 377.25 Td (, we are typically a net receiver of these foreign currencies, and, as a result, our foreign operations benefit from a weaker ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 365.25 Td (U.S. dollar and are adversely af) Tj ET Q q 0 0 0 rg BT 162.16 365.25 Td (fected by a stronger U.S. dollar) Tj ET Q q 0 0 0 rg BT 286.84 365.25 Td (. ) Tj ET Q q 0 0 0 rg BT 294.16 365.25 Td (The table below identifies the ef) Tj ET Q q 0 0 0 rg BT 423.10 365.25 Td (fect that an 10% immediate, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 353.25 Td (unfavorable change in the exchange rates would have on our equity in these international real estate investments and their net income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 341.25 Td (for the most recently completed period, by foreign currency \(in thousands\): ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 34.50 293.75 228.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 293.75 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 293.75 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 293.75 175.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 34.50 263.75 228.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 263.75 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 263.75 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 263.75 175.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 293.75 m 389.5 293.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 293.75 m 574.5 293.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 293.75 m 389.5 293.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 266.85 308.43 Td (Reduction in Book ) Tj ET Q q 0 0 0 rg BT 348.63 308.43 Td (V) Tj ET Q q 0 0 0 rg BT 354.94 308.43 Td (alue as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 286.95 298.43 Td (of Mar) Tj ET Q q 0 0 0 rg BT 316.48 298.43 Td (ch 31, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 403.50 308.43 Td (Reduction in Net Income \(Loss\) for) Tj ET Q q 0 0 0 rg BT 553.58 308.43 Td ( the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 406.65 298.43 Td (Thr) Tj ET Q q 0 0 0 rg BT 423.14 298.43 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 518.79 298.43 Td (ch 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 37.00 283.42 Td (AUD) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.75 283.42 Td ($8,331) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.50 283.42 Td ($510) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 37.00 268.42 Td (EUR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.75 268.42 Td ($6,663) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.50 268.42 Td ($700) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 37.00 253.42 Td (GBP) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.25 253.42 Td ($40,943) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.75 253.42 Td ($3,889) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 37.00 238.42 Td (RUB ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 60.06 242.95 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.25 238.42 Td ($13,297) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.50 238.42 Td ($102) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 210.25 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 210.25 Td (Our real estate assets in Moscow) Tj ET Q q 0 0 0 rg BT 193.70 210.25 Td (, Russia were purchased in U.S. dollars and we expect that when we dispose of these assets, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 198.25 Td (sale transactions will also be denominated in U.S. dollars. ) Tj ET Q q 0 0 0 rg BT 296.29 198.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 345.63 198.25 Td (, we do not expect to have rouble exposure upon ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 186.25 Td (disposition.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 162.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 103.90 162.25 Td (, our Revolving Credit Facility allows for borrowings denominated in foreign currencies, which subject us to risks ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 150.25 Td (related to the ef) Tj ET Q q 0 0 0 rg BT 98.29 150.25 Td (fects of exchange rate movement. ) Tj ET Q q 0 0 0 rg BT 237.39 150.25 Td (As of March 31, 2013, we had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.53 150.25 Td (48.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.42 150.25 Td ( outstanding on our Revolving Credit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 138.25 Td (Facility) Tj ET Q q 0 0 0 rg BT 65.90 138.25 Td (. Holding everything else constant, a 10% immediate, unfavorable change in the exchange rate between GBP) Tj ET Q q 0 0 0 rg BT 503.99 138.25 Td ( and the U.S. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 126.25 Td (dollar would result in an increase of our principal balance by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.75 126.25 Td ($7.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.64 126.25 Td (.) 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 24.60 Td (37) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 749.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 79.83 749.10 Td (Risks) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 737.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 725.10 Td (There continues to be a significant amount of investment capital pursuing high-quality) Tj ET Q q 0 0 0 rg BT 399.10 725.10 Td (, well-located assets that generate stable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 713.10 Td (cash flows, causing aggressive competition and pricing for assets which match our investment strategy) Tj ET Q q 0 0 0 rg BT 446.36 713.10 Td (. ) Tj ET Q q 0 0 0 rg BT 451.18 713.10 Td (This may continue to drive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 701.10 Td (prices higher) Tj ET Q q 0 0 0 rg BT 87.52 701.10 Td (, resulting in lower cap rates and returns. ) Tj ET Q q 0 0 0 rg BT 252.47 701.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 302.38 701.10 Td (, while we intend to invest the proceeds raised from our public ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 689.10 Td (of) Tj ET Q q 0 0 0 rg BT 44.15 689.10 Td (ferings as quickly and prudently as possible, the aggressive competition and higher pricing for assets that meet our investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 677.10 Td (objectives has caused us to experience significant delays in investing our of) Tj ET Q q 0 0 0 rg BT 338.23 677.10 Td (fering proceeds in the past and may continue to cause such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 665.10 Td (delays in the future.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (As described elsewhere in this Quarterly Report on Form 10-Q, our ) Tj ET Q q 0 0 0 rg BT 326.16 641.10 Td (Advisor has agreed to waive asset management fees payable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 629.10 Td (to it in order to more closely align the amount of distributions paid with our operations. ) Tj ET Q q 0 0 0 rg BT 387.70 629.10 Td (This agreement ends at the end of 2013, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 617.10 Td (there can be no assurances that this termination will not negatively impact the cash available to pay distributions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 605.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 593.10 Td (e invest proceeds we receive from our of) Tj ET Q q 0 0 0 rg BT 225.44 593.10 Td (fering in short-term, highly-liquid investments until we use such funds to make real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 581.10 Td (estate investments. ) Tj ET Q q 0 0 0 rg BT 113.49 581.10 Td (Although we do not expect that income we earn on these temporary investments will be substantial, our earnings ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 569.10 Td (will be subject to the fluctuations of interest rates and their ef) Tj ET Q q 0 0 0 rg BT 281.02 569.10 Td (fect on these investments.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 546.25 Td (Item4.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 65.99 546.25 Td (Controls and Procedures) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 522.25 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 75.82 522.25 Td (e Contr) Tj ET Q q 0 0 0 rg BT 108.13 522.25 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 151.29 522.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 180.55 522.25 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 510.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 498.25 Td (In accordance with Exchange ) Tj ET Q q 0 0 0 rg BT 173.94 498.25 Td (Act Rules13a-15 and 15d-15, we carried out an evaluation, under the supervision and with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 486.25 Td (participation of management, including our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 289.63 486.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 402.18 486.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 420.10 486.25 Td (, of the ef) Tj ET Q q 0 0 0 rg BT 458.23 486.25 Td (fectiveness of our disclosure ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 474.25 Td (controls and procedures as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 530.38 474.25 Td (ficer and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 462.25 Td (Chief Financial Of) Tj ET Q q 0 0 0 rg BT 110.80 462.25 Td (ficer concluded that our disclosure controls and procedures were ef) Tj ET Q q 0 0 0 rg BT 379.12 462.25 Td (fective as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.48 462.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.08 462.25 Td (, to provide ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 450.25 Td (reasonable assurance that information required to be disclosed in our reports filed or submitted under the Exchange ) Tj ET Q q 0 0 0 rg BT 498.91 450.25 Td (Act is \(i\)recorded, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 438.25 Td (processed, summarized and reported within the time periods specified in the Securities and Exchange Commission) Tj ET Q q 0 0 0 rg BT 497.27 438.25 Td (s rules and forms, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 426.25 Td (and \(ii\)accumulated and communicated to our management, including our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 414.86 426.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 527.41 426.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 545.33 426.25 Td (, as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 414.25 Td (appropriate to allow timely decisions regarding required disclosure.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 390.25 Td (Change in Internal Contr) Tj ET Q q 0 0 0 rg BT 144.99 390.25 Td (ols) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 366.25 Td (No change occurred in our internal controls over financial reporting \(asdefined in Rule13a-15\(f\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 513.27 366.25 Td (Act\) during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 354.25 Td (quarter ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.19 354.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.79 354.25 Td ( that has materially af) Tj ET Q q 0 0 0 rg BT 243.24 354.25 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 424.66 354.25 Td (fect, our internal controls over ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 342.25 Td (financial reporting.) 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 24.60 Td (38) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 749.25 Td (P) Tj ET Q q 0 0 0 rg BT 41.37 749.25 Td (AR) Tj ET Q q 0 0 0 rg BT 55.46 749.25 Td (T) Tj ET Q q 0 0 0 rg BT 61.95 749.25 Td ( II- OTHER INFORMA) Tj ET Q q 0 0 0 rg BT 164.82 749.25 Td (TION) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 726.25 Td (Item1.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.49 726.25 Td (Legal Proceedings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 714.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 702.25 Td (From time to time in the ordinary course of business, the Company or its subsidiaries may become subject to legal proceedings, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 690.25 Td (claims or disputes. ) Tj ET Q q 0 0 0 rg BT 112.66 690.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.10 690.25 Td (May14, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.93 690.25 Td (, neither the Company nor any of its subsidiaries was a party to any material pending legal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 678.25 Td (proceedings.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 655.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 58.49 655.25 Td (1A.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.21 655.25 Td (Risk ) Tj ET Q q 0 0 0 rg BT 99.05 655.25 Td (Factors) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 631.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 631.25 Td (e are subject to a number of risks and uncertainties, which are discussed in Part I, Item 1A, Risk Factors in our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.12 631.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.12 631.25 Td ( ) Tj ET Q q 0 0 0 rg BT 538.07 631.25 Td (Annual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 619.25 Td (Report on Form 10-K for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.40 619.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.98 619.25 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 596.25 Td (Item2. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.49 596.25 Td (Unregistered Sales of Equity Securities and Use of Proceeds) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 584.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 572.25 Td (During the three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.36 572.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.96 572.25 Td (, we did not sell or issue any equity securities that were not registered under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 560.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 77.38 560.25 Td (Act.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 548.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 536.25 Td (All eligible requests for redemption that were received for the three months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.71 536.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.31 536.25 Td ( were redeemed and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 524.25 Td (redemptions were funded with proceeds from our distribution reinvestment plan. ) Tj ET Q q 0 0 0 rg BT 361.01 524.25 Td (The following table lists shares we redeemed under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 512.25 Td (our share redemption program during the period covered by this report.) 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0.9333333333333333 1 rg /GS0 gs 307.50 411.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 411.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 411.75 95.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 411.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 411.75 105.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 439.75 m 223.5 439.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 439.75 m 303.5 439.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 439.75 m 368.5 439.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 439.75 m 467.5 439.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 439.75 m 576.5 439.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 439.75 m 303.5 439.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 397.75 m 303.5 397.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 397.75 m 467.5 397.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 384.75 m 303.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 382.75 m 303.5 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 384.75 m 467.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 382.75 m 467.5 382.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 444.20 Td (Period) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.20 453.20 Td (Total Number of) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 230.95 444.20 Td (Shares Redeemed) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.70 462.20 Td (Average Price) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.20 453.20 Td (Paid per) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.30 444.20 Td (Share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.70 480.20 Td (Total Number of) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.30 471.20 Td (Shares Redeemed as) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.25 462.20 Td (Part of Publicly) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.55 453.20 Td (Announced Plans or) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 400.55 444.20 Td (Programs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.55 471.20 Td (Maximum Number) Tj ET Q q 0 0 0 rg BT 555.63 471.20 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.00 462.20 Td (Shar) Tj ET Q q 0 0 0 rg BT 497.34 462.20 Td (es that May ) Tj ET Q q 0 0 0 rg BT 544.25 462.20 Td (Y) Tj ET Q q 0 0 0 rg BT 549.75 462.20 Td (et be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.05 453.20 Td (Redeemed Under) Tj ET Q q 0 0 0 rg BT 549.62 453.20 Td ( the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.10 444.20 Td (Plans or) Tj ET Q q 0 0 0 rg BT 514.69 444.20 Td ( Pr) Tj ET Q q 0 0 0 rg BT 526.27 444.20 Td (ograms ) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 557.01 448.28 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 430.21 Td (January 1, 2013 to January 31, 2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 275.25 430.21 Td (95,904) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 310.00 430.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.25 430.21 Td (9.67) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.25 430.21 Td (95,904) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 543.75 430.21 Td (340,472) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 416.21 Td (February 1, 2013 to February 28, 2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 270.75 416.21 Td (107,630) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 310.00 416.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.25 416.21 Td (9.63) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.75 416.21 Td (107,630) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 543.75 416.21 Td (371,186) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 402.21 Td (March 1, 2013 to March 31, 2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 270.75 402.21 Td (130,367) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 310.00 402.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.25 402.21 Td (9.82) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.75 402.21 Td (130,367) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 543.75 402.21 Td (318,515) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 201.60 388.21 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 270.75 388.21 Td (333,901) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 310.00 388.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.75 388.21 Td (333,901) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.00 388.21 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 360.25 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 360.25 Td (This amount represents the number of shares available for redemption on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.19 360.25 Td (March31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.78 360.25 Td (. Our share redemption program was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 348.25 Td (first announced at the commencement of our initial public of) Tj ET Q q 0 0 0 rg BT 296.80 348.25 Td (fering in February 2009. Our share redemption program does not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 336.25 Td (have a fixed expiration date, but it is subject to significant restrictions and limitations and our board of directors may terminate, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 324.25 Td (suspend or amend the program without stockholder approval. ) Tj ET Q q 0 0 0 rg BT 301.82 324.25 Td (W) Tj ET Q q 0 0 0 rg BT 310.46 324.25 Td (e may redeem shares on a monthly basis if the shares were held ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 312.25 Td (for at least one year and meet certain other conditions. ) Tj ET Q q 0 0 0 rg BT 273.08 312.25 Td (Any such redemptions will be limited to the amount required to redeem 5% ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 300.25 Td (of the shares outstanding as of the same date in the prior calendar year) Tj ET Q q 0 0 0 rg BT 334.88 300.25 Td (, and unless our board of directors determines otherwise, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 288.25 Td (redemptions will be further limited to the amount of proceeds received from our distribution reinvestment plan in the month prior ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 276.25 Td (to the month in which the redemption request was received. Per the terms of our share redemption program, we may waive the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 264.25 Td (one-year holding requirement and limitations described above for share redemption requests made in connection with the death or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 252.25 Td (disability of a stockholder) Tj ET Q q 0 0 0 rg BT 157.59 252.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 228.25 Td (Use of Pr) Tj ET Q q 0 0 0 rg BT 75.25 228.25 Td (oceeds fr) Tj ET Q q 0 0 0 rg BT 113.10 228.25 Td (om Register) Tj ET Q q 0 0 0 rg BT 164.29 228.25 Td (ed Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 204.25 Td (On ) Tj ET Q q 0 0 0 rg BT 68.17 204.25 Td (August 5, 2009, the Registration Statement on Form S-1) Tj ET Q q 0 0 0 rg BT 293.34 204.25 Td (1 \(File No. 333-156742\) for the Initial Of) Tj ET Q q 0 0 0 rg BT 459.24 204.25 Td (fering was declared ef) Tj ET Q q 0 0 0 rg BT 547.62 204.25 Td (fective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 192.25 Td (under the Securities ) Tj ET Q q 0 0 0 rg BT 117.37 192.25 Td (Act of 1933. ) Tj ET Q q 0 0 0 rg BT 169.96 192.25 Td (The Initial Of) Tj ET Q q 0 0 0 rg BT 224.75 192.25 Td (fering commenced on ) Tj ET Q q 0 0 0 rg BT 313.89 192.25 Td (August 5, 2009 and was terminated on February 1, 2013.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 168.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 168.25 Td (e raised gross proceeds of $1.6 billionthrough the sale of 160.7 million shares to the public in connection with the Initial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 156.25 Td (Of) Tj ET Q q 0 0 0 rg BT 46.37 156.25 Td (fering, excluding $75.7 million through the issuance of 8.0 million shares sold through our distribution reinvestment plan. During ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 144.25 Td (that time, we paid $156.5 million of selling commissions and dealer manager fees and $17.6 million of issuer costs related to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 132.25 Td (Initial Of) Tj ET Q q 0 0 0 rg BT 72.75 132.25 Td (fering.) Tj ET Q q 0 0 0 rg BT 101.45 132.25 Td (The selling commissions and dealer manager fees were not paid with respect to the shares sold through our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 120.25 Td (distribution reinvestment plan. ) Tj ET Q q 0 0 0 rg BT 160.80 120.25 Td (The selling commissions and dealer manager fees were paid to our dealer manager) Tj ET Q q 0 0 0 rg BT 490.82 120.25 Td (, which is an af) Tj ET Q q 0 0 0 rg BT 551.46 120.25 Td (filiate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 108.25 Td (of Hines and is wholly-owned, indirectly) Tj ET Q q 0 0 0 rg BT 199.21 108.25 Td (, by) Tj ET Q q 0 0 0 rg BT 213.56 108.25 Td (, or for the benefit of, our Chairman, Jef) Tj ET Q q 0 0 0 rg BT 373.60 108.25 Td (frey C. Hines and his father) Tj ET Q q 0 0 0 rg BT 483.72 108.25 Td (, Gerald D. Hines. Net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 96.25 Td (proceeds available for investment after the payment of the costs described above were $1.4 billion. ) Tj ET Q q 0 0 0 rg BT 433.73 96.25 Td (These proceeds, along with $1.2 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 84.25 Td (billion of proceeds from debt financing, were used to make $2.6 billion of investments in real estate, including the cost of completed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 72.25 Td (acquisitions, deposits paid on pending acquisitions, acquisition fees and expenses andcosts of leveraging our properties. ) Tj ET Q q 0 0 0 rg BT 519.51 72.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 569.41 72.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 60.25 Td (in our initial quarters of operations, and from time to time thereafter) Tj ET Q q 0 0 0 rg BT 307.73 60.25 Td (, we did not generate suf) Tj ET Q q 0 0 0 rg BT 405.85 60.25 Td (ficient cash flow from operations to fully ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 48.25 Td (fund distributions paid. ) Tj ET Q q 0 0 0 rg BT 131.00 48.25 Td (As discussed in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.16 48.25 Td (Management) Tj ET Q q 0 0 0 rg BT 254.41 48.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 324.51 48.25 Td (Analysis of Financial Condition and Results of Operations ) 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 11.60 Td (39) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 753.10 Td (Financial Condition, Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 238.96 753.10 Td (ces- Distributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.91 753.10 Td ( a portion of our distributions were funded with proceeds from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 741.10 Td (the Initial Of) Tj ET Q q 0 0 0 rg BT 87.47 741.10 Td (fering.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 729.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 717.10 Td (See ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 70.94 717.10 Td (Management) Tj ET Q q 0 0 0 rg BT 130.75 717.10 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 200.85 717.10 Td (Analysis of Financial Condition and Results of Operations Financial Condition, Liquidity ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 705.10 Td (and Capital Resour) Tj ET Q q 0 0 0 rg BT 113.96 705.10 Td (ces) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.29 705.10 Td ( elsewhere in this Quarterly Report on Form 10-Q for additional information regarding our cash flows.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 682.25 Td (Item 3. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 70.99 682.25 Td (Defaults Upon Senior Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 658.25 Td (Not applicable.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 635.25 Td (Item 4.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 70.99 635.25 Td (Mine Safety Disclosures) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 611.25 Td (Not applicable.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 588.25 Td (Item 5.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 70.99 588.25 Td (Other Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 564.25 Td (Not applicable.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 541.25 Td (Item6. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.49 541.25 Td (Exhibits) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 529.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 517.25 Td (The exhibits required by this item are set forth on the ExhibitIndex attached hereto.) 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 24.60 Td (40) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 273.85 749.25 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 304.78 749.25 Td (TURES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 725.25 Td (Pursuant to the requirements of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 262.05 725.25 Td (Act of 1934, the registrant has duly caused this report to be signed on its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 713.25 Td (behalf by the undersigned thereunto duly authorized.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 701.25 Td () Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 648.75 m 300.5 648.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 648.75 m 383.5 648.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 592.75 m 300.5 592.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 592.75 m 383.5 592.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 681.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.00 681.32 Td (HINES GLOBAL REIT, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 667.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.00 667.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.00 667.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.00 667.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.00 667.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 653.32 Td (May 14, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.00 653.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.00 653.32 Td (By:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.00 653.32 Td (/s/ Sherri ) Tj ET Q q 0 0 0 rg BT 251.71 653.32 Td (W) Tj ET Q q 0 0 0 rg BT 260.23 653.32 Td (. Schugart) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.00 653.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 639.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.00 639.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.00 639.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.00 639.32 Td (Sherri ) Tj ET Q q 0 0 0 rg BT 239.76 639.32 Td (W) Tj ET Q q 0 0 0 rg BT 248.28 639.32 Td (. 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Pursuant to SEC Release 34-47551 this) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.00 557.12 Td (Exhibit 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 72.00 542.12 Td (101) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 542.12 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.00 542.12 Td (The following materials from Hines Global REIT) Tj ET Q q 0 0 0 rg BT 306.54 542.12 Td (, Inc.) 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