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421.00 590.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 590.32 Td (1,826,558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 590.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 590.32 Td (1,256,579) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 576.32 Td (Investments in unconsolidated entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 576.32 Td (226,479) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 576.32 Td (393,695) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 562.32 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 562.32 Td (82,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 562.32 Td (133,472) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 548.32 Td (Restricted cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 548.32 Td (119,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 548.32 Td (119,786) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 534.32 Td (Distributions receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 534.32 Td (3,888) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 534.32 Td (3,888) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 520.32 Td (Tenant and other receivables, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 520.32 Td (49,761) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 520.32 Td (44,953) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 506.32 Td (Intangible lease assets, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 506.32 Td (188,800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 506.32 Td (69,911) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 492.32 Td (Deferred leasing costs, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 492.32 Td (121,436) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 492.32 Td (125,195) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 478.32 Td (Deferred financing costs, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 478.32 Td (3,267) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 478.32 Td (3,272) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 464.32 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 464.32 Td (3,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 464.32 Td (31,972) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 450.43 Td (TOTAL ASSETS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 450.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 450.32 Td (2,625,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 450.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 450.32 Td (2,182,723) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 422.43 Td (LIABILITIES:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 422.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 422.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 408.32 Td (Accounts payable and accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 408.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 408.32 Td (65,765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 408.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 408.32 Td (67,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 394.32 Td (Due to affiliates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 394.32 Td (4,145) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 394.32 Td (3,686) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 380.32 Td (Intangible lease liabilities, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 380.32 Td (35,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 380.32 Td (9,846) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 366.32 Td (Other liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 366.32 Td (17,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 366.32 Td (11,128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 352.32 Td (Interest rate swap contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 352.32 Td (61,911) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 352.32 Td (67,652) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 338.32 Td (Participation interest liability) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 338.32 Td (96,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 338.32 Td (91,376) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 324.32 Td (Distributions payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 324.32 Td (15,238) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 324.32 Td (15,672) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 310.32 Td (Notes payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 310.32 Td (1,185,597) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 310.32 Td (795,715) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 296.32 Td (Total liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 296.32 Td (1,482,453) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 296.32 Td (1,062,082) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 268.32 Td (Commitments and contingencies \(Note 13\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 268.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 268.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 240.43 Td (EQUITY:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 240.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 240.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 226.32 Td (Preferred shares, $.001 par value; 500,000 preferred shares authorized, none issued or) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 216.32 Td (outstanding as of March 31, 2014 and December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 216.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 216.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 202.32 Td (Common shares, $.001 par value; 1,500,000 common shares authorized, 227,765 and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 192.32 Td (229,174 common shares issued and outstanding as of March 31, 2014 and December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 182.32 Td (2013, respectively) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 182.42 Td (228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 182.42 Td (229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 168.32 Td (Additional paid-in capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 168.32 Td (1,131,414) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 168.32 Td (1,150,909) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 154.32 Td (Accumulated deficit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 154.32 Td (12,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 154.37 Td (\(29,951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 154.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 140.32 Td (Accumulated other comprehensive income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 140.37 Td (\(642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 140.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 140.37 Td (\(546) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 140.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 126.32 Td (Total stockholders equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 126.32 Td (1,143,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 126.32 Td (1,120,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 112.32 Td (Noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 112.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 112.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 98.32 Td (Total equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 98.32 Td (1,143,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 98.32 Td (1,120,641) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 84.43 Td (TOTAL LIABILITIES AND EQUITY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 84.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 84.32 Td (2,625,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 84.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 84.32 Td (2,182,723) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.25 56.25 Td (See notes to the condensed consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 24.60 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.15 749.25 Td (HINES REAL) Tj ET Q q 0 0 0 rg BT 251.00 749.25 Td ( EST) Tj ET Q q 0 0 0 rg BT 271.66 749.25 Td (A) Tj ET Q q 0 0 0 rg BT 278.14 749.25 Td (TE INVESTMENT) Tj ET Q q 0 0 0 rg BT 361.04 749.25 Td ( ) Tj ET Q q 0 0 0 rg BT 363.36 749.25 Td (TRUST) Tj ET Q q 0 0 0 rg BT 395.96 749.25 Td (, INC.) Tj ET Q BT /F2 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 /F2 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 /F2 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 /F2 10.00 Tf ET q 0 0 0 rg BT 247.73 725.25 Td ( Months Ended ) Tj ET Q BT /F2 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, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.00 725.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.13 725.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.13 725.25 Td ( ) Tj ET Q BT /F2 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 36.50 638.75 392.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 638.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 638.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 638.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 610.75 392.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 610.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 610.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 610.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 582.75 392.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 582.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 582.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 582.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 554.75 392.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 554.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 554.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 554.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 526.75 392.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 526.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 526.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 526.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 498.75 392.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 498.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 498.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 498.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 470.75 392.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 470.75 72.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 470.75 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 470.75 72.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 424.75 392.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 424.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 424.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 424.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 396.75 392.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 396.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 396.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 396.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 350.75 392.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 350.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 350.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 350.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 322.75 392.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 322.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 322.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 322.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 294.75 392.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 294.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 294.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 294.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 266.75 392.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 266.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 266.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 266.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 238.75 392.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 238.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 238.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 238.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 210.75 392.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 210.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 210.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 210.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 182.75 392.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 182.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 182.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 182.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 155.75 392.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 155.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 155.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 155.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 127.75 392.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 127.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 127.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 127.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 99.75 392.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 99.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 99.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 99.75 72.00 -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 428.5 674.75 m 500.5 674.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 674.75 m 576.5 674.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 610.75 m 500.5 610.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 610.75 m 576.5 610.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 484.75 m 500.5 484.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 470.75 m 500.5 470.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 484.75 m 576.5 484.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 470.75 m 576.5 470.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 382.75 m 500.5 382.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 382.75 m 576.5 382.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 350.75 m 500.5 350.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 350.75 m 576.5 350.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 308.75 m 500.5 308.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 308.75 m 576.5 308.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 266.75 m 500.5 266.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 266.75 m 576.5 266.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 238.75 m 500.5 238.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 238.75 m 576.5 238.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 225.75 m 500.5 225.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 223.75 m 500.5 223.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 225.75 m 576.5 225.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 223.75 m 576.5 223.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 211.75 m 500.5 211.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 209.75 m 500.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 211.75 m 576.5 211.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 209.75 m 576.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 197.75 m 500.5 197.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 195.75 m 500.5 195.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 197.75 m 576.5 197.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 195.75 m 576.5 195.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 183.75 m 500.5 183.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 181.75 m 500.5 181.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 183.75 m 576.5 183.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 181.75 m 576.5 181.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 113.75 m 500.5 113.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 113.75 m 576.5 113.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 85.75 m 500.5 85.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 85.75 m 576.5 85.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 72.75 m 500.5 72.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 70.75 m 500.5 70.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 72.75 m 576.5 72.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 70.75 m 576.5 70.75 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 693.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.25 693.20 Td (Three Months Ended March 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 679.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.00 679.20 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.00 679.20 Td (2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 657.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.00 666.15 Td (\(In thousands, except per share) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 483.95 657.15 Td (amounts\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 643.20 Td (Revenues:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 643.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.00 643.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 629.21 Td (Rental revenue) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 629.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 629.21 Td (56,030) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.00 629.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 629.21 Td (40,098) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 615.21 Td (Other revenue) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 615.21 Td (4,026) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.75 615.21 Td (2,248) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 45.00 601.21 Td (Total revenues) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 601.21 Td (60,056) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 601.21 Td (42,346) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 587.20 Td (Expenses:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 587.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.00 587.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 573.21 Td (Property operating expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 573.21 Td (17,134) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 573.21 Td (13,687) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 559.21 Td (Real property taxes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 559.21 Td (8,094) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.75 559.21 Td (6,165) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 545.21 Td (Property management fees) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 545.21 Td (1,526) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.75 545.21 Td (1,067) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 531.21 Td (Depreciation and amortization) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 531.21 Td (24,726) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 531.21 Td (13,046) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 517.21 Td (Acquisition related expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.50 517.21 Td (106) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 517.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 503.21 Td (Asset management and acquisition fees) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 503.21 Td (10,735) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.75 503.21 Td (8,457) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 489.21 Td (General and administrative) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 489.21 Td (1,957) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.75 489.21 Td (1,668) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 45.00 475.21 Td (Total expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 475.21 Td (64,278) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 475.21 Td (44,090) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 461.20 Td (Income \(loss\) from continuing operations before other income \(expenses\), benefit \(provision\) for) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 452.20 Td (income taxes, gain on sale or dissolution of unconsolidated joint venture and equity in earnings) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 443.20 Td (\(losses\) of unconsolidated entities, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.75 443.21 Td (\(4,222) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 443.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.75 443.21 Td (\(1,744) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 573.00 443.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 429.20 Td (Other income \(expenses\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 429.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.00 429.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 415.21 Td (Gain \(loss\) on derivative instruments, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 415.21 Td (5,741) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.75 415.21 Td (6,286) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 401.21 Td (Interest expense) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.25 401.21 Td (\(12,376) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 401.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.25 401.21 Td (\(14,061) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 573.00 401.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 387.21 Td (Interest income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.50 387.21 Td (185) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 387.21 Td (184) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 373.20 Td (Income \(loss\) from continuing operations before benefit \(provision\) for income taxes, gain on sale or) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 364.20 Td (dissolution of unconsolidated joint venture and equity in earnings \(losses\) of unconsolidated entities,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 355.20 Td (net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.25 355.21 Td (\(10,672) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 355.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.75 355.21 Td (\(9,335) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 573.00 355.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 341.21 Td (Benefit \(provision\) for income taxes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 341.21 Td (\(89) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 341.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 561.00 341.21 Td (\(67) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 573.00 341.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 327.21 Td (Gain \(loss\) on sale or dissolution of unconsolidated joint venture) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 327.21 Td (11,311) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 327.21 Td (15,965) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 313.21 Td (Equity in earnings \(losses\) of unconsolidated entities, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 313.21 Td (40,945) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.75 313.21 Td (2,595) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 299.20 Td (Income \(loss\) from continuing operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 299.21 Td (41,495) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.75 299.21 Td (9,158) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 285.21 Td (Income \(loss\) from discontinued operations, net of taxes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.50 285.21 Td (\(183) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 285.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 285.21 Td (148,661) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 271.21 Td (Gain \(loss\) on sale of real estate investments) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 271.21 Td (1,013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 271.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 257.20 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 257.21 Td (42,325) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 257.21 Td (157,819) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 243.21 Td (Less: Net income attributable to noncontrolling interests) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 243.21 Td (\(74) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 243.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 556.50 243.21 Td (\(138) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 573.00 243.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 229.20 Td (Net income \(loss\) attributable to common stockholders) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 229.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 229.21 Td (42,251) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.00 229.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 229.21 Td (157,681) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 215.21 Td (Basic and diluted income \(loss\) per common share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 215.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.25 215.21 Td (0.19) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.00 215.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.25 215.21 Td (0.68) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 201.21 Td (Distributions declared per common share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 201.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.25 201.21 Td (0.07) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.00 201.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.25 201.21 Td (0.12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 187.21 Td (Weighted average number of common shares outstanding) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.75 187.21 Td (227,765) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 187.21 Td (232,870) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 160.20 Td (Net comprehensive income \(loss\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 160.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.00 160.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 146.21 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 146.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 146.21 Td (42,325) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.00 146.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 146.21 Td (157,819) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 132.21 Td (Other comprehensive income \(loss\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 132.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.00 132.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 45.00 118.21 Td (Foreign currency translation adjustment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 118.21 Td (\(96) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 118.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.75 118.21 Td (1,574) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 104.20 Td (Net comprehensive income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 104.21 Td (42,229) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 104.21 Td (159,393) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 45.00 90.21 Td (Net comprehensive income \(loss\) attributable to noncontrolling interests) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 90.21 Td (\(74) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 90.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 556.50 90.21 Td (\(138) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 573.00 90.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 76.20 Td (Net comprehensive income \(loss\) attributable to common stockholders) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 76.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 76.21 Td (42,155) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.00 76.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 76.21 Td (159,255) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 578.00 72.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.25 60.25 Td (See notes to the condensed consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.15 742.25 Td (HINES REAL) Tj ET Q q 0 0 0 rg BT 251.00 742.25 Td ( EST) Tj ET Q q 0 0 0 rg BT 271.66 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 278.14 742.25 Td (TE INVESTMENT) Tj ET Q q 0 0 0 rg BT 361.04 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 363.36 742.25 Td (TRUST) Tj ET Q q 0 0 0 rg BT 395.96 742.25 Td (, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.65 730.25 Td (CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 294.76 730.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 329.31 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 335.79 730.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 400.71 730.25 Td ( EQUITY) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.85 718.25 Td (For) Tj ET Q q 0 0 0 rg BT 204.22 718.25 Td ( the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.37 718.25 Td (Thr) Tj ET Q q 0 0 0 rg BT 238.85 718.25 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 334.50 718.25 Td (ch 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.00 718.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.13 718.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.13 718.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 706.25 Td (\(UNAUDITED\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.00 694.25 Td (\(In thousands\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 628.75 109.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 159.50 628.75 42.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 628.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 628.75 38.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 628.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 628.75 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 628.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 628.75 58.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 628.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 628.75 66.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 628.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 628.75 61.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 628.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 628.75 64.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 582.75 109.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 159.50 582.75 42.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 582.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 582.75 38.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 582.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 582.75 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 582.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 582.75 58.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 582.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 582.75 66.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 582.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 582.75 61.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 582.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 582.75 64.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 545.75 109.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 159.50 545.75 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 545.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 545.75 38.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 545.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 545.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 545.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 545.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 545.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 545.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 545.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 545.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 545.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 545.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 508.75 109.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 159.50 508.75 42.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 508.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 508.75 38.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 508.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 508.75 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 508.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 508.75 58.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 508.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 508.75 66.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 508.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 508.75 61.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 508.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 508.75 64.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 429.75 109.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 159.50 429.75 42.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 429.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 429.75 38.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 429.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 429.75 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 429.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 429.75 58.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 429.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 429.75 66.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 429.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 429.75 61.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 429.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 429.75 64.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 383.75 109.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 159.50 383.75 42.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 383.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 383.75 38.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 383.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 383.75 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 383.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 383.75 58.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 383.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 383.75 66.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 383.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 383.75 61.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 383.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 383.75 64.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 346.75 109.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 159.50 346.75 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 346.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 346.75 38.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 346.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 346.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 346.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 346.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 346.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 346.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 346.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 346.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 346.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 346.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 318.75 109.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 159.50 318.75 42.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 318.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 318.75 38.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 318.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 318.75 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 318.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 318.75 58.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 318.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 318.75 66.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 318.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 318.75 61.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 318.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 318.75 64.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 263.75 109.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 159.50 263.75 42.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 263.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 263.75 38.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 263.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 263.75 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 263.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 263.75 58.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 263.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 263.75 66.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 263.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 263.75 61.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 263.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 263.75 64.00 -23.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 669.75 m 201.5 669.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 201.5 669.75 m 205.5 669.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 669.75 m 243.5 669.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 669.75 m 247.5 669.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 669.75 m 297.5 669.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 669.75 m 301.5 669.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 669.75 m 359.5 669.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 669.75 m 363.5 669.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 669.75 m 429.5 669.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 628.75 m 201.5 628.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 628.75 m 243.5 628.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 628.75 m 297.5 628.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 628.75 m 359.5 628.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 628.75 m 429.5 628.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 628.75 m 494.5 628.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 628.75 m 562.5 628.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 628.75 m 201.5 628.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 628.75 m 243.5 628.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 628.75 m 297.5 628.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 628.75 m 359.5 628.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 628.75 m 429.5 628.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 628.75 m 494.5 628.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 628.75 m 562.5 628.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 508.75 m 201.5 508.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 508.75 m 243.5 508.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 508.75 m 297.5 508.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 508.75 m 359.5 508.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 508.75 m 429.5 508.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 508.75 m 494.5 508.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 508.75 m 562.5 508.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 486.75 m 201.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 484.75 m 201.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 486.75 m 243.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 484.75 m 243.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 486.75 m 297.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 484.75 m 297.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 486.75 m 359.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 484.75 m 359.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 486.75 m 429.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 484.75 m 429.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 486.75 m 494.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 484.75 m 494.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 486.75 m 562.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 484.75 m 562.5 484.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 429.75 m 201.5 429.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 429.75 m 243.5 429.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 429.75 m 297.5 429.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 429.75 m 359.5 429.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 429.75 m 429.5 429.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 429.75 m 494.5 429.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 429.75 m 562.5 429.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 429.75 m 201.5 429.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 429.75 m 243.5 429.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 429.75 m 297.5 429.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 429.75 m 359.5 429.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 429.75 m 429.5 429.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 429.75 m 494.5 429.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 429.75 m 562.5 429.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 263.75 m 201.5 263.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 263.75 m 243.5 263.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 263.75 m 297.5 263.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 263.75 m 359.5 263.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 263.75 m 429.5 263.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 263.75 m 494.5 263.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 263.75 m 562.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 241.75 m 201.5 241.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 239.75 m 201.5 239.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 241.75 m 243.5 241.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 239.75 m 243.5 239.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 241.75 m 297.5 241.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 239.75 m 297.5 239.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 241.75 m 359.5 241.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 239.75 m 359.5 239.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 241.75 m 429.5 241.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 239.75 m 429.5 239.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 241.75 m 494.5 241.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 239.75 m 494.5 239.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 241.75 m 562.5 241.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 239.75 m 562.5 239.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 216.25 674.20 Td (Hines Real Estate Investment Trust, Inc.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.50 674.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.00 674.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 633.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 162.25 642.20 Td (Common) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 167.05 633.20 Td (Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 208.20 633.20 Td (Amount) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 251.45 651.20 Td (Additional) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 257.95 642.20 Td (Paid-in) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 257.70 633.20 Td (Capital) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.50 642.20 Td (Accumulated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 317.25 633.20 Td (Deficit) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 370.50 660.20 Td (Accumulated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.55 651.20 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.05 642.20 Td (Comprehensive) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 368.85 633.20 Td (Income \(Loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 453.65 651.20 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.30 642.20 Td (Stockholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.45 633.20 Td (Equity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.05 642.20 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 537.38 642.20 Td (olling) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 513.30 633.20 Td (Inter) Tj ET Q q 0 0 0 rg BT 532.63 633.20 Td (ests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 619.20 Td (BALANCE,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 610.20 Td (January 1, 2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 168.75 610.21 Td (229,174) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 208.00 610.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 226.50 610.21 Td (229) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 250.00 610.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 258.00 610.21 Td (1,150,909) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 304.00 610.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.25 610.21 Td (\(29,951) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.00 610.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.00 610.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.50 610.21 Td (\(546) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.00 610.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.00 610.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.00 610.21 Td (1,120,641) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.00 610.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 610.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 596.21 Td (Issuance of) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 587.21 Td (common shares) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 184.50 587.21 Td (908) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.50 587.21 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 273.75 587.21 Td (5,810) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.00 587.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.00 587.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.75 587.21 Td (5,811) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 587.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 573.21 Td (Redemption of) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 564.21 Td (common shares) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 174.75 564.21 Td (\(2,317) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 198.00 564.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 232.50 564.21 Td (\(2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 240.00 564.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 266.25 564.21 Td (\(10,140) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.00 564.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.00 564.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.00 564.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.25 564.21 Td (\(10,142) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 564.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 564.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 550.21 Td (Distributions declared) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 189.00 550.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 231.00 550.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 266.25 550.21 Td (\(15,165) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.00 550.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.00 550.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.00 550.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.25 550.21 Td (\(15,165) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 550.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.00 550.21 Td (\(74) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 550.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 536.21 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 189.00 536.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 231.00 536.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 285.00 536.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 331.25 536.21 Td (42,251) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.00 536.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.25 536.21 Td (42,251) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 536.21 Td (74) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 522.21 Td (Foreign currency) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 513.21 Td (translation adjustment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 189.00 513.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 231.00 513.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 285.00 513.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.00 513.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 513.21 Td (\(96) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.00 513.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 479.00 513.21 Td (\(96) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 513.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 513.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 499.20 Td (BALANCE,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 490.20 Td (March 31, 2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 168.75 490.21 Td (227,765) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 208.00 490.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 226.50 490.21 Td (228) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 250.00 490.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 258.00 490.21 Td (1,131,414) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 304.00 490.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 331.25 490.21 Td (12,300) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.00 490.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.50 490.21 Td (\(642) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.00 490.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.00 490.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.00 490.21 Td (1,143,300) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.00 490.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 490.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 434.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 162.25 443.20 Td (Common) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 167.05 434.20 Td (Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 208.20 434.20 Td (Amount) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 251.45 452.20 Td (Additional) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 257.95 443.20 Td (Paid-in) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 257.70 434.20 Td (Capital) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.50 443.20 Td (Accumulated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 317.25 434.20 Td (Deficit) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 370.50 461.20 Td (Accumulated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.55 452.20 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.05 443.20 Td (Comprehensive) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 368.85 434.20 Td (Income \(Loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 453.65 452.20 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.30 443.20 Td (Stockholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.45 434.20 Td (Equity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.05 443.20 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 537.38 443.20 Td (olling) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 513.30 434.20 Td (Inter) Tj ET Q q 0 0 0 rg BT 532.63 434.20 Td (ests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 420.20 Td (BALANCE,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 411.20 Td (January 1, 2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 168.75 411.21 Td (231,680) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 208.00 411.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 226.50 411.21 Td (232) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 250.00 411.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 258.00 411.21 Td (1,433,567) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 304.00 411.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 323.75 411.21 Td (\(378,017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.00 411.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.00 411.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.75 411.21 Td (\(1,961) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.00 411.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.00 411.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.00 411.21 Td (1,053,821) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.00 411.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 411.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 397.21 Td (Issuance of) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 388.21 Td (common shares) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 177.75 388.21 Td (1,530) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.50 388.21 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 269.25 388.21 Td (11,630) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.00 388.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.00 388.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.25 388.21 Td (11,632) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 388.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 374.21 Td (Redemption of) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 365.21 Td (common shares) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 181.50 365.21 Td (\(340) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 198.00 365.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 231.00 365.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 270.75 365.21 Td (\(2,967) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.00 365.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.00 365.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.00 365.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.75 365.21 Td (\(2,967) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 365.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 365.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 351.21 Td (Distributions declared) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 189.00 351.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 231.00 351.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 261.75 351.21 Td (\(216,096) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.00 351.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.00 351.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.00 351.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.75 351.21 Td (\(216,096) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 351.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.50 351.21 Td (\(138) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 351.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 337.21 Td (Other offering costs, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 189.00 337.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 231.00 337.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 282.00 337.21 Td (\(28) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.00 337.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.00 337.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.00 337.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 479.00 337.21 Td (\(28) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 337.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 337.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 323.21 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 189.00 323.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 231.00 323.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 285.00 323.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.75 323.21 Td (157,681) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.00 323.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.75 323.21 Td (157,681) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 323.21 Td (138) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 309.21 Td (Foreign currency) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 300.21 Td (translation adjustment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 189.00 300.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 231.00 300.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 285.00 300.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.00 300.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.50 300.21 Td (628) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 477.50 300.21 Td (628) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 300.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 286.21 Td (Reclassification of foreign) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 277.21 Td (currency translation) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 268.21 Td (adjustment to earnings) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 189.00 268.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 231.00 268.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 285.00 268.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.00 268.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.50 268.21 Td (946) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 477.50 268.21 Td (946) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 268.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 254.20 Td (BALANCE,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 245.20 Td (March 31, 2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 168.75 245.21 Td (232,870) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 208.00 245.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 226.50 245.21 Td (234) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 250.00 245.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 258.00 245.21 Td (1,226,106) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 304.00 245.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 323.75 245.21 Td (\(220,336) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.00 245.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.00 245.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.50 245.21 Td (\(387) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.00 245.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.00 245.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.00 245.21 Td (1,005,617) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.00 245.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 245.21 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.25 217.25 Td (See notes to the condensed consolidated financial statements.) 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.00 730.25 Td (CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 730.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 315.66 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 322.14 730.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 387.06 730.25 Td ( CASH FLOWS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.85 718.25 Td (For) Tj ET Q q 0 0 0 rg BT 204.22 718.25 Td ( the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.37 718.25 Td (Thr) Tj ET Q q 0 0 0 rg BT 238.85 718.25 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 334.50 718.25 Td (ch 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.00 718.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.13 718.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.13 718.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 706.25 Td (\(UNAUDITED\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 639.75 356.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 639.75 76.00 -15.00 re f /GS0 gs 0.8 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406.5 188.75 m 482.5 188.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 190.75 m 562.5 190.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 188.75 m 562.5 188.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 673.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.40 673.43 Td (Three Months Ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 658.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.00 658.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 658.43 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 644.43 Td (CASH FLOWS FROM OPERATING ACTIVITIES:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.00 644.43 Td (\(In thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 629.42 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 629.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 629.42 Td (42,325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 629.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 629.42 Td (157,819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 614.42 Td (Adjustments to reconcile net income \(loss\) to cash from operating activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 614.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 614.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 599.42 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 599.42 Td (28,866) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 599.42 Td (22,012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 584.42 Td (\(Gain\) loss on sale of real estate investments and discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.80 584.47 Td (\(1,013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 584.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 584.47 Td (\(143,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 584.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 569.42 Td (\(Gain\) loss on sale or dissolution of unconsolidated joint venture) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 569.47 Td (\(11,311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 569.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 569.47 Td (\(15,965) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 569.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 554.42 Td (Equity in \(earnings\) losses of unconsolidated entities, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 554.47 Td (\(40,945) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 554.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 554.47 Td (\(2,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 554.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 539.42 Td (Distributions received from unconsolidated entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 539.42 Td (40,945) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 539.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 524.42 Td (\(Gain\) loss on derivative instruments, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.80 524.47 Td (\(5,741) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 524.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 524.47 Td (\(6,286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 524.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 509.42 Td (Net change in operating accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.80 509.47 Td (\(2,342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 509.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 509.47 Td (\(32,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 509.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 494.42 Td (Net cash from operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 494.42 Td (50,784) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 494.47 Td (\(21,218) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 494.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 479.43 Td (CASH FLOWS FROM INVESTING ACTIVITIES:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 479.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 479.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 464.42 Td (Distributions received from unconsolidated entities in excess of equity in earnings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 464.42 Td (10,891) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 464.42 Td (6,165) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 449.42 Td (Investments in acquired properties and lease intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.80 449.47 Td (\(474,912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 449.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 449.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 434.42 Td (Capital expenditures at operating properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.80 434.47 Td (\(1,307) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 434.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 434.47 Td (\(2,884) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 434.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 419.42 Td (Proceeds from sale of real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 419.42 Td (7,902) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 419.42 Td (436,551) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 404.42 Td (Change in restricted cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 404.42 Td (353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 404.42 Td (835) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 389.42 Td (Net cash from investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.80 389.47 Td (\(457,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 389.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 389.42 Td (440,667) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 374.43 Td (CASH FLOWS FROM FINANCING ACTIVITIES:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 374.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 374.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 359.42 Td (Change in security deposits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 359.42 Td (602) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 359.42 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 344.42 Td (Redemption of common shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 344.47 Td (\(12,974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 344.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 344.47 Td (\(2,588) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 344.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 329.42 Td (Payments of offering costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.30 329.47 Td (\(12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 329.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 329.47 Td (\(28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 329.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 314.42 Td (Distributions paid to stockholders and noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.80 314.47 Td (\(9,861) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 314.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 314.47 Td (\(17,942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 314.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 299.42 Td (Proceeds from notes payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 299.42 Td (425,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 299.42 Td (360,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 284.42 Td (Payments on notes payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 284.47 Td (\(46,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 284.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 284.47 Td (\(517,639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 284.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 269.42 Td (Additions to deferred financing costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.30 269.47 Td (\(850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 269.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 269.47 Td (\(1,660) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 269.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 254.42 Td (Net cash from financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 254.42 Td (355,257) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 254.47 Td (\(179,841) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 254.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 239.43 Td (Effect of exchange rate changes on cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.30 239.47 Td (\(91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 239.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 239.47 Td (\(42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 239.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 224.43 Td (Net change in cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 224.47 Td (\(51,123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 224.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 224.42 Td (239,566) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 209.43 Td (Cash and cash equivalents, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 209.42 Td (133,472) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 209.42 Td (72,230) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 194.43 Td (Cash and cash equivalents, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 194.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 194.42 Td (82,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 194.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 194.42 Td (311,796) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 178.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.25 166.25 Td (See notes to the condensed consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.15 742.25 Td (HINES REAL) Tj ET Q q 0 0 0 rg BT 251.00 742.25 Td ( EST) Tj ET Q q 0 0 0 rg BT 271.66 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 278.14 742.25 Td (TE INVESTMENT) Tj ET Q q 0 0 0 rg BT 361.04 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 363.36 742.25 Td (TRUST) Tj ET Q q 0 0 0 rg BT 395.96 742.25 Td (, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.65 730.25 Td (NOTES) Tj ET Q q 0 0 0 rg BT 178.87 730.25 Td (T) Tj ET Q q 0 0 0 rg BT 185.36 730.25 Td (O CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 320.75 730.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 399.93 730.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 413.92 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 420.40 730.25 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.85 718.25 Td (For) Tj ET Q q 0 0 0 rg BT 204.22 718.25 Td ( the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.37 718.25 Td (Thr) Tj ET Q q 0 0 0 rg BT 238.85 718.25 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 334.50 718.25 Td (ch 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.00 718.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.13 718.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.13 718.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 706.25 Td (\(UNAUDITED\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (1.Organization) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 658.25 Td (The accompanying interim unaudited condensed consolidated financial information has been pr) Tj ET Q q 0 0 0 rg BT 452.58 658.25 Td (epar) Tj ET Q q 0 0 0 rg BT 470.53 658.25 Td (ed accor) Tj ET Q q 0 0 0 rg BT 504.87 658.25 Td (ding to the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (rules and r) Tj ET Q q 0 0 0 rg BT 93.52 646.25 Td (egulations of the United States Securities and Exchange Commission \(SEC\). Certain information and footnote ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (disclosur) Tj ET Q q 0 0 0 rg BT 86.30 634.25 Td (es normally included in financial statements pr) Tj ET Q q 0 0 0 rg BT 274.24 634.25 Td (epar) Tj ET Q q 0 0 0 rg BT 292.20 634.25 Td (ed in accor) Tj ET Q q 0 0 0 rg BT 336.81 634.25 Td (dance with accounting principles generally accepted in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (the United States of ) Tj ET Q q 0 0 0 rg BT 130.92 622.25 Td (America \(GAAP\) have been condensed or omitted accor) Tj ET Q q 0 0 0 rg BT 366.87 622.25 Td (ding to such rules and r) Tj ET Q q 0 0 0 rg BT 461.78 622.25 Td (egulations. For further ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (information, r) Tj ET Q q 0 0 0 rg BT 105.75 610.25 Td (efer to the financial statements and footnotes for the year ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 363.75 610.25 Td (December31, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 442.34 610.25 Td ( included in Hines Real ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (Estate Investment T) Tj ET Q q 0 0 0 rg BT 128.32 598.25 Td (rust, Inc.) Tj ET Q q 0 0 0 rg BT 166.19 598.25 Td (s ) Tj ET Q q 0 0 0 rg BT 172.40 598.25 Td (Annual Report on Form10-K for the year ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 368.76 598.25 Td (December31, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 447.35 598.25 Td (. In the opinion of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (management, all adjustments and eliminations, consisting only of normal r) Tj ET Q q 0 0 0 rg BT 349.34 586.25 Td (ecurring adjustments, necessary to pr) Tj ET Q q 0 0 0 rg BT 499.79 586.25 Td (esent fairly and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (in conformity with GAAP) Tj ET Q q 0 0 0 rg BT 151.20 574.25 Td ( the financial position of Hines Real Estate Investment T) Tj ET Q q 0 0 0 rg BT 376.45 574.25 Td (rust, Inc. as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 436.45 574.25 Td (Mar) Tj ET Q q 0 0 0 rg BT 453.30 574.25 Td (ch31, 2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 500.23 574.25 Td ( and the r) Tj ET Q q 0 0 0 rg BT 538.47 574.25 Td (esults ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (of operations for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 134.44 562.25 Td (thr) Tj ET Q q 0 0 0 rg BT 145.74 562.25 Td (ee) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 154.62 562.25 Td ( months ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 214.89 562.25 Td (Mar) Tj ET Q q 0 0 0 rg BT 231.74 562.25 Td (ch31, 2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 278.68 562.25 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 298.68 562.25 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 318.68 562.25 Td ( and cash flows for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 412.01 562.25 Td (thr) Tj ET Q q 0 0 0 rg BT 423.31 562.25 Td (ee months ended) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 489.96 562.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 492.46 562.25 Td (Mar) Tj ET Q q 0 0 0 rg BT 509.31 562.25 Td (ch31, 2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 556.25 562.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 550.25 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 87.50 550.25 Td ( have been included. The r) Tj ET Q q 0 0 0 rg BT 193.21 550.25 Td (esults of operations for such interim periods ar) Tj ET Q q 0 0 0 rg BT 381.45 550.25 Td (e not necessarily indicative of the r) Tj ET Q q 0 0 0 rg BT 521.60 550.25 Td (esults for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (the full year) Tj ET Q q 0 0 0 rg BT 97.21 538.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 514.25 Td (Hines Real Estate Investment ) Tj ET Q q 0 0 0 rg BT 188.34 514.25 Td (T) Tj ET Q q 0 0 0 rg BT 194.10 514.25 Td (rust, Inc., a Maryland corporation \(Hines REIT and, together with its consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (subsidiaries, the Company\), was formed on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.40 502.25 Td (August5, 2003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.80 502.25 Td ( under the Maryland General Corporation Law for the purpose of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (engaging in the business of investing in and owning interests in real estate. Beginning with its taxable year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (2004, the Company operated and intends to continue to operate in a manner to qualify as a real estate investment trust \(REIT\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (for federal income tax purposes. ) Tj ET Q q 0 0 0 rg BT 181.44 466.25 Td (The Company is structured as an umbrella partnership REIT) Tj ET Q q 0 0 0 rg BT 422.86 466.25 Td ( under which substantially all of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (the Company) Tj ET Q q 0 0 0 rg BT 106.38 454.25 Td (s current and future business is and will be conducted through its majority-owned subsidiary) Tj ET Q q 0 0 0 rg BT 475.38 454.25 Td (, Hines REIT) Tj ET Q q 0 0 0 rg BT 528.25 454.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (Properties, L.P) Tj ET Q q 0 0 0 rg BT 108.61 442.25 Td (. \(the Operating Partnership\). Hines REIT) Tj ET Q q 0 0 0 rg BT 284.76 442.25 Td ( is the sole general partner of the Operating Partnership. Subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (certain restrictions and limitations, the business of the Company is managed by Hines ) Tj ET Q q 0 0 0 rg BT 394.94 430.25 Td (Advisors Limited Partnership \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (Advisor\), an af) Tj ET Q q 0 0 0 rg BT 118.96 418.25 Td (filiate of Hines Interests Limited Partnership \(Hines\), pursuant to the advisory agreement between the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (Company and the ) Tj ET Q q 0 0 0 rg BT 122.49 406.25 Td (Advisor \(the Advisory ) Tj ET Q q 0 0 0 rg BT 218.87 406.25 Td (Agreement\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 382.25 Td (Public Offering) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 358.25 Td (Hines REIT) Tj ET Q q 0 0 0 rg BT 115.87 358.25 Td ( has raised approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.83 358.25 Td ($2.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.95 358.25 Td ( through public of) Tj ET Q q 0 0 0 rg BT 338.70 358.25 Td (ferings of its common stock, including shares of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (common stock of) Tj ET Q q 0 0 0 rg BT 119.25 346.25 Td (fered pursuant to its dividend reinvestment plan, since Hines REIT) Tj ET Q q 0 0 0 rg BT 386.23 346.25 Td ( commenced its initial public of) Tj ET Q q 0 0 0 rg BT 512.96 346.25 Td (fering in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (June 2004.) Tj ET Q q 0 0 0 rg BT 98.15 334.25 Td (The Company commenced a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.33 334.25 Td ($150.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.22 334.25 Td ( of) Tj ET Q q 0 0 0 rg BT 284.87 334.25 Td (fering of shares of its common stock under its dividend reinvestment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (plan on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.22 322.25 Td (July1, 2010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.39 322.25 Td (, which closed on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.87 322.25 Td (June30, 2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.70 322.25 Td (, immediately prior to the commencement of the Company) Tj ET Q q 0 0 0 rg BT 497.14 322.25 Td (s new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.69 322.25 Td ($300.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 310.25 Td ( of) Tj ET Q q 0 0 0 rg BT 89.54 310.25 Td (fering of shares of its common stock under its dividend reinvestment plan on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.20 310.25 Td (July1, 2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.37 310.25 Td (. ) Tj ET Q q 0 0 0 rg BT 453.19 310.25 Td (The Company refers to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (both of) Tj ET Q q 0 0 0 rg BT 78.43 298.25 Td (ferings of shares under its dividend reinvestment plan collectively asthe DRP) Tj ET Q q 0 0 0 rg BT 393.81 298.25 Td ( Of) Tj ET Q q 0 0 0 rg BT 406.68 298.25 Td (fering. From inception of the DRP) Tj ET Q q 0 0 0 rg BT 548.51 298.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 286.25 Td (fering through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.36 286.25 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.96 286.25 Td (, Hines REIT) Tj ET Q q 0 0 0 rg BT 236.82 286.25 Td ( received gross of) Tj ET Q q 0 0 0 rg BT 307.45 286.25 Td (fering proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.69 286.25 Td ($166.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.58 286.25 Td ( from the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.61 286.25 Td (20.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.51 286.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (shares through the DRP) Tj ET Q q 0 0 0 rg BT 144.90 274.25 Td ( Of) Tj ET Q q 0 0 0 rg BT 157.77 274.25 Td (fering.Based on market conditions and other considerations, the Company does not currently expect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (to commence any future of) Tj ET Q q 0 0 0 rg BT 157.55 262.25 Td (ferings other than those related to shares issued under its dividend reinvestment plan. On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.41 262.25 Td (April1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 250.25 Td (, Hines REIT) Tj ET Q q 0 0 0 rg BT 122.87 250.25 Td ( received gross of) Tj ET Q q 0 0 0 rg BT 193.49 250.25 Td (fering proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.74 250.25 Td ($5.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.63 250.25 Td ( from the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.66 250.25 Td (0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.55 250.25 Td ( shares through the DRP) Tj ET Q q 0 0 0 rg BT 526.95 250.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 238.25 Td (fering.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 214.25 Td (Hines REIT) Tj ET Q q 0 0 0 rg BT 115.87 214.25 Td ( contributes all net proceeds from its public of) Tj ET Q q 0 0 0 rg BT 300.08 214.25 Td (ferings to the Operating Partnership in exchange for partnership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (units in the Operating Partnership. ) Tj ET Q q 0 0 0 rg BT 189.42 202.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.87 202.25 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.47 202.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.90 202.25 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.49 202.25 Td (, Hines REIT) Tj ET Q q 0 0 0 rg BT 428.35 202.25 Td ( owned a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.95 202.25 Td (93.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.78 202.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.22 202.25 Td (93.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.05 202.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (general partner interest, respectively) Tj ET Q q 0 0 0 rg BT 194.83 190.25 Td (, in the Operating Partnership. Hines 2005 ) Tj ET Q q 0 0 0 rg BT 366.01 190.25 Td (VS I LP) Tj ET Q q 0 0 0 rg BT 397.69 190.25 Td (, an af) Tj ET Q q 0 0 0 rg BT 422.21 190.25 Td (filiate of Hines, owned a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.29 190.25 Td (0.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.12 190.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (limited partnership interest in the Operating Partnership as of both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.71 178.25 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.31 178.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.75 178.25 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.34 178.25 Td (. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (another af) Tj ET Q q 0 0 0 rg BT 90.07 166.25 Td (filiate of Hines, HALP) Tj ET Q q 0 0 0 rg BT 180.80 166.25 Td ( ) Tj ET Q q 0 0 0 rg BT 182.74 166.25 Td (Associates Limited Partnership \(HALP\), owned a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.97 166.25 Td (6.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.80 166.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.24 166.25 Td (5.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.07 166.25 Td ( profits interest \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (Participation Interest\) in the Operating Partnership as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.48 154.25 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.08 154.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.52 154.25 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.10 154.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 499.76 154.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 130.25 Td (Investment Pr) Tj ET Q q 0 0 0 rg BT 114.44 130.25 Td (operty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 106.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 106.25 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.04 106.25 Td (, the Company owned direct and indirect investments in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.10 106.25 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.10 106.25 Td ( properties. ) Tj ET Q q 0 0 0 rg BT 439.41 106.25 Td (These properties consisted of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 94.25 Td ( U.S. of) Tj ET Q q 0 0 0 rg BT 90.93 94.25 Td (fice properties, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.40 94.25 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.84 94.25 Td ( industrial property in Dallas, ) Tj ET Q q 0 0 0 rg BT 287.64 94.25 Td (T) Tj ET Q q 0 0 0 rg BT 293.05 94.25 Td (exas and a portfolio of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.52 94.25 Td (eight) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.51 94.25 Td ( grocery-anchored shopping centers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (located in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.65 82.25 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.31 82.25 Td ( states primarily in the southeastern United States. See below for additional information regarding the Grocery-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (Anchored Portfolio.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (The Company makes investments directly through entities that are wholly-owned by the Operating Partnership, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (indirectly through other entities, such as through its investment in Hines USCore Of) Tj ET Q q 0 0 0 rg BT 388.66 730.10 Td (fice Fund LP) Tj ET Q q 0 0 0 rg BT 440.50 730.10 Td ( \(the Core Fund\) in which it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (owned a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.10 718.10 Td (28.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.93 718.10 Td ( non-managing general partner interest as of both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.30 718.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.90 718.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.34 718.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.92 718.10 Td (. ) Tj ET Q q 0 0 0 rg BT 477.74 718.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (accounts for its investment in the Core Fund using the equity method of accounting. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (In January 2014, the Company dissolved its joint venture with ) Tj ET Q q 0 0 0 rg BT 319.18 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 327.81 682.10 Td (eingarten Realty Investors \(W) Tj ET Q q 0 0 0 rg BT 451.69 682.10 Td (eingarten\), through which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (the Company and ) Tj ET Q q 0 0 0 rg BT 122.86 670.10 Td (W) Tj ET Q q 0 0 0 rg BT 131.50 670.10 Td (eingarten held a portfolio of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.18 670.10 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.18 670.10 Td ( grocery-anchored shopping centers \(the Grocery-Anchored Portfolio\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (As a result of the dissolution of the joint venture, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.58 658.10 Td (eight) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.57 658.10 Td ( of the Grocery-Anchored Portfolio properties were distributed to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Company and the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.08 646.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.74 646.10 Td ( Grocery-Anchored Portfolio properties were distributed to ) Tj ET Q q 0 0 0 rg BT 421.10 646.10 Td (W) Tj ET Q q 0 0 0 rg BT 429.74 646.10 Td (eingarten and an additional $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.81 646.10 Td (0.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 634.10 Td ( in cash was paid to the Company by ) Tj ET Q q 0 0 0 rg BT 228.41 634.10 Td (W) Tj ET Q q 0 0 0 rg BT 237.05 634.10 Td (eingarten \(Grocery-Anchored Portfolio ) Tj ET Q q 0 0 0 rg BT 400.41 634.10 Td (T) Tj ET Q q 0 0 0 rg BT 406.17 634.10 Td (ransaction\). ) Tj ET Q q 0 0 0 rg BT 461.98 634.10 Td (As a result of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (transaction, the Company has consolidated the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.56 622.10 Td (eight) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.56 622.10 Td ( properties as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.21 622.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.80 622.10 Td (. ) Tj ET Q q 0 0 0 rg BT 395.75 622.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.20 622.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.78 622.10 Td (, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (owned a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.10 610.10 Td (70%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.43 610.10 Td ( interest in the Grocery-Anchored Portfolio, which was previously accounted for as an equity method investment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (See Note 4 Recent ) Tj ET Q q 0 0 0 rg BT 138.59 598.10 Td (Acquisitions of Real Estate for additional information regarding the Grocery-Anchored Portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 586.10 Td (ransaction.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (2.Summary of Significant ) Tj ET Q q 0 0 0 rg BT 163.54 562.10 Td (Accounting Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 538.10 Td (Described below are certain of the Company) Tj ET Q q 0 0 0 rg BT 249.60 538.10 Td (s significant accounting policies. ) Tj ET Q q 0 0 0 rg BT 383.00 538.10 Td (The disclosures regarding several of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (policies have been condensed or omitted in accordance with interim reporting regulations specified by Form 10-Q. Please see ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (the Company) Tj ET Q q 0 0 0 rg BT 106.38 514.10 Td (s ) Tj ET Q q 0 0 0 rg BT 112.22 514.10 Td (Annual Report on Form 10-K for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.56 514.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.14 514.10 Td ( for a complete listing of all of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (significant accounting policies. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 478.10 Td (Basis of Pr) Tj ET Q q 0 0 0 rg BT 103.08 478.10 Td (esentation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 454.10 Td (The condensed consolidated financial statements of the Company included in this quarterly report include the accounts of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (Hines REIT) Tj ET Q q 0 0 0 rg BT 97.30 442.10 Td (, the Operating Partnership and the Operating Partnership) Tj ET Q q 0 0 0 rg BT 330.02 442.10 Td (s wholly-owned subsidiaries as well as the related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (amounts of noncontrolling interests. ) Tj ET Q q 0 0 0 rg BT 196.37 430.10 Td (All intercompany balances and transactions have been eliminated in consolidation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 406.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 127.71 406.10 Td (s investments in partially-owned real estate joint ventures and partnerships are reviewed for impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (periodically) Tj ET Q q 0 0 0 rg BT 97.11 394.10 Td (. ) Tj ET Q q 0 0 0 rg BT 101.93 394.10 Td (The Company will record an impairment char) Tj ET Q q 0 0 0 rg BT 285.02 394.10 Td (ge if it determines that a decline in the value of an investment below ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (its carrying value is other than temporary) Tj ET Q q 0 0 0 rg BT 214.30 382.10 Td (.) Tj ET Q q 0 0 0 rg BT 221.62 382.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 281.33 382.10 Td (s analysis will be dependent on a number of factors, including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (performance of each investment, current market conditions, and its intent and ability to hold the investment to full recovery) Tj ET Q q 0 0 0 rg BT 543.09 370.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (Based on the Company) Tj ET Q q 0 0 0 rg BT 145.82 358.10 Td (s analysis of the facts and circumstances at each reporting period, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.17 358.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.17 358.10 Td ( impairment was recorded related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (to its investment in the Core Fund for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.48 346.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.47 346.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.29 346.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.89 346.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.33 346.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.33 346.10 Td (. Further) Tj ET Q q 0 0 0 rg BT 437.87 346.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.87 346.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.87 346.10 Td ( impairment was recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (related to the Company) Tj ET Q q 0 0 0 rg BT 146.36 334.10 Td (s investment in the Grocery-Anchored Portfolio for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.08 334.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.07 334.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.89 334.10 Td (March31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.49 334.10 Td (. ) Tj ET Q q 0 0 0 rg BT 520.81 334.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (Company dissolved its joint venture with ) Tj ET Q q 0 0 0 rg BT 217.03 322.10 Td (W) Tj ET Q q 0 0 0 rg BT 225.67 322.10 Td (eingarten in January 2014. See Note1 Or) Tj ET Q q 0 0 0 rg BT 403.50 322.10 Td (ganization Investment Property for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (additional information regarding the Grocery-Anchored Portfolio ) Tj ET Q q 0 0 0 rg BT 313.63 310.10 Td (T) Tj ET Q q 0 0 0 rg BT 319.38 310.10 Td (ransaction. However) Tj ET Q q 0 0 0 rg BT 404.23 310.10 Td (, if market conditions deteriorate in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (future and result in lower valuations or reduced cash flows of the Company) Tj ET Q q 0 0 0 rg BT 354.36 298.10 Td (s remaining investment in the Core Fund, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (impairment char) Tj ET Q q 0 0 0 rg BT 115.63 286.10 Td (ges may be recorded in future periods.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 262.10 Td (International Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 238.10 Td (In addition to its properties in the United States, the Company has owned investments in Canada and Brazil, although the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (Company no longer owned any investments outside the United States as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.17 226.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.77 226.10 Td (. Upon the January 2013 disposal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (of the Company) Tj ET Q q 0 0 0 rg BT 117.21 214.10 Td (s investment in Distribution Park Rio, a property in Brazil that the Company owned indirectly) Tj ET Q q 0 0 0 rg BT 492.33 214.10 Td (, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (realized a loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.97 202.10 Td ($0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.86 202.10 Td ( related to thecurrency translation adjustment as a result of the disposal. ) Tj ET Q q 0 0 0 rg BT 462.39 202.10 Td (Accumulated other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (comprehensive income \(loss\) as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.35 190.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.95 190.10 Td ( is related to the remaining non-operating net assets of the disposed directly-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (owned properties in Brazil and Canada.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 154.10 Td (Impairment of Investment Pr) Tj ET Q q 0 0 0 rg BT 173.88 154.10 Td (operty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 130.10 Td (Real estate assets are reviewed for impairment in each reporting period if events or changes in circumstances indicate that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (the carrying amount of the individual property may not be recoverable. In such an event, a comparison will be made of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (current and projected cash flows of each property on an undiscounted basis to the carrying amount of such property) Tj ET Q q 0 0 0 rg BT 511.43 106.10 Td (.If ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (undiscounted cash flows are less than the carrying amount, such carrying amount would be adjusted, if necessary) Tj ET Q q 0 0 0 rg BT 502.00 94.10 Td (, to estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (fair values to reflect impairment in the value of the asset.See Note 14 Fair ) Tj ET Q q 0 0 0 rg BT 365.27 82.10 Td (V) Tj ET Q q 0 0 0 rg BT 371.39 82.10 Td (alue Disclosures for additional information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (regarding the Company) Tj ET Q q 0 0 0 rg BT 147.20 70.10 Td (s policy for determining fair values of its investment property) Tj ET Q q 0 0 0 rg BT 392.88 70.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.88 70.10 Td (No) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.10 70.10 Td ( impairment char) Tj ET Q q 0 0 0 rg BT 478.22 70.10 Td (ges were recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.88 58.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.19 58.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.69 58.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.29 58.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.72 58.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.72 58.10 Td ( on the Company) Tj ET Q q 0 0 0 rg BT 334.11 58.10 Td (s directly-owned and indirectly-owned properties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 63.64 742.10 Td (enant and Other Receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (Receivable balances outstanding consist primarily of base rents, tenant reimbursements and receivables attributable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (straight-line rent. ) Tj ET Q q 0 0 0 rg BT 123.32 706.10 Td (An allowance for the uncollectible portion of tenant and other receivables is determined based upon an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (analysis of the tenant) Tj ET Q q 0 0 0 rg BT 137.48 694.10 Td (s payment history) Tj ET Q q 0 0 0 rg BT 207.93 694.10 Td (, the financial condition of the tenant, business conditions in the industry in which the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (tenant operates and economic conditions in the area in which the property is located.) Tj ET Q q 0 0 0 rg BT 390.54 682.10 Td (T) Tj ET Q q 0 0 0 rg BT 395.95 682.10 Td (enant and other receivables are shown at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (cost in the condensed consolidated balance sheets, net of allowance for doubtful accounts of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.26 670.10 Td ($4.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.16 670.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.59 670.10 Td ($4.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.49 670.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.60 658.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.04 658.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.62 658.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 264.28 658.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 634.10 Td (Deferr) Tj ET Q q 0 0 0 rg BT 85.29 634.10 Td (ed Leasing Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (T) Tj ET Q q 0 0 0 rg BT 73.41 610.10 Td (enant inducement amortization was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.80 610.10 Td ($4.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.70 610.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.13 610.10 Td ($4.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.03 610.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.40 610.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.71 610.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.21 610.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.81 610.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.25 610.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.25 610.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 598.10 Td (, and was recorded as an of) Tj ET Q q 0 0 0 rg BT 206.04 598.10 Td (fset to rental revenue. In addition, the Company recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.35 598.10 Td ($1.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.25 598.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.68 598.10 Td ($1.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.58 598.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (as amortization expense related to other direct leasing costs for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.07 586.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.38 586.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.88 586.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.48 586.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.92 586.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.92 586.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 555.58 586.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 562.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 84.65 562.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 538.10 Td (Other assets included the following \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 512.60 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 512.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 512.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 512.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 482.60 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 482.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 482.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 482.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 452.60 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 452.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 452.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 452.60 90.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 512.6 m 468.5 512.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 512.6 m 562.5 512.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 452.6 m 468.5 452.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 452.6 m 562.5 452.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 438.6 m 468.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 436.6 m 468.5 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 438.6 m 562.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 436.6 m 562.5 436.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.90 517.28 Td (March 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.00 517.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.65 517.28 Td (December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 502.27 Td (Deposit on investment property ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 181.87 506.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.00 502.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 502.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 502.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 502.27 Td (30,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 487.27 Td (Prepaid insurance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 487.27 Td (220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.00 487.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 487.27 Td (686) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 472.27 Td (Prepaid/deferred taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 472.27 Td (2,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 472.27 Td (517) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 457.27 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 457.27 Td (1,559) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.00 457.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 457.27 Td (769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 442.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.00 442.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 442.27 Td (3,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.00 442.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 442.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 442.27 Td (31,972) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 414.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 414.10 Td (In December 2013, the Company funded a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.72 414.10 Td ($30.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.62 414.10 Td ( deposit related to its acquisition of the Howard Hughes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 402.10 Td (Center which the Company acquired in January 2014.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 378.10 Td (Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 354.10 Td (Rental payments are generally paid by the tenants prior to the beginning of each month. ) Tj ET Q q 0 0 0 rg BT 420.68 354.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.12 354.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.72 354.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 342.10 Td (, the Company recorded liabilities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.71 342.10 Td ($8.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.60 342.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.04 342.10 Td ($6.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.93 342.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 447.59 342.10 Td (, related to prepaid rental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.10 Td (payments which were included in other liabilities in the accompanying condensed consolidated balance sheets.) Tj ET Q q 0 0 0 rg BT 495.51 330.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.10 Td (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 465.87 318.10 Td (. Straight-line rent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (receivable was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.63 306.10 Td ($41.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.52 306.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.96 306.10 Td ($40.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.85 306.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.01 306.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.61 306.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.05 306.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.63 306.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 477.29 306.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 282.10 Td (Redemption of Common Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 258.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 127.71 258.10 Td (s share redemption program generally limits the funds available for redemption to the amount of proceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 246.10 Td (received from the Company) Tj ET Q q 0 0 0 rg BT 164.68 246.10 Td (s dividend reinvestment plan in the prior quarter) Tj ET Q q 0 0 0 rg BT 357.13 246.10 Td (. ) Tj ET Q q 0 0 0 rg BT 364.45 246.10 Td (The board of directors determined to waive this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 234.10 Td (limitation of the share redemption program and fully honor all eligible requests received for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.60 234.10 Td (three months ended March 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 222.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 222.10 Td ( and year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.52 222.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.11 222.10 Td (, totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.16 222.10 Td ($10.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.05 222.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.49 222.10 Td ($51.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.38 222.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 432.04 222.10 Td (, which was in excess of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 210.10 Td ($5.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.89 210.10 Td ( and $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.33 210.10 Td (23.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.22 210.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 224.88 210.10 Td (, received from the issuance of shares pursuant to the dividend reinvestment plan. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 186.10 Td (The Company has recorded liabilities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.29 186.10 Td ($10.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.18 186.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.62 186.10 Td ($12.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.51 186.10 Td ( in accounts payable and accrued expenses in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 174.10 Td (accompanying condensed consolidated balance sheets as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.19 174.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.79 174.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.23 174.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.81 174.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 504.47 174.10 Td (, related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 162.10 Td (shares tendered for redemption and approved by the board of directors, but which were not redeemed until the subsequent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 150.10 Td (month. Such amounts have been included in redemption of common shares in the accompanying consolidated statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 138.10 Td (equity based on a redemption price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.56 138.10 Td ($5.45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.06 138.10 Td ( per share for ordinary share redemption requests and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.81 138.10 Td ($6.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.31 138.10 Td ( per share for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 126.10 Td (redemption requests in connection with the death or disability of a stockholder) Tj ET Q q 0 0 0 rg BT 363.69 126.10 Td (, which prices were determined in connection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 114.10 Td (with the board of directors) Tj ET Q q 0 0 0 rg BT 158.67 114.10 Td ( determination of a new net asset value per share in November 2013.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 742.10 Td (Reclassifications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (The Company sold ) Tj ET Q q 0 0 0 rg BT 146.42 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 155.46 718.10 Td (illiams ) Tj ET Q q 0 0 0 rg BT 185.00 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 190.41 718.10 Td (ower) Tj ET Q q 0 0 0 rg BT 210.00 718.10 Td (, One ) Tj ET Q q 0 0 0 rg BT 233.98 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 243.02 718.10 Td (ilshire and the Raytheon/DIRECTV) Tj ET Q q 0 0 0 rg BT 386.42 718.10 Td ( buildings during 2013 and reclassified the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (results of operations for these properties into discontinued operations in the condensed consolidated statements of operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (for all periods presented. See Note 5 Discontinued Operations for additional information.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 670.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 88.52 670.10 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 146.19 670.10 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (In February 2013, Financial ) Tj ET Q q 0 0 0 rg BT 181.59 646.10 Td (Accounting Standards Board \(F) Tj ET Q q 0 0 0 rg BT 312.21 646.10 Td (ASB\) issued amendments to provide guidance on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements for which the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (total amount of obligation within the scope of this guidance is fixed at the reporting date, except for obligations addressed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (within existing guidance in GAAP) Tj ET Q q 0 0 0 rg BT 187.21 610.10 Td (. ) Tj ET Q q 0 0 0 rg BT 194.53 610.10 Td (The amendments are ef) Tj ET Q q 0 0 0 rg BT 287.92 610.10 Td (fective for fiscal years, and interim periods within those years, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (beginning after December 15, 2013. ) Tj ET Q q 0 0 0 rg BT 199.21 598.10 Td (The adoption of this guidance did not have a material impact on the Company) Tj ET Q q 0 0 0 rg BT 513.85 598.10 Td (s financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 562.10 Td (In March 2013, F) Tj ET Q q 0 0 0 rg BT 137.25 562.10 Td (ASB issued guidance on releasing cumulative translation adjustments when a reporting entity ceases to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (have a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity) Tj ET Q q 0 0 0 rg BT 486.75 550.10 Td (. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (these amendments provide guidance on the release of cumulative translation adjustments in partial sales of equity method ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 105.09 526.10 Td (The guidance is ef) Tj ET Q q 0 0 0 rg BT 178.49 526.10 Td (fective on a prospective basis for fiscal years and interim reporting periods within those years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (beginning after December 15, 2013. ) Tj ET Q q 0 0 0 rg BT 199.21 514.10 Td (The adoption of this guidance did not have a material impact on the Company) Tj ET Q q 0 0 0 rg BT 513.85 514.10 Td (s financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 478.10 Td (In July 2013, F) Tj ET Q q 0 0 0 rg BT 127.82 478.10 Td (ASB issued amendments to the ) Tj ET Q q 0 0 0 rg BT 254.76 478.10 Td (Accounting Standards Codification \(the Codification\) to provide guidance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (on the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (carryforward exists. ) Tj ET Q q 0 0 0 rg BT 134.79 454.10 Td (These amendments will be ef) Tj ET Q q 0 0 0 rg BT 251.79 454.10 Td (fective for fiscal years, and interim periods within those years, beginning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (after December 31, 2013. ) Tj ET Q q 0 0 0 rg BT 156.72 442.10 Td (The adoption of this guidance did not have a material impact on the Company) Tj ET Q q 0 0 0 rg BT 471.36 442.10 Td (s financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 418.10 Td (In March 2014, F) Tj ET Q q 0 0 0 rg BT 137.25 418.10 Td (ASB made technical corrections and improvements related to glossary terms in the Codification. ) Tj ET Q q 0 0 0 rg BT 528.35 418.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (amendments were ef) Tj ET Q q 0 0 0 rg BT 132.56 406.10 Td (fective upon issuance and did not have a material impact on the Company) Tj ET Q q 0 0 0 rg BT 430.80 406.10 Td (s financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 382.10 Td (In ) Tj ET Q q 0 0 0 rg BT 78.28 382.10 Td (April 2014, F) Tj ET Q q 0 0 0 rg BT 131.71 382.10 Td (ASB issued amendments to the Codification to provide guidance on reporting discontinued operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (These amendments are ef) Tj ET Q q 0 0 0 rg BT 151.71 370.10 Td (fective for fiscal years, and interim periods within those years, beginning after December 31, 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (and early adoption is permitted. ) Tj ET Q q 0 0 0 rg BT 181.73 358.10 Td (The Company has elected to adopt these amendments early ef) Tj ET Q q 0 0 0 rg BT 428.96 358.10 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.66 358.10 Td (January1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.26 358.10 Td ( and, as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (result, did not report any sales of real estate investment property in discontinued operations for the quarter ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.47 346.10 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 334.10 Td (. See Note 3 Real Estate Investments for additional information regarding the sale of a building in the Minneapolis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 322.10 Td (fice/Flex Portfolio that did not qualify as discontinued operations as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 322.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.19 322.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (3.Real Estate Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 274.10 Td (Investment property consisted of the following \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 236.60 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 236.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 236.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 236.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 206.60 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 206.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 206.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 206.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 176.60 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 176.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 176.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 176.60 90.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 236.60000000000002 m 468.5 236.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 236.60000000000002 m 562.5 236.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 236.60000000000002 m 468.5 236.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 236.60000000000002 m 562.5 236.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 206.60000000000002 m 468.5 206.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 206.60000000000002 m 562.5 206.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 206.60000000000002 m 468.5 206.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 176.60000000000002 m 468.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 176.60000000000002 m 562.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 176.60000000000002 m 468.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 162.60000000000002 m 468.5 162.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 160.60000000000002 m 468.5 160.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 162.60000000000002 m 562.5 162.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 160.60000000000002 m 562.5 160.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 241.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.90 241.28 Td (March 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.65 241.28 Td (December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 226.27 Td (Buildings and improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.00 226.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 226.27 Td (1,563,045) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 226.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 226.27 Td (1,185,833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 211.27 Td (Less: accumulated depreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.80 211.32 Td (\(187,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 211.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 211.32 Td (\(178,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 211.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 196.27 Td (Buildings and improvements, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 196.27 Td (1,375,325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 196.27 Td (1,007,113) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 181.27 Td (Land) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.15 181.27 Td (451,233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 181.27 Td (249,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 166.27 Td (Investment property, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.00 166.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 166.27 Td (1,826,558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 166.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 166.27 Td (1,256,579) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 138.10 Td (In March 2014, the Company sold a building in its Minneapolis Of) Tj ET Q q 0 0 0 rg BT 335.57 138.10 Td (fice/Flex Portfolio for a contract sales price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.72 138.10 Td ($8.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 126.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 126.10 Td (. ) Tj ET Q q 0 0 0 rg BT 86.21 126.10 Td (The Company recognized a gain on sale of this asset of $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.76 126.10 Td (1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 126.10 Td (, which was recorded in gain \(loss\) on sale of real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 114.10 Td (estate investments on the condensed consolidated statements of operations and comprehensive income \(loss\). See Note 16 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 102.10 Td (Subsequent Events for a description of the sale of the remaining buildings in the Minneapolis Of) Tj ET Q q 0 0 0 rg BT 436.13 102.10 Td (fice/Flex Portfolio.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (9) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 742.10 Td (Lease Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 718.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.04 718.10 Td (, the cost basis and accumulated amortization related to lease intangibles were as follows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (\(inthousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 644.60 249.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 644.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 644.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 644.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 644.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 644.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 614.60 249.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 614.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 614.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 614.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 614.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 614.60 85.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 668.6 m 384.5 668.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 668.6 m 388.5 668.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 668.6 m 473.5 668.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 668.6 m 477.5 668.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 668.6 m 562.5 668.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 644.6 m 384.5 644.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 644.6 m 473.5 644.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 644.6 m 562.5 644.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 644.6 m 384.5 644.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 614.6 m 384.5 614.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 614.6 m 473.5 614.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 614.6 m 562.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 600.6 m 384.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 598.6 m 384.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 600.6 m 473.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 598.6 m 473.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 600.6 m 562.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 598.6 m 562.5 598.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 673.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.10 673.28 Td (Lease Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 649.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.30 649.28 Td (In-Place Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.55 659.28 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.95 649.28 Td (Lease ) Tj ET Q q 0 0 0 rg BT 430.34 649.28 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.55 659.28 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.60 649.28 Td (Lease Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 634.27 Td (Cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.00 634.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 634.27 Td (286,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 634.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 634.27 Td (45,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 634.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 634.27 Td (68,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 619.27 Td (Less: accumulated amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.80 619.32 Td (\(120,236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 619.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.80 619.32 Td (\(22,924) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 619.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 619.32 Td (\(33,267) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 619.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 604.27 Td (Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.00 604.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 604.27 Td (166,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 604.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 604.27 Td (22,231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 604.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 604.27 Td (35,650) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 576.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 576.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.03 576.10 Td (, the cost basis and accumulated amortization related to lease intangibles were as follows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (\(inthousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 502.60 249.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 502.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 502.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 502.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 502.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 502.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 472.60 249.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 472.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 472.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 472.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 472.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 472.60 85.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 526.6 m 384.5 526.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 526.6 m 388.5 526.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 526.6 m 473.5 526.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 526.6 m 477.5 526.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 526.6 m 562.5 526.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 502.6 m 384.5 502.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 502.6 m 473.5 502.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 502.6 m 562.5 502.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 472.6 m 384.5 472.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 472.6 m 473.5 472.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 472.6 m 562.5 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 458.6 m 384.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 456.6 m 384.5 456.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 458.6 m 473.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 456.6 m 473.5 456.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 458.6 m 562.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 456.6 m 562.5 456.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 531.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.10 531.28 Td (Lease Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 507.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.30 507.28 Td (In-Place Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.55 517.28 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.95 507.28 Td (Lease ) Tj ET Q q 0 0 0 rg BT 430.34 507.28 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.55 517.28 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.60 507.28 Td (Lease Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 492.27 Td (Cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.00 492.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 492.27 Td (163,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 492.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 492.27 Td (38,721) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 492.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 492.27 Td (41,824) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 477.27 Td (Less: accumulated amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.80 477.32 Td (\(110,412) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 477.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.80 477.32 Td (\(22,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 477.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 477.32 Td (\(31,978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 477.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 462.27 Td (Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.00 462.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 462.27 Td (53,249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 462.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 462.27 Td (16,662) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 462.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 462.27 Td (9,846) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 434.10 Td (Amortization expense of in-place leases was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.49 434.10 Td ($13.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.38 434.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.82 434.10 Td ($5.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.71 434.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.09 434.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.40 434.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.90 434.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.50 434.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 422.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.94 422.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 139.60 422.10 Td (, and amortization of out-of-market leases, net, increased rental revenue by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.69 422.10 Td ($0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.59 422.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.02 422.10 Td ($0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.92 422.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 410.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 386.10 Td (Expected future amortization of in-place leases and out-of-market leases, net, including out-of-market ground leases for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.10 Td (period from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.43 374.10 Td (April 1, 2014 through December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.73 374.10 Td ( and for each of the years ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.25 374.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.25 374.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.36 374.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.36 374.10 Td ( is as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.10 Td (follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 315.60 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 315.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 315.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 315.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 285.60 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 285.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 285.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 285.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 255.60 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 255.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 255.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 255.60 89.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 315.6 m 469.5 315.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 315.6 m 562.5 315.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 320.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.30 320.28 Td (In-Place Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.55 330.28 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.30 320.28 Td (Leases, Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 305.27 Td (April 1, 2014 through December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.00 305.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 305.27 Td (35,550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.00 305.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 305.32 Td (\(1,975) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 305.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 290.27 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 290.27 Td (37,470) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 290.32 Td (\(1,946) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 290.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 275.27 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 275.27 Td (27,032) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 275.32 Td (\(693) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 275.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 260.27 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 260.27 Td (18,646) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 260.27 Td (678) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 245.27 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 245.27 Td (14,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 245.27 Td (342) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (10) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 742.10 Td ( Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (In connection with its directly-owned properties, the Company has entered into non-cancelable lease agreements with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (tenants for space. ) Tj ET Q q 0 0 0 rg BT 121.64 706.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.08 706.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.68 706.10 Td (, the approximate fixed future minimum rentals for the period from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.16 706.10 Td (April 1, 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (through December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.19 694.10 Td (, for each of the years ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.27 694.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.27 694.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.38 694.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.38 694.10 Td ( and thereafter are as follows \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 635.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 635.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 605.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 605.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 575.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 575.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 545.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 545.60 90.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 635.6 m 562.5 635.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 545.6 m 562.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 531.6 m 562.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 529.6 m 562.5 529.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 640.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.15 650.28 Td (Fixed Future) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.25 640.28 Td (Minimum Rentals) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 625.27 Td (April 1, 2014 through December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 625.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 625.27 Td (131,322) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 610.27 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 610.27 Td (166,288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 595.27 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 595.27 Td (145,228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 580.27 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 580.27 Td (120,818) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 565.27 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 565.27 Td (100,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 550.27 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 550.27 Td (460,990) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 535.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 535.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 535.27 Td (1,125,366) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 507.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.55 507.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.86 507.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.36 507.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.96 507.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.39 507.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.39 507.10 Td (, the Company did not earn more than 10% of its revenue from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 495.10 Td (any individual tenant.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 471.10 Td (4. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.50 471.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 89.95 471.10 Td (Acquisitions of Real Estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 447.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.61 447.10 Td (three months ended March 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.02 447.10 Td (, the Company acquired the assets and assumed certain liabilities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.72 447.10 Td (nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.93 447.10 Td ( real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 435.10 Td (estate operating properties located in the United States, for an aggregate net purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.01 435.10 Td ($688.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.91 435.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 411.10 Td (The amounts recognized for major assets acquired as of the acquisition date were determined by allocating the purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 399.10 Td (price of each property acquired in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.21 399.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.21 399.10 Td ( as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 322.60 97.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.25 322.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.25 322.60 56.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.25 322.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.25 322.60 73.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.25 322.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.25 322.60 45.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.25 322.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.25 322.60 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.25 322.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.25 322.60 59.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.25 322.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.25 322.60 50.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.25 322.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.25 322.60 49.00 -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 49.25 322.6 m 146.25 322.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 150.25 322.6 m 206.25 322.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 210.25 322.6 m 283.25 322.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 287.25 322.6 m 332.25 322.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 336.25 322.6 m 391.25 322.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 395.25 322.6 m 454.25 322.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 458.25 322.6 m 508.25 322.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 512.25 322.6 m 561.25 322.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.40 327.28 Td (Property Name) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.25 337.28 Td (Acquisition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.75 327.28 Td (Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.55 337.28 Td (Building and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.20 327.28 Td (Improvements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.85 327.28 Td (Land) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.75 347.28 Td (In-place) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.00 337.28 Td (Lease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.35 327.28 Td (Intangibles) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.40 367.28 Td (Out-of-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.10 357.28 Td (Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 347.28 Td (Lease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.10 337.28 Td (Intangibles,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.75 327.28 Td (Net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.85 367.28 Td (Discount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.40 357.28 Td (related to) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.40 347.28 Td (assumed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.45 337.28 Td (mortgage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.55 327.28 Td (loan) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.30 327.28 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 312.27 Td (Grocery-Anchored ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 302.27 Td (Portfolio ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 89.81 306.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.95 302.27 Td (01/01/2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.75 302.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.90 302.27 Td (102,506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.75 302.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.85 302.27 Td (63,900) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.75 302.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.90 302.27 Td (24,980) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.75 302.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.55 302.32 Td (\(12,670) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.40 302.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.75 302.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.05 302.32 Td (\(500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.40 302.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.75 302.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.85 302.27 Td (178,216) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 287.27 Td (Howard Hughes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 277.27 Td (Center) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.95 277.27 Td (01/15/2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.75 277.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.90 277.27 Td (278,378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.75 277.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.85 277.27 Td (138,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.75 277.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.90 277.27 Td (101,840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.75 277.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.55 277.32 Td (\(8,290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.40 277.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.75 277.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.40 277.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.75 277.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.85 277.27 Td (510,748) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 249.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 249.10 Td (The Grocery ) Tj ET Q q 0 0 0 rg BT 138.25 249.10 Td (Anchored Portfolio ) Tj ET Q q 0 0 0 rg BT 218.06 249.10 Td (T) Tj ET Q q 0 0 0 rg BT 223.82 249.10 Td (ransaction, which was a step acquisition, was accounted for as a business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 237.10 Td (combination resulting in the assets acquired and liabilities assumed being recorded at fair value as a result of the step ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 225.10 Td (acquisition. Prior to the acquisition, the joint venture with ) Tj ET Q q 0 0 0 rg BT 318.89 225.10 Td (W) Tj ET Q q 0 0 0 rg BT 327.53 225.10 Td (eingarten was considered a variable interest entity and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 213.10 Td (was accounted for under the equity method of accounting, since the Company did not have the ability to direct the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 201.10 Td (significant activities that af) Tj ET Q q 0 0 0 rg BT 193.89 201.10 Td (fect the economic performance of the joint venture. ) Tj ET Q q 0 0 0 rg BT 404.18 201.10 Td (The Company received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.97 201.10 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.86 201.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 189.10 Td (cash as a result of the step acquisition and determined the fair value of our previously held interest was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.54 189.10 Td ($167.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.43 189.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 177.10 Td (Fair value of the Company) Tj ET Q q 0 0 0 rg BT 195.48 177.10 Td (s equity interest was estimated using market-based measurements, including cash flow and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 165.10 Td (other valuation techniques. ) Tj ET Q q 0 0 0 rg BT 195.84 165.10 Td (The fair value measurement is based on both significant inputs for similar assets and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 153.10 Td (liabilities in comparable markets and significant inputs that are not observable in the markets in accordance with our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 141.10 Td (fair value measurements accounting policy) Tj ET Q q 0 0 0 rg BT 256.45 141.10 Td (. Key assumptions include third-party broker valuation estimates; discount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 129.10 Td (rates ranging from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.86 129.10 Td (6.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.69 129.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.47 129.10 Td (9.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.30 129.10 Td (; a terminal capitalization rate for similar properties; and factor that the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 117.10 Td (believes market participants would consider in estimating fair value. In addition, the Company recognized an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.53 117.10 Td ($1) Tj ET Q q 0 0 0 rg BT 534.16 117.10 Td (1.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 105.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.39 105.10 Td ( gain, which represented the dif) Tj ET Q q 0 0 0 rg BT 240.28 105.10 Td (ference between the book value and the fair value of our previously held equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 93.10 Td (method investment in the joint venture with ) Tj ET Q q 0 0 0 rg BT 262.79 93.10 Td (W) Tj ET Q q 0 0 0 rg BT 271.43 93.10 Td (eingarten and has been included in the line item, Gain \(loss\) on sale or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 81.10 Td (dissolution of unconsolidated joint venture in the condensed consolidated statement of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 31.60 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 742.10 Td (The weighted average amortization period for the intangible assets and liabilities acquired in connection with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.79 742.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.79 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (acquisitions, as of the date of the acquisition, was as follows \(in years\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 695.60 226.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.75 695.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.75 695.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.75 695.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.75 695.60 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.75 695.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.75 695.60 92.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 278.75 695.6 m 370.75 695.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 695.6 m 374.75 695.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 695.6 m 465.75 695.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 465.75 695.6 m 469.75 695.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.75 695.6 m 561.75 695.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.05 700.28 Td (In-Place Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.35 710.28 Td (Above-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.20 700.28 Td (Lease Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.40 710.28 Td (Below-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.35 700.28 Td (Lease Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 685.27 Td (Grocery-Anchored Portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.50 685.27 Td (15.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.50 685.27 Td (7.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.50 685.27 Td (39.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 670.27 Td (Howard Hughes Center) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.00 670.27 Td (4.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.50 670.27 Td (4.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 670.27 Td (6.1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 642.10 Td (The table below includes the amounts of revenue and net income \(loss\) of the acquisitions completed during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.93 642.10 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 630.10 Td (months ended March 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.42 630.10 Td (, which are included in the Company) Tj ET Q q 0 0 0 rg BT 321.66 630.10 Td (s consolidated results of operations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.57 630.10 Td (three months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 618.10 Td (ended March 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.48 618.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 593.60 189.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.75 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.75 593.60 115.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.75 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.75 593.60 201.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 563.60 189.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.75 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.75 563.60 115.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.75 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.75 563.60 201.00 -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 48.75 593.6 m 237.75 593.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 360.75 593.6 m 561.75 593.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 598.28 Td (2014 Acquisitions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.15 598.28 Td (For the Three Months Ended March 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 583.28 Td (Grocery -Anchored Portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.25 583.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.25 583.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.40 583.27 Td (4,405) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.25 568.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.25 568.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.90 568.27 Td (827) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 553.28 Td (Howard Hughes Center) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.25 553.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.25 553.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.40 553.27 Td (10,881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.25 538.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.25 538.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.05 538.32 Td (\(3,215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.90 538.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 510.10 Td (The following unaudited consolidated information is presented to give ef) Tj ET Q q 0 0 0 rg BT 359.19 510.10 Td (fect to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.67 510.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.67 510.10 Td ( acquisitions through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.05 510.10 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 498.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 498.10 Td ( as if the acquisitions occurred on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.40 498.10 Td (January1, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.00 498.10 Td (. ) Tj ET Q q 0 0 0 rg BT 274.82 498.10 Td (This information excludes activity that is non-recurring and not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 486.10 Td (representative of the Company) Tj ET Q q 0 0 0 rg BT 175.29 486.10 Td (s future activity) Tj ET Q q 0 0 0 rg BT 237.40 486.10 Td (, primarily acquisition fees and expenses of $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.46 486.10 Td (1.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.35 486.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.73 486.10 Td (three months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 474.10 Td (ended March 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.48 474.10 Td ( and the gain on the dissolution of our joint venture as a result of the Grocery ) Tj ET Q q 0 0 0 rg BT 449.68 474.10 Td (Anchored Portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 462.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.26 462.10 Td (ransaction of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.68 462.10 Td ($1) Tj ET Q q 0 0 0 rg BT 119.31 462.10 Td (1.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.20 462.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.58 462.10 Td (three months ended March 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.99 462.10 Td ( and the gain on the sale of our investment in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 450.10 Td (Distribution Park Rio of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.94 450.10 Td ($16.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.83 450.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.21 450.10 Td (three months ended March 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.62 450.10 Td (. ) Tj ET Q q 0 0 0 rg BT 383.44 450.10 Td (The information below is not necessarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 438.10 Td (indicative of what the actual results of operations would have been had the Company completed these transactions on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 426.10 Td (January1, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.10 426.10 Td (, nor does it purport to represent the Company) Tj ET Q q 0 0 0 rg BT 300.56 426.10 Td (s future operations \(amounts in thousands, except per share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 414.10 Td (amounts\): ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 373.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.75 373.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.75 373.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.75 373.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 343.60 309.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.75 343.60 100.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.75 343.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.75 343.60 100.00 -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 357.75 373.6 m 457.75 373.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 461.75 373.6 m 561.75 373.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.90 393.28 Td (For the Three Months Ended March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.60 378.28 Td (Pro Forma 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.60 378.28 Td (Pro Forma 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 363.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.25 363.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.40 363.27 Td (62,232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.25 363.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.40 363.27 Td (59,807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 348.27 Td (Net income \(loss\) from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.25 348.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.40 348.27 Td (30,352) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.25 348.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.05 348.32 Td (\(12,910) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.90 348.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 333.27 Td (Basic and diluted income \(loss\) from continuing operations per common) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 323.27 Td (share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.25 323.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.40 323.27 Td (0.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.25 323.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.05 323.32 Td (\(0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.90 323.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (12) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (5.Discontinued Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (In 2013, the Company sold ) Tj ET Q q 0 0 0 rg BT 178.92 718.25 Td (W) Tj ET Q q 0 0 0 rg BT 187.96 718.25 Td (illiams ) Tj ET Q q 0 0 0 rg BT 217.50 718.25 Td (T) Tj ET Q q 0 0 0 rg BT 222.91 718.25 Td (ower) Tj ET Q q 0 0 0 rg BT 242.50 718.25 Td (, One ) Tj ET Q q 0 0 0 rg BT 266.48 718.25 Td (W) Tj ET Q q 0 0 0 rg BT 275.52 718.25 Td (ilshire and the Raytheon/DIRECTV) Tj ET Q q 0 0 0 rg BT 418.92 718.25 Td ( buildings. ) Tj ET Q q 0 0 0 rg BT 465.97 718.25 Td (The operating results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (these properties have been reclassified and reported as income \(loss\) from discontinued operations in the condensed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (consolidated statements of operations and comprehensive income \(loss\) as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 604.75 362.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 604.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 604.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 604.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 574.75 362.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 574.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 574.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 574.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 544.75 362.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 544.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 544.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 544.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 514.75 362.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 514.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 514.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 514.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 484.75 362.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 484.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 484.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 484.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 444.75 362.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 444.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 444.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 444.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 414.75 362.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 414.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 414.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 414.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 374.75 362.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 374.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 374.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 374.75 71.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 642.75 m 487.5 642.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 642.75 m 562.5 642.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 574.75 m 487.5 574.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 574.75 m 562.5 574.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 484.75 m 487.5 484.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 484.75 m 562.5 484.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 469.75 m 487.5 469.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 469.75 m 562.5 469.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 444.75 m 487.5 444.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 444.75 m 562.5 444.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 399.75 m 487.5 399.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 399.75 m 562.5 399.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 359.75 m 487.5 359.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 359.75 m 562.5 359.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 345.75 m 487.5 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 343.75 m 487.5 343.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 345.75 m 562.5 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 343.75 m 562.5 343.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.00 662.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.40 662.43 Td (Three Months Ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 647.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.50 647.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.50 647.43 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 624.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.35 633.48 Td (\(In thousands, except per share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.95 623.48 Td (amounts\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 609.43 Td (Revenues:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.00 609.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 609.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 594.42 Td (Rental revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.00 594.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.30 594.47 Td (\(41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 594.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 594.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 594.42 Td (19,329) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 579.42 Td (Other revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.30 579.47 Td (\(22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 579.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 579.42 Td (3,193) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 564.42 Td (Total revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.30 564.47 Td (\(63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 564.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 564.42 Td (22,522) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 549.43 Td (Expenses:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 534.42 Td (Property operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 534.42 Td (126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 534.42 Td (5,828) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 519.42 Td (Real property taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 519.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 519.42 Td (2,497) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 504.42 Td (Property management fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.30 504.47 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 504.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 504.42 Td (457) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 489.42 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 489.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 489.42 Td (4,789) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 474.42 Td (Total expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 474.42 Td (125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 474.42 Td (13,571) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 459.42 Td (Income \(loss\) from discontinued operations before interest income \(expense\), benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 449.42 Td (\(provision\) for income taxes and gain \(loss\) on sale of discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.30 449.47 Td (\(188) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 449.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 449.42 Td (8,951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 434.42 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 434.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 434.47 Td (\(4,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 434.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 419.42 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 419.42 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 419.42 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 404.42 Td (Benefit \(provision\) for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 404.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 404.47 Td (\(51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 404.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 389.42 Td (Income \(loss\) from discontinued operations before gain \(loss\) on sale of discontinued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 379.42 Td (operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.30 379.47 Td (\(183) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 379.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 379.42 Td (4,709) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 364.42 Td (Gain \(loss\) on sale of discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 364.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 364.42 Td (143,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 349.42 Td (Income \(loss\) from discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.00 349.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.30 349.47 Td (\(183) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 349.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 349.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 349.42 Td (148,661) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 321.25 Td (The tables below show income \(loss\) and income \(loss\) per share attributable to common stockholders allocated between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 309.25 Td (continuing operations and discontinued operations:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 232.75 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 232.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 232.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 232.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 202.75 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 202.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 202.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 202.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 157.75 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 157.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 157.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 157.75 74.00 -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 409.5 258.75 m 483.5 258.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 258.75 m 562.5 258.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 202.75 m 483.5 202.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 202.75 m 562.5 202.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 188.75 m 483.5 188.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 186.75 m 483.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 188.75 m 562.5 188.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 186.75 m 562.5 186.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 157.75 m 409.5 157.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 277.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.90 277.43 Td (Three Months Ended March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 263.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 263.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.00 263.43 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 237.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.85 247.43 Td (\(In thousands, except per share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.45 237.43 Td (amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 222.42 Td (Income \(loss\) from continuing operations attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.00 222.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 222.42 Td (42,422) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 222.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 222.42 Td (17,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 207.42 Td (Income \(loss\) from discontinued operations attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.30 207.47 Td (\(171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 207.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 207.42 Td (140,670) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 192.42 Td (Net income \(loss\) attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.00 192.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 192.42 Td (42,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 192.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 192.42 Td (157,681) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 162.43 Td (Basic and diluted income \(loss\) per share attributable to commonstockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 162.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 162.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 147.42 Td (Income \(loss\) from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.00 147.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 147.42 Td (0.19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 147.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 147.42 Td (0.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 132.42 Td (Income \(loss\) from discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.00 132.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 132.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 132.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 132.42 Td (0.60) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (13) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (6. Investments in Unconsolidated Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 718.25 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.04 718.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.48 718.25 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.06 718.25 Td (, the Company owned indirect investments in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.92 718.25 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.92 718.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.36 718.25 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.36 718.25 Td ( properties, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 706.25 Td (, through its interest in the Core Fund. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 682.25 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.03 682.25 Td (, the Company also owned a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.84 682.25 Td (70%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.17 682.25 Td ( interest in the Grocery-Anchored Portfolio, which was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (accounted for as an equity method investment. In January 2014, the Company completed the Grocery-Anchored Portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 658.25 Td (ransaction. See Note 4 Recent ) Tj ET Q q 0 0 0 rg BT 192.94 658.25 Td (Acquisitions of Real Estate for additional information regarding the Grocery-Anchored ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (Portfolio ) Tj ET Q q 0 0 0 rg BT 87.88 646.25 Td (T) Tj ET Q q 0 0 0 rg BT 93.63 646.25 Td (ransaction. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.25 Td ( ) Tj ET Q q 0 0 0 rg BT 70.32 622.25 Td (The table below presents the activity of the Company) Tj ET Q q 0 0 0 rg BT 286.93 622.25 Td (s unconsolidated entities as of and for the periods presented \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 557.75 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 557.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 557.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 557.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 527.75 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 527.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 527.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 527.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 497.75 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 497.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 497.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 497.75 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 418.5 557.75 m 486.5 557.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 557.75 m 562.5 557.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 557.75 m 486.5 557.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 557.75 m 562.5 557.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 497.75 m 486.5 497.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 497.75 m 562.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 483.75 m 486.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 481.75 m 486.5 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 483.75 m 562.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 481.75 m 562.5 481.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 577.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.40 577.43 Td (Three Months Ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 562.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.00 562.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.00 562.43 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 547.42 Td (Beginning balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 547.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 547.42 Td (393,695) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 547.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 547.42 Td (329,418) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 532.42 Td (Distributions declared) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 532.47 Td (\(51,836) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 532.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 532.47 Td (\(5,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 532.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 517.42 Td (Equity in earnings \(losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 517.42 Td (40,945) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 517.42 Td (2,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 502.42 Td (Effect of sale or dissolution of unconsolidated joint venture) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.80 502.47 Td (\(156,325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 502.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 502.47 Td (\(25,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 502.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 487.42 Td (Ending balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 487.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 487.42 Td (226,479) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 487.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 487.42 Td (300,888) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 459.25 Td ( Condensed financial information for the Core Fund is summarized as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 371.75 322.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 371.75 93.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 371.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 371.75 93.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 345.75 322.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 345.75 93.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 345.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 345.75 93.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 319.75 322.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 319.75 93.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 319.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 319.75 93.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 293.75 322.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 293.75 93.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 293.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 293.75 93.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 267.75 322.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 267.75 93.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 267.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 267.75 93.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 241.75 322.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 241.75 93.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 241.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 241.75 93.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 397.75 m 465.5 397.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 397.75 m 562.5 397.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 332.75 m 465.5 332.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 332.75 m 562.5 332.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 320.75 m 465.5 320.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 318.75 m 465.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 320.75 m 562.5 320.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 318.75 m 562.5 318.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 241.75 m 465.5 241.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 241.75 m 562.5 241.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 229.75 m 465.5 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 227.75 m 465.5 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 229.75 m 562.5 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 227.75 m 562.5 227.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.20 427.48 Td (Condensed Consolidated Balance Sheets for the Core Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 401.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.40 401.48 Td (March 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.15 401.48 Td (December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 388.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 388.48 Td (\(In thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.35 375.48 Td (ASSETS) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 375.00 375.32 Td () Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 472.00 375.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 362.32 Td (Cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 362.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 362.32 Td (136,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 362.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 362.32 Td (112,151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 349.32 Td (Investment property, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 349.32 Td (2,030,803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 349.32 Td (2,042,690) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 336.32 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 336.32 Td (465,703) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 336.32 Td (590,610) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 323.32 Td (Total Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 323.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 323.32 Td (2,633,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 323.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 323.32 Td (2,745,451) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.55 297.48 Td (LIABILITIES AND EQUITY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.00 297.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 297.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 284.32 Td (Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 284.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 284.32 Td (1,325,982) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 284.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 284.32 Td (1,327,315) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 271.32 Td (Other liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 271.32 Td (198,724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 271.32 Td (260,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 258.32 Td (Redeemable noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 258.32 Td (257,994) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 258.32 Td (268,871) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 245.32 Td (Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 245.32 Td (850,320) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 245.32 Td (888,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 232.32 Td (Total Liabilities and Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 232.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 232.32 Td (2,633,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 232.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 232.32 Td (2,745,451) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (In 2014, the Core Fund sold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.72 742.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.16 742.10 Td ( property that was held for sale as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.16 742.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.75 742.10 Td (. In 2013, the Core Fund sold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.99 730.10 Td ( properties. ) Tj ET Q q 0 0 0 rg BT 119.79 730.10 Td (The results of operations for these properties have been reclassified into discontinued operations for all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (periods presented, which is reflected in the table below) Tj ET Q q 0 0 0 rg BT 269.55 718.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 625.60 366.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 625.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 625.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 625.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 595.60 366.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 595.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 595.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 595.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 565.60 366.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 565.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 565.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 565.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 534.60 366.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 534.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 534.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 534.60 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 416.5 640.6 m 486.5 640.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 640.6 m 562.5 640.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 595.6 m 486.5 595.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 595.6 m 562.5 595.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 565.6 m 486.5 565.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 565.6 m 562.5 565.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 534.6 m 486.5 534.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 534.6 m 562.5 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 520.6 m 486.5 520.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 518.6 m 486.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 520.6 m 562.5 520.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 518.6 m 562.5 518.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.80 686.33 Td (Condensed Consolidated Statements of Operations for the Core Fund) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.40 660.28 Td (Three Months Ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 645.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 645.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.00 645.28 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 630.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.00 630.28 Td (\(In thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 615.27 Td (Total revenues and gains) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 615.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 615.27 Td (62,976) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 615.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 615.27 Td (63,481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 600.27 Td (Total expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 600.27 Td (65,453) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 600.27 Td (65,498) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 585.27 Td (Income \(loss\) from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.80 585.32 Td (\(2,477) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 585.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 585.32 Td (\(2,017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 585.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 570.27 Td (Income \(loss\) from discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 570.27 Td (174,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 570.27 Td (17,572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 555.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 555.27 Td (171,678) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 555.27 Td (15,555) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 539.27 Td (Less \(income\) loss allocated to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 539.32 Td (\(30,579) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 539.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 539.32 Td (\(5,696) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 539.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 524.27 Td (Net income \(loss\) attributable to parent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 524.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 524.27 Td (141,099) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 524.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 524.27 Td (9,859) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 496.10 Td (The following discusses items of significance for the periods presented for the Company) Tj ET Q q 0 0 0 rg BT 425.13 496.10 Td (s equity method investments:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 472.10 Td (In January 2014, the Core Fund sold 101 Second Street, an of) Tj ET Q q 0 0 0 rg BT 314.17 472.10 Td (fice property located in San Francisco, California, which it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (acquired in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.20 460.10 Td (September 2004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.47 460.10 Td ( for a contract purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.12 460.10 Td ($157.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.01 460.10 Td (. ) Tj ET Q q 0 0 0 rg BT 355.83 460.10 Td (The contract sales price was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.05 460.10 Td ($297.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 460.10 Td (. ) Tj ET Q q 0 0 0 rg BT 534.39 460.10 Td (As a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (result of the sale of 101 Second Street, the Core Fund recognized a gain on sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.02 448.10 Td ($174.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.91 448.10 Td (. ) Tj ET Q q 0 0 0 rg BT 446.86 448.10 Td (As a result of the sale, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (Company recognized a gain of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.23 436.10 Td ($41.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.13 436.10 Td (, which is included in equity in earnings \(losses\) of unconsolidated entities, net, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (the consolidated statements of operations for the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.14 424.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.74 424.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 400.10 Td (Due to the deterioration in the financial condition of Douglas Corporate Center) Tj ET Q q 0 0 0 rg BT 383.89 400.10 Td (, the Core Fund elected to not make debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (service payments on the secured, nonrecourse mortgage loan at the property) Tj ET Q q 0 0 0 rg BT 353.40 388.10 Td (. ) Tj ET Q q 0 0 0 rg BT 358.22 388.10 Td (This resulted in a default, and ef) Tj ET Q q 0 0 0 rg BT 487.16 388.10 Td (fective January 2, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (2013, a foreclosure on the property by the lender in which the Core Fund relinquished all rights and title to the property and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (was relieved of the entire value of the mortgage loan. ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (15) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (7.Debt Financing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 718.25 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.04 718.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.48 718.25 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.06 718.25 Td (, the Company had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.11 718.25 Td ($1.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.22 718.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.66 718.25 Td ($796.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.55 718.25 Td ( of debt outstanding, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 706.25 Td (, with a weighted average years to maturity of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.71 706.25 Td (2.1 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.80 706.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.24 706.25 Td (3.3 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.34 706.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 428.00 706.25 Td (, and a weighted average interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.32 694.25 Td (4.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.15 694.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.58 694.25 Td (5.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.41 694.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 192.08 694.25 Td (. ) Tj ET Q q 0 0 0 rg BT 196.89 694.25 Td (The following table includes all of the Company) Tj ET Q q 0 0 0 rg BT 393.79 694.25 Td (s outstanding notes payable balances as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 682.25 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.43 682.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.87 682.25 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.45 682.25 Td ( \(in thousands, except interest rates\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 590.75 210.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 590.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 590.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 590.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 590.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 590.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 590.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 590.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 590.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 590.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 590.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 560.75 210.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 560.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 560.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 560.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 560.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 560.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 560.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 560.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 560.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 560.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 560.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 530.75 210.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 530.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 530.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 530.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 530.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 530.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 530.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 530.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 530.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 530.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 530.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 500.75 210.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 500.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 500.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 500.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 500.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 500.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 500.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 500.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 500.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 500.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 500.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 470.75 210.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 470.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 470.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 470.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 470.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 470.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 470.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 470.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 470.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 470.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 470.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 430.75 210.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 430.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 430.75 55.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 430.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 430.75 60.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 430.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 430.75 46.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 430.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 430.75 60.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 430.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 430.75 61.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 378.75 210.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 378.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 378.75 55.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 378.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 378.75 60.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 378.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 378.75 46.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 378.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 378.75 60.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 378.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 378.75 61.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 326.75 210.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 326.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 326.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 326.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 326.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 326.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 326.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 326.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 326.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 326.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 326.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 295.75 210.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 295.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 295.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 295.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 295.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 295.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 295.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 295.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 295.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 295.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 295.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 265.75 210.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 265.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 265.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 265.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 265.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 265.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 265.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 265.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 265.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 265.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 265.75 61.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 605.75 m 260.5 605.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 605.75 m 319.5 605.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 605.75 m 383.5 605.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 605.75 m 433.5 605.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 605.75 m 497.5 605.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 605.75 m 562.5 605.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 295.75 m 497.5 295.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 295.75 m 562.5 295.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 265.75 m 497.5 265.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 265.75 m 562.5 265.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 251.75 m 497.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 249.75 m 497.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 251.75 m 562.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 249.75 m 562.5 249.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 610.43 Td (Description) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.05 620.43 Td (Maturity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.50 610.43 Td (Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.40 630.43 Td (Interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.00 620.43 Td (Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.25 610.43 Td (Description) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.40 620.43 Td (Interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.00 610.43 Td (Rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 610.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.25 640.43 Td (Principal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.30 630.43 Td (Outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.20 620.43 Td (at March) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.50 610.43 Td (31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.75 640.43 Td (Principal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.80 630.43 Td (Outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.50 620.43 Td (at December) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 610.43 Td (31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 595.43 Td (SECURED MORTGAGE DEBT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.00 595.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 595.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 595.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.00 595.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 595.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 580.42 Td (Arapahoe Business Park I) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.40 580.42 Td (6/11/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.60 580.42 Td (Fixed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 580.42 Td (5.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 580.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 580.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.00 580.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 580.42 Td (9,232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 580.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 580.42 Td (9,272) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 565.42 Td (Arapahoe Business Park II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.05 565.42 Td (11/11/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.60 565.42 Td (Fixed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 565.42 Td (5.53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 565.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 565.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 565.42 Td (9,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 565.42 Td (9,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 550.42 Td (1515S.Street) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.70 550.42 Td (9/1/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.60 550.42 Td (Fixed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 550.42 Td (4.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 550.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 550.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 550.42 Td (38,485) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 550.42 Td (38,741) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 535.42 Td (345 Inverness Drive) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.90 535.42 Td (12/11/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.60 535.42 Td (Fixed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 535.42 Td (5.85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 535.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 535.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 535.42 Td (14,642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 535.42 Td (14,701) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 520.42 Td (Airport Corporate Center) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.70 520.42 Td (9/1/2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.60 520.42 Td (Fixed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 520.42 Td (5.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 520.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 520.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 520.42 Td (78,344) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 520.42 Td (78,628) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 505.42 Td (JPMorgan Chase Tower) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.70 505.42 Td (2/1/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.30 505.42 Td (Variable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 505.42 Td (2.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 505.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 505.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 505.42 Td (155,898) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 505.42 Td (156,798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 490.42 Td (Heritage Station) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.70 490.42 Td (1/1/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.60 490.42 Td (Fixed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 490.42 Td (5.38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 490.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 490.42 Td (5,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 490.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 475.42 Td (Thompson Bridge Commons) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.70 475.42 Td (3/1/2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.60 475.42 Td (Fixed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 475.42 Td (6.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 475.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 475.42 Td (5,414) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 475.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 460.43 Td (HSH POOLED MORTGAGE FACILITY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.50 460.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 460.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 460.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.00 460.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 460.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 446.32 Td (Citymark, 321 North Clark, 1900 and 2000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 436.32 Td (Alameda) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.70 446.32 Td (8/1/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.25 446.32 Td (Fixed via) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.70 436.32 Td (swap) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 446.32 Td (5.86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 446.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 446.32 Td (185,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 446.32 Td (185,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 421.32 Td (3400 Data Drive, 2100 Powell) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.20 421.32 Td (1/23/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.25 421.32 Td (Fixed via) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.70 411.32 Td (swap) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 421.32 Td (5.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 421.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 421.32 Td (98,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 421.32 Td (98,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 395.32 Td (Daytona and Laguna Buildings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.70 395.32 Td (5/2/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.25 395.32 Td (Fixed via) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.70 385.32 Td (swap) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 395.32 Td (5.36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 395.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 395.32 Td (119,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 395.32 Td (119,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 369.32 Td (3 Huntington Quadrangle) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.20 369.32 Td (7/19/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.25 369.32 Td (Fixed via) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.70 359.32 Td (swap) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 369.32 Td (5.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 369.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 369.32 Td (48,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 369.32 Td (48,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 343.32 Td (5th and Bell) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.20 343.32 Td (8/14/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.25 343.32 Td (Fixed via) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.70 333.32 Td (swap) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 343.32 Td (6.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 343.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 343.32 Td (39,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 343.32 Td (39,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 316.43 Td (OTHER NOTES PAYABLE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.50 316.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 316.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 316.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 316.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 300.42 Td (JPMor) Tj ET Q q 0 0 0 rg BT 79.49 300.42 Td (gan ) Tj ET Q q 0 0 0 rg BT 95.88 300.42 Td (Acquisition Credit ) Tj ET Q q 0 0 0 rg BT 171.99 300.42 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 218.91 304.95 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.20 300.42 Td (5/15/2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.30 300.42 Td (Variable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 300.42 Td (1.76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 300.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 300.42 Td (380,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 300.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 285.43 Td (TOTAL PRINCIPAL OUTSTANDING) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.00 285.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 285.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 285.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.60 285.42 Td (1,186,182) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 285.42 Td (796,884) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 270.42 Td (Unamortized Discount) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 143.81 274.95 Td ( \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.00 270.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 270.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 270.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.30 270.47 Td (\(585) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.65 270.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 270.47 Td (\(1,169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 270.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 255.43 Td (NOTES PAYABLE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.00 255.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 255.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 255.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.00 255.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.60 255.42 Td (1,185,597) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 255.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 255.42 Td (795,715) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.00 251.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 227.25 Td (See the discussion following the heading JPMor) Tj ET Q q 0 0 0 rg BT 283.02 227.25 Td (gan ) Tj ET Q q 0 0 0 rg BT 299.40 227.25 Td (Acquisition Credit ) Tj ET Q q 0 0 0 rg BT 375.51 227.25 Td (Agreement below for additional information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 215.25 Td (regarding the Company's acquisition credit facility) Tj ET Q q 0 0 0 rg BT 287.93 215.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 191.25 Td (The Company assumed notes payable in connection with various acquisitions, which were recorded at their estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 179.25 Td (fair value as of the date of acquisition. ) Tj ET Q q 0 0 0 rg BT 241.60 179.25 Td (The dif) Tj ET Q q 0 0 0 rg BT 270.57 179.25 Td (ference between the fair value at acquisition and the principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 167.25 Td (outstanding is amortized over the term of the related note.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 143.25 Td (JPMor) Tj ET Q q 0 0 0 rg BT 86.40 143.25 Td (gan ) Tj ET Q q 0 0 0 rg BT 103.72 143.25 Td (Acquisition Cr) Tj ET Q q 0 0 0 rg BT 161.96 143.25 Td (edit ) Tj ET Q q 0 0 0 rg BT 179.27 143.25 Td (Agr) Tj ET Q q 0 0 0 rg BT 193.90 143.25 Td (eement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 119.25 Td (In January 2014, a subsidiary of the Operating Partnership entered into an acquisition credit agreement \(the JPMor) Tj ET Q q 0 0 0 rg BT 530.74 119.25 Td (gan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.25 Td (Acquisition Credit ) Tj ET Q q 0 0 0 rg BT 126.11 107.25 Td (Agreement\) with JPMor) Tj ET Q q 0 0 0 rg BT 227.57 107.25 Td (gan Chase Bank, N.A. \(Chase\) to establish a $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.69 107.25 Td (425.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.58 107.25 Td ( unsecured term loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.25 Td (facility \(the Acquisition Credit Facility\). In connection with the acquisition of the Howard Hughes Center in January 2014, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.25 Td (the Company borrowed the full capacity under the ) Tj ET Q q 0 0 0 rg BT 253.27 83.25 Td (Acquisition Credit Facility) Tj ET Q q 0 0 0 rg BT 359.83 83.25 Td (. ) Tj ET Q q 0 0 0 rg BT 367.15 83.25 Td (The ) Tj ET Q q 0 0 0 rg BT 384.65 83.25 Td (Acquisition Credit Facility has a maturity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 71.25 Td (date of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.99 71.25 Td (May15, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.82 71.25 Td ( with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.59 71.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.59 71.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.09 71.25 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.09 71.25 Td (-day extension options. ) Tj ET Q q 0 0 0 rg BT 281.08 71.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 330.99 71.25 Td (, in connection with this financing, the ) Tj ET Q q 0 0 0 rg BT 486.79 71.25 Td (Advisor agreed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 59.25 Td (waive the entire $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.36 59.25 Td (4.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.25 59.25 Td ( debt financing fee that otherwise would be payable to the ) Tj ET Q q 0 0 0 rg BT 398.78 59.25 Td (Advisor pursuant to the ) Tj ET Q q 0 0 0 rg BT 494.89 59.25 Td (Advisory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 47.25 Td (Agreement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 37 0 obj <> endobj 38 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (For the period from January 2014 through March 2014, the Company made draws of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.13 730.10 Td ($425.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.02 730.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.66 718.10 Td ($45.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.55 718.10 Td ( under the ) Tj ET Q q 0 0 0 rg BT 197.48 718.10 Td (Acquisition Credit Facility) Tj ET Q q 0 0 0 rg BT 304.04 718.10 Td (. See Note 16 Subsequent Events regarding the agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (the Company entered into with Chase, which replaces the JPMor) Tj ET Q q 0 0 0 rg BT 309.20 706.10 Td (gan ) Tj ET Q q 0 0 0 rg BT 325.59 706.10 Td (Acquisition Credit ) Tj ET Q q 0 0 0 rg BT 401.70 706.10 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (The following table summarizes required principal payments on the Company) Tj ET Q q 0 0 0 rg BT 383.20 682.10 Td (s outstanding notes payable for the period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.39 670.10 Td (April 1, 2014 through December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.69 670.10 Td (, for each of the years ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.77 670.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.77 670.10 Td ( through December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.46 670.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.46 670.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (and for the period thereafter \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 596.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.50 596.60 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 596.60 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 596.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 596.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 596.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 596.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 596.60 67.00 -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 114.5 620.6 m 217.5 620.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 217.5 620.6 m 231.5 620.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 620.6 m 293.5 620.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 620.6 m 297.5 620.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 620.6 m 359.5 620.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 620.6 m 363.5 620.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 620.6 m 425.5 620.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 620.6 m 429.5 620.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 620.6 m 491.5 620.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 620.6 m 495.5 620.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 620.6 m 562.5 620.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 114.5 620.6 m 217.5 620.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 114.5 596.6 m 217.5 596.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 596.6 m 293.5 596.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 596.6 m 359.5 596.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 596.6 m 425.5 596.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 596.6 m 491.5 596.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 596.6 m 562.5 596.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 625.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.20 625.28 Td (Principal Payments due by Period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 601.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.45 611.28 Td (April 1, 2014 through) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.15 601.28 Td (December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.00 601.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.00 601.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.00 601.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.00 601.28 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.60 601.28 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 586.27 Td (Notes Payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 586.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.15 586.27 Td (382,274) Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 220.00 591.43 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.00 586.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.15 586.27 Td (26,851) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.00 586.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 586.27 Td (393,297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.00 586.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 586.27 Td (305,642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.00 586.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 586.27 Td (5,790) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 586.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 586.27 Td (72,328) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 558.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 558.10 Td (See Note 16 Subsequent Events regarding the credit agreement the Company entered into in ) Tj ET Q q 0 0 0 rg BT 468.95 558.10 Td (April 2014. ) Tj ET Q q 0 0 0 rg BT 519.51 558.10 Td (As a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 546.10 Td (result of this agreement, $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.14 546.10 Td (380.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.03 546.10 Td ( of principal payments are no longer due for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.74 546.10 Td (April 1, 2014 through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 534.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.58 534.10 Td ( period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 510.10 Td ( ) Tj ET Q q 0 0 0 rg BT 70.32 510.10 Td (The Company is not aware of any instances of noncompliance with financial covenants as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.82 510.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.41 510.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 486.10 Td (8.Derivative Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 462.10 Td (The Company has several interest rate swap transactions with HSH Nordbank ) Tj ET Q q 0 0 0 rg BT 381.54 462.10 Td (AG, New ) Tj ET Q q 0 0 0 rg BT 421.99 462.10 Td (Y) Tj ET Q q 0 0 0 rg BT 428.21 462.10 Td (ork Branch \(HSH Nordbank\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 450.10 Td (These swap transactions were entered into as economic hedges against the variability of future interest rates on the Company) Tj ET Q q 0 0 0 rg BT 552.61 450.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 438.10 Td (variable interest rate borrowings with HSH Nordbank. ) Tj ET Q q 0 0 0 rg BT 269.77 438.10 Td (The Company has not designated any of its derivative instruments as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td (hedging instruments for accounting purposes. ) Tj ET Q q 0 0 0 rg BT 234.79 426.10 Td (The interest rate swaps have been recorded at their estimated fair value in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 414.10 Td (accompanying condensed consolidated balance sheets and changes in the fair value were recorded in gain \(loss\) on derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 402.10 Td (instruments, net in the Company) Tj ET Q q 0 0 0 rg BT 183.04 402.10 Td (s condensed consolidated statements of operations. See Note 14 Fair ) Tj ET Q q 0 0 0 rg BT 474.18 402.10 Td (V) Tj ET Q q 0 0 0 rg BT 480.30 402.10 Td (alue Disclosures for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 390.10 Td (additional information.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 366.10 Td (The tables below provide additional information regarding each of the Company) Tj ET Q q 0 0 0 rg BT 392.90 366.10 Td (s outstanding interest rate swaps \(all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.10 Td (amounts are in thousands except for interest rates\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.10 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 307.60 111.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.50 307.60 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 307.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 307.60 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 307.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 307.60 98.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 307.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 277.60 111.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.50 277.60 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 277.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 277.60 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 277.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 277.60 98.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 277.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 247.60 111.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.50 247.60 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 247.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 247.60 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 247.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 247.60 98.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 247.60 96.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 307.6 m 161.5 307.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 161.5 307.6 m 266.5 307.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 307.6 m 364.5 307.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 307.6 m 466.5 307.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 307.6 m 562.5 307.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.35 312.28 Td (Effective Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.15 312.28 Td (Expiration Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 312.28 Td (Notional Amount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 322.28 Td (Interest Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.80 312.28 Td (Received) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.20 312.28 Td (Interest Rate Paid) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 297.27 Td (August 1, 2006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.80 297.27 Td (August 1, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 297.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 297.27 Td (185,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 297.27 Td (LIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 297.27 Td (5.4575) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 297.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 282.27 Td (January 12, 2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.20 282.27 Td (January 12, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 282.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.15 282.27 Td (98,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 282.27 Td (LIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 282.27 Td (4.8505) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 282.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 267.27 Td (May 1, 2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.05 267.27 Td (May 1, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 267.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 267.27 Td (119,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 267.27 Td (LIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 267.27 Td (4.9550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 267.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 252.27 Td (July 17, 2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.40 252.27 Td (July 17, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 252.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.15 252.27 Td (48,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 252.27 Td (LIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 252.27 Td (5.5800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 252.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 237.27 Td (July 27, 2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.40 237.27 Td (July 24, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 237.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.15 237.27 Td (39,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 237.27 Td (LIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 237.27 Td (5.5800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 237.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 209.10 Td (The Company has not entered into any master netting arrangements with its third-party counterparties and does not of) Tj ET Q q 0 0 0 rg BT 539.08 209.10 Td (fset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 197.10 Td (on its consolidated condensed balance sheets the fair value amounts recorded for derivative instruments. ) Tj ET Q q 0 0 0 rg BT 471.90 197.10 Td (The table below ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 185.10 Td (presents the fair value of the Company) Tj ET Q q 0 0 0 rg BT 207.73 185.10 Td (s derivative instruments included in Liabilities-Interest Rate Swap Contracts on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 173.10 Td (s condensed consolidated balance sheets, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.94 173.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.54 173.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.97 173.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.56 173.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 121.60 332.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 121.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 121.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 121.60 99.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 135.60000000000002 m 459.5 135.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 135.60000000000002 m 463.5 135.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 135.60000000000002 m 562.5 135.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 121.60000000000002 m 459.5 121.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 121.60000000000002 m 562.5 121.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 121.60000000000002 m 459.5 121.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 106.60000000000002 m 459.5 106.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 121.60000000000002 m 562.5 121.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 106.60000000000002 m 562.5 106.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 106.60000000000002 m 459.5 106.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 92.60000000000002 m 459.5 92.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 90.60000000000002 m 459.5 90.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 106.60000000000002 m 562.5 106.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 92.60000000000002 m 562.5 92.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 90.60000000000002 m 562.5 90.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 140.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.70 140.28 Td (Liability Derivatives Fair Value) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 53.00 126.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.25 126.28 Td (Derivatives not designated as hedging instruments for) Tj ET Q q 0 0 0 rg BT 282.51 126.28 Td ( accounting purposes:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.40 126.28 Td (March 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 126.28 Td (December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 111.27 Td (Interest rate swap contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.00 111.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 111.27 Td (61,911) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.00 111.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 111.27 Td (67,652) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 96.27 Td (Total derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.00 96.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 96.27 Td (61,911) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.00 96.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 96.27 Td (67,652) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 39 0 obj <> endobj 40 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (The table below presents the ef) Tj ET Q q 0 0 0 rg BT 192.49 742.10 Td (fects of the changes in fair value of the Company) Tj ET Q q 0 0 0 rg BT 392.15 742.10 Td (s derivative instruments in the Company) Tj ET Q q 0 0 0 rg BT 556.84 742.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (condensed consolidated statements of operations and comprehensive income \(loss\) for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.95 730.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.93 730.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.76 730.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.36 730.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 718.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.94 718.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 668.60 365.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 668.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 668.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 668.60 71.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 668.6 m 487.5 668.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 668.6 m 562.5 668.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 668.6 m 487.5 668.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 653.6 m 487.5 653.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 668.6 m 562.5 668.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 653.6 m 562.5 653.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 653.6 m 487.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 639.6 m 487.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 637.6 m 487.5 637.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 653.6 m 562.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 639.6 m 562.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 637.6 m 562.5 637.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 688.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.90 688.28 Td (Three Months Ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 673.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 673.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.50 673.28 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 658.27 Td (Gain \(loss\) on interest rate swap, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.00 658.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 658.27 Td (5,741) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 658.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 658.27 Td (6,286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 643.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.00 643.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 643.27 Td (5,741) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 643.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 643.27 Td (6,286) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 615.10 Td (9.Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 591.10 Td (W) Tj ET Q q 0 0 0 rg BT 77.04 591.10 Td (ith the authorization of its board of directors, the Company declared distributions in the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.22 591.10 Td ($0.00138082) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.72 591.10 Td ( per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 579.10 Td (share, per day for July 2010 through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.74 579.10 Td (March 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.34 579.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.28 579.10 Td ($0.00041425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.78 579.10 Td ( of such per share, per day for the period July 201) Tj ET Q q 0 0 0 rg BT 519.24 579.10 Td (1 through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 567.10 Td (March 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.60 567.10 Td ( were designated by the Company as special distributions which represent a return of a portion of the stockholders) Tj ET Q q 0 0 0 rg BT 557.73 567.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 555.10 Td (invested capital and, as such, reduced their remaining investment in the Company) Tj ET Q q 0 0 0 rg BT 376.20 555.10 Td (. ) Tj ET Q q 0 0 0 rg BT 381.02 555.10 Td (The special distributions were funded with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 543.10 Td (portion of the proceeds from sales of investment property) Tj ET Q q 0 0 0 rg BT 279.29 543.10 Td (. ) Tj ET Q q 0 0 0 rg BT 284.11 543.10 Td (The above designation of a portion of the distributions as special ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 531.10 Td (distributions does not impact the tax treatment of the distributions to the Company) Tj ET Q q 0 0 0 rg BT 382.73 531.10 Td (s stockholders. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 507.10 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.72 507.10 Td (March25, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.32 507.10 Td (, the Company declared a distribution of approximately $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.43 507.10 Td (198.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.32 507.10 Td (, resulting in a distribution to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 495.10 Td (stockholders of $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.88 495.10 Td (0.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.38 495.10 Td ( per share that was paid during the three months ended June 30, 2013 to all stockholders of record as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 483.10 Td (April2, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.61 483.10 Td (, which is reflected in the table below) Tj ET Q q 0 0 0 rg BT 252.91 483.10 Td (. ) Tj ET Q q 0 0 0 rg BT 260.22 483.10 Td (This distribution was designated by the Company as a special distribution, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 471.10 Td (which was a return of a portion of the stockholders) Tj ET Q q 0 0 0 rg BT 256.14 471.10 Td ( invested capital and, as such, reduced their remaining investment in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 459.10 Td (Company) Tj ET Q q 0 0 0 rg BT 88.24 459.10 Td (. ) Tj ET Q q 0 0 0 rg BT 93.06 459.10 Td (The special distribution represents a portion of the proceeds from the sale of ) Tj ET Q q 0 0 0 rg BT 400.28 459.10 Td (W) Tj ET Q q 0 0 0 rg BT 409.32 459.10 Td (illiams ) Tj ET Q q 0 0 0 rg BT 438.86 459.10 Td (T) Tj ET Q q 0 0 0 rg BT 444.27 459.10 Td (ower and other strategic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 447.10 Td (asset sales. ) Tj ET Q q 0 0 0 rg BT 96.20 447.10 Td (The special distribution was not subject to reinvestment pursuant to the Company) Tj ET Q q 0 0 0 rg BT 425.30 447.10 Td (s dividend reinvestment plan and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 435.10 Td (was paid in cash. In the aggregate, the Company has declared special distributions in total of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.17 435.10 Td ($1.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.67 435.10 Td ( per share.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 411.10 Td (Further) Tj ET Q q 0 0 0 rg BT 97.04 411.10 Td (, with the authorization of its board of directors, the Company declared distributions for ) Tj ET Q q 0 0 0 rg BT 449.73 411.10 Td (April 2013 through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.45 411.10 Td (May) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.78 411.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 399.10 Td (2014. ) Tj ET Q q 0 0 0 rg BT 74.82 399.10 Td (These distributions were or will be calculated based on stockholders of record each day during this period in an amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 387.10 Td (equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.43 387.10 Td ($0.00073973) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.93 387.10 Td ( per share, per day and will be paid on the first day of the month following the fiscal quarter to which they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 375.10 Td (relate in cash, or reinvested in stock for those participating in the Company's dividend reinvestment plan. ) Tj ET Q q 0 0 0 rg BT 472.62 375.10 Td (This rate per share, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 363.10 Td (per day) Tj ET Q q 0 0 0 rg BT 79.06 363.10 Td (, reflects a reduction from the $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.84 363.10 Td (0.00138082) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.34 363.10 Td ( per share, per day rate that was declared previously) Tj ET Q q 0 0 0 rg BT 459.38 363.10 Td (, as described above. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 339.10 Td (The table below outlines the Company) Tj ET Q q 0 0 0 rg BT 225.47 339.10 Td (s total distributions declared to stockholders andnoncontrolling interests for each of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 327.10 Td (the quarters during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.03 327.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.03 327.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.47 327.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.47 327.10 Td (, including the breakout between the distributions paid in cash and those reinvested pursuant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 315.10 Td (to the Company) Tj ET Q q 0 0 0 rg BT 116.66 315.10 Td (s dividend reinvestment plan \(all amounts are in thousands\).) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 241.60 222.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 241.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 241.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 241.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 241.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 241.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 241.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 241.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 241.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 211.60 222.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 211.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 211.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 211.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 211.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 211.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 211.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 211.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 211.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 181.60 222.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 181.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 181.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 181.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 181.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 181.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 181.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 181.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 181.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 151.60 222.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 151.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 151.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 151.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 151.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 151.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 151.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 151.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 151.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 121.60 222.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 121.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 121.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 121.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 121.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 121.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 121.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 121.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 121.60 74.00 -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 276.5 280.6 m 339.5 280.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 280.6 m 343.5 280.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 280.6 m 406.5 280.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 280.6 m 410.5 280.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 280.6 m 473.5 280.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 280.6 m 562.5 280.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 256.6 m 272.5 256.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 256.6 m 339.5 256.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 256.6 m 406.5 256.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 256.6 m 473.5 256.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 256.6 m 562.5 256.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 256.6 m 272.5 256.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 241.60000000000002 m 272.5 241.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 226.60000000000002 m 339.5 226.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 226.60000000000002 m 406.5 226.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 226.60000000000002 m 473.5 226.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 226.60000000000002 m 562.5 226.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 212.60000000000002 m 339.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 210.60000000000002 m 339.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 212.60000000000002 m 406.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 210.60000000000002 m 406.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 212.60000000000002 m 473.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 210.60000000000002 m 473.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 212.60000000000002 m 562.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 210.60000000000002 m 562.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 181.60000000000002 m 272.5 181.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 181.60000000000002 m 272.5 181.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 121.60000000000002 m 339.5 121.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 121.60000000000002 m 406.5 121.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 121.60000000000002 m 473.5 121.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 121.60000000000002 m 562.5 121.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 107.60000000000002 m 339.5 107.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 105.60000000000002 m 339.5 105.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 107.60000000000002 m 406.5 107.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 105.60000000000002 m 406.5 105.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 107.60000000000002 m 473.5 107.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 105.60000000000002 m 473.5 105.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 107.60000000000002 m 562.5 107.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 105.60000000000002 m 562.5 105.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 285.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.70 285.28 Td (Stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.00 285.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.85 295.28 Td (Noncontrolling) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.45 285.28 Td (Interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 261.28 Td (Distributions for the Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.65 271.28 Td (Cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.40 261.28 Td (Distributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.40 271.28 Td (Distributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.15 261.28 Td (Reinvested) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.55 271.28 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.40 261.28 Td (Declared) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.00 261.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.75 261.28 Td (Total Declared) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 246.28 Td (2014 ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 75.50 250.81 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.00 246.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.00 246.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 246.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.00 246.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 246.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 231.27 Td (March 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.00 231.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 231.27 Td (9,552) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.00 231.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 231.27 Td (5,613) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 231.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 231.27 Td (15,165) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 231.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 231.27 Td (74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 216.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.00 216.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 216.27 Td (9,552) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.00 216.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 216.27 Td (5,613) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 216.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 216.27 Td (15,165) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 216.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 216.27 Td (74) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 186.28 Td (2013 ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 75.50 190.81 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.00 186.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.00 186.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 186.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 186.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 171.27 Td (December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.00 171.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 171.27 Td (9,786) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.00 171.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 171.27 Td (5,811) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 171.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 171.27 Td (15,597) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 171.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 171.27 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 156.27 Td (September 30, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 156.27 Td (9,769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 156.27 Td (5,902) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 156.27 Td (15,671) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 156.27 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 141.27 Td (June 30, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 141.27 Td (9,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 141.27 Td (5,913) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 141.27 Td (15,742) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 141.27 Td (960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 126.27 Td (March 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.15 126.27 Td (214,893) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 126.27 Td (11,175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 126.27 Td (226,068) Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 476.00 131.43 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 126.27 Td (138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 111.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.00 111.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.15 111.27 Td (244,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.00 111.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 111.27 Td (28,801) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 111.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 111.27 Td (273,078) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 111.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 111.27 Td (1,248) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 41 0 obj <> endobj 42 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (Except as noted below) Tj ET Q q 0 0 0 rg BT 175.60 730.10 Td (, excluded from this table are distributions declared with respect to the Participation Interest \(as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td (discussed further in Note 10 Related Party ) Tj ET Q q 0 0 0 rg BT 270.22 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 275.98 718.10 Td (ransactions\). ) Tj ET Q q 0 0 0 rg BT 331.62 718.10 Td (The amount of distributions declared with respect to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (Participation Interest for the quarter ended March 31, 2014 was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.30 706.10 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.20 706.10 Td (. ) Tj ET Q q 0 0 0 rg BT 396.01 706.10 Td (The distributions declared with respect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 694.10 Td (the Participation Interest for the quarters ended December 31, 2013, September 30, 2013, June 30, 2013 and March 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (2013 were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.43 682.10 Td ($0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.32 682.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.32 682.10 Td ($0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.21 682.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.21 682.10 Td ($0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.10 682.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.54 682.10 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.43 682.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 408.09 682.10 Td (. Included in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.58 682.10 Td ($226.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.47 682.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 670.10 Td (amount declared at March 31, 2013 above is the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.94 670.10 Td ($10.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.83 670.10 Td ( special distribution declared in March 2013 to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td (Participation Interest. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td (As stated above, a portion of the total distributions declared were designated by the Company as special distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 622.10 Td (and funded using proceeds from sales of investment properties, which represented a return of a portion of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 610.10 Td (stockholders, and noncontrolling interest holders) Tj ET Q q 0 0 0 rg BT 283.83 610.10 Td ( invested capital. For the year ended December 31, 2013, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.58 610.10 Td ($206.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 598.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.89 598.10 Td ( of the total distributions declared to the Company) Tj ET Q q 0 0 0 rg BT 318.74 598.10 Td (s stockholders and non-controlling interests were paid using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.10 Td (such sales proceeds.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (10.Related Party T) Tj ET Q q 0 0 0 rg BT 131.56 562.10 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 538.10 Td (The table below outlines fees incurred and expense reimbursements payable to Hines, the ) Tj ET Q q 0 0 0 rg BT 427.88 538.10 Td (Advisor and Hines Securities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (Inc. for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.65 526.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.63 526.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.46 526.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.05 526.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.49 526.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.49 526.10 Td ( and outstanding as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.76 526.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.36 526.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.79 526.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.38 526.10 Td ( \(all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (amounts are in thousands\).) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 438.60 220.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 438.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 438.60 72.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 438.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 438.60 72.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 438.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 438.60 67.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 438.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 438.60 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 384.60 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 384.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 384.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 384.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 384.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 384.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 384.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 384.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 384.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 354.60 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 354.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 354.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 354.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 354.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 354.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 354.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 354.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 354.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 324.60 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 324.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 324.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 324.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 324.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 324.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 324.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 324.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 324.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 294.60 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 294.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 294.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 294.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 294.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 294.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 294.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 294.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 294.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 244.60 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 244.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 244.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 244.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 244.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 244.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 244.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 244.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 244.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 476.6 m 346.5 476.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 476.6 m 350.5 476.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 476.6 m 422.5 476.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 476.6 m 493.5 476.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 476.6 m 497.5 476.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 476.6 m 562.5 476.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 476.6 m 493.5 476.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 438.6 m 270.5 438.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 438.6 m 346.5 438.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 438.6 m 422.5 438.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 438.6 m 493.5 438.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 438.6 m 562.5 438.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 438.6 m 346.5 438.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 438.6 m 422.5 438.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 438.6 m 493.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 414.6 m 493.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 412.6 m 493.5 412.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 438.6 m 562.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 414.6 m 562.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 412.6 m 562.5 412.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 384.6 m 270.5 384.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 244.60000000000002 m 493.5 244.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 244.60000000000002 m 562.5 244.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 230.60000000000002 m 493.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 228.60000000000002 m 493.5 228.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 230.60000000000002 m 562.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 228.60000000000002 m 562.5 228.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 481.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.90 481.28 Td (Incurred) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.00 481.28 Td (Unpaid as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 457.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.40 457.28 Td (Three Months Ended March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 457.28 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.40 457.28 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 443.28 Td (Type and Recipient) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.00 443.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.00 443.28 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.50 443.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.50 443.28 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 428.27 Td (Participation Interest in the Operating Partnership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 418.27 Td (HALP) Tj ET Q q 0 0 0 rg BT 78.74 418.27 Td ( ) Tj ET Q q 0 0 0 rg BT 80.69 418.27 Td (Associates Limited Partnership) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 205.67 422.80 Td ( \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.00 418.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.15 418.27 Td (6,017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.00 418.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 418.27 Td (4,685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 418.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 418.27 Td (96,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 418.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 418.27 Td (91,376) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 389.28 Td (Due to Affiliates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.00 389.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 389.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 389.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.00 389.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 374.27 Td (Acquisition Fee the ) Tj ET Q q 0 0 0 rg BT 140.77 374.27 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 175.49 378.80 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.15 374.27 Td (1,012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.65 374.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 374.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 374.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 359.27 Td (Asset Management Fee the Advisor) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.15 359.27 Td (3,706) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 359.27 Td (3,772) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 359.27 Td (1,232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 359.27 Td (1,185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 344.27 Td (Debt Financing Fee the ) Tj ET Q q 0 0 0 rg BT 156.04 344.27 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 190.76 348.80 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 344.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 344.27 Td (3,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 344.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 344.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 329.27 Td (Other the Advisor) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 329.27 Td (809) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.65 329.27 Td (833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 329.27 Td (449) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 329.27 Td (767) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 314.27 Td (Property Management Fee Hines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.15 314.27 Td (1,399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 314.27 Td (1,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 314.27 Td (410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 314.32 Td (\(16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 314.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 299.27 Td (Leasing Fee Hines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 299.27 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 299.27 Td (1,443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 299.27 Td (1,551) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 299.27 Td (1,535) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 284.27 Td (Tenant Construction Management Fees Hines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 284.27 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.65 284.27 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 284.27 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 284.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 269.27 Td (Expense Reimbursements Hines \(with respect to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 259.27 Td (management and operation of the Companys) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 249.27 Td (properties\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.15 249.27 Td (4,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 249.27 Td (4,188) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 249.27 Td (491) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 249.27 Td (214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 234.27 Td (Due to Affiliates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.00 234.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 234.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 234.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 234.27 Td (4,145) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 234.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 234.27 Td (3,686) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 206.10 Td (The Company recorded a liability related to the Participation Interest based on its estimated settlement value in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 194.10 Td (accompanying condensed consolidated balance sheets. ) Tj ET Q q 0 0 0 rg BT 309.35 194.10 Td (This liability is remeasured at fair value based on the related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 182.10 Td (redemption price in place as of each balance sheet plus any unpaid distributions. ) Tj ET Q q 0 0 0 rg BT 411.73 182.10 Td (As described previously in Note 9 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 170.10 Td (Distributions, the Company declared an $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.63 170.10 Td (0.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.13 170.10 Td ( special distribution \(or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.67 170.10 Td ($10.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.56 170.10 Td (, in total, to the Participation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 158.10 Td (Interest\) to all stockholders of the Company in March 2013, which represented a reduction in the Participation Interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 146.10 Td (liability to reflect a return of capital for the period ending March 31, 2013.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 122.10 Td (In connection with the acquisition of the Howard Hughes Center) Tj ET Q q 0 0 0 rg BT 344.14 122.10 Td (, the Company was obligated to pay approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 110.10 Td ($5.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.89 110.10 Td ( of acquisition fees to the ) Tj ET Q q 0 0 0 rg BT 237.65 110.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 269.47 110.10 Td (, half of which was payable in cash and half of which was payable as an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 98.10 Td (increase to the Participation Interest. ) Tj ET Q q 0 0 0 rg BT 237.15 98.10 Td (The ) Tj ET Q q 0 0 0 rg BT 254.65 98.10 Td (Advisor and HALP) Tj ET Q q 0 0 0 rg BT 331.31 98.10 Td (, the holder of the Participation Interest, respectively) Tj ET Q q 0 0 0 rg BT 540.87 98.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 86.10 Td (agreed to waive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.80 86.10 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.69 86.10 Td ( of the cash acquisition fee and the entire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.02 86.10 Td ($2.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.91 86.10 Td ( acquisition fee payable related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 74.10 Td (the Participation Interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 43 0 obj <> endobj 44 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (In connection with the financing pursuant to the JPMor) Tj ET Q q 0 0 0 rg BT 306.89 742.10 Td (gan ) Tj ET Q q 0 0 0 rg BT 323.28 742.10 Td (Acquisition Credit ) Tj ET Q q 0 0 0 rg BT 399.38 742.10 Td (Agreement, the ) Tj ET Q q 0 0 0 rg BT 462.97 742.10 Td (Advisor agreed to waive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (the entire $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.98 730.10 Td (4.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.87 730.10 Td ( debt financing fee that otherwise would be payable to the ) Tj ET Q q 0 0 0 rg BT 408.41 730.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 440.08 730.10 Td (. See Note 7 Debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td (Financing for additional information on the debt financing fee waived.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (1) Tj ET Q q 0 0 0 rg BT 54.45 694.10 Td (1. Changes in ) Tj ET Q q 0 0 0 rg BT 113.54 694.10 Td (Assets and Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 93.63 670.10 Td (fect of the changes in asset and liability accounts on cash flows from operating activities for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.79 670.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.10 670.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.60 658.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.04 658.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.04 658.10 Td ( is as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 606.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 606.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 606.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 606.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 576.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 576.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 576.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 576.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 546.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 546.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 546.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 546.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 516.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 516.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 516.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 516.60 74.00 -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 410.5 606.6 m 484.5 606.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 606.6 m 562.5 606.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 606.6 m 484.5 606.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 606.6 m 562.5 606.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 501.6 m 484.5 501.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 501.6 m 562.5 501.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 487.6 m 484.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 485.6 m 484.5 485.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 487.6 m 562.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 485.6 m 562.5 485.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.40 626.28 Td (Three Months Ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 611.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 611.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.00 611.28 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 596.27 Td (Change in other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 596.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.80 596.32 Td (\(1,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 596.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 596.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 596.32 Td (\(1,056) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 596.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 581.27 Td (Change in tenant and other receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.80 581.32 Td (\(5,043) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 581.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 581.32 Td (\(3,096) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 581.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 566.27 Td (Change in deferred leasing costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.80 566.32 Td (\(2,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 566.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 566.32 Td (\(13,119) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 566.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 551.27 Td (Change in accounts payable and accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 551.27 Td (900) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 551.32 Td (\(20,215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 551.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 536.27 Td (Change in participation interest liability) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 536.27 Td (5,082) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 536.27 Td (3,212) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 521.27 Td (Change in other liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 521.27 Td (1,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 521.32 Td (\(2,404) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 521.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 506.27 Td (Change in due to affiliates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 506.27 Td (458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 506.27 Td (4,427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 491.27 Td (Changes in assets and liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 491.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.80 491.32 Td (\(2,342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 491.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 491.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 491.32 Td (\(32,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 491.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (12. Supplemental Cash Flow Disclosures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 439.10 Td (Supplemental cash flow disclosures for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.40 439.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.71 439.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.21 439.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.81 439.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.25 439.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.25 439.10 Td ( are as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 371.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 371.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 371.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 371.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 341.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 341.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 341.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 341.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 311.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 311.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 311.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 311.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 281.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 281.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 281.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 281.60 74.00 -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 410.5 386.6 m 484.5 386.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 386.6 m 562.5 386.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.40 406.28 Td (Three Months Ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 391.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 391.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.00 391.28 Td (2013) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 376.28 Td (Supplemental Disclosure of Cash Flow Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 376.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 376.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 361.27 Td (Cash paid for interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 361.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 361.27 Td (11,236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 361.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 361.27 Td (15,991) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 346.27 Td (Cash paid for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 346.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 346.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 346.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 346.27 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 331.28 Td (Supplemental Schedule of Non-Cash Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.00 331.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 331.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 316.27 Td (Distributions declared and unpaid) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 316.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 316.27 Td (15,238) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 316.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 316.27 Td (226,205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 301.27 Td (Distributions reinvested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 301.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 301.27 Td (5,811) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 301.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 301.27 Td (11,631) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 286.27 Td (Shares tendered for redemption) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 286.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 286.27 Td (10,095) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 286.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 286.27 Td (2,967) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 271.27 Td (Assumption of mortgages upon dissolution of joint venture) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 271.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 271.27 Td (10,947) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 271.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 271.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 256.27 Td (Noncash net assets acquired upon acquisition of property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 256.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 256.27 Td (172,244) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 256.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 256.27 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 228.10 Td (13.Commitments and Contingencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 204.10 Td (The credit agreement for the HSH Nordbank pooled mortgage facility requires that the properties financed by this facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 192.10 Td (maintain a combined occupancy at or above ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.54 192.10 Td (85%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.87 192.10 Td (. ) Tj ET Q q 0 0 0 rg BT 253.82 192.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.26 192.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.86 192.10 Td (, certain properties caused the Company to fail to meet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 180.10 Td (this occupancy requirement. ) Tj ET Q q 0 0 0 rg BT 167.46 180.10 Td (As a result, the facility) Tj ET Q q 0 0 0 rg BT 261.04 180.10 Td (s limited payment guaranty to which the Company is a party has been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 168.10 Td (triggered, requiring the Company to commit to fund a property leasing guaranty in an amount that would be required to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 156.10 Td (increase the occupancy of all individual borrowings base assets to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.03 156.10 Td (90%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.36 156.10 Td (. ) Tj ET Q q 0 0 0 rg BT 341.31 156.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.75 156.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.35 156.10 Td (, the Company believes the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 144.10 Td (amount of this potential guaranty obligation is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.47 144.10 Td ($15.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.36 144.10 Td (. ) Tj ET Q q 0 0 0 rg BT 298.68 144.10 Td (This guaranty will be dischar) Tj ET Q q 0 0 0 rg BT 415.14 144.10 Td (ged once the portfolio of properties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 132.10 Td (financed by this facility achieves a combined occupancy greater than or equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.48 132.10 Td (85%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.81 132.10 Td ( or once all outstanding payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 120.10 Td (interest and principal are paid in full. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.00 120.10 Td (No) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.22 120.10 Td ( liability was recorded in relation to this guaranty) Tj ET Q q 0 0 0 rg BT 411.74 120.10 Td (, as the Company believes the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 108.10 Td (probability of the Company being required to perform under this guaranty is remote. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 84.10 Td (The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. ) Tj ET Q q 0 0 0 rg BT 506.32 84.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.10 Td (matters are generally covered by insurance. ) Tj ET Q q 0 0 0 rg BT 226.12 72.10 Td (While the resolution of these matters cannot be predicted with certainty) Tj ET Q q 0 0 0 rg BT 511.48 72.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.10 Td (management believes the final outcome of such matters will not have a material adverse ef) Tj ET Q q 0 0 0 rg BT 412.46 60.10 Td (fect on the Company) Tj ET Q q 0 0 0 rg BT 498.82 60.10 Td (s condensed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 48.10 Td (consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 45 0 obj <> endobj 46 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (20) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (14.Fair V) Tj ET Q q 0 0 0 rg BT 93.90 730.10 Td (alue Disclosures) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 706.10 Td (Assets and Liabilities Measur) Tj ET Q q 0 0 0 rg BT 184.66 706.10 Td (ed at Fair) Tj ET Q q 0 0 0 rg BT 226.13 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 228.45 706.10 Td (V) Tj ET Q q 0 0 0 rg BT 234.76 706.10 Td (alue on a Recurring Basis) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 682.10 Td (Derivative Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td (The Company records liabilities related to the fair values of its interest rate swap contracts. ) Tj ET Q q 0 0 0 rg BT 434.36 658.10 Td (The valuation of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (instruments is determined based on assumptions that management believes market participants would use in pricing, using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (derivative.) Tj ET Q q 0 0 0 rg BT 97.30 622.10 Td (This analysis reflects the contractual terms of the derivatives, including the period to maturity) Tj ET Q q 0 0 0 rg BT 471.54 622.10 Td (, and uses observable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (market-based inputs, including interest rate curves and implied volatilities.) Tj ET Q q 0 0 0 rg BT 353.63 610.10 Td (The fair values of the Company) Tj ET Q q 0 0 0 rg BT 483.31 610.10 Td (s interest rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (contracts have been determined using the market standard methodology of netting the discounted future fixed cash receipts \(or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (payments\) and the discounted expected variable cash payments \(or receipts\).) Tj ET Q q 0 0 0 rg BT 361.37 586.10 Td (The variable cash payments \(or receipts\) are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (based on an expectation of future interest rates \(forward curves\) derived from observable market interest rate curves.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 550.10 Td (Although the Company has determined the majority of the inputs used to value its derivatives fall within Level 2 of the fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (value hierarchy) Tj ET Q q 0 0 0 rg BT 111.26 538.10 Td (, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (current credit spreads to evaluate the likelihood of default by the Company and its counterparty) Tj ET Q q 0 0 0 rg BT 430.89 526.10 Td (, HSH Nordbank. In adjusting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (the fair values of its derivative contracts for the ef) Tj ET Q q 0 0 0 rg BT 249.46 514.10 Td (fect of nonperformance risk, the Company has considered the impact of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees. However) Tj ET Q q 0 0 0 rg BT 498.89 502.10 Td (, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.60 490.10 Td (, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (valuations of its derivatives. ) Tj ET Q q 0 0 0 rg BT 164.70 466.10 Td (As a result, the Company has determined its derivative valuations are classified in Level 2 of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (fair value hierarchy) Tj ET Q q 0 0 0 rg BT 127.64 454.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 442.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 430.10 Td (The following fair value hierarchy table sets forth the Company) Tj ET Q q 0 0 0 rg BT 325.97 430.10 Td (s interest rate swaps which are measured at fair value on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (recurring basis, which equals book value, by level within the fair value hierarchy as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.94 418.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.54 418.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.98 418.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.56 418.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (\(in thousands\).) Tj ET Q q 0 0 0 rg BT 114.26 406.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 173.97 406.10 Td (s derivative financial instruments are recorded in interest rate swap contracts in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (accompanying condensed consolidated balance sheets.) Tj ET Q q 0 0 0 rg BT 273.35 394.10 Td (The Company has not designated any of its derivative instruments as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (hedging instruments for accounting purposes.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 310.60 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.50 310.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.50 310.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 310.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 310.60 112.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 310.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 310.60 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 310.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 310.60 91.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 344.6 m 372.5 344.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 344.6 m 376.5 344.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 344.6 m 467.5 344.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 344.6 m 471.5 344.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 344.6 m 562.5 344.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 310.6 m 181.5 310.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 185.5 310.6 m 256.5 310.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 310.6 m 372.5 310.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 310.6 m 467.5 310.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 310.6 m 562.5 310.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 310.6 m 181.5 310.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 185.5 310.6 m 256.5 310.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 310.6 m 372.5 310.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 310.6 m 467.5 310.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 310.6 m 562.5 310.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 349.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.00 349.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.40 349.28 Td (Basis of Fair Value Measurements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 315.28 Td (Description) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.20 315.28 Td (Fair Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.30 335.28 Td (Quoted Prices In Active) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.25 325.28 Td (Markets for Identical) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.05 315.28 Td (Items \(Level 1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.50 335.28 Td (Significant Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.90 325.28 Td (Observable Inputs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.75 315.28 Td (\(Level 2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.40 335.28 Td (Significant) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.05 325.28 Td (Unobservable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.60 315.28 Td (Inputs \(Level 3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 300.27 Td (March 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.00 300.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.15 300.27 Td (61,911) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.00 300.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 300.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 300.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 300.27 Td (61,911) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 300.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 300.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 285.27 Td (December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.00 285.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.15 285.27 Td (67,652) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.00 285.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 285.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 285.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 285.27 Td (67,652) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 285.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 285.27 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 257.10 Td (Financial Instruments Fair) Tj ET Q q 0 0 0 rg BT 174.38 257.10 Td ( ) Tj ET Q q 0 0 0 rg BT 176.70 257.10 Td (V) Tj ET Q q 0 0 0 rg BT 183.00 257.10 Td (alue Disclosur) Tj ET Q q 0 0 0 rg BT 243.10 257.10 Td (es) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 233.10 Td (Other Financial Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 209.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 209.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.04 209.10 Td (, management estimated that the fair value of notes payable, which had a carrying value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.34 209.10 Td ($1,185.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 197.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 197.10 Td (, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.94 197.10 Td ($1,184.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.33 197.10 Td (. ) Tj ET Q q 0 0 0 rg BT 172.78 197.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.23 197.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.81 197.10 Td (, management estimated that the fair value of notes payable, which had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 185.10 Td (a carrying value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.74 185.10 Td ($795.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.63 185.10 Td (, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.68 185.10 Td ($794.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.57 185.10 Td (. ) Tj ET Q q 0 0 0 rg BT 273.39 185.10 Td (The discount rates used approximate current lending rates for loans or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.10 Td (groups of loans with similar maturities and credit quality) Tj ET Q q 0 0 0 rg BT 276.53 173.10 Td (, assumes the debt is outstanding through maturity and considers the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.10 Td (debt) Tj ET Q q 0 0 0 rg BT 70.00 161.10 Td (s collateral \(if applicable\). Management has utilized market information as available or present value techniques to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.10 Td (estimate the amounts required to be disclosed. ) Tj ET Q q 0 0 0 rg BT 236.99 149.10 Td (The Company has determined the majority of the inputs used to value its notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.10 Td (payable fall within Level 2 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 263.42 137.10 Td (, however the credit quality adjustments associated with its fair value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.10 Td (notes payable utilize Level 3 inputs. However) Tj ET Q q 0 0 0 rg BT 233.15 125.10 Td (, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.81 125.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.41 125.10 Td (, the Company has assessed the significance of the impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.10 Td (of the credit quality adjustments on the overall valuations of its fair market value of notes payable and has determined that they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.10 Td (are not significant.) Tj ET Q q 0 0 0 rg BT 129.15 101.10 Td (As a result, the Company has determined these financial instruments utilize Level 2 inputs. Since such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.10 Td (amounts are estimates that are based on limited available market information for similar transactions, there can be no assurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.10 Td (that the disclosed values could be realized.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 47 0 obj <> endobj 48 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (cash, distributions receivable, tenant and other receivables, accounts payable and accrued expenses, other liabilities, due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 718.10 Td (filiates and distributions payable. ) Tj ET Q q 0 0 0 rg BT 195.16 718.10 Td (The carrying value of these items reasonably approximates their fair value based on their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (highly-liquid nature and/or short-term maturities.Due to the short-term nature of these instruments, Level 1 and Level 2 inputs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (are utilized to estimate the fair value of these financial instruments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 670.10 Td (Assets and Liabilities Measur) Tj ET Q q 0 0 0 rg BT 184.66 670.10 Td (ed at Fair) Tj ET Q q 0 0 0 rg BT 226.13 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 228.45 670.10 Td (V) Tj ET Q q 0 0 0 rg BT 234.76 670.10 Td (alue on a Nonr) Tj ET Q q 0 0 0 rg BT 297.64 670.10 Td (ecurring Basis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (Certain long-lived assets are measured at fair value on a non-recurring basis. ) Tj ET Q q 0 0 0 rg BT 381.87 646.10 Td (These assets are not measured at fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (on an ongoing basis, but are subject to fair value adjustments \(i.e., impairments\) in certain circumstances. ) Tj ET Q q 0 0 0 rg BT 476.92 634.10 Td (The fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (methodologies used to measure long-lived assets are described in Note 2 Summary of Significant ) Tj ET Q q 0 0 0 rg BT 453.53 622.10 Td (Accounting Policies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (Impairment of Investment Property) Tj ET Q q 0 0 0 rg BT 190.70 610.10 Td (. ) Tj ET Q q 0 0 0 rg BT 198.02 610.10 Td (The inputs associated with the valuation of long-lived assets are generally included in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (Level 2 or Level 3 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 229.54 598.10 Td (, as discussed below) Tj ET Q q 0 0 0 rg BT 309.99 598.10 Td (. ) Tj ET Q q 0 0 0 rg BT 314.81 598.10 Td (There were no events during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.43 598.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.74 598.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.60 586.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.04 586.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.04 586.10 Td ( which indicated that fair value adjustments of our long-lived assets were necessary) Tj ET Q q 0 0 0 rg BT 486.17 586.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 562.10 Td (Impairment of Investment Pr) Tj ET Q q 0 0 0 rg BT 182.88 562.10 Td (operty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 538.10 Td (Investment properties are reviewed for impairment at each reporting period if events or changes in circumstances indicate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (that the carrying amount may not be recoverable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.09 526.10 Td (No) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.31 526.10 Td ( impairment char) Tj ET Q q 0 0 0 rg BT 329.43 526.10 Td (ges were recorded for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.54 526.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.86 526.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.36 526.10 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 514.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.44 514.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.44 514.10 Td ( on our directly-owned properties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 490.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.63 490.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.21 490.10 Td (, the Company determined that its directly-owned investments, ) Tj ET Q q 0 0 0 rg BT 491.50 490.10 Td (Airport ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (Corporate Center and 4050/4055 Corporate Drive, were impaired due to a shortened expected hold period. Further) Tj ET Q q 0 0 0 rg BT 510.01 478.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (Company determined that its directly-owned investment, the Minneapolis Of) Tj ET Q q 0 0 0 rg BT 357.81 466.10 Td (fice/Flex portfolio was impaired due to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (shortened expected hold period and a reduction in market conditions. ) Tj ET Q q 0 0 0 rg BT 331.03 454.10 Td (As a result of these changes in assumptions, the projected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (undiscounted cash flows were reduced for these investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 418.10 Td (These changes in assumptions resulted in the net book value of the assets exceeding the projected undiscounted cash flows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (for these investments. ) Tj ET Q q 0 0 0 rg BT 139.43 406.10 Td (As a result, these assets were written down to fair value. ) Tj ET Q q 0 0 0 rg BT 369.18 406.10 Td (The following table summarizes activity for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 394.10 Td (s assets measured at fair value, on a non-recurring basis, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.03 394.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.61 394.10 Td (:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 303.60 95.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 303.60 59.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 303.60 54.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 303.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 303.60 72.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 303.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 303.60 72.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 303.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 303.60 72.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 303.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 303.60 72.00 -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 145.5 357.6 m 204.5 357.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 357.6 m 258.5 357.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 357.6 m 262.5 357.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 357.6 m 334.5 357.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 357.6 m 338.5 357.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 357.6 m 410.5 357.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 357.6 m 414.5 357.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 357.6 m 486.5 357.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 303.6 m 145.5 303.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 145.5 303.6 m 204.5 303.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 303.6 m 258.5 303.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 303.6 m 334.5 303.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 303.6 m 410.5 303.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 303.6 m 486.5 303.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 303.6 m 562.5 303.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.40 362.28 Td (Basis of Fair Value Measurements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 308.28 Td (As of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.75 308.28 Td (Description) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.70 318.28 Td (Fair Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.50 308.28 Td (of Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.85 348.28 Td (Quoted Prices) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.65 338.28 Td (In ) Tj ET Q q 0 0 0 rg BT 290.05 338.28 Td (Active) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.40 328.28 Td (Markets for) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.90 318.28 Td (Identical Items) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.25 308.28 Td (\(Level 1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.90 348.28 Td (Significant) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.30 338.28 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.55 328.28 Td (Observable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.10 318.28 Td (Inputs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.25 308.28 Td (\(Level 2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.90 338.28 Td (Significant) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.55 328.28 Td (Unobservable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.10 318.28 Td (Inputs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.25 308.28 Td (\(Level 3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.15 318.28 Td (Impairment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.25 308.28 Td (Loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 283.27 Td (December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.25 293.27 Td (Investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.50 283.27 Td (properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.25 283.27 Td ($170,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.50 283.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.50 283.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.25 283.27 Td ($170,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.75 283.27 Td ($33,878) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 267.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 255.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 127.71 255.10 Td (s estimated fair value of investment properties was based on a comparison of recent market activity and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 243.10 Td (discounted cash flow models, which include estimates of property-specific inflows and outflows over a specific holding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 231.10 Td (period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.05 231.10 Td (Significant unobservable quantitative inputs used in determining the fair value of each investment property for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 219.10 Td (period ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.42 219.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.01 219.10 Td ( include: a discount rate ranging from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.02 219.10 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.35 219.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.12 219.10 Td (9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.45 219.10 Td (; a capitalization rate ranging from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.50 219.10 Td (6.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.33 219.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 207.10 Td (9.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.83 207.10 Td (; stabilized occupancy rates ranging from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.54 207.10 Td (82%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.88 207.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.98 207.10 Td (95%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.31 207.10 Td (; and current market rental rates ranging from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.24 207.10 Td ($3.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.74 207.10 Td ( per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 195.10 Td (square foot to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.49 195.10 Td ($12.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.99 195.10 Td ( per square foot.) Tj ET Q q 0 0 0 rg BT 204.78 195.10 Td (These inputs are based on the location, type and nature of each property) Tj ET Q q 0 0 0 rg BT 491.52 195.10 Td (, current and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 183.10 Td (anticipated market conditions, and management) Tj ET Q q 0 0 0 rg BT 244.10 183.10 Td (s knowledge and expertise in real estate.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 159.10 Td (15.Reportable Segments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 135.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 127.71 135.10 Td (s investments in real estate are geographically diversified and management evaluates the operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 123.10 Td (performance of each at an individual property level. ) Tj ET Q q 0 0 0 rg BT 260.00 123.10 Td (The Company has determined it has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.64 123.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.62 123.10 Td ( reportable segments: \(1\) of) Tj ET Q q 0 0 0 rg BT 536.96 123.10 Td (fice ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 111.10 Td (properties, \(2\) a domestic industrial property and \(3\) domestic retail properties. ) Tj ET Q q 0 0 0 rg BT 368.89 111.10 Td (The of) Tj ET Q q 0 0 0 rg BT 395.08 111.10 Td (fice properties segment consists of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.88 111.10 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.88 111.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 99.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 99.10 Td (fice properties that the Company owns directly as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.75 99.10 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.75 99.10 Td ( of) Tj ET Q q 0 0 0 rg BT 310.40 99.10 Td (fice properties that are owned indirectly through the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 87.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 87.10 Td (s investment in the Core Fund. ) Tj ET Q q 0 0 0 rg BT 216.75 87.10 Td (The domestic industrial property segment consists of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.88 87.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.32 87.10 Td ( directly-owned industrial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 75.10 Td (property located in Dallas, ) Tj ET Q q 0 0 0 rg BT 158.39 75.10 Td (T) Tj ET Q q 0 0 0 rg BT 163.80 75.10 Td (exas. ) Tj ET Q q 0 0 0 rg BT 186.39 75.10 Td (The domestic retail segment consists of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.63 75.10 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.63 75.10 Td ( grocery-anchored shopping centers in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 63.10 Td (Grocery-Anchored Portfolio.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 49 0 obj <> endobj 50 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 127.71 742.10 Td (s indirect investments are accounted for using the equity method of accounting. ) Tj ET Q q 0 0 0 rg BT 447.35 742.10 Td (As such, the activities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (these investments are reflected in investmentsin unconsolidated entities in the condensed consolidated balance sheets and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (equity in earnings \(losses\) of unconsolidated entities, net in the condensed consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 506.56 718.10 Td (As discussed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (previously) Tj ET Q q 0 0 0 rg BT 91.57 706.10 Td (, the Company completed the Grocery-Anchored Portfolio ) Tj ET Q q 0 0 0 rg BT 327.43 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 333.19 706.10 Td (ransaction in January 2014, and the Company sold its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (indirect investment in Distribution Park Rio in January 2013, which is reflected in the tables below) Tj ET Q q 0 0 0 rg BT 445.38 694.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td (The tables below provide additional information related to each of the Company) Tj ET Q q 0 0 0 rg BT 392.07 670.10 Td (s segments \(in thousands\) and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (reconciliation to the Company) Tj ET Q q 0 0 0 rg BT 174.14 658.10 Td (s net income or loss, as applicable. Corporate-Level ) Tj ET Q q 0 0 0 rg BT 387.95 658.10 Td (Accounts includes amounts incurred by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (the corporate-level entities which are not allocated to any of the reportable segments.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 569.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 569.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 569.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 569.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 539.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 539.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 539.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 509.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 509.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 509.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 509.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 479.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 479.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 479.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 479.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 449.60 364.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 449.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 449.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 449.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 420.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 420.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 420.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 420.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 390.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 390.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 390.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 390.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 360.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 360.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 360.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 360.60 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 414.5 584.6 m 486.5 584.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 584.6 m 562.5 584.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 524.6 m 486.5 524.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 524.6 m 562.5 524.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 510.6 m 486.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 508.6 m 486.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 510.6 m 562.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 508.6 m 562.5 508.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 435.6 m 486.5 435.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 435.6 m 562.5 435.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 421.6 m 486.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 419.6 m 486.5 419.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 421.6 m 562.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 419.6 m 562.5 419.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 345.6 m 486.5 345.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 345.6 m 562.5 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 331.6 m 486.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 329.6 m 486.5 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 331.6 m 562.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 329.6 m 562.5 329.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 604.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.40 604.28 Td (Three Months Ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 589.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.00 589.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.00 589.28 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 574.28 Td (Total revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 574.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 574.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 559.27 Td (Office properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 559.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 559.27 Td (54,877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 559.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 559.27 Td (41,570) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 544.27 Td (Domestic industrial property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 544.27 Td (774) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 544.27 Td (776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 529.27 Td ( Domestic retail properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 529.27 Td (4,405) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 529.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 514.28 Td (Total revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 514.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 514.27 Td (60,056) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 514.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 514.27 Td (42,346) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 484.28 Td (Net pr) Tj ET Q q 0 0 0 rg BT 80.31 484.28 Td (operty r) Tj ET Q q 0 0 0 rg BT 114.84 484.28 Td (evenues in excess of expenses) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 238.16 488.81 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 484.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 484.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 469.27 Td (Office properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 469.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 469.27 Td (29,548) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 469.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 469.27 Td (20,903) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 454.27 Td (Domestic industrial property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 454.27 Td (472) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 454.27 Td (524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 440.17 Td ( Domestic retail properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 440.17 Td (3,282) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 440.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 425.28 Td (Total segment net property revenues in excess of expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 425.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 425.27 Td (33,302) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 425.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 425.27 Td (21,427) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 395.28 Td (Equity in earnings \(losses\) of unconsolidated entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 395.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 395.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 380.27 Td (Equity in earnings \(losses\) of domestic office properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 380.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 380.27 Td (40,945) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 380.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 380.27 Td (2,552) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 365.27 Td (Equity in earnings \(losses\) of domestic retail properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 365.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 365.32 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 365.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 350.27 Td (Equity in earnings \(losses\) of international industrial property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 350.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 350.27 Td (48) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 335.28 Td (Total equity in earnings \(losses\) of unconsolidated entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 335.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 335.27 Td (40,945) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 335.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 335.27 Td (2,595) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 307.10 Td (Revenues less property operating expenses, real property taxes and property management fees.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 260.60 338.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 260.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 260.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 260.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.50 260.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 230.60 338.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 230.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 230.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 230.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.50 230.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 200.60 338.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 200.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 200.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 200.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.50 200.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 170.60 338.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 170.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 170.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 170.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.50 170.60 15.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 260.6 m 460.5 260.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 260.6 m 547.5 260.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 547.5 260.6 m 562.5 260.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 260.6 m 460.5 260.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 260.6 m 547.5 260.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 547.5 260.6 m 562.5 260.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 155.60000000000002 m 460.5 155.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 155.60000000000002 m 547.5 155.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 547.5 155.60000000000002 m 562.5 155.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 141.60000000000002 m 460.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 139.60000000000002 m 460.5 139.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 141.60000000000002 m 547.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 139.60000000000002 m 547.5 139.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 547.5 141.60000000000002 m 562.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 547.5 139.60000000000002 m 562.5 139.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 265.28 Td (Total assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 275.28 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.00 265.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.90 275.28 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.00 265.28 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 250.27 Td (Office properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 250.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 250.27 Td (1,991,045) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 250.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 250.27 Td (1,489,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 235.27 Td (Domestic industrial property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 235.27 Td (36,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.15 235.27 Td (36,504) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 220.27 Td (Domestic retail properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 220.27 Td (199,186) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.65 220.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 205.27 Td (Investment in unconsolidated entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 190.27 Td (Office properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 190.27 Td (226,479) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.15 190.27 Td (237,110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 175.27 Td (Domestic retail properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 175.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.15 175.27 Td (156,585) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 160.27 Td (Corporate-level accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 160.27 Td (172,888) Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 463.00 165.43 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.15 160.27 Td (262,623) Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 550.00 165.43 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 145.28 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 145.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 145.27 Td (2,625,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 145.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 145.27 Td (2,182,723) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 129.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 117.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 117.10 Td (This amount primarily consists of cash and cash equivalents at the corporate level, including the cash collateral deposit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 105.10 Td (related to the letter of credit with the Bank of Montreal. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 81.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 81.10 Td (This amount primarily consists of cash and cash equivalents at the corporate level, including proceeds from the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 69.10 Td (the Company) Tj ET Q q 0 0 0 rg BT 142.38 69.10 Td (s directly and indirectly-owned investments, proceeds from the Core Fund distribution the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 57.10 Td (received in ) Tj ET Q q 0 0 0 rg BT 132.09 57.10 Td (August 2013 as well as the cash collateral deposit related to the letter of credit with the Bank of Montreal. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 51 0 obj <> endobj 52 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (23) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 697.50 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 697.50 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 697.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 697.50 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 667.50 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 667.50 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 667.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 667.50 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 637.50 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 637.50 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 637.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 637.50 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 607.50 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 607.50 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 607.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 607.50 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 577.50 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 577.50 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 577.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 577.50 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 547.50 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 547.50 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 547.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 547.50 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 517.50 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 517.50 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 517.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 517.50 78.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 711.5 m 480.5 711.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 711.5 m 562.5 711.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 502.5 m 480.5 502.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 502.5 m 562.5 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 488.5 m 480.5 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 486.5 m 480.5 486.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 488.5 m 562.5 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 486.5 m 562.5 486.5 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 731.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.40 731.18 Td (Three Months Ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 716.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 716.18 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.00 716.18 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 702.18 Td (Reconciliation to net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 687.17 Td (Total segment net property revenues in excess of expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 687.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 687.17 Td (33,302) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 687.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 687.17 Td (21,427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 672.17 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.80 672.22 Td (\(24,726) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 672.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 672.22 Td (\(13,046) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 672.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 657.17 Td (Acquisition related expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.30 657.22 Td (\(106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 657.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 657.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 642.17 Td (Asset management and acquisition fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.80 642.22 Td (\(10,735) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 642.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 642.22 Td (\(8,457) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 642.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 627.17 Td (General and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.80 627.22 Td (\(1,957) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 627.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 627.22 Td (\(1,668) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 627.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 612.17 Td (Gain \(loss\) on derivative instruments, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 612.17 Td (5,741) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 612.17 Td (6,286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 597.17 Td (Gain \(loss\) on sale of real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 597.17 Td (1,013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 597.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 582.17 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.80 582.22 Td (\(12,376) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 582.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 582.22 Td (\(14,061) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 582.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 567.17 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 567.17 Td (185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 567.17 Td (184) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 552.17 Td (Benefit \(provision\) for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.30 552.22 Td (\(89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 552.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 552.22 Td (\(67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 552.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 537.17 Td (Gain \(loss\) on sale or dissolution of unconsolidated joint venture) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 537.17 Td (11,311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 537.17 Td (15,965) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 522.17 Td (Equity in earnings \(losses\) of unconsolidated entities, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 522.17 Td (40,945) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 522.17 Td (2,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 507.17 Td (Income \(loss\) from discontinued operations, net of taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.30 507.22 Td (\(183) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 507.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 507.17 Td (148,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 492.17 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 492.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 492.17 Td (42,325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 492.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 492.17 Td (157,819) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 464.00 Td (16. Subsequent Events) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 440.00 Td (Minneapolis Office/Flex Portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 416.00 Td (In May 2014, the Company sold the remaining buildings in the Minneapolis Of) Tj ET Q q 0 0 0 rg BT 385.28 416.00 Td (fice/Flex Portfolio. ) Tj ET Q q 0 0 0 rg BT 466.20 416.00 Td (The Minneapolis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.00 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 404.00 Td (fice/Flex Portfolio is a portfolio of nine of) Tj ET Q q 0 0 0 rg BT 228.77 404.00 Td (fice/flex buildings located in the southwest and midway submarkets of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.00 Td (Minneapolis, Minnesota. ) Tj ET Q q 0 0 0 rg BT 154.53 392.00 Td (The contract sales price of the entire portfolio, including the building sold in March 2014, which the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.00 Td (Company acquired in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.59 380.00 Td (September 2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.85 380.00 Td ( for a net contract purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.22 380.00 Td ($87.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.11 380.00 Td (, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.17 380.00 Td ($75.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.06 380.00 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 356.00 Td (Loan ) Tj ET Q q 0 0 0 rg BT 90.88 356.00 Td (Activity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 332.00 Td (In ) Tj ET Q q 0 0 0 rg BT 78.28 332.00 Td (April 2014, a subsidiary of the Company entered into a credit agreement \(the Credit ) Tj ET Q q 0 0 0 rg BT 420.12 332.00 Td (Agreement\) with Chase, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.00 Td (Administrative ) Tj ET Q q 0 0 0 rg BT 111.94 320.00 Td (Agent for itself and various lenders named in the Credit ) Tj ET Q q 0 0 0 rg BT 336.88 320.00 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 386.12 320.00 Td (The Credit ) Tj ET Q q 0 0 0 rg BT 431.11 320.00 Td (Agreement provides for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.00 Td (borrowings up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.83 308.00 Td ($225.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.72 308.00 Td ( under a revolving credit facility \(the Revolving Loan Commitment\) and up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.80 308.00 Td ($200.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.00 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 296.00 Td ( under a term loan \(the T) Tj ET Q q 0 0 0 rg BT 182.04 296.00 Td (erm Loan Commitment\), which the Company refers to collectively as the Revolving Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.00 Td (Facility. Upon entry into the Credit ) Tj ET Q q 0 0 0 rg BT 197.48 284.00 Td (Agreement in ) Tj ET Q q 0 0 0 rg BT 254.13 284.00 Td (April 2014, the Company borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.66 284.00 Td ($170.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.55 284.00 Td ( under the Revolving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.00 Td (Loan Commitment and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.26 272.00 Td ($200.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.16 272.00 Td ( under the ) Tj ET Q q 0 0 0 rg BT 246.46 272.00 Td (T) Tj ET Q q 0 0 0 rg BT 251.87 272.00 Td (erm Loan Commitment to repay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.23 272.00 Td ($370.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.12 272.00 Td ( in loans outstanding under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.00 Td (the JPMor) Tj ET Q q 0 0 0 rg BT 91.21 260.00 Td (gan ) Tj ET Q q 0 0 0 rg BT 107.60 260.00 Td (Acquisition Credit ) Tj ET Q q 0 0 0 rg BT 183.71 260.00 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 235.45 260.00 Td (The Company also made an additional payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.84 260.00 Td ($10.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.73 260.00 Td ( in ) Tj ET Q q 0 0 0 rg BT 505.96 260.00 Td (April 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.00 Td (on the JPMor) Tj ET Q q 0 0 0 rg BT 103.71 248.00 Td (gan ) Tj ET Q q 0 0 0 rg BT 120.10 248.00 Td (Acquisition Credit ) Tj ET Q q 0 0 0 rg BT 196.21 248.00 Td (Agreement so that the entire $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 248.00 Td (380.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.89 248.00 Td ( in loans outstanding under the agreement as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.00 Td (March 31, 2014 was repaid. ) Tj ET Q q 0 0 0 rg BT 163.96 236.00 Td (The Revolving Loan Commitment has a maturity date of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.08 236.00 Td (April 1, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.68 236.00 Td (, subject to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.73 236.00 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.17 236.00 Td (-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.00 Td (extension option. ) Tj ET Q q 0 0 0 rg BT 121.20 224.00 Td (The ) Tj ET Q q 0 0 0 rg BT 139.07 224.00 Td (T) Tj ET Q q 0 0 0 rg BT 144.48 224.00 Td (erm Loan Commitment has a maturity date of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.43 224.00 Td (April1, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.04 224.00 Td (. ) Tj ET Q q 0 0 0 rg BT 387.86 224.00 Td (The Revolving Loan Commitment had an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.00 Td (all-in interest rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.85 212.00 Td (1.86%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.68 212.00 Td ( on the date of the borrowing and the ) Tj ET Q q 0 0 0 rg BT 309.74 212.00 Td (T) Tj ET Q q 0 0 0 rg BT 315.15 212.00 Td (erm Loan Commitment had an all-in interest rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.25 212.00 Td (1.76%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.08 212.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.00 Td (on the date of the borrowing. In connection with this financing, the Company's ) Tj ET Q q 0 0 0 rg BT 367.02 200.00 Td (Advisor agreed to waive the entire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.52 200.00 Td ($4.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.41 200.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.00 Td (debt financing fee otherwise payable to the ) Tj ET Q q 0 0 0 rg BT 224.10 188.00 Td (Advisor pursuant to the ) Tj ET Q q 0 0 0 rg BT 320.21 188.00 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 359.38 188.00 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.50 152.00 Td (*****) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 53 0 obj <> endobj 54 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item2.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 79.99 742.25 Td ( Management) Tj ET Q q 0 0 0 rg BT 142.03 742.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 213.62 742.25 Td (Analysis of Financial Condition and Results of Operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (The following discussion and analysis of our financial condition and r) Tj ET Q q 0 0 0 rg BT 348.75 718.25 Td (esults of operations should be r) Tj ET Q q 0 0 0 rg BT 474.21 718.25 Td (ead in conjunction ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (with our unaudited condensed consolidated financial statements andthe notes ther) Tj ET Q q 0 0 0 rg BT 381.25 706.25 Td (eto included elsewher) Tj ET Q q 0 0 0 rg BT 468.08 706.25 Td (e in this Quarterly ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (Report on Form10-Q. The following discussion should also be r) Tj ET Q q 0 0 0 rg BT 308.24 694.25 Td (ead in conjunction with our audited consolidated financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (statements and the notes ther) Tj ET Q q 0 0 0 rg BT 166.28 682.25 Td (eto and Management) Tj ET Q q 0 0 0 rg BT 258.31 682.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 328.41 682.25 Td (Analysis of Financial Condition and Results of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (Operations included in our ) Tj ET Q q 0 0 0 rg BT 166.48 670.25 Td (Annual Report on Form10-K for the year ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 362.84 670.25 Td (December31, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 441.43 670.25 Td ( \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 452.82 670.25 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 472.82 670.25 Td ( ) Tj ET Q q 0 0 0 rg BT 475.14 670.25 Td (Annual Report\).) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 646.25 Td (Cautionary NoteRegarding Forward-Looking Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.25 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 506.81 622.25 Td ( of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 91.38 610.25 Td (Act of 1933, as amended, and Section21E of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 372.97 610.25 Td (Act of 1934, as amended. Such statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (include statements concerning future financial performance and distributions, future debt and financing levels, payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (toHines ) Tj ET Q q 0 0 0 rg BT 85.56 586.25 Td (Advisors Limited Partnership \(the Advisor\), and its af) Tj ET Q q 0 0 0 rg BT 310.33 586.25 Td (filiates and other plans and objectives of management for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (future operations or economic performance, or assumptions or forecasts related thereto as well as all other statements that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (not historical statements. ) Tj ET Q q 0 0 0 rg BT 152.02 562.25 Td (These statements are only predictions. ) Tj ET Q q 0 0 0 rg BT 307.35 562.25 Td (W) Tj ET Q q 0 0 0 rg BT 315.99 562.25 Td (e caution that forward-looking statements are not guarantees. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (Actual events or our investments and results of operations could dif) Tj ET Q q 0 0 0 rg BT 320.31 550.25 Td (fer materially from those expressed or implied in forward-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (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 469.53 538.25 Td (, should, expect, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (could, intend, plan, anticipate, estimate, believe, continue, predict, potential or the negative of such terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (and other comparable terminology) Tj ET Q q 0 0 0 rg BT 187.36 514.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 490.25 Td (The forward-looking statements included in this Quarterly Report on Form10-Q are based on our current expectations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (plans, estimates, assumptions and beliefs that involve numerous risks and uncertainties. ) Tj ET Q q 0 0 0 rg BT 402.16 478.25 Td (Assumptions relating to the foregoing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (involve judgments with respect to, among other things, future economic, competitive and market conditions, the availability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (future financing and future business decisions, all of which are dif) Tj ET Q q 0 0 0 rg BT 314.46 454.25 Td (ficult or impossible to predict accurately and many of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (are beyond our control. ) Tj ET Q q 0 0 0 rg BT 145.25 442.25 Td (Any of the assumptions underlying forward-looking statements could prove to be inaccurate. ) Tj ET Q q 0 0 0 rg BT 519.14 442.25 Td (T) Tj ET Q q 0 0 0 rg BT 524.55 442.25 Td (o the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (extent that our assumptions dif) Tj ET Q q 0 0 0 rg BT 173.13 430.25 Td (fer from actual results, our ability to meet such forward-looking statements, including our ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (to generate positive cash flow from operations, pay distributions to our stockholders and maintain the value of the real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (properties in which we hold an interest, may be significantly hindered.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 382.25 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 438.26 382.25 Td (fer materially from those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (presented in certain forward-looking statements:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 346.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 346.25 Td (Whether we will have the opportunity to invest sales proceeds to acquire properties or other investments or whether ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 334.25 Td (such proceeds will be needed to redeem shares or for other purposes, and if proceeds are available for investment, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 322.25 Td (our ability to make such investments in a timely manner and at appropriate amounts that provide acceptable returns;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 298.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 298.25 Td (The potential need to fund tenant improvements, lease-up costs or other capital expenditures, as well as increases in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 286.25 Td (property operating expenses and costs of compliance with environmental matters or discovery of previously ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 274.25 Td (undetected environmentally hazardous or other undetected adverse conditions at our properties;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 250.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 250.25 Td (Risks associated with debt;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 226.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 226.25 Td (Competition for tenants and real estate investment opportunities, including competition with af) Tj ET Q q 0 0 0 rg BT 474.74 226.25 Td (filiates of Hines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 214.25 Td (Interests Limited Partnership \(Hines\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 190.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 190.25 Td (Risks associated with adverse changes in general economic or local market conditions, including terrorist attacks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 178.25 Td (and other acts of violence, which may af) Tj ET Q q 0 0 0 rg BT 256.98 178.25 Td (fect the markets in which we and our tenants operate;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 154.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 154.25 Td (Catastrophic events, such as hurricanes, earthquakes, tornadoes and terrorist attacks; and our ability to secure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 142.25 Td (adequate insurance at reasonable and appropriate rates;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 118.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 118.25 Td (The failure of any bank in which we deposit our funds could reduce the amount of cash we have available to pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 106.25 Td (distributions and make additional investments;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 82.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 82.25 Td (Changes in governmental, tax, real estate and zoning laws and regulations and the related costs of compliance and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 70.25 Td (increases in our administrative operating expenses, including expenses associated with operating as a public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 58.25 Td (company;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 55 0 obj <> endobj 56 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 742.10 Td (Risks relating to our investment in Hines USCore Of) Tj ET Q q 0 0 0 rg BT 308.96 742.10 Td (fice Fund LP) Tj ET Q q 0 0 0 rg BT 360.81 742.10 Td ( \(the Core Fund\), such as its reliance on Hines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 730.10 Td (for its operations and investments, and our potential liability for Core Fund obligations;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 706.10 Td (The lack of liquidity associated with our assets;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 682.10 Td (Our reliance on our ) Tj ET Q q 0 0 0 rg BT 174.97 682.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 206.79 682.10 Td (, Hines and af) Tj ET Q q 0 0 0 rg BT 262.15 682.10 Td (filiates of Hines for our day-to-day operations and our ) Tj ET Q q 0 0 0 rg BT 480.70 682.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 513.29 682.10 Td () Tj ET Q q 0 0 0 rg BT 516.07 682.10 Td (s ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 670.10 Td (attract and retain high-quality personnel who can provide service at a level acceptable to us;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 646.10 Td (Risks associated with conflicts of interests that result from our relationship with our ) Tj ET Q q 0 0 0 rg BT 432.44 646.10 Td (Advisor and Hines, as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 634.10 Td (conflicts of interests certain of our of) Tj ET Q q 0 0 0 rg BT 243.10 634.10 Td (ficers and directors face relating to the positions they hold with other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 622.10 Td (entities;and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 598.10 Td (Our ability to continue to qualify as a real estate investment trust \(REIT\) for federal income tax purposes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td (These risks are more fully discussed in, and all forward-looking statements should be read in light of, all of the factors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (discussed in PartI, Item1A. Risk Factors in our ) Tj ET Q q 0 0 0 rg BT 253.31 562.10 Td (Annual Report on Form10-K for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.64 562.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.23 562.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 538.10 Td (Y) Tj ET Q q 0 0 0 rg BT 74.22 538.10 Td (ou are cautioned not to place undue reliance on any forward-looking statements included in this Form10-Q. ) Tj ET Q q 0 0 0 rg BT 508.55 538.10 Td (All forward-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (looking statements are made as of the date of this Form10-Q and the risk that actual results will dif) Tj ET Q q 0 0 0 rg BT 447.78 526.10 Td (fer materially from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (expectations expressed in this Form10-Q may increase with the passage of time. In light of the significant uncertainties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (inherent in the forward-looking statements included in this Form10-Q, the inclusion of such forward-looking statements should ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (not be regarded as a representation by us or any other person that the objectives and plans set forth in this Form10-Q will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (achieved. ) Tj ET Q q 0 0 0 rg BT 89.98 478.10 Td (All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (expressly qualified in their entirety by reference to these risks and uncertainties. Each forward-looking statement speaks only as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (of the date of the particular statement, and we do not undertake to update any forward-looking statement.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 430.10 Td (Executive Summary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 406.10 Td (Hines Real Estate Investment ) Tj ET Q q 0 0 0 rg BT 188.34 406.10 Td (T) Tj ET Q q 0 0 0 rg BT 194.10 406.10 Td (rust, Inc. \(Hines REIT and, together with its consolidated subsidiaries, we, us or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (Company\) and its subsidiary) Tj ET Q q 0 0 0 rg BT 172.94 394.10 Td (, Hines REIT) Tj ET Q q 0 0 0 rg BT 225.81 394.10 Td ( Properties, L.P) Tj ET Q q 0 0 0 rg BT 286.91 394.10 Td (. \(the Operating Partnership\) were formed in ) Tj ET Q q 0 0 0 rg BT 475.73 394.10 Td (August 2003 for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (purpose of investing in and owning interests in real estate. ) Tj ET Q q 0 0 0 rg BT 285.04 382.10 Td (W) Tj ET Q q 0 0 0 rg BT 293.68 382.10 Td (e have invested in real estate to satisfy our primary investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (objectives, including preserving invested capital, paying regular cash distributions and achieving modest capital appreciation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (our assets over the long term. ) Tj ET Q q 0 0 0 rg BT 170.07 358.10 Td (W) Tj ET Q q 0 0 0 rg BT 178.71 358.10 Td (e have made investments directly through entities wholly owned by the Operating Partnership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (or indirectly through other entities such as through our investment in the Core Fund. ) Tj ET Q q 0 0 0 rg BT 389.11 346.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.55 346.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 346.10 Td (, we had direct and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (indirect interests in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.15 334.10 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.15 334.10 Td ( properties. ) Tj ET Q q 0 0 0 rg BT 186.45 334.10 Td (These properties consist of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.42 334.10 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.42 334.10 Td ( of) Tj ET Q q 0 0 0 rg BT 317.07 334.10 Td (fice properties located throughout the United States, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.12 334.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.56 334.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (industrial property in Dallas, ) Tj ET Q q 0 0 0 rg BT 167.29 322.10 Td (T) Tj ET Q q 0 0 0 rg BT 172.71 322.10 Td (exas and a portfolio of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.18 322.10 Td (eight) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.17 322.10 Td ( grocery-anchored shopping centers located in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.32 322.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.98 322.10 Td ( states primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (in the Southeastern United States \(the Grocery-Anchored Portfolio\). In total, we acquired interests in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.37 310.10 Td (64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.37 310.10 Td ( properties since our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (inception and have sold our interests in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.13 298.10 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.13 298.10 Td ( of those properties as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.21 298.10 Td (May13, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.04 298.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 57 0 obj <> endobj 58 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (The following table provides summary information regarding the properties in which we owned interests as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.77 742.10 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 730.10 Td (. ) Tj ET Q q 0 0 0 rg BT 74.45 730.10 Td (All assets which are 100% owned by us are referred to as directly-owned properties. ) Tj ET Q q 0 0 0 rg BT 422.38 730.10 Td (All other properties are owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (indirectly through investments in the Core Fund.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 656.60 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 656.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 656.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 656.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 656.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 656.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 656.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 656.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 656.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 656.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 626.60 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 626.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 626.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 626.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 626.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 626.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 626.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 626.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 626.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 626.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 596.60 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 596.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 596.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 596.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 596.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 596.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 566.60 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 566.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 566.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 566.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 566.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 566.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 566.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 566.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 566.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 566.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 536.60 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 536.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 536.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 536.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 536.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 536.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 506.60 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 506.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 506.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 506.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 506.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 506.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 506.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 506.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 506.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 506.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 476.60 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 476.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 476.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 476.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 476.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 476.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 476.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 476.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 476.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 476.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 446.60 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 446.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 446.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 446.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 446.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 446.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 446.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 446.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 446.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 446.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 416.60 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 416.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 416.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 416.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 416.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 416.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 416.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 416.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 416.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 416.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 386.60 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 386.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 386.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 386.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 386.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 386.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 386.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 386.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 386.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 386.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 356.60 283.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 356.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 356.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 356.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 356.60 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 356.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 356.60 42.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 356.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 356.60 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 328.60 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 328.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 328.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 328.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 328.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 328.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 328.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 328.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 328.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 328.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 298.60 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 298.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 298.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 298.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 298.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 298.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 298.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 298.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 298.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 298.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 268.60 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 268.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 268.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 268.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 268.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 268.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 268.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 268.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 268.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 268.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 238.60 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 238.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 238.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 238.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 238.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 238.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 238.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 238.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 238.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 238.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 208.60 283.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 208.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 208.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 208.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 208.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 208.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 208.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 208.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 208.60 57.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 684.6 m 211.5 684.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 211.5 684.6 m 333.5 684.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 684.6 m 387.5 684.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 684.6 m 455.5 684.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 684.6 m 501.5 684.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 684.6 m 562.5 684.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 670.6 m 211.5 670.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 211.5 670.6 m 333.5 670.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 670.6 m 211.5 670.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 656.6 m 211.5 656.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 211.5 670.6 m 333.5 670.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 211.5 656.6 m 333.5 656.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 371.6 m 455.5 371.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 371.6 m 501.5 371.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 356.6 m 455.5 356.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 356.6 m 501.5 356.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 328.6 m 211.5 328.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 211.5 328.6 m 333.5 328.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 208.60000000000002 m 455.5 208.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 208.60000000000002 m 501.5 208.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 193.60000000000002 m 455.5 193.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 193.60000000000002 m 501.5 193.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 178.60000000000002 m 455.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 193.60000000000002 m 501.5 193.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 178.60000000000002 m 501.5 178.60000000000002 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 113.30 689.05 Td (Property) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.75 689.05 Td (City) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 353.00 698.05 Td (Date) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 344.05 689.05 Td (Acquired) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 405.95 698.05 Td (Leasable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 399.95 689.05 Td (Square Feet) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.30 698.05 Td (Percent) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.50 689.05 Td (Leased) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.50 698.05 Td (Effective ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 508.45 689.05 Td (Ownership) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 550.96 693.59 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 675.28 Td (Directly-owned Properties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 675.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.00 675.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.00 675.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.50 675.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 661.28 Td (Office Properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 646.27 Td (321 North Clark) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 646.27 Td (Chicago, Illinois) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 646.27 Td (04/2006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 646.27 Td (889,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 646.27 Td (85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 646.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 646.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 646.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 631.27 Td (Citymark) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 631.27 Td (Dallas, Texas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 631.27 Td (08/2005) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 631.27 Td (218,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 631.27 Td (66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 631.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 631.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 631.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 616.27 Td (4050/4055 Corporate Drive) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 616.27 Td (Dallas, Texas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 616.27 Td (05/2008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 616.27 Td (643,429) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 616.27 Td (85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 616.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 616.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 616.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 601.27 Td (JPMorgan Chase Tower) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 601.27 Td (Dallas, Texas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.75 601.27 Td (11/2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 601.27 Td (1,253,615) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 601.27 Td (78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 601.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 601.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 601.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 586.27 Td (345 Inverness Drive) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 586.27 Td (Denver, Colorado) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 586.27 Td (12/2008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 586.27 Td (175,287) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 586.27 Td (95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 586.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 586.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 586.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 571.27 Td (Arapahoe Business Park) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 571.27 Td (Denver, Colorado) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 571.27 Td (12/2008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 571.27 Td (309,450) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 571.27 Td (89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 571.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 571.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 571.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 556.27 Td (2100 Powell) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 556.27 Td (Emeryville, California) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 556.27 Td (12/2006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 556.27 Td (345,892) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 556.27 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 556.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 556.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 556.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 541.27 Td (2555 Grand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 541.27 Td (Kansas City, Missouri) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 541.27 Td (02/2008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 541.27 Td (595,607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 541.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 541.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 541.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 541.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 526.27 Td (3 Huntington Quadrangle) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 526.27 Td (Melville, New York) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 526.27 Td (07/2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 526.27 Td (407,912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 526.27 Td (95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 526.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 526.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 526.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 511.27 Td (Airport Corporate Center) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 511.27 Td (Miami, Florida) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 511.27 Td (01/2006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 511.27 Td (1,018,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 511.27 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 511.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 511.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 511.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 496.27 Td (Minneapolis Of) Tj ET Q q 0 0 0 rg BT 115.87 496.27 Td (fice/Flex Portfolio ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 191.96 500.80 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 496.27 Td (Minneapolis, Minnesota) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 496.27 Td (09/2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 496.27 Td (625,698) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 496.27 Td (92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 496.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 496.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 496.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 481.27 Td (3400 Data Drive) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 481.27 Td (Rancho Cordova, California) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.75 481.27 Td (11/2006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 481.27 Td (149,703) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 481.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 481.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 481.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 481.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 466.27 Td (Daytona Buildings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 466.27 Td (Redmond, Washington) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 466.27 Td (12/2006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 466.27 Td (251,313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 466.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 466.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 466.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 466.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 451.27 Td (Laguna Buildings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 451.27 Td (Redmond, Washington) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 451.27 Td (01/2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 451.27 Td (460,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 451.27 Td (97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 451.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 451.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 451.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 436.27 Td (1515 S Street) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 436.27 Td (Sacramento, California) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.75 436.27 Td (11/2005) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 436.27 Td (399,636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 436.27 Td (99) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 436.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 436.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 436.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 421.27 Td (1900 and 2000 Alameda) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 421.27 Td (San Mateo, California) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 421.27 Td (06/2005) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 421.27 Td (254,145) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 421.27 Td (95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 421.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 421.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 421.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 406.27 Td (Seattle Design Center) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 406.27 Td (Seattle, Washington) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 406.27 Td (06/2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 406.27 Td (390,684) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 406.27 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 406.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 406.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 406.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 391.27 Td (5th and Bell) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 391.27 Td (Seattle, Washington) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 391.27 Td (06/2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 391.27 Td (197,135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 391.27 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 391.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 391.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 391.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 376.27 Td (Howard Hughes Center) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 376.27 Td (Los Angeles, California) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 376.27 Td (01/2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 376.27 Td (1,355,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 376.27 Td (89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 376.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 376.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 376.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 361.28 Td (Total for Office Properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 361.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 361.27 Td (9,942,906) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 361.27 Td (86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 361.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 361.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 333.28 Td (Grocery-Anchored Portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 333.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.00 333.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 333.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 333.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 318.27 Td (Cherokee Plaza) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 318.27 Td (Atlanta, Georgia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.75 318.27 Td (11/2008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 318.27 Td (102,864) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 318.27 Td (97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 318.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 318.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 318.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 303.27 Td (Thompson Bridge Commons) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 303.27 Td (Gainesville, Georgia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 303.27 Td (03/2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 303.27 Td (92,587) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 303.27 Td (97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 303.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 303.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 303.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 288.27 Td (Champions Village) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 288.27 Td (Houston, Texas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.75 288.27 Td (11/2008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 288.27 Td (393,690) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 288.27 Td (92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 288.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 288.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 288.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 273.27 Td (Sandy Plains Exchange) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 273.27 Td (Marietta, Georgia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 273.27 Td (02/2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 273.27 Td (72,784) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 273.27 Td (93) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 273.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 273.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 273.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 258.27 Td (University Palms Shopping Center) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 258.27 Td (Oviedo, Florida) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.75 258.27 Td (11/2008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 258.27 Td (99,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 258.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 258.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 258.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 258.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 243.27 Td (Shoppes at Parkland) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 243.27 Td (Parkland, Florida) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 243.27 Td (03/2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 243.27 Td (145,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 243.27 Td (94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 243.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 243.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 243.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 228.27 Td (Oak Park Village) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 228.27 Td (San Antonio, Texas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.75 228.27 Td (11/2008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 228.27 Td (64,287) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 228.27 Td (95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 228.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 228.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 228.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 213.27 Td (Heritage Station) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 213.27 Td (Wake Forest, North Carolina) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 213.27 Td (01/2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 213.27 Td (68,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 213.27 Td (96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 213.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 213.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 213.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 198.28 Td (Total for Grocery-Anchored Portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 198.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 198.27 Td (1,039,745) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 198.27 Td (95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 198.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 198.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 183.28 Td (Total for Directly-owned Properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.60 183.27 Td (10,982,651) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 183.27 Td (86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 183.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 59 0 obj <> endobj 60 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (27) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 695.50 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 695.50 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 695.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 695.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 695.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 695.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 695.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 695.50 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 695.50 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 695.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 665.50 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 665.50 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 665.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 665.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 665.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 665.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 665.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 665.50 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 665.50 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 665.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 635.50 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 635.50 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 635.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 635.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 635.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 635.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 635.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 635.50 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 635.50 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 635.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 605.50 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 605.50 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 605.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 605.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 605.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 605.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 605.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 605.50 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 605.50 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 605.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 575.50 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 575.50 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 575.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 575.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 575.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 575.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 575.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 575.50 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 575.50 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 575.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 545.50 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 545.50 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 545.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 545.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 545.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 545.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 545.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 545.50 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 545.50 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 545.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 515.50 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 515.50 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 515.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 515.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 515.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 515.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 515.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 515.50 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 515.50 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 515.50 57.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 725.5 m 211.5 725.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 211.5 725.5 m 333.5 725.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 725.5 m 387.5 725.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 725.5 m 446.5 725.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 725.5 m 492.5 725.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 725.5 m 562.5 725.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 710.5 m 211.5 710.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 211.5 710.5 m 333.5 710.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 695.5 m 211.5 695.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 211.5 695.5 m 333.5 695.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 515.5 m 446.5 515.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 515.5 m 492.5 515.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 500.5 m 446.5 500.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 500.5 m 492.5 500.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 500.5 m 446.5 500.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 485.5 m 446.5 485.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 500.5 m 492.5 500.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 485.5 m 492.5 485.5 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 113.30 729.95 Td (Property) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.75 729.95 Td (City) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 353.00 738.95 Td (Date) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 344.05 729.95 Td (Acquired) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 401.45 738.95 Td (Leasable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.45 729.95 Td (Square Feet) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.30 738.95 Td (Percent) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.50 729.95 Td (Leased) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.50 738.95 Td (Effective ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 508.45 729.95 Td (Ownership) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 550.96 734.49 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 715.18 Td (Indirectly-owned Properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 715.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.00 715.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 715.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 715.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 700.18 Td (Core Fund Properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 700.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.00 700.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 700.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 700.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 685.17 Td (One Atlantic Center) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 685.17 Td (Atlanta, Georgia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 685.17 Td (07/2006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.60 685.17 Td (1,100,312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 685.17 Td (81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 685.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 685.17 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 685.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 670.17 Td (The Carillon Building) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 670.17 Td (Charlotte, North Carolina) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 670.17 Td (07/2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.15 670.17 Td (473,897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 670.17 Td (77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 670.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 670.17 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 670.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 655.17 Td (Charlotte Plaza) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 655.17 Td (Charlotte, North Carolina) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 655.17 Td (06/2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.15 655.17 Td (628,948) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 655.17 Td (92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 655.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 655.17 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 655.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 640.17 Td (One North Wacker) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 640.17 Td (Chicago, Illinois) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 640.17 Td (03/2008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.60 640.17 Td (1,373,754) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 640.17 Td (96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 640.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 640.17 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 640.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 625.17 Td (333 West Wacker) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 625.17 Td (Chicago, Illinois) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 625.17 Td (04/2006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.15 625.17 Td (857,545) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 625.17 Td (82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 625.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 625.17 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 625.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 610.17 Td (Renaissance Square) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 610.17 Td (Phoenix, Arizona) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 610.17 Td (12/2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.15 610.17 Td (965,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 610.17 Td (65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 610.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 610.17 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 610.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 595.17 Td (Riverfront Plaza) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 595.17 Td (Richmond, Virginia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.75 595.17 Td (11/2006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.15 595.17 Td (951,616) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 595.17 Td (79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 595.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 595.17 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 595.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 580.17 Td (Wells Fargo Center) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 580.17 Td (Sacramento, California) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 580.17 Td (05/2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.15 580.17 Td (507,138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 580.17 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 580.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 580.17 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 580.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 565.17 Td (525 B Street) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 565.17 Td (San Diego, California) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 565.17 Td (08/2005) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.15 565.17 Td (449,180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 565.17 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 565.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 565.17 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 565.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 550.17 Td (The KPMG Building) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 550.17 Td (San Francisco, California) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 550.17 Td (09/2004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.15 550.17 Td (379,328) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 550.17 Td (97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 550.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 550.17 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 550.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 535.17 Td (720 Olive Way) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 535.17 Td (Seattle, Washington) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 535.17 Td (01/2006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.15 535.17 Td (300,710) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 535.17 Td (85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 535.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 535.17 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 535.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 520.17 Td (Warner Center) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 520.17 Td (Woodland Hills, California) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 520.17 Td (10/2006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.15 520.17 Td (808,274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 520.17 Td (89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 520.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 520.17 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 520.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 505.18 Td (Total for Core Fund Properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 505.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 505.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.60 505.17 Td (8,796,210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 505.17 Td (84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 505.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 505.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 490.18 Td (Total for All Properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 490.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.60 490.17 Td (19,778,861) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 490.17 Td (85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 490.17 Td (%) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 495.00 496.51 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 490.17 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 462.00 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 462.00 Td (This percentage shows the ef) Tj ET Q q 0 0 0 rg BT 201.89 462.00 Td (fective ownership of the Operating Partnership in the properties listed. On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.70 462.00 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 450.00 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.00 450.00 Td (, Hines REIT) Tj ET Q q 0 0 0 rg BT 158.87 450.00 Td ( owned a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.46 450.00 Td (93.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.29 450.00 Td ( interest in the Operating Partnership as its sole general partner) Tj ET Q q 0 0 0 rg BT 474.33 450.00 Td (. ) Tj ET Q q 0 0 0 rg BT 478.78 450.00 Td (Af) Tj ET Q q 0 0 0 rg BT 489.15 450.00 Td (filiates of Hines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 438.00 Td (owned the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.92 438.00 Td (6.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.75 438.00 Td ( interest in the Operating Partnership. In addition, the Company owned an approximate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 426.00 Td (28.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.83 426.00 Td ( non-managing general partner interest in the Core Fund as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.92 426.00 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.52 426.00 Td (. ) Tj ET Q q 0 0 0 rg BT 429.34 426.00 Td (The Core Fund does not own ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 414.00 Td (100% of these properties; its ownership interest in its properties ranges from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.26 414.00 Td (42.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.09 414.00 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.87 414.00 Td (82.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.70 414.00 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 390.00 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 390.00 Td (In March 2014, we sold a building in the Minneapolis Of) Tj ET Q q 0 0 0 rg BT 314.39 390.00 Td (fice/Flex Portfolio. In May 2014, we sold the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 378.00 Td (buildings in the portfolio. ) Tj ET Q q 0 0 0 rg BT 190.54 378.00 Td (The contract sales price of the entire portfolio, which we acquired in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.82 378.00 Td (September 2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.08 378.00 Td ( for a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 366.00 Td (net contract purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.77 366.00 Td ($87.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.66 366.00 Td (, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.71 366.00 Td ($75.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.61 366.00 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.00 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 342.00 Td (This amount represents the percentage leased assuming the Company owns a 100% interest in each of these properties. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 330.00 Td (The percentage leasedbased on the Company) Tj ET Q q 0 0 0 rg BT 271.48 330.00 Td (s ef) Tj ET Q q 0 0 0 rg BT 285.46 330.00 Td (fective ownership interest in each property is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.90 330.00 Td (86%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.23 330.00 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 306.00 Td (In order to provide capital for the investments described above, with the exception of the Howard Hughes Center) Tj ET Q q 0 0 0 rg BT 519.68 306.00 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 294.00 Td (raised approximately $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.64 294.00 Td (2.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.75 294.00 Td ( through public of) Tj ET Q q 0 0 0 rg BT 254.50 294.00 Td (ferings of our common stock since we commenced our initial public of) Tj ET Q q 0 0 0 rg BT 537.86 294.00 Td (fering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 282.00 Td (in June 2004.In consideration of market conditions and other factors, our board of directors determined to cease sales of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 270.00 Td (shares to new investors pursuant to our third public of) Tj ET Q q 0 0 0 rg BT 265.62 270.00 Td (fering as of January 1, 2010.However) Tj ET Q q 0 0 0 rg BT 418.50 270.00 Td (, we have continued to sell shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 258.00 Td (under our dividend reinvestment plan. Based on market conditions and other considerations, we do not currently expect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 246.00 Td (commence any future of) Tj ET Q q 0 0 0 rg BT 147.28 246.00 Td (ferings other than those related to shares issued under our dividend reinvestment plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 222.00 Td (Since the conclusion of our third public of) Tj ET Q q 0 0 0 rg BT 236.95 222.00 Td (fering, we have concentrated our ef) Tj ET Q q 0 0 0 rg BT 378.36 222.00 Td (forts on actively managing our assets and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 210.00 Td (exploring a variety of strategic opportunities focused on enhancing the composition of our portfolio and its total return potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 198.00 Td (for our stockholders. In doing this, we have elected to make strategic dispositions, as discussed above, which have provided us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 186.00 Td (with additional liquidity) Tj ET Q q 0 0 0 rg BT 146.01 186.00 Td (. ) Tj ET Q q 0 0 0 rg BT 153.33 186.00 Td (W) Tj ET Q q 0 0 0 rg BT 161.97 186.00 Td (e use these sale proceeds for strategic acquisitions, capital expenditure and leasing capital needs, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 174.00 Td (reduce our leverage in the portfolio, to make additionalspecial distributions or for other purposes. For example, in January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 162.00 Td (2014, we acquired the Howard Hughes Center) Tj ET Q q 0 0 0 rg BT 234.82 162.00 Td (, a complex of five Class ) Tj ET Q q 0 0 0 rg BT 336.19 162.00 Td (A) Tj ET Q q 0 0 0 rg BT 342.86 162.00 Td ( of) Tj ET Q q 0 0 0 rg BT 353.51 162.00 Td (fice buildings in Los ) Tj ET Q q 0 0 0 rg BT 437.94 162.00 Td (Angeles, for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.87 162.00 Td ($510.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.76 162.00 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 150.00 Td (The addition of this prime property located in a desirable west-coast, gateway city helps bolster our portfolio) Tj ET Q q 0 0 0 rg BT 487.93 150.00 Td (s collection of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 138.00 Td (high-quality) Tj ET Q q 0 0 0 rg BT 98.23 138.00 Td (, core of) Tj ET Q q 0 0 0 rg BT 131.09 138.00 Td (fice properties located on the ) Tj ET Q q 0 0 0 rg BT 249.47 138.00 Td (W) Tj ET Q q 0 0 0 rg BT 258.11 138.00 Td (est Coast. ) Tj ET Q q 0 0 0 rg BT 301.81 138.00 Td (This acquisition represents another step in repositioning our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 126.00 Td (portfolio for a potential liquidity event in the future. ) Tj ET Q q 0 0 0 rg BT 262.82 126.00 Td (W) Tj ET Q q 0 0 0 rg BT 271.86 126.00 Td (ith the acquisition of the Howard Hughes Center and the ef) Tj ET Q q 0 0 0 rg BT 507.72 126.00 Td (fect of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 114.00 Td (Grocery-Anchored Portfolio ) Tj ET Q q 0 0 0 rg BT 165.89 114.00 Td (T) Tj ET Q q 0 0 0 rg BT 171.65 114.00 Td (ransaction, our portfolio is now geographically located ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.25 114.00 Td (48%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.58 114.00 Td ( in the ) Tj ET Q q 0 0 0 rg BT 438.90 114.00 Td (W) Tj ET Q q 0 0 0 rg BT 447.53 114.00 Td (est, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.64 114.00 Td (19%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.97 114.00 Td ( in the Midwest, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 102.00 Td (8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.33 102.00 Td ( in the East and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.48 102.00 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.81 102.00 Td ( in the South.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 78.00 Td (In January 2014, we dissolved our joint venture with ) Tj ET Q q 0 0 0 rg BT 281.12 78.00 Td (W) Tj ET Q q 0 0 0 rg BT 289.75 78.00 Td (eingarten. ) Tj ET Q q 0 0 0 rg BT 331.40 78.00 Td (As a result of the joint venture dissolution, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.44 78.00 Td (eight) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.43 78.00 Td ( of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 66.00 Td (Grocery-Anchored Portfolio properties were distributed to us and the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.13 66.00 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.79 66.00 Td ( Grocery-Anchored Portfolio properties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 61 0 obj <> endobj 62 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (were distributed to ) Tj ET Q q 0 0 0 rg BT 127.30 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 135.94 742.10 Td (eingarten and an additional $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.01 742.10 Td (0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.90 742.10 Td ( in cash was paid to us by ) Tj ET Q q 0 0 0 rg BT 400.70 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 409.34 742.10 Td (eingarten \(Grocery-Anchored ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Portfolio ) Tj ET Q q 0 0 0 rg BT 87.88 730.10 Td (T) Tj ET Q q 0 0 0 rg BT 93.63 730.10 Td (ransaction\). ) Tj ET Q q 0 0 0 rg BT 149.44 730.10 Td (As a result of this transaction, we have consolidated the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.66 730.10 Td (eight) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 730.10 Td ( properties since ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.69 730.10 Td (January1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.28 730.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (In January 2014, the Core Fund sold 101 Second Street for a contract sales price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.63 706.10 Td ($297.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.53 706.10 Td (. ) Tj ET Q q 0 0 0 rg BT 468.84 706.10 Td (The Core Fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (acquired the property in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.30 694.10 Td (September 2004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.56 694.10 Td ( for a contract purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.21 694.10 Td ($157.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.10 694.10 Td (. ) Tj ET Q q 0 0 0 rg BT 411.92 694.10 Td (The Core Fund received net proceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 682.10 Td ($21) Tj ET Q q 0 0 0 rg BT 75.46 682.10 Td (1.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.35 682.10 Td ( from this sale.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 658.10 Td (Our portfolio was) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.60 658.10 Td (86%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.93 658.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.37 658.10 Td (85%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.70 658.10 Td (leased as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.34 658.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.94 658.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.38 658.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.96 658.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 466.63 658.10 Td (.Our management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (closely monitors the portfolio) Tj ET Q q 0 0 0 rg BT 171.37 646.10 Td (s lease expirations, which for the period from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.93 646.10 Td (April 1, 2014 through December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.23 646.10 Td (, and for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (each of the years ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.92 634.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.92 634.10 Td ( through December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.61 634.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.61 634.10 Td (, are expected to approximate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.11 634.10 Td (4.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.94 634.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.94 634.10 Td (9.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.77 634.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.77 634.10 Td (7.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.60 634.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (10.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.83 622.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.27 622.10 Td (13.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.10 622.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 173.76 622.10 Td (, of leasable square feet. ) Tj ET Q q 0 0 0 rg BT 272.70 622.10 Td (W) Tj ET Q q 0 0 0 rg BT 281.33 622.10 Td (e believe this level of expirations is manageable, and we will remain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (focused on filling tenant vacancies with high-quality tenants in each of the markets in which we operate. ) Tj ET Q q 0 0 0 rg BT 469.87 610.10 Td (Although we continue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (to lease our properties to a diverse tenant base over a variety of industries,our portfoliois approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.82 598.10 Td (18%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 598.10 Td ( leased to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 586.10 Td (105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.26 586.10 Td ( companies inthe legal industry and approximately) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.43 586.10 Td (13%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.76 586.10 Td ( leased to over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.29 586.10 Td (132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.29 586.10 Td ( companies in the financial and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (insurance industries.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 550.10 Td (Further) Tj ET Q q 0 0 0 rg BT 97.04 550.10 Td (, with the authorization of our board of directors, we declared distributions for January 2014 through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.93 550.10 Td (May) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.26 550.10 Td ( 2014. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (These distributions were or will be calculated based on stockholders of record each day during this period in an amount equal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (to $0.00073973 per share, per day and will be paid on the first day of the month following the fiscal quarter to which they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (relate in cash, or reinvested in stock for those participating in our dividend reinvestment plan. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 490.10 Td (Critical ) Tj ET Q q 0 0 0 rg BT 101.24 490.10 Td (Accounting Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 466.10 Td (Each of our critical accounting policies involves the use of estimates that require management to make assumptions that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (are subjective in nature. Management relies on its experience, collects historical and current market data, and analyzes these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (assumptions in order to arrive at what it believes to be reasonable estimates.In addition, application of these accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (policies involves the exercise of judgment regarding assumptions as to future uncertainties. ) Tj ET Q q 0 0 0 rg BT 416.85 430.10 Td (Actual results could materially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 418.10 Td (fer from these estimates. ) Tj ET Q q 0 0 0 rg BT 161.17 418.10 Td (A) Tj ET Q q 0 0 0 rg BT 167.84 418.10 Td ( disclosure of our critical accounting policies is included in our ) Tj ET Q q 0 0 0 rg BT 421.94 418.10 Td (Annual Report on Form 10-K for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.80 406.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.38 406.10 Td ( in Management) Tj ET Q q 0 0 0 rg BT 261.58 406.10 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 330.75 406.10 Td (Analysis of Financial Condition and Results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (Operations. ) Tj ET Q q 0 0 0 rg BT 103.13 394.10 Td (There have been no significant changes to our policies during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.94 394.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.94 394.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 370.10 Td (Financial Condition, Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 283.98 370.10 Td (ces) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 346.10 Td (General) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 334.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 322.10 Td (Our principal cash requirements are for property-level operating expenses, capital improvements and leasing costs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (strategic investments in real property) Tj ET Q q 0 0 0 rg BT 197.64 310.10 Td (, debt service, corporate-level general and administrative expenses, distributions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (redemptions. ) Tj ET Q q 0 0 0 rg BT 104.25 298.10 Td (W) Tj ET Q q 0 0 0 rg BT 112.89 298.10 Td (e have four primary sources of capital for meeting our cash requirements:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 274.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 274.10 Td (proceeds from our dividend reinvestment plan;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 262.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 262.10 Td (debt financings, including secured or unsecured facilities;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 250.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 250.10 Td (proceeds from the sale of our properties; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 238.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 238.10 Td (cash flow generated by our real estate investments and operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 214.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 214.10 Td (e are focused on maintaining a strong cash position and managing our capital needs.Historically) Tj ET Q q 0 0 0 rg BT 464.77 214.10 Td (, our liquidity needs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (were primarily met through cash flow generated by our properties and distributions from unconsolidated entities.However) Tj ET Q q 0 0 0 rg BT 543.08 202.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (due to our ability to execute on several strategic asset sales, an increasing portion of our liquidity needs were met and will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (continue to be met through the sale of our investment properties. If we continue to sell significant assets and do not reinvest the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (proceeds in additional investments, it will reduce the cash flow generated by our properties and may adversely impact our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (ability to pay regular distributions to our stockholders at the current distribution rate. Below is a list of properties acquired and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (sold by us and the Core Fund during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.04 142.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.35 142.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.85 142.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.45 142.10 Td (:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 118.10 Td (Hines REIT) Tj ET Q q 0 0 0 rg BT 114.76 118.10 Td ( ) Tj ET Q q 0 0 0 rg BT 117.08 118.10 Td (Acquisitions and ) Tj ET Q q 0 0 0 rg BT 186.34 118.10 Td (Asset Sales) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 94.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 86 92.76699218750002 m 181.1806640625 92.76699218750002 l s q 0 0 0 rg BT 86.00 94.10 Td (Howar) Tj ET Q q 0 0 0 rg BT 113.41 94.10 Td (d Hughes Center) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.18 94.10 Td ( - In January 2014, we acquired the Howard Hughes Center) Tj ET Q q 0 0 0 rg BT 418.76 94.10 Td (, a portfolio of five Class ) Tj ET Q q 0 0 0 rg BT 520.69 94.10 Td (A) Tj ET Q q 0 0 0 rg BT 527.36 94.10 Td ( of) Tj ET Q q 0 0 0 rg BT 538.01 94.10 Td (fice ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 82.10 Td (buildings and an athletic club located in Los ) Tj ET Q q 0 0 0 rg BT 264.85 82.10 Td (Angeles, California for a net purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.83 82.10 Td ($510.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.72 82.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 63 0 obj <> endobj 64 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 86 740.7669921875 m 199.3984375 740.7669921875 l s q 0 0 0 rg BT 86.00 742.10 Td (Gr) Tj ET Q q 0 0 0 rg BT 96.74 742.10 Td (ocery-Anchor) Tj ET Q q 0 0 0 rg BT 151.35 742.10 Td (ed Portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.40 742.10 Td ( - In January 2014, we dissolved our joint venture with ) Tj ET Q q 0 0 0 rg BT 420.84 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 429.48 742.10 Td (eingarten. ) Tj ET Q q 0 0 0 rg BT 471.13 742.10 Td (As a result of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (Grocery-Anchored Portfolio ) Tj ET Q q 0 0 0 rg BT 201.89 730.10 Td (T) Tj ET Q q 0 0 0 rg BT 207.65 730.10 Td (ransaction, eight of the twelve Grocery-Anchored Portfolio properties were distributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td (to us and ) Tj ET Q q 0 0 0 rg BT 124.43 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 133.07 718.10 Td (eingarten paid us $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.88 718.10 Td (0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.77 718.10 Td ( in cash.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 86 692.7669921875 m 222.083984375 692.7669921875 l s q 0 0 0 rg BT 86.00 694.10 Td (Minneapolis Office/Flex Portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.08 694.10 Td ( - In March 2014, we sold a building in the Minneapolis Of) Tj ET Q q 0 0 0 rg BT 458.81 694.10 Td (fice/Flex Portfolio, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (portfolio of nine of) Tj ET Q q 0 0 0 rg BT 162.19 682.10 Td (fice/flex buildings located in the southwest and midway submarkets of Minneapolis, Minnesota. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 670.10 Td (May 2014, we sold the remaining eight buildings in the portfolio. In the aggregate, we received net proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 670.10 Td ($71.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.89 658.10 Td ( from the sale of the portfolio. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td (Cor) Tj ET Q q 0 0 0 rg BT 83.19 634.10 Td (e Fund ) Tj ET Q q 0 0 0 rg BT 113.56 634.10 Td (Asset Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 86 608.7669921875 m 157.8310546875 608.7669921875 l s q 0 0 0 rg BT 86.00 610.10 Td (101 Second Str) Tj ET Q q 0 0 0 rg BT 146.18 610.10 Td (eet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.83 610.10 Td ( - In January 2014, the Core Fund sold 101 Second Street, an of) Tj ET Q q 0 0 0 rg BT 412.33 610.10 Td (fice building located in San ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 598.10 Td (Francisco, California. ) Tj ET Q q 0 0 0 rg BT 175.24 598.10 Td (The Core Fund received net proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.23 598.10 Td ($21) Tj ET Q q 0 0 0 rg BT 352.86 598.10 Td (1.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.75 598.10 Td ( from this sale. ) Tj ET Q q 0 0 0 rg BT 458.13 598.10 Td (At the date of disposition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.10 Td (we owned a 24% ef) Tj ET Q q 0 0 0 rg BT 164.68 586.10 Td (fective interest in 101 Second Street. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 562.10 Td (Mortgage Financing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 538.10 Td (Our portfolio was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.60 538.10 Td (48%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.93 538.10 Td ( leveraged as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.45 538.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.05 538.10 Td (, with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.33 538.10 Td (63%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.66 538.10 Td ( of our debt in the form of fixed-rate mortgage loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (\(some of which are ef) Tj ET Q q 0 0 0 rg BT 137.00 526.10 Td (fectively fixed through the use of interest rate swaps\). By comparison, our portfolio was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.91 526.10 Td (42%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.24 526.10 Td ( leveraged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.66 514.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.24 514.10 Td (, with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.52 514.10 Td (86%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.85 514.10 Td ( of our debt in the form of fixed-rate mortgage loans. ) Tj ET Q q 0 0 0 rg BT 408.05 514.10 Td (This leverage percentage is calculated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (using the estimated market value of our real estate investments \(including our pro-rata share of real estate assets and related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (debt owned through our investments in other entities such as the Core Fund\), cash and cash equivalents and restricted cash on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (hand as of that date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 454.10 Td (See Cash Flows from Financing ) Tj ET Q q 0 0 0 rg BT 215.21 454.10 Td (Activities Debt Financings for additional information regarding our financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (activity during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.82 442.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.13 442.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.63 442.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.22 442.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 418.10 Td (Cash Flows from Operating ) Tj ET Q q 0 0 0 rg BT 185.43 418.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 394.10 Td (Net cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.21 394.10 Td (provided by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.25 394.10 Td ( operating activities was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.67 394.10 Td ($50.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.56 394.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.94 394.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.25 394.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.75 394.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.35 394.10 Td ( compared to net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.27 382.10 Td (used in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.88 382.10 Td ( operating activities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.07 382.10 Td ($21.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.96 382.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.34 382.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.65 382.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 382.10 Td (March31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.75 382.10 Td (.) Tj ET Q q 0 0 0 rg BT 425.57 382.10 Td (The change in cash flows from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (operating activities between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.68 370.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.68 370.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.12 370.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.12 370.10 Td ( is primarily due to the $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.43 370.10 Td (40.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.32 370.10 Td ( in distributions received from the Core Fund, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (which was recorded in operating cash flows up to the amount of our equity in earnings in the Core Fund for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.67 358.10 Td (three months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.88 346.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 346.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.98 346.10 Td ( as well as the acquisition of the Howard Hughes Center and the Grocery-Anchored Portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 334.10 Td (ransaction. ) Tj ET Q q 0 0 0 rg BT 101.67 334.10 Td (The Grocery-Anchored Portfolio ) Tj ET Q q 0 0 0 rg BT 235.61 334.10 Td (T) Tj ET Q q 0 0 0 rg BT 241.37 334.10 Td (ransaction resulted in our consolidation of the operations of eight of the twelve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (properties that were previously included in the Grocery-Anchored Portfolio for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.51 322.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.82 322.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.32 322.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.92 322.10 Td ( as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (compared to accounting for all twelve properties as an equity method investment for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.89 310.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.20 310.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.70 310.10 Td (March31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.30 310.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 286.10 Td (Cash Flows from Investing ) Tj ET Q q 0 0 0 rg BT 182.10 286.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 262.10 Td (Net cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.21 262.10 Td (used in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.82 262.10 Td ( investing activitieswas ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.13 262.10 Td ($457.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.02 262.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.40 262.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.71 262.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.21 262.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.81 262.10 Td ( compared to net cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (provided by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.05 250.10 Td ( investing activities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.14 250.10 Td ($440.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.03 250.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.41 250.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.72 250.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.22 250.10 Td (March31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.82 250.10 Td (. ) Tj ET Q q 0 0 0 rg BT 431.14 250.10 Td (The factors that contributed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (the change between the two periods are summarized below) Tj ET Q q 0 0 0 rg BT 285.37 238.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 68 212.76699218750002 m 88 212.76699218750002 l s q 0 0 0 rg BT 68.00 214.10 Td (2014) Tj ET Q BT /F3 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 196.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 196.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 196.10 Td (e had cash outflows related to our acquisition of Howard Hughes Center in January 2014 of $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.43 196.10 Td (474.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.32 196.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 178.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 178.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 178.10 Td (e received proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.81 178.10 Td ($7.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.70 178.10 Td ( from sale of a building in Minneapolis Of) Tj ET Q q 0 0 0 rg BT 404.93 178.10 Td (fice/Flex Portfolio in March 2014.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 160.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 160.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 160.10 Td (e received distributions from the Core Fund totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 160.10 Td ($51.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.04 160.10 Td (, of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.81 160.10 Td ($10.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.70 160.10 Td ( was included in cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 148.10 Td (flows from investing activities, as they exceeded our equity in earnings of the joint venture.) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 68 122.76699218750002 m 88 122.76699218750002 l s q 0 0 0 rg BT 68.00 124.10 Td (2013) Tj ET Q BT /F3 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 106.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 106.10 Td (In March 2013, we received proceeds of $393.4 million from the sale of ) Tj ET Q q 0 0 0 rg BT 376.56 106.10 Td (W) Tj ET Q q 0 0 0 rg BT 385.60 106.10 Td (illiams ) Tj ET Q q 0 0 0 rg BT 415.14 106.10 Td (T) Tj ET Q q 0 0 0 rg BT 420.55 106.10 Td (ower before retiring a related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 94.10 Td ($165.0 million mortgage loan. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 76.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 76.10 Td (In January 2013, we received net proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.54 76.10 Td ($43.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.43 76.10 Td ( from the sale of our 50% interest in Distribution Park Rio. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 58.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 58.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 58.10 Td (e received distributions from the Core Fund totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 58.10 Td ($4.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.04 58.10 Td (, which were included in cash flows from investing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 46.10 Td (activities, as they exceeded our equity in earnings of the joint venture. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 65 0 obj <> endobj 66 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 742.10 Td (e had cash outflows related to investments in property of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.02 742.10 Td ($2.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.91 742.10 Td (, primarily as a result of capital expenditures at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (our properties.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 71.00 706.10 Td (Cash Flows from Financing ) Tj ET Q q 0 0 0 rg BT 190.11 706.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (Net cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.21 682.10 Td (provided by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.25 682.10 Td ( financing activitieswas $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.67 682.10 Td (355.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.56 682.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.94 682.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.25 682.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.75 682.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.35 682.10 Td ( compared to net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.27 670.10 Td (used in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.88 670.10 Td ( financing activities of $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.07 670.10 Td (179.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.96 670.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.34 670.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.65 670.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 670.10 Td (March31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.75 670.10 Td (. ) Tj ET Q q 0 0 0 rg BT 433.07 670.10 Td (The factors that contributed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (the change between the two periods are summarized below) Tj ET Q q 0 0 0 rg BT 285.37 658.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 71.00 634.10 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (In order to meet the requirements for being treated as a REIT) Tj ET Q q 0 0 0 rg BT 312.44 610.10 Td ( under the Internal Revenue Code of 1986, as amended, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (to pay regular cash distributions to our stockholders, which is one of our investment objectives, we have declared and expect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (continue to declare distributions to stockholders \(as authorized by our board of directors\) as of daily record dates and aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (and pay such distributions quarterly) Tj ET Q q 0 0 0 rg BT 192.66 574.10 Td (. ) Tj ET Q q 0 0 0 rg BT 197.48 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 206.11 574.10 Td (e intend to continue this distribution policy for so long as our board of directors decides ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (this policy is in our best interests.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 77.04 538.10 Td (ith respect to the $0.00138082 per share, per day distributions declared for the period ended March 31, 2013, presented ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (below) Tj ET Q q 0 0 0 rg BT 73.79 526.10 Td (, $0.00041425 of the per share, per day distributions were designated by us as special distributions which represent a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (return of a portion of the stockholders) Tj ET Q q 0 0 0 rg BT 204.21 514.10 Td ( invested capital and, as such, reduced their remaining investment in us. ) Tj ET Q q 0 0 0 rg BT 493.67 514.10 Td (The special ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (distributions were funded with a portion of the proceeds from sales of investment property) Tj ET Q q 0 0 0 rg BT 411.21 502.10 Td (. ) Tj ET Q q 0 0 0 rg BT 416.03 502.10 Td (The above designation of a portion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (of the distributions as special distributions does not impact the tax treatment of the distributions to our stockholders. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 466.10 Td (On March 25, 2013, we declared a distribution of $198.0 million, resulting in a distribution to stockholders of $0.80 per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (share that was paid during the three months ended June 30, 2013 to all stockholders of record as of ) Tj ET Q q 0 0 0 rg BT 447.12 454.10 Td (April 2, 2013. ) Tj ET Q q 0 0 0 rg BT 505.55 454.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (distribution was designated by us as a special distribution, which was a return of a portion of the stockholders) Tj ET Q q 0 0 0 rg BT 491.11 442.10 Td ( invested capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (and, as such, reduced their remaining investment in us. ) Tj ET Q q 0 0 0 rg BT 271.98 430.10 Td (The special distribution represented a portion of the proceeds from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (sale of ) Tj ET Q q 0 0 0 rg BT 78.70 418.10 Td (W) Tj ET Q q 0 0 0 rg BT 87.73 418.10 Td (illiams ) Tj ET Q q 0 0 0 rg BT 117.28 418.10 Td (T) Tj ET Q q 0 0 0 rg BT 122.69 418.10 Td (ower and other strategic asset sales. ) Tj ET Q q 0 0 0 rg BT 267.73 418.10 Td (The special distribution was not subject to reinvestment pursuant to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (dividend reinvestment plan and was paid in cash. In the aggregate, we have declared special distributions in total of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.08 406.10 Td ($1.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.58 406.10 Td ( per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (share.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 370.10 Td (Further) Tj ET Q q 0 0 0 rg BT 97.04 370.10 Td (, with the authorization of our board of directors, we declared distributions for ) Tj ET Q q 0 0 0 rg BT 411.67 370.10 Td (April 2013 through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.39 370.10 Td (May) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.72 370.10 Td ( 2014. ) Tj ET Q q 0 0 0 rg BT 537.04 370.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (distributions were or will be calculated based on stockholders of record each day during this period in an amount equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td ($0.00073973) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.50 346.10 Td ( per share, per day and will be paid on the first day of the month following the fiscal quarter to which they relate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (in cash, or reinvested in stock for those participating in our dividend reinvestment plan. ) Tj ET Q q 0 0 0 rg BT 401.95 334.10 Td (This rate per share, per day) Tj ET Q q 0 0 0 rg BT 510.14 334.10 Td (, reflects a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (reduction from the $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.92 322.10 Td (0.00138082) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.42 322.10 Td ( per share, per day rate that was declared previously) Tj ET Q q 0 0 0 rg BT 386.46 322.10 Td (, as described above. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 67 0 obj <> endobj 68 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 742.10 Td (The table below outlines our total distributions declared to stockholders andnoncontrolling interests for each of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (quarters during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.32 730.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.32 730.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.75 730.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.75 730.10 Td (, including the breakout between the distributions paid in cash and those reinvested pursuant to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (our dividend reinvestment plan \(all amounts are in thousands\).) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 632.60 211.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 632.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 632.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 632.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 632.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 632.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 632.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 632.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 632.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 602.60 211.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 602.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 602.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 602.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 602.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 602.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 602.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 602.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 602.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 572.60 211.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 572.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 572.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 572.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 572.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 572.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 572.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 572.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 572.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 542.60 211.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 542.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 542.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 542.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 542.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 542.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 542.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 542.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 542.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 512.60 211.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 512.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 512.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 512.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 512.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 512.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 512.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 512.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 512.60 85.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 671.6 m 328.5 671.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 671.6 m 332.5 671.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 671.6 m 395.5 671.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 671.6 m 399.5 671.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 671.6 m 462.5 671.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 671.6 m 562.5 671.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 647.6 m 261.5 647.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 647.6 m 328.5 647.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 647.6 m 395.5 647.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 647.6 m 462.5 647.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 647.6 m 562.5 647.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 647.6 m 261.5 647.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 632.6 m 261.5 632.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 617.6 m 328.5 617.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 617.6 m 395.5 617.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 617.6 m 462.5 617.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 617.6 m 562.5 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 603.6 m 328.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 601.6 m 328.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 603.6 m 395.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 601.6 m 395.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 603.6 m 462.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 601.6 m 462.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 603.6 m 562.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 601.6 m 562.5 601.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 572.6 m 261.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 572.6 m 261.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 512.6 m 328.5 512.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 512.6 m 395.5 512.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 512.6 m 462.5 512.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 512.6 m 562.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 498.6 m 328.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 496.6 m 328.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 498.6 m 395.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 496.6 m 395.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 498.6 m 462.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 496.6 m 462.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 498.6 m 562.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 496.6 m 562.5 496.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 676.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.70 676.28 Td (Stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 676.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.35 686.28 Td (Noncontrolling) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.95 676.28 Td (Interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 652.28 Td (Distributions for the Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.65 662.28 Td (Cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.40 652.28 Td (Distributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.40 662.28 Td (Distributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 652.28 Td (Reinvested) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.55 662.28 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.40 652.28 Td (Declared) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 652.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.25 652.28 Td (Total Declared) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 637.28 Td (2014 ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 75.50 641.81 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.00 637.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 637.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 637.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 637.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 637.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 622.27 Td (March 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.00 622.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 622.27 Td (9,552) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 622.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 622.27 Td (5,613) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 622.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 622.27 Td (15,165) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 622.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 622.27 Td (74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 607.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.00 607.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 607.27 Td (9,552) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 607.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 607.27 Td (5,613) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 607.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 607.27 Td (15,165) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 607.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 607.27 Td (74) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 577.28 Td (2013 ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 75.50 581.81 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.00 577.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 577.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 577.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 577.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 562.27 Td (December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.00 562.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 562.27 Td (9,786) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 562.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 562.27 Td (5,811) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 562.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 562.27 Td (15,597) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 562.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 562.27 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 547.27 Td (September 30, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 547.27 Td (9,769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 547.27 Td (5,902) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 547.27 Td (15,671) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 547.27 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 532.27 Td (June 30, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 532.27 Td (9,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 532.27 Td (5,913) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 532.27 Td (15,742) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 532.27 Td (960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 517.27 Td (March 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 517.27 Td (214,893) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 517.27 Td (11,175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 517.27 Td (226,068) Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 465.00 522.43 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 517.27 Td (138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 502.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.00 502.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 502.27 Td (244,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 502.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 502.27 Td (28,801) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 502.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 502.27 Td (273,078) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 502.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 502.27 Td (1,248) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 474.10 Td (Except as noted below) Tj ET Q q 0 0 0 rg BT 175.60 474.10 Td (, excluded from this table are distributions declared with respect to the Participation Interest \(as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 462.10 Td (discussed further in Note 10 Related Party ) Tj ET Q q 0 0 0 rg BT 270.22 462.10 Td (T) Tj ET Q q 0 0 0 rg BT 275.98 462.10 Td (ransactions\). ) Tj ET Q q 0 0 0 rg BT 331.62 462.10 Td (The amount of distributions declared with respect to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 450.10 Td (Participation Interest for the quarter ended March 31, 2014 was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.30 450.10 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.20 450.10 Td (. ) Tj ET Q q 0 0 0 rg BT 396.01 450.10 Td (The distributions declared with respect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 438.10 Td (the Participation Interest for the quarters ended December 31, 2013, September 30, 2013, June 30, 2013 and March 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 426.10 Td (2013 were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.43 426.10 Td ($0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.32 426.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.32 426.10 Td ($0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.21 426.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.21 426.10 Td ($0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.10 426.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.54 426.10 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.43 426.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 408.09 426.10 Td (. Included in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.58 426.10 Td ($226.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.47 426.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 414.10 Td (amount declared at March 31, 2013 above is the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.94 414.10 Td ($10.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.83 414.10 Td ( special distribution declared in March 2013 to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 402.10 Td (Participation Interest. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 378.10 Td (As stated above, a portion of the total distributions declared were designated by us as special distributions and funded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 366.10 Td (using proceeds from sales of investment properties, which represented a return of a portion of the stockholders, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 354.10 Td (noncontrolling interest holders) Tj ET Q q 0 0 0 rg BT 211.34 354.10 Td ( invested capital. For the year ended December 31, 2013, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.09 354.10 Td ($206.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.99 354.10 Td ( of the total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 342.10 Td (distributions declared to our stockholders and holders of non-controlling interests were paid using such sales proceeds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 318.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.11 318.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.42 318.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.92 318.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.52 318.10 Td (, we funded our cash distributions with cash flows from operating activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.33 306.10 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.66 306.10 Td (\). For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.10 306.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.41 306.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.91 306.10 Td (March31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.51 306.10 Td (, we funded our distributions with distributions received from our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 294.10 Td (unconsolidated investments \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.65 294.10 Td (3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.98 294.10 Td (\) and proceeds from the sales of our real estate investments \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.39 294.10 Td (97%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.72 294.10 Td (\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 270.10 Td (Redemptions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 246.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.55 246.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.86 246.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.36 246.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.96 246.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.39 246.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.39 246.10 Td (, we funded redemptions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.59 246.10 Td ($13.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.48 246.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.92 246.10 Td ($2.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.81 246.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 234.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 234.10 Td (, pursuant to the terms of our share redemption program. On March 25, 2013, our board of directors amended and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 222.10 Td (restated our share redemption program to reinstate the program, ef) Tj ET Q q 0 0 0 rg BT 315.27 222.10 Td (fective for share redemption requests received on or after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 210.10 Td (April 1, 2013, subject to the conditions and limitations described in the amended and restated share redemption program. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 198.10 Td (Generally) Tj ET Q q 0 0 0 rg BT 88.77 198.10 Td (, funds available for redemption are limited to the amount of proceeds received from our dividend reinvestment plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 186.10 Td (in the prior quarter) Tj ET Q q 0 0 0 rg BT 124.70 186.10 Td (. However) Tj ET Q q 0 0 0 rg BT 168.45 186.10 Td (, our board of directors has the discretion to redeem shares in excess of this amount if it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 174.10 Td (determines there are suf) Tj ET Q q 0 0 0 rg BT 145.61 174.10 Td (ficient available funds and it is appropriate to do so as long as the total amount redeemed does not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 162.10 Td (exceed the amount required to redeem 10% of our shares outstanding as of the same date in the prior calendar year) Tj ET Q q 0 0 0 rg BT 508.16 162.10 Td (. Our board ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 150.10 Td (of directors determined to waive this limitation on the share redemption plan and fully honor all eligible requests received for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 138.10 Td (the quarter ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.91 138.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.51 138.10 Td (, which were in excess of the $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.80 138.10 Td (5.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.69 138.10 Td ( received from our dividend reinvestment plan in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 126.10 Td (the prior quarter) Tj ET Q q 0 0 0 rg BT 114.42 126.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 69 0 obj <> endobj 70 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (32) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (Debt Financings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 718.10 Td (e use debt financing from time to time for investments in real property) Tj ET Q q 0 0 0 rg BT 357.58 718.10 Td (, property improvements, tenant improvements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (leasing commissions and other working capital needs. Most of our debt is in the form of secured mortgage loans, which we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (entered into at the time each real estate asset was acquired.) Tj ET Q q 0 0 0 rg BT 289.61 694.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.06 694.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.66 694.10 Td (, our portfolio was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.29 694.10 Td (48%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.62 694.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (leveraged compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.56 682.10 Td (42%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.89 682.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.05 682.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.64 682.10 Td (.) Tj ET Q q 0 0 0 rg BT 271.96 682.10 Td (This leverage percentage is calculated using the estimated aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (value of our real estate investments \(including our pro-rata share of real estate assets through our investments in other entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (such as the Core Fund\), cash and cash equivalents and restricted cash on hand as of that date.) Tj ET Q q 0 0 0 rg BT 426.83 658.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 476.73 658.10 Td (, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.39 658.10 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 646.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.44 646.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.02 646.10 Td (, our debt financing had a weighted average interest rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.70 646.10 Td (4.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.53 646.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.97 646.10 Td (5.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 646.10 Td (, respectively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (\(including the ef) Tj ET Q q 0 0 0 rg BT 115.91 634.10 Td (fect of interest rate swaps\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (The following list summarizes our debt financings for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 610.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.31 610.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.81 610.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.41 610.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.85 610.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.85 610.10 Td (:) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 68 584.7669921875 m 88 584.7669921875 l s q 0 0 0 rg BT 68.00 586.10 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 88.00 586.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 568.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 568.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 568.10 Td (e received proceeds of $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.81 568.10 Td (425.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.70 568.10 Td ( related to our acquisition credit agreement \(the JPMor) Tj ET Q q 0 0 0 rg BT 468.77 568.10 Td (gan ) Tj ET Q q 0 0 0 rg BT 485.16 568.10 Td (Acquisition Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 556.10 Td (Agreement\) with JPMor) Tj ET Q q 0 0 0 rg BT 187.46 556.10 Td (gan Chase Bank, N.A. \(Chase\) upon acquisition of the Howard Hughes Center and we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 544.10 Td (made a payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.86 544.10 Td ($45.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.75 544.10 Td ( related to this agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 526.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 526.10 Td (e made payments of $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.39 526.10 Td (0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.28 526.10 Td ( for financing costs related to our loans.) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 68 500.7669921875 m 88 500.7669921875 l s q 0 0 0 rg BT 68.00 502.10 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 88.00 502.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 484.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 484.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 484.10 Td (e made payments of $484.5 million related to our loans secured by One ) Tj ET Q q 0 0 0 rg BT 382.71 484.10 Td (W) Tj ET Q q 0 0 0 rg BT 391.75 484.10 Td (ilshire, ) Tj ET Q q 0 0 0 rg BT 421.57 484.10 Td (W) Tj ET Q q 0 0 0 rg BT 430.60 484.10 Td (illiams ) Tj ET Q q 0 0 0 rg BT 460.15 484.10 Td (T) Tj ET Q q 0 0 0 rg BT 465.56 484.10 Td (ower and JPMor) Tj ET Q q 0 0 0 rg BT 531.48 484.10 Td (gan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 472.10 Td (Chase ) Tj ET Q q 0 0 0 rg BT 112.76 472.10 Td (T) Tj ET Q q 0 0 0 rg BT 118.17 472.10 Td (ower/Minneapolis Of) Tj ET Q q 0 0 0 rg BT 203.80 472.10 Td (fice Flex Portfolio. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 454.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 454.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 454.10 Td (e received proceeds of $360.0 million related to the refinancing of the One ) Tj ET Q q 0 0 0 rg BT 395.45 454.10 Td (W) Tj ET Q q 0 0 0 rg BT 404.49 454.10 Td (ilshire and JPMor) Tj ET Q q 0 0 0 rg BT 475.42 454.10 Td (gan Chase ) Tj ET Q q 0 0 0 rg BT 519.12 454.10 Td (T) Tj ET Q q 0 0 0 rg BT 524.53 454.10 Td (ower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 442.10 Td (secured mortgages.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 424.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 424.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 424.10 Td (e made payments of $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.39 424.10 Td (32.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.28 424.10 Td ( related to borrowings under our revolving credit facility with KeyBank. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 412.10 Td (revolving credit facility with KeyBank expired in February 2013 and we elected not to renew or replace the facility) Tj ET Q q 0 0 0 rg BT 546.29 412.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 394.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 394.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 394.10 Td (e made payments of $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.39 394.10 Td (1.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.28 394.10 Td ( for financing costs related to our loans.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 370.10 Td (Results of Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 346.10 Td (RESUL) Tj ET Q q 0 0 0 rg BT 100.43 346.10 Td (TS OF) Tj ET Q q 0 0 0 rg BT 128.67 346.10 Td ( OUR DIRECTL) Tj ET Q q 0 0 0 rg BT 200.54 346.10 Td (Y) Tj ET Q q 0 0 0 rg BT 206.85 346.10 Td (-OWNED PROPER) Tj ET Q q 0 0 0 rg BT 292.33 346.10 Td (TIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 322.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 322.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.04 322.10 Td (, we owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.36 322.10 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.36 322.10 Td ( properties directly that were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.81 322.10 Td (86%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.14 322.10 Td ( leased compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.33 322.10 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.33 322.10 Td ( properties that were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.74 322.10 Td (84%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.07 322.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (leased as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.15 310.10 Td (March31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.74 310.10 Td (. Our same-store properties were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.03 310.10 Td (85%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.36 310.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.79 310.10 Td (82%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.12 310.10 Td ( leased as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.77 310.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.37 310.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.81 310.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.81 310.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 559.47 310.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (The table below includes revenues and expenses of our directly-owned properties for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.37 298.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.36 298.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.18 298.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.78 298.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 286.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.94 286.10 Td (. See Discontinued Operations below for additional information regarding our property dispositions. ) Tj ET Q q 0 0 0 rg BT 498.52 286.10 Td (All amounts in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (thousands, except for percentages:) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 207.60 224.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 207.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 207.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 207.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 207.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 207.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 207.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 207.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 179.60 224.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 179.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 179.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 179.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 179.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 179.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 179.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 179.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 151.60 224.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 151.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 151.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 151.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 151.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 151.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 151.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 151.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 123.60 224.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 123.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 123.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 123.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 123.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 123.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 123.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 123.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 95.60 224.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 95.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 95.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 95.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 95.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 95.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 95.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 95.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 67.60 224.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 67.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 67.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 67.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 67.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 67.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 67.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 67.60 66.00 -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 274.5 235.60000000000002 m 346.5 235.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 235.60000000000002 m 350.5 235.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 235.60000000000002 m 422.5 235.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 235.60000000000002 m 492.5 235.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 235.60000000000002 m 496.5 235.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 235.60000000000002 m 562.5 235.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 221.60000000000002 m 346.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 221.60000000000002 m 422.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 221.60000000000002 m 492.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 221.60000000000002 m 562.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 179.60000000000002 m 562.5 179.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 179.60000000000002 m 346.5 179.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 179.60000000000002 m 422.5 179.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 179.60000000000002 m 492.5 179.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 123.60000000000002 m 562.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 123.60000000000002 m 346.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 123.60000000000002 m 422.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 123.60000000000002 m 492.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 67.60000000000002 m 562.5 67.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 67.60000000000002 m 346.5 67.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 54.60000000000002 m 346.5 54.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 52.60000000000002 m 346.5 52.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 67.60000000000002 m 422.5 67.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 54.60000000000002 m 422.5 54.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 52.60000000000002 m 422.5 52.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 67.60000000000002 m 492.5 67.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 54.60000000000002 m 492.5 54.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 52.60000000000002 m 492.5 52.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 54.60000000000002 m 562.5 54.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 52.60000000000002 m 562.5 52.60000000000002 l s BT /F1 9.50 Tf ET q 0 0 0 rg BT 53.00 240.16 Td () Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 282.85 240.17 Td (Three Months Ended March 31,) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 478.40 240.17 Td (Change) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 53.00 226.16 Td () Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 300.50 226.17 Td (2014) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 376.50 226.17 Td (2013) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 456.60 226.17 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 524.25 226.17 Td (%) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 53.00 212.17 Td (Property revenues:) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 53.00 198.16 Td ( Same-store properties) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 277.00 198.16 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 316.50 198.16 Td (44,771) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 353.00 198.16 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 392.50 198.16 Td (42,346) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 429.00 198.16 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 467.25 198.16 Td (2,425) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 538.40 198.16 Td (5.7) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 554.05 198.16 Td (%) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 53.00 184.16 Td ( Recent acquisitions) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 277.00 184.16 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 316.50 184.16 Td (15,285) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 353.00 184.16 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 409.15 184.16 Td () Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 429.00 184.16 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 462.50 184.16 Td (15,285) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 540.80 184.16 Td () Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 554.05 184.16 Td (%) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 65.00 170.17 Td (Total property revenues) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 277.00 170.16 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 316.50 170.16 Td (60,056) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 353.00 170.16 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 392.50 170.16 Td (42,346) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 429.00 170.16 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 462.50 170.16 Td (17,710) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 533.65 170.16 Td (41.8) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 554.05 170.16 Td (%) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 53.00 156.17 Td (Pr) Tj ET Q q 0 0 0 rg BT 62.85 156.17 Td (operty expenses: ) Tj ET Q BT /F2 9.50 Tf ET BT /F2 6.17 Tf ET q 0 0 0 rg BT 132.50 160.47 Td (\(1\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 53.00 142.16 Td ( Same-store properties) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 277.00 142.16 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 316.50 142.16 Td (21,229) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 353.00 142.16 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 392.50 142.16 Td (20,919) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 429.00 142.16 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 474.40 142.16 Td (310) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 538.40 142.16 Td (1.5) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 554.05 142.16 Td (%) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 53.00 128.16 Td ( Recent acquisitions) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 277.00 128.16 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 321.25 128.16 Td (5,525) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 353.00 128.16 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 409.15 128.16 Td () Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 429.00 128.16 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 467.25 128.16 Td (5,525) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 540.80 128.16 Td () Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 554.05 128.16 Td (%) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 65.00 114.17 Td (Total property expenses) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 277.00 114.16 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 316.50 114.16 Td (26,754) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 353.00 114.16 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 392.50 114.16 Td (20,919) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 429.00 114.16 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 467.25 114.16 Td (5,835) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 533.65 114.16 Td (27.9) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 554.05 114.16 Td (%) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 53.00 100.17 Td (Property revenues in excess of expenses) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 53.00 86.16 Td ( Same-store properties) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 277.00 86.16 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 316.50 86.16 Td (23,542) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 353.00 86.16 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 392.50 86.16 Td (21,427) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 429.00 86.16 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 467.25 86.16 Td (2,115) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 538.40 86.16 Td (9.9) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 554.05 86.16 Td (%) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 53.00 72.16 Td ( Recent acquisitions) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 277.00 72.16 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 321.25 72.16 Td (9,760) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 353.00 72.16 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 409.15 72.16 Td () Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 429.00 72.16 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 467.25 72.16 Td (9,760) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 540.80 72.16 Td () Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 554.05 72.16 Td (%) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 65.00 58.17 Td (Total property revenues in excess of expenses) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 277.00 58.16 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 316.50 58.16 Td (33,302) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 353.00 58.16 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 392.50 58.16 Td (21,427) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 429.00 58.16 Td ($) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 462.50 58.16 Td (11,875) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 533.65 58.16 Td (55.4) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 554.05 58.16 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 71 0 obj <> endobj 72 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (33) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 703.50 223.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 703.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 703.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 703.50 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 703.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 703.50 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 703.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 703.50 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 663.50 223.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 663.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 663.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 663.50 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 663.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 663.50 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 663.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 663.50 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 633.50 223.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 633.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 633.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 633.50 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 633.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 633.50 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 633.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 633.50 66.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 733.5 m 344.5 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 733.5 m 348.5 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 733.5 m 420.5 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 733.5 m 490.5 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 733.5 m 494.5 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 733.5 m 560.5 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 718.5 m 344.5 718.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 718.5 m 420.5 718.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 718.5 m 490.5 718.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 718.5 m 560.5 718.5 l s BT /F2 9.50 Tf ET q 0 0 0 rg BT 281.35 738.07 Td (Three Months Ended March 31,) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 476.40 738.07 Td (Change) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 299.00 723.07 Td (2014) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 374.50 723.07 Td (2013) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 454.60 723.07 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 522.25 723.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 708.18 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.00 708.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 708.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 693.17 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.00 693.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 693.17 Td (24,726) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 693.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 693.17 Td (13,046) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 693.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 693.17 Td (11,680) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.80 693.17 Td (89.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 693.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 678.17 Td (Gain \(loss\) on sale or dissolution of unconsolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 668.17 Td (joint venture) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.00 668.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 668.17 Td (11,311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 668.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 668.17 Td (15,965) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 668.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.80 668.22 Td (\(4,654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 668.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.45 668.17 Td (\(29.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.30 668.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 653.17 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.00 653.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 653.17 Td (12,376) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 653.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 653.17 Td (14,061) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 653.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.80 653.22 Td (\(1,685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 653.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.45 653.17 Td (\(12.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.30 653.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 638.17 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.00 638.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 638.17 Td (185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 638.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 638.17 Td (184) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 638.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 638.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.80 638.17 Td (0.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 638.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 623.17 Td (\(Benefit\) provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.00 623.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.65 623.17 Td (89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 623.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 623.17 Td (67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 623.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 623.17 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.80 623.17 Td (32.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 623.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 595.00 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 595.00 Td (Property expenses include property operating expenses, real property taxes and property management fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 571.00 Td (The increase in property revenues and property revenues in excess of expenses for the same-store properties for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.71 571.00 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.69 571.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.00 Td (months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.33 559.00 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.92 559.00 Td ( is primarily due to an early lease termination fee received at JPMor) Tj ET Q q 0 0 0 rg BT 443.31 559.00 Td (gan Chase ) Tj ET Q q 0 0 0 rg BT 487.01 559.00 Td (T) Tj ET Q q 0 0 0 rg BT 492.42 559.00 Td (ower) Tj ET Q q 0 0 0 rg BT 511.86 559.00 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 535.00 Td (Depreciation and amortization increased during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.70 535.00 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.68 535.00 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.51 535.00 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.10 535.00 Td (, as compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.00 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 523.00 Td (, primarily due to our acquisition of Howard Hughes Center and the Grocery-Anchored Portfolio ) Tj ET Q q 0 0 0 rg BT 459.44 523.00 Td (T) Tj ET Q q 0 0 0 rg BT 465.20 523.00 Td (ransaction in January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.00 Td (2014. Interest expense decreased during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.43 511.00 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.42 511.00 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.24 511.00 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.84 511.00 Td (, as compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.96 511.00 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.96 511.00 Td (, as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.00 Td (result of a reduction in our principal outstanding as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.72 499.00 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.32 499.00 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.03 499.00 Td (March31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.62 499.00 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 475.00 Td (In January 2014, we dissolved our joint venture with ) Tj ET Q q 0 0 0 rg BT 281.12 475.00 Td (W) Tj ET Q q 0 0 0 rg BT 289.75 475.00 Td (eingarten. ) Tj ET Q q 0 0 0 rg BT 331.40 475.00 Td (As a result of the Grocery-Anchored Portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.00 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 463.00 Td (ransaction, we recognized a gain on sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.41 463.00 Td ($1) Tj ET Q q 0 0 0 rg BT 240.03 463.00 Td (1.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.93 463.00 Td (. Comparatively) Tj ET Q q 0 0 0 rg BT 350.21 463.00 Td (, during the first quarter of 2013, we sold our 50% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.00 Td (indirect interest in Distribution Park Rio and recognized a gain of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 451.00 Td ($16.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.54 451.00 Td ( as a result of the sale. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 427.00 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.90 427.00 Td (, we are continually evaluating each of our investments to determine the ideal time to sell assets in order to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.00 Td (achieve attractive total returns and provide additional liquidity to the Company) Tj ET Q q 0 0 0 rg BT 365.37 415.00 Td (.) Tj ET Q q 0 0 0 rg BT 372.32 415.00 Td (As a result of future potential disposals, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.00 Td (possible reinvestments and other factors, our results of operations for the period ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.24 403.00 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.84 403.00 Td ( could dif) Tj ET Q q 0 0 0 rg BT 499.98 403.00 Td (fer from our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.00 Td (results of operations in future periods.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 73 0 obj <> endobj 74 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (34) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (Discontinued Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (In 2013, we sold ) Tj ET Q q 0 0 0 rg BT 136.98 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 146.02 718.10 Td (illiams ) Tj ET Q q 0 0 0 rg BT 175.56 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 180.97 718.10 Td (ower) Tj ET Q q 0 0 0 rg BT 200.56 718.10 Td (, One ) Tj ET Q q 0 0 0 rg BT 224.54 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 233.58 718.10 Td (ilshire and the Raytheon/DIRECTV) Tj ET Q q 0 0 0 rg BT 376.98 718.10 Td ( buildings. ) Tj ET Q q 0 0 0 rg BT 424.03 718.10 Td (The operating results of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (properties have been reclassified and reported as income \(loss\) from discontinued operations in the Condensed Consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Statements of Operations and Comprehensive Income \(Loss\) as follows \(in thousands\): ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 624.60 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 624.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 624.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 624.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 594.60 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 594.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 594.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 594.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 564.60 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 564.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 564.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 564.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 534.60 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 534.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 534.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 534.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 504.60 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 504.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 504.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 504.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 464.60 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 464.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 464.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 464.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 434.60 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 434.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 434.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 434.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 394.60 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 394.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 394.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 394.60 74.00 -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 408.5 654.6 m 484.5 654.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 654.6 m 562.5 654.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 594.6 m 484.5 594.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 594.6 m 562.5 594.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 504.6 m 484.5 504.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 504.6 m 562.5 504.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 489.6 m 484.5 489.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 489.6 m 562.5 489.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 464.6 m 484.5 464.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 464.6 m 562.5 464.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 419.6 m 484.5 419.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 419.6 m 562.5 419.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 379.6 m 484.5 379.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 379.6 m 562.5 379.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 365.6 m 484.5 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 363.6 m 484.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 365.6 m 562.5 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 363.6 m 562.5 363.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.00 674.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.40 674.28 Td (Three Months Ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 659.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 659.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.00 659.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.00 659.28 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 644.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.00 644.28 Td (\(In thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 629.28 Td (Revenues:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 629.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 629.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 629.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 614.27 Td (Rental revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 614.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.30 614.32 Td (\(41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 614.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 614.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 614.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 614.27 Td (19,329) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 599.27 Td (Other revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.30 599.32 Td (\(22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 599.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 599.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 599.27 Td (3,193) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 584.27 Td (Total revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.30 584.32 Td (\(63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 584.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 584.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 584.27 Td (22,522) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 569.28 Td (Expenses:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 569.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 554.27 Td (Property operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 554.27 Td (126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 554.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 554.27 Td (5,828) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 539.27 Td (Real property taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 539.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 539.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 539.27 Td (2,497) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 524.27 Td (Property management fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 524.32 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 524.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 524.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 524.27 Td (457) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 509.27 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 509.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 509.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 509.27 Td (4,789) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 494.27 Td (Total expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 494.27 Td (125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 494.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 494.27 Td (13,571) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 479.27 Td (Income \(loss\) from discontinued operations before interest income \(expense\), benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 469.27 Td (\(provision\) for income taxes and gain \(loss\) on sale of discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 469.32 Td (\(188) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 469.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 469.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 469.27 Td (8,951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 454.27 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 454.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 454.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 454.32 Td (\(4,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 454.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 439.27 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 439.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 439.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 439.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 424.27 Td (Benefit \(provision\) for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 424.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 424.32 Td (\(51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 424.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 409.27 Td (Income \(loss\) from discontinued operations before gain \(loss\) on sale of discontinued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 399.27 Td (operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 399.32 Td (\(183) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 399.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 399.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 399.27 Td (4,709) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 384.27 Td (Gain \(loss\) on sale of discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 384.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 384.27 Td (143,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 369.27 Td (Income \(loss\) from discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 369.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 369.32 Td (\(183) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 369.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 369.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 369.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 369.27 Td (148,661) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 353.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 341.10 Td (RESUL) Tj ET Q q 0 0 0 rg BT 100.43 341.10 Td (TS FOR OUR INDIRECTL) Tj ET Q q 0 0 0 rg BT 219.25 341.10 Td (Y) Tj ET Q q 0 0 0 rg BT 225.55 341.10 Td (-OWNED PROPER) Tj ET Q q 0 0 0 rg BT 311.03 341.10 Td (TIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 317.10 Td (Our Interest in the Core Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 293.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 293.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.04 293.10 Td (, we owned a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.30 293.10 Td (28.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.13 293.10 Td (non-managing general partner interest in the Core Fund, which held interests in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 281.10 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 281.10 Td ( properties that were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.41 281.10 Td (84%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.74 281.10 Td ( leased. ) Tj ET Q q 0 0 0 rg BT 194.67 281.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.12 281.10 Td (March31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.71 281.10 Td (, we owned a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.97 281.10 Td (27.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.80 281.10 Td ( non-managing general partner interest in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 269.10 Td (Core Fund, which held interests in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.26 269.10 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.26 269.10 Td ( properties that were) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.67 269.10 Td (87%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.00 269.10 Td ( leased. Our equity in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.31 269.10 Td (earnings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.19 269.10 Td ( related to our investment in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.10 Td (Core Fund for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.88 257.10 Td (three months ended March 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.29 257.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.84 257.10 Td ($40.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.73 257.10 Td (, compared to equity in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.71 257.10 Td (earnings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.58 257.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.91 257.10 Td ($2.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.80 257.10 Td ( for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.72 245.10 Td (three months ended March 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.13 245.10 Td (. ) Tj ET Q q 0 0 0 rg BT 213.95 245.10 Td (The change in our equity in earnings \(losses\) for the quarter ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.19 245.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.79 245.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.10 Td (primarily resulted from the following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 209.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 209.10 Td (In January 2014, the Core Fund sold 101 Second Street, an of) Tj ET Q q 0 0 0 rg BT 332.17 209.10 Td (fice property located in San Francisco, California which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 197.10 Td (it acquired in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.26 197.10 Td (September 2004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.52 197.10 Td ( for a contract purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.18 197.10 Td ($157.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.07 197.10 Td (. ) Tj ET Q q 0 0 0 rg BT 399.89 197.10 Td (The contract sales price was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.11 197.10 Td ($297.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 185.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.89 185.10 Td (. ) Tj ET Q q 0 0 0 rg BT 119.34 185.10 Td (As a result of the sale of 101 Second Street, the Core Fund recognized a gain on sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.91 185.10 Td ($174.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.80 185.10 Td (. ) Tj ET Q q 0 0 0 rg BT 534.62 185.10 Td (W) Tj ET Q q 0 0 0 rg BT 543.26 185.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 173.10 Td (recognized a gain of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.85 173.10 Td ($41.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.74 173.10 Td ( in relation to this sale which is included in equity in earnings \(losses\) of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 161.10 Td (unconsolidated entities, net, in the consolidated statements of operations for the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.56 161.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.16 161.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 75 0 obj <> endobj 76 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (35) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.25 Td (CORPORA) Tj ET Q q 0 0 0 rg BT 117.81 742.25 Td (TE LEVEL) Tj ET Q q 0 0 0 rg BT 167.00 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 168.95 742.25 Td (ACTIVITIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (Other Corporate-level ) Tj ET Q q 0 0 0 rg BT 160.39 718.25 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 694.25 Td (The tables below provide detail relating to our asset management fees and general and administrative expenses.) Tj ET Q q 0 0 0 rg BT 518.40 694.25 Td (All ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (amounts in thousands, except percentages:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 630.75 222.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 630.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 630.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 630.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 630.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 630.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 630.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 630.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 600.75 222.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 600.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 600.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 600.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 600.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 600.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 600.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 600.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 570.75 222.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 570.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 570.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 570.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 570.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 570.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 570.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 570.75 67.00 -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 272.5 645.75 m 344.5 645.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 645.75 m 348.5 645.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 645.75 m 420.5 645.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 645.75 m 491.5 645.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 645.75 m 495.5 645.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 645.75 m 562.5 645.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 645.75 m 344.5 645.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 630.75 m 344.5 630.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 645.75 m 420.5 645.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 630.75 m 420.5 630.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 630.75 m 491.5 630.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 630.75 m 562.5 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 600.75 m 344.5 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 586.75 m 344.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 584.75 m 344.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 600.75 m 420.5 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 586.75 m 420.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 584.75 m 420.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 600.75 m 491.5 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 586.75 m 491.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 584.75 m 491.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 600.75 m 562.5 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 586.75 m 562.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 584.75 m 562.5 584.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.40 650.43 Td (Three Months Ended March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.60 650.43 Td (Change) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.00 635.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.00 635.43 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.00 635.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.50 635.43 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 620.42 Td (Acquisition fee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.00 620.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 620.42 Td (1,012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 620.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 620.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 620.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 620.42 Td (1,012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 620.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 620.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 605.42 Td (Asset management fee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.00 605.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 605.42 Td (9,723) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 605.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 605.42 Td (8,457) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 605.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 605.42 Td (1,266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 605.42 Td (15.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 605.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 590.42 Td (Asset management and acquisition fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.00 590.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 590.42 Td (10,735) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 590.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 590.42 Td (8,457) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 590.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 590.42 Td (2,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 590.42 Td (26.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 590.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 560.42 Td (Acquisition related expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.00 560.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 560.42 Td (106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 560.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 560.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 560.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 560.42 Td (106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 560.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 560.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 545.42 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.00 545.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 545.42 Td (1,957) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 545.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 545.42 Td (1,668) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 545.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 545.42 Td (289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 545.42 Td (17.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 545.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 517.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 517.25 Td (e pay acquisition fees to our ) Tj ET Q q 0 0 0 rg BT 191.05 517.25 Td (Advisor for services related to the due diligence, selection and acquisition of direct or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.25 Td (indirect real estate investments. ) Tj ET Q q 0 0 0 rg BT 178.38 505.25 Td (The acquisition fee is equal to 0.50% of \(i\) the purchase price of real estate investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 493.25 Td (acquired directly by us, including any debt attributable to such investments or \(ii\) when we make an investment indirectly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 481.25 Td (through another entity) Tj ET Q q 0 0 0 rg BT 138.22 481.25 Td (, such investment) Tj ET Q q 0 0 0 rg BT 210.71 481.25 Td (s pro rata share of the gross asset value of real estate investments held by that entity) Tj ET Q q 0 0 0 rg BT 544.96 481.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.25 Td (Acquisition fees increased for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.89 469.25 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.21 469.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.71 469.25 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.30 469.25 Td (, as compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.42 469.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.42 469.25 Td (, due to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 457.25 Td (acquisition of the Howard Hughes Center during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.17 457.25 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.48 457.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.98 457.25 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.58 457.25 Td (. In connection with the acquisition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 445.25 Td (the Howard Hughes Center) Tj ET Q q 0 0 0 rg BT 158.74 445.25 Td (, we were obligated to pay approximately $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.01 445.25 Td (5.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.90 445.25 Td ( of acquisition fees to the ) Tj ET Q q 0 0 0 rg BT 478.66 445.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 510.48 445.25 Td (, half of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.25 Td (which was payable in cash and half of which was payable related to the Participation Interest. ) Tj ET Q q 0 0 0 rg BT 426.63 433.25 Td (The ) Tj ET Q q 0 0 0 rg BT 444.13 433.25 Td (Advisor and HALP) Tj ET Q q 0 0 0 rg BT 521.53 433.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.25 Td (Associates Limited Partnership, the holder of the Participation Interest, respectively) Tj ET Q q 0 0 0 rg BT 384.53 421.25 Td (, agreed to waive $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.33 421.25 Td (1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.22 421.25 Td ( of the cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.25 Td (acquisition fee and all of the $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.07 409.25 Td (2.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.96 409.25 Td ( acquisition fee payable as an increase to the Participation Interest. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 385.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 385.25 Td (e also pay monthly asset management fees to our ) Tj ET Q q 0 0 0 rg BT 274.64 385.25 Td (Advisor based on an annual fee equal to 1.5% of the amount net equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 373.25 Td (capital invested in real estate investments. ) Tj ET Q q 0 0 0 rg BT 223.10 373.25 Td (The increase in our asset management fees for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.51 373.25 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.82 373.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.32 373.25 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 361.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 361.25 Td ( compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.79 361.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.79 361.25 Td ( is primarily due to the Board) Tj ET Q q 0 0 0 rg BT 341.32 361.25 Td (s determination of a reduction in the Company) Tj ET Q q 0 0 0 rg BT 530.44 361.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.25 Td (estimated per share net asset value in March 2013, which reduced the asset management fee expense recorded during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.92 349.25 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.25 Td (months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.83 337.25 Td ( March 31, 2013 related to the Participation Interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 313.25 Td (General and administrative expenses include legal and accounting fees, insurance costs, costs and expenses associated with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 301.25 Td (our board of directors and other administrative expenses. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 277.25 Td (Funds from Operations and Modified Funds from Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 253.25 Td (Funds from Operations \(FFO\) is a non-GAAP) Tj ET Q q 0 0 0 rg BT 260.94 253.25 Td ( financial performance measure defined by the National ) Tj ET Q q 0 0 0 rg BT 485.85 253.25 Td (Association of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.25 Td (Real Estate Investment ) Tj ET Q q 0 0 0 rg BT 144.51 241.25 Td (T) Tj ET Q q 0 0 0 rg BT 150.27 241.25 Td (rusts \(NAREIT\) and widely recognized by investors and analysts as one measure of operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.25 Td (performance of a real estate company) Tj ET Q q 0 0 0 rg BT 199.55 229.25 Td (. FFO excludes items such as real estate depreciation and amortization. Depreciation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.25 Td (amortization, as applied in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 252.44 217.25 Td (, implicitly assumes that the value of real estate assets diminishes predictably ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.25 Td (over time and also assumes that such assets are adequately maintained and renovated as required in order to maintain their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.25 Td (value. Since real estate values have historically risen or fallen with market conditions such as occupancy rates, rental rates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.25 Td (inflation, interest rates, the business cycle, unemployment and consumer spending, it is management) Tj ET Q q 0 0 0 rg BT 454.90 181.25 Td (s view) Tj ET Q q 0 0 0 rg BT 480.08 181.25 Td (, and we believe the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.25 Td (view of many industry investors and analysts, that the presentation of operating results for real estate companies using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.25 Td (historical cost accounting alone is insuf) Tj ET Q q 0 0 0 rg BT 207.84 157.25 Td (ficient. In addition, FFO excludes gains and losses from the sale of real estate and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.25 Td (impairment char) Tj ET Q q 0 0 0 rg BT 115.63 145.25 Td (ges related to depreciable real estate assets and in-substance real estate equity investments, which we believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.25 Td (provides management and investors with a helpful additional measure of the historical performance of our real estate portfolio, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.25 Td (as it allows for comparisons, year to year) Tj ET Q q 0 0 0 rg BT 213.99 121.25 Td (, that reflect the impact on operations from trends in items such as occupancy rates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.25 Td (rental rates, operating costs, general and administrative expenses and interest costs. ) Tj ET Q q 0 0 0 rg BT 384.89 109.25 Td (A) Tj ET Q q 0 0 0 rg BT 391.56 109.25 Td ( property will be evaluated for impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.25 Td (if events or circumstances indicate that the carrying amount may not be recoverable \(i.e. the carrying amount exceeds the total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.25 Td (estimated undiscounted future cash flows from the property\). Undiscounted future cash flows are based on anticipated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.25 Td (operating performance, including estimated future net rental and lease revenues, net proceeds on the sale of the property) Tj ET Q q 0 0 0 rg BT 529.99 73.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.25 Td (certain other ancillary cash flows. ) Tj ET Q q 0 0 0 rg BT 187.54 61.25 Td (While impairment char) Tj ET Q q 0 0 0 rg BT 280.10 61.25 Td (ges are excluded from the calculation of FFO as described above, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.25 Td (stockholders are cautioned that due to the limited term of our operations, it could be dif) Tj ET Q q 0 0 0 rg BT 399.17 49.25 Td (ficult to recover any impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 77 0 obj <> endobj 78 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 742.10 Td (ges. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (In addition to FFO, management uses modified funds from operations \(MFFO\), as defined by the Investment Program ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Association \(the IP) Tj ET Q q 0 0 0 rg BT 130.18 706.10 Td (A\), as a non-GAAP) Tj ET Q q 0 0 0 rg BT 213.12 706.10 Td ( supplemental financial performance measure to evaluate our operating performance. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (The IP) Tj ET Q q 0 0 0 rg BT 76.02 694.10 Td (A) Tj ET Q q 0 0 0 rg BT 82.69 694.10 Td ( has recommended the use of MFFO as a supplemental measure for publicly registered, non-listed REIT) Tj ET Q q 0 0 0 rg BT 498.55 694.10 Td (s to enhance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (the assessment of the operating performance of a non-listed REIT) Tj ET Q q 0 0 0 rg BT 312.23 682.10 Td (. MFFO is not equivalent to our net income or loss as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (determined under GAAP) Tj ET Q q 0 0 0 rg BT 148.87 670.10 Td (, and MFFO may not be useful as a measure of the long-term operating performance of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (investments or as a comparative measure to other publicly registered, non-listed REIT) Tj ET Q q 0 0 0 rg BT 393.64 658.10 Td (s if we do not continue to operate with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (limited life and tar) Tj ET Q q 0 0 0 rg BT 123.96 646.10 Td (geted exit strategy) Tj ET Q q 0 0 0 rg BT 196.62 646.10 Td (, as currently intended and described herein. MFFO includes funds generated by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (operations of our real estate investments and funds used in our corporate-level operations. MFFO is based on FFO, but includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (certain additional adjustments which we believe are appropriate. Such items include reversing the ef) Tj ET Q q 0 0 0 rg BT 450.79 622.10 Td (fects of straight-line rent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (revenue recognition, fair value adjustments to derivative instruments that do not qualify for hedge accounting treatment, gains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (or losses related to fair value adjustments for derivatives not qualifying for hedge accounting, and gains or losses related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (early extinguishment of hedges or debt. Some of these adjustments are necessary to address changes in the accounting and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (reporting rules under GAAP) Tj ET Q q 0 0 0 rg BT 163.22 574.10 Td ( for real estate subsequent to the establishment of NAREIT) Tj ET Q q 0 0 0 rg BT 402.32 574.10 Td (s definition of FFO. ) Tj ET Q q 0 0 0 rg BT 486.59 574.10 Td (These changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (also have prompted a significant increase in the magnitude of non-cash and non-operating items included in FFO, as defined. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (Such items include amortization of out-of-market lease intangible assets and liabilities and certain tenant incentives.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td (The purchase of properties, and the corresponding expenses associated with that process, including acquisition fees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (expenses, is a key operational feature of our business plan to generate operational income and cash flows in order to make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (distributions to our stockholders. MFFO excludes acquisition expenses. Under GAAP) Tj ET Q q 0 0 0 rg BT 392.47 502.10 Td (, acquisition expenses are characterized as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (operating expenses in determining operating net income. ) Tj ET Q q 0 0 0 rg BT 279.19 490.10 Td (These expenses are paid in cash by us, and therefore such funds will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (not be available to distribute to our stockholders. ) Tj ET Q q 0 0 0 rg BT 247.46 478.10 Td (All paid and accrued acquisition expenses with respect to the acquisition of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (property negatively impact our operating performance during the period in which the property is acquired and will have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (negative ef) Tj ET Q q 0 0 0 rg BT 93.96 454.10 Td (fects on returns to our stockholders, the potential for future distributions, and future cash flows, unless earnings from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (operations or net sales proceeds from the disposition of other properties are generated to cover the purchase price of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (property) Tj ET Q q 0 0 0 rg BT 83.23 430.10 Td (, the related acquisition expenses and other costs related to such property) Tj ET Q q 0 0 0 rg BT 374.15 430.10 Td (. In addition, if we acquire a property) Tj ET Q q 0 0 0 rg BT 522.61 430.10 Td (, there ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (will not be any of) Tj ET Q q 0 0 0 rg BT 120.36 418.10 Td (fering proceeds to pay the corresponding acquisition-related costs. ) Tj ET Q q 0 0 0 rg BT 387.78 418.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 437.11 418.10 Td (, unless our ) Tj ET Q q 0 0 0 rg BT 484.89 418.10 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (determines to waive the payment of any then-outstanding acquisition-related costs otherwise payable to the ) Tj ET Q q 0 0 0 rg BT 480.99 406.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 512.81 406.10 Td (, such costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (will be paid from additional debt, operational earnings or cash flow) Tj ET Q q 0 0 0 rg BT 318.99 394.10 Td (, net proceeds from the sale of properties, or ancillary cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (flows. ) Tj ET Q q 0 0 0 rg BT 77.04 382.10 Td (Therefore, MFFO may not be an accurate indicator of our operating performance, especially during periods in which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (properties are being acquired. Since MFFO excludes acquisition expenses, MFFO would only be comparable to the operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (of non-listed REIT) Tj ET Q q 0 0 0 rg BT 124.84 358.10 Td (s that have completed their acquisition activity and have other similar operating characteristics. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 334.10 Td (MFFO is useful in assisting management and investors in assessing the sustainability \(that is, the capacity to continue to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (maintained\) of operating performance in future operating periods, and in particular) Tj ET Q q 0 0 0 rg BT 380.86 322.10 Td (, after the of) Tj ET Q q 0 0 0 rg BT 429.54 322.10 Td (fering and acquisition stages are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (complete and net asset value is disclosed. MFFO is not a useful measure in evaluating net asset value because impairments are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (taken into account in determining net asset value but not in determining MFFO. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 274.10 Td (Management uses MFFO to evaluate the financial performance of our investment portfolio, including the impact of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (potential future investments. In addition, our board of directors uses MFFO to evaluate and establish our distribution policy and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (the sustainability thereof. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 226.10 Td (FFO and MFFO should not be construed to be more relevant or accurate than the current GAAP) Tj ET Q q 0 0 0 rg BT 451.98 226.10 Td ( methodology in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (calculating net income or in its applicability in evaluating our operating performance. In addition, FFO and MFFO should not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (be considered as alternatives to net income \(loss\) or income \(loss\) from continuing operations as an indication of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (performance or as alternatives to cash flows from operating activities as an indication of our liquidity) Tj ET Q q 0 0 0 rg BT 454.50 190.10 Td (, but rather should be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (reviewed in conjunction with these and other GAAP) Tj ET Q q 0 0 0 rg BT 259.30 178.10 Td ( measurements. Further) Tj ET Q q 0 0 0 rg BT 353.04 178.10 Td (, FFO and MFFO are not intended to be used as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (liquidity measures indicative of cash flow available to fund our cash needs, including our ability to make distributions to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (stockholders. Please see the limitations listed below associated with the use of MFFO:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 130.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 130.10 Td (W) Tj ET Q q 0 0 0 rg BT 112.64 130.10 Td (e use interest rate swap contracts as economic hedges against the variability of interest rates on variable rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 118.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 129.56 118.10 Td (Although we expect to hold these instruments to maturity) Tj ET Q q 0 0 0 rg BT 358.87 118.10 Td (, if we were to settle these instruments currently) Tj ET Q q 0 0 0 rg BT 550.10 118.10 Td (, it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 106.10 Td (would have an impact on our operating performance. ) Tj ET Q q 0 0 0 rg BT 318.09 106.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 367.99 106.10 Td (, these derivative instruments are measured at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 94.10 Td (fair value on a quarterly basis in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 329.20 94.10 Td (. MFFO excludes gains \(losses\) related to changes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 82.10 Td (these estimated values of our derivative instruments because such adjustments may not be reflective of ongoing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 70.10 Td (operations and may reflect unrealized impacts on our operating performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 79 0 obj <> endobj 80 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 742.10 Td (MFFO excludes acquisition expenses. ) Tj ET Q q 0 0 0 rg BT 260.65 742.10 Td (Although these amounts reduce net income, we are currently funding such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 730.10 Td (costs with sales proceeds and acquisition-related indebtedness and do not consider these fees and expenses in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 718.10 Td (evaluation of our operating performance and determining MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 694.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 694.10 Td (MFFO excludes impairment char) Tj ET Q q 0 0 0 rg BT 236.85 694.10 Td (ges related to long-lived assets that have been written down to current market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 682.10 Td (valuations. ) Tj ET Q q 0 0 0 rg BT 152.05 682.10 Td (Although these losses are included in the calculation of net income \(loss\), we have excluded them ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 670.10 Td (from MFFO because we believe doing so more appropriately presents the operating performance of our real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 658.10 Td (investments on a comparative basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 634.10 Td (Our business is subject to volatility in the real estate markets and general economic conditions, and adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 622.10 Td (changes in those conditions could have a material adverse impact on our business, results of operations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 610.10 Td (MFFO. ) Tj ET Q q 0 0 0 rg BT 135.68 610.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 185.02 610.10 Td (, the predictive nature of MFFO is uncertain and past performance may not be indicative of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 598.10 Td (future results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td (Neither the SEC, NAREIT) Tj ET Q q 0 0 0 rg BT 175.02 574.10 Td ( nor any regulatory body has passed judgment on the acceptability of the adjustments that we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (use to calculate FFO or MFFO. In the future, the SEC, NAREIT) Tj ET Q q 0 0 0 rg BT 307.01 562.10 Td ( or a regulatory body may decide to standardize the allowable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (adjustments across the non-listed REIT) Tj ET Q q 0 0 0 rg BT 207.01 550.10 Td ( industry and we would have to adjust our calculation and characterization of FFO or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 514.10 Td ( ) Tj ET Q q 0 0 0 rg BT 70.32 514.10 Td (The table below summarizes FFO and MFFO for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.90 514.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.88 514.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.71 514.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.31 514.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.75 514.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.75 514.10 Td ( and a reconciliation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (such non-GAAP) Tj ET Q q 0 0 0 rg BT 116.02 502.10 Td ( financial performance measures to our net income \(loss\) for the periods then ended \(in thousands\).) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 449.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 449.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 449.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 449.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 419.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 419.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 419.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 419.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 389.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 389.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 389.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 389.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 359.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 359.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 359.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 359.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 329.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 329.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 329.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 329.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 299.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 299.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 299.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 299.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 269.60 364.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 269.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 269.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 269.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 240.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 240.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 240.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 240.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 210.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 210.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 210.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 210.60 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 414.5 449.6 m 486.5 449.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 449.6 m 562.5 449.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 374.6 m 486.5 374.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 374.6 m 562.5 374.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 284.6 m 486.5 284.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 284.6 m 562.5 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 270.6 m 486.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 268.6 m 486.5 268.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 284.6 m 562.5 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 270.6 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 490.5 268.6 m 562.5 268.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 469.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.40 469.28 Td (Three Months Ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 454.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.00 454.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.00 454.28 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 439.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 439.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 439.27 Td (42,325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 439.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 439.27 Td (157,819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 424.27 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 187.12 428.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 424.27 Td (24,726) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 424.27 Td (17,835) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 409.27 Td (Gain on sale or dissolution of investment property and unconsolidated joint venture) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 399.60 413.80 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 409.32 Td (\(12,324) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 409.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 409.32 Td (\(159,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 409.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 394.27 Td ( ) Tj ET Q q 0 0 0 rg BT 64.95 394.27 Td (Adjustments to equity in earnings \(losses\) from unconsolidatedentities, net) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 366.56 398.80 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 394.32 Td (\(35,450) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 394.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 394.27 Td (4,517) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 379.27 Td () Tj ET Q q 0 0 0 rg BT 64.95 379.27 Td (Adjustments for noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 226.87 383.80 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 379.32 Td (\(353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 379.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 379.27 Td (322) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 364.27 Td (Funds from operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 364.27 Td (18,924) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 364.27 Td (20,576) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 349.27 Td (\(Gain\) loss on derivative instruments) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 213.81 353.80 Td (\(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.80 349.32 Td (\(5,741) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 349.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 349.32 Td (\(6,286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 349.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 334.27 Td (Other components of revenues and expenses) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 243.50 338.80 Td (\(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 334.27 Td (2,395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 334.27 Td (2,352) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 319.27 Td ( ) Tj ET Q q 0 0 0 rg BT 64.95 319.27 Td (Acquisition fees and expenses ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 188.25 323.80 Td (\(7\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 319.27 Td (1,118) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 319.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 304.27 Td ( ) Tj ET Q q 0 0 0 rg BT 64.95 304.27 Td (Adjustments to equity in earnings \(losses\) from unconsolidatedentities, net) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 366.56 308.80 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 304.32 Td (\(478) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 304.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 304.32 Td (\(1,886) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 304.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 289.27 Td () Tj ET Q q 0 0 0 rg BT 64.95 289.27 Td (Adjustments for noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 226.87 293.80 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 289.27 Td (176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 289.27 Td (317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 274.27 Td (Modified Funds From Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 274.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 274.27 Td (16,394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 274.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 274.27 Td (15,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 245.27 Td (Basic and Diluted Income \(Loss\) Per Common Share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 245.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 245.27 Td (0.19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 245.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 245.27 Td (0.68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 230.27 Td (Funds From Operations Per Common Share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 230.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 230.27 Td (0.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 230.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 230.27 Td (0.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 215.27 Td (Modified Funds From Operations Per Common Share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 215.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 215.27 Td (0.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 215.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 215.27 Td (0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 200.27 Td (Weighted Average Shares Outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 200.27 Td (227,765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 200.27 Td (232,870) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 172.10 Td (Represents the depreciation and amortization of various real estate assets.Historical cost accounting for real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 160.10 Td (assets in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 216.70 160.10 Td ( implicitly assumes that the value of real estate assets diminishes predictably over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 148.10 Td (time. Since real estate values have historically risen or fallen with market conditions, we believe that such depreciation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 136.10 Td (and amortization may be of limited relevance in evaluating current operating performance and, as such, these items are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 124.10 Td (excluded from our determination of FFO. ) Tj ET Q q 0 0 0 rg BT 256.89 124.10 Td (This amount includes $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.49 124.10 Td (4.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.38 124.10 Td ( of depreciation and amortization related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 112.10 Td (to discontinued operations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.91 112.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.22 112.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.72 112.10 Td (March31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.32 112.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 88.10 Td (Represents the gain on disposition of certain real estate investments. ) Tj ET Q q 0 0 0 rg BT 361.21 88.10 Td (Althoughthis gain isincluded in the calculation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 76.10 Td (of net income \(loss\), we have excluded it from FFObecause webelievedoing somore appropriately presentsthe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 64.10 Td (operating performance of our real estate investments on a comparative basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 81 0 obj <> endobj 82 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (Includes adjustments to equity in earnings \(losses\) of unconsolidated entities, net, similar to those described in Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (1, 2, 4, 5 and 6 for our unconsolidated entities, which are necessary to convert our share of income \(loss\) from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td (unconsolidated entities to FFO and MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 694.10 Td (Includes income attributable to noncontrolling interests and all adjustments to eliminate the noncontrolling interests) Tj ET Q q 0 0 0 rg BT 551.54 694.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (share of the adjustments to convert our net income \(loss\) to FFO and MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td (Represents components of net income \(loss\) related to the estimated changes in the values of our interest rate swap ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (derivatives.) Tj ET Q q 0 0 0 rg BT 137.19 646.10 Td (W) Tj ET Q q 0 0 0 rg BT 145.83 646.10 Td (e have excluded these changes in value from our evaluation of our operating performance and MFFO ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td (because we expect to hold the underlying instruments to their maturity and accordingly the interim gains or losses will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 622.10 Td (remain unrealized.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (\(6\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 598.10 Td (Includesthe following components of revenues and expenses that we do not consider in evaluating our operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.10 Td (performance and determining MFFO\(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 533.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 533.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 533.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 503.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 503.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 503.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 473.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 473.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 473.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 473.60 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 414.5 533.6 m 486.5 533.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 533.6 m 562.5 533.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 533.6 m 486.5 533.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 533.6 m 562.5 533.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 473.6 m 486.5 473.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 473.6 m 562.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 459.6 m 486.5 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 457.6 m 486.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 459.6 m 562.5 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 457.6 m 562.5 457.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 553.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.40 553.28 Td (Three Months Ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 538.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.00 538.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.00 538.28 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 523.27 Td (Straight-line rent adjustment \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 523.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 523.32 Td (\(990) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 523.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 523.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 523.32 Td (\(1,394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 523.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 508.27 Td (Amortization of lease incentives \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 508.27 Td (3,959) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 508.27 Td (4,471) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 493.27 Td (Amortization of out-of-market leases \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 493.32 Td (\(738) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 493.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 493.32 Td (\(934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 493.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 478.27 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 478.27 Td (164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 478.27 Td (209) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 463.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 463.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 463.27 Td (2,395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 463.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 463.27 Td (2,352) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 435.10 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 435.10 Td (Represents the adjustments to rental revenue as required by GAAP) Tj ET Q q 0 0 0 rg BT 389.06 435.10 Td ( to recognize minimum lease payments on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 423.10 Td (a straight-line basis over the respective lease terms.) Tj ET Q q 0 0 0 rg BT 332.30 423.10 Td (W) Tj ET Q q 0 0 0 rg BT 340.94 423.10 Td (e have excluded these adjustments from our evaluation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 411.10 Td (of the operating performance of the Company and in determining MFFO because we believe that the rent that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 399.10 Td (is billable during the current period is a more relevant measure of the Company) Tj ET Q q 0 0 0 rg BT 442.73 399.10 Td (s operating performance for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 387.10 Td (such period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 363.10 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 363.10 Td (Represents the amortization of lease incentives and out-of-market leases.) Tj ET Q q 0 0 0 rg BT 418.28 363.10 Td (As stated in Note 1 above, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 351.10 Td (historical cost accounting for real estate assets in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 414.30 351.10 Td ( implicitly assumes that the value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 339.10 Td (real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 327.10 Td (with market conditions, we believe that such amortization may be of limited relevance in evaluating current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 315.10 Td (operating performance and, as such, these items are excluded from our determination of MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 291.10 Td (\(7\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 291.10 Td (Represents acquisition expenses and acquisition fees paid to our ) Tj ET Q q 0 0 0 rg BT 344.55 291.10 Td (Advisor that are expensed in our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 279.10 Td (statements of operations. ) Tj ET Q q 0 0 0 rg BT 188.02 279.10 Td (W) Tj ET Q q 0 0 0 rg BT 196.65 279.10 Td (e fund such costs with sales proceeds and acquisition-related indebtedness, and therefore ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 267.10 Td (do not consider these expenses in evaluating our operating performance and determining MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 255.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 243.10 Td (Set forth below is additional information relating to certain items excluded from the analysis above which may be helpful ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 231.10 Td (in assessing our operating results:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 207.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 207.10 Td (Amortization of deferred financing costs were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.15 207.10 Td ($0.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.04 207.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.48 207.10 Td ($2.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.37 207.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.75 207.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.06 207.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.56 207.10 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 195.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.00 195.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.44 195.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.44 195.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 216.10 195.10 Td (, and was deducted in determining MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 171.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 171.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.55 171.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.86 171.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.36 171.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.96 171.10 Td (, the Core Fund sold its interest in 101 Second Street. For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 159.10 Td (additional information regarding the sale of this property by the Core Fund see Results of Operations Results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 147.10 Td (for our Indirectly-Owned Properties Our Interest in the Core Fund. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 123.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 123.10 Td (A) Tj ET Q q 0 0 0 rg BT 110.67 123.10 Td ( portion of our acquisition and asset management fees are paid in equity through the Participation Interest. For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 111.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.72 111.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.70 111.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.53 111.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.13 111.10 Td (, we recorded asset management fee expense with respect to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 99.10 Td (Participation Interest and its related distributions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.01 99.10 Td ($6.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.90 99.10 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.01 99.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.99 99.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.82 99.10 Td (March31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.42 99.10 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 87.10 Td (recorded expense of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.01 87.10 Td ($4.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.90 87.10 Td (, with respect to the Participation Interest and its related distributions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 83 0 obj <> endobj 84 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (39) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 742.25 Td (Related-Party T) Tj ET Q q 0 0 0 rg BT 132.89 742.25 Td (ransactions and ) Tj ET Q q 0 0 0 rg BT 200.87 742.25 Td (Agreements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 718.25 Td (e have entered into agreements with the ) Tj ET Q q 0 0 0 rg BT 237.41 718.25 Td (Advisor and Hines or its af) Tj ET Q q 0 0 0 rg BT 345.27 718.25 Td (filiates, whereby we pay certain fees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (reimbursements to these entities, including property management fees, leasing fees, construction management fees, debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (financing fees, re-development construction management fees, reimbursement of or) Tj ET Q q 0 0 0 rg BT 384.69 694.25 Td (ganizational and of) Tj ET Q q 0 0 0 rg BT 461.15 694.25 Td (fering expenses, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (reimbursement of certain operating costs, as described elsewhere in this Quarterly Report on Form 10-Q and previously in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (Annual Report on Form 10-K for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.34 670.25 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.92 670.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 646.25 Td (Of) Tj ET Q q 0 0 0 rg BT 78.37 646.25 Td (f-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 146.33 646.25 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 622.25 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.04 622.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.48 622.25 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.06 622.25 Td (, we had no of) Tj ET Q q 0 0 0 rg BT 310.81 622.25 Td (f-balance sheet arrangements that have or are reasonably ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (likely to have a current or future ef) Tj ET Q q 0 0 0 rg BT 189.48 610.25 Td (fect on our financial condition, changes in financial condition, revenues or expenses, results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (of operations, liquidity) Tj ET Q q 0 0 0 rg BT 140.73 598.25 Td (, capital expenditures or capital resources.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 574.25 Td (Subsequent Events) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 550.25 Td (Minneapolis Office/Flex Portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 526.25 Td (In May 2014, we sold the remaining buildings in the Minneapolis Of) Tj ET Q q 0 0 0 rg BT 343.34 526.25 Td (fice/Flex Portfolio. ) Tj ET Q q 0 0 0 rg BT 421.75 526.25 Td (The Minneapolis Of) Tj ET Q q 0 0 0 rg BT 502.67 526.25 Td (fice/Flex ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (Portfolio is a portfolio of nine of) Tj ET Q q 0 0 0 rg BT 180.36 514.25 Td (fice/flex buildings located in the southwest and midway submarkets of Minneapolis, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (Minnesota. ) Tj ET Q q 0 0 0 rg BT 97.04 502.25 Td (The contract sales price of the entire portfolio, including the building sold in March 2014, which we acquired in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (September 2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.26 490.25 Td ( for a net contract purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.63 490.25 Td ($87.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.53 490.25 Td (, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.58 490.25 Td ($75.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.47 490.25 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 466.25 Td (Loan ) Tj ET Q q 0 0 0 rg BT 90.88 466.25 Td (Activity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 442.25 Td (In ) Tj ET Q q 0 0 0 rg BT 78.28 442.25 Td (April 2014, a subsidiary of us entered into a credit agreement \(the Credit ) Tj ET Q q 0 0 0 rg BT 375.41 442.25 Td (Agreement\) with Chase, as ) Tj ET Q q 0 0 0 rg BT 490.09 442.25 Td (Administrative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (Agent for itself and various lenders named in the Credit ) Tj ET Q q 0 0 0 rg BT 274.94 430.25 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 324.18 430.25 Td (The Credit ) Tj ET Q q 0 0 0 rg BT 369.17 430.25 Td (Agreement provides for borrowings up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td ($225.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.89 418.25 Td ( under a revolving credit facility \(the Revolving Loan Commitment\) and up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.97 418.25 Td ($200.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.86 418.25 Td ( under a term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (loan \(the T) Tj ET Q q 0 0 0 rg BT 97.61 406.25 Td (erm Loan Commitment\), which we refer to collectively as the Revolving Credit Facility. Upon entry into the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 76.94 394.25 Td (Agreement on ) Tj ET Q q 0 0 0 rg BT 135.82 394.25 Td (April 1, 2014, we borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.40 394.25 Td ($170.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.30 394.25 Td ( under the Revolving Loan Commitment and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.21 394.25 Td ($200.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.10 394.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (under the ) Tj ET Q q 0 0 0 rg BT 89.80 382.25 Td (T) Tj ET Q q 0 0 0 rg BT 95.21 382.25 Td (erm Loan Commitment to repay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.57 382.25 Td ($370.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.46 382.25 Td ( in loans outstanding under the JPMor) Tj ET Q q 0 0 0 rg BT 437.50 382.25 Td (gan ) Tj ET Q q 0 0 0 rg BT 453.88 382.25 Td (Acquisition Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 99.24 370.25 Td (W) Tj ET Q q 0 0 0 rg BT 107.88 370.25 Td (e also made an additional payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.78 370.25 Td ($10.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.67 370.25 Td ( in ) Tj ET Q q 0 0 0 rg BT 325.89 370.25 Td (April 2014 on the JPMor) Tj ET Q q 0 0 0 rg BT 425.71 370.25 Td (gan ) Tj ET Q q 0 0 0 rg BT 442.10 370.25 Td (Acquisition Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (Agreement so that the entire $380.0 million in loans outstanding under the agreement as of March 31, 2014 was repaid. ) Tj ET Q q 0 0 0 rg BT 529.98 358.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (Revolving Loan Commitment has a maturity date of ) Tj ET Q q 0 0 0 rg BT 261.07 346.25 Td (April 1, 2017, subject to a one-year extension option. ) Tj ET Q q 0 0 0 rg BT 476.40 346.25 Td (The ) Tj ET Q q 0 0 0 rg BT 494.27 346.25 Td (T) Tj ET Q q 0 0 0 rg BT 499.68 346.25 Td (erm Loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (Commitment has a maturity date of ) Tj ET Q q 0 0 0 rg BT 193.86 334.25 Td (April 1, 2018. ) Tj ET Q q 0 0 0 rg BT 252.29 334.25 Td (The Revolving Loan Commitment had an all-in interest rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.56 334.25 Td (1.86%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.39 334.25 Td ( on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (date of the borrowing and the ) Tj ET Q q 0 0 0 rg BT 170.34 322.25 Td (T) Tj ET Q q 0 0 0 rg BT 175.75 322.25 Td (erm Loan Commitment had an all-in interest rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.85 322.25 Td (1.76%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.68 322.25 Td ( on the date of the borrowing. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (connection with this financing, our ) Tj ET Q q 0 0 0 rg BT 191.64 310.25 Td (Advisor agreed to waive the entire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.14 310.25 Td ($4.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.04 310.25 Td ( debt financing fee otherwise payable to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (Advisor pursuant to the ) Tj ET Q q 0 0 0 rg BT 146.10 298.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 185.27 298.25 Td (Agreement. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (Item3. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 274.25 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 0 rg BT 254.63 274.25 Td (About Market Risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 250.25 Td (Market risk is the exposure to loss resulting from changes in interest rates, foreign currency exchange rates and equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (prices. Interest rate risk is the primary risk in pursuing our business plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 214.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 214.25 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.04 214.25 Td (, we had $489.0million of debt outstanding under our HSH Nordbank credit facility) Tj ET Q q 0 0 0 rg BT 492.27 214.25 Td (, which is a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (variable-rate pooled mortgage facility) Tj ET Q q 0 0 0 rg BT 200.67 202.25 Td (. However) Tj ET Q q 0 0 0 rg BT 241.92 202.25 Td (, as a result of the interest rate swap agreements entered into with HSH ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (Nordbank, these borrowings ef) Tj ET Q q 0 0 0 rg BT 173.68 190.25 Td (fectively bear interest at fixed rates ranging from 5.25% to 6.03%.) Tj ET Q q 0 0 0 rg BT 443.31 190.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.75 190.25 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.35 190.25 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 178.25 Td ($535.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.83 178.25 Td ( in variable rate debt that was not hedged with an interest rate swap. If interest rates were to increase by 1%, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (we would incur an additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.14 166.25 Td ($5.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.03 166.25 Td ( in interest expense. See Note 7 Debt Financing for more information concerning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (our outstanding debt.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (Item4. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 130.25 Td (Controls and Procedures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 106.25 Td (In accordance with Exchange ) Tj ET Q q 0 0 0 rg BT 187.94 106.25 Td (Act Rules13a-15 and 15d-15, we carried out an evaluation, under the supervision and with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (the participation of management, including our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 318.34 94.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 430.90 94.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 448.81 94.25 Td (, of the ef) Tj ET Q q 0 0 0 rg BT 486.95 94.25 Td (fectiveness of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, our Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 102.85 70.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 215.41 70.25 Td (ficer concluded that our disclosure controls and procedures were ef) Tj ET Q q 0 0 0 rg BT 483.73 70.25 Td (fective as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.60 58.25 Td (, to provide reasonable assurance that information required to be disclosed in our reports filed or submitted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (under the Exchange ) Tj ET Q q 0 0 0 rg BT 131.36 46.25 Td (Act is \(i\)recorded, processed, summarized and reported within the time periods specified in the Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 85 0 obj <> endobj 86 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (and Exchange Commission) Tj ET Q q 0 0 0 rg BT 162.21 742.10 Td (s rules and forms, and \(ii\)accumulated and communicated to our management, including our Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 102.85 730.10 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 215.41 730.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 233.32 730.10 Td (, as appropriate to allow timely decisions regarding required disclosure.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 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 527.27 706.10 Td (Act\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (during the quarter ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.52 694.10 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.12 694.10 Td ( that has materially af) Tj ET Q q 0 0 0 rg BT 300.57 694.10 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 481.98 694.10 Td (fect, our internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (controls over financial reporting.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 87 0 obj <> endobj 88 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (41) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.70 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 232.07 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 246.16 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 252.65 742.25 Td (IIOTHER INFORMA) Tj ET Q q 0 0 0 rg BT 359.69 742.25 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Item 1. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 718.25 Td (Legal Proceedings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 694.25 Td (From time to time in the ordinary course of business, the Company or its subsidiaries may become subject to legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (proceedings, claims or disputes. ) Tj ET Q q 0 0 0 rg BT 179.98 682.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.42 682.25 Td (May13, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.25 682.25 Td (, neither the Company nor any of its subsidiaries was a party to any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (material pending legal proceedings.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (Item1A. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 92.21 646.25 Td (Risk Factors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.25 Td ( ) Tj ET Q q 0 0 0 rg BT 70.32 622.25 Td (W) Tj ET Q q 0 0 0 rg BT 78.96 622.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 532.44 622.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.44 622.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (Annual Report. ) Tj ET Q q 0 0 0 rg BT 113.97 610.25 Td (There are no material changes from the risk factors set forth under Part I, Item 1A, Risk Factors in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (Annual Report on Form 10-K for the year ended December31, 2013.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 586.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (Item 2.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 79.99 574.25 Td ( Unregistered Sales of Equity Securities and Use of Proceeds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 550.25 Td (During the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.36 550.25 Td (March31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.96 550.25 Td (, we did not sell or issue any equity securities that were not registered under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (the Securities ) Tj ET Q q 0 0 0 rg BT 106.10 538.25 Td (Act.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 514.25 Td (All eligible requests for redemption received by the Company for the three months ended December 31, 2014 were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (redeemed on January 1, 2014. ) Tj ET Q q 0 0 0 rg BT 172.28 502.25 Td (The shares were redeemed using proceeds from our dividend reinvestment plan from the prior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (quarter and sales proceeds. ) Tj ET Q q 0 0 0 rg BT 160.05 490.25 Td (The following table lists shares we redeemed under our share redemption program during the period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (covered by this report.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 391.75 172.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 391.75 16.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 391.75 69.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 391.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 391.75 51.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 391.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 391.75 93.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 391.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 391.75 93.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 391.75 m 222.5 391.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 391.75 m 307.5 391.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 391.75 m 362.5 391.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 391.75 m 459.5 391.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 391.75 m 556.5 391.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 391.75 m 222.5 391.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 391.75 m 307.5 391.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 366.75 m 307.5 366.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 391.75 m 362.5 391.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 391.75 m 459.5 391.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 366.75 m 459.5 366.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 391.75 m 556.5 391.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 366.75 m 307.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 352.75 m 307.5 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 350.75 m 307.5 350.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 366.75 m 459.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 352.75 m 459.5 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 350.75 m 459.5 350.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 396.43 Td (Period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.55 426.43 Td (T) Tj ET Q q 0 0 0 rg BT 267.30 426.43 Td (otal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.35 416.43 Td (Number) Tj ET Q q 0 0 0 rg BT 284.72 416.43 Td ( of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.10 406.43 Td (Shar) Tj ET Q q 0 0 0 rg BT 278.48 406.43 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.25 396.43 Td (Redeemed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.10 426.43 Td (A) Tj ET Q q 0 0 0 rg BT 325.58 426.43 Td (verage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.35 416.43 Td (Price) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.35 406.43 Td (Paid per) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.05 396.43 Td (Shar) Tj ET Q q 0 0 0 rg BT 344.43 396.43 Td (e) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.55 446.43 Td (T) Tj ET Q q 0 0 0 rg BT 407.30 446.43 Td (otal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.75 436.43 Td (Number) Tj ET Q q 0 0 0 rg BT 409.12 436.43 Td ( of Shar) Tj ET Q q 0 0 0 rg BT 442.83 436.43 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.90 426.43 Td (Redeemed as Part ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.55 416.43 Td (of Publicly) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.20 406.43 Td (Announced Plans or) Tj ET Q q 0 0 0 rg BT 455.70 406.43 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.45 396.43 Td (Pr) Tj ET Q q 0 0 0 rg BT 401.82 396.43 Td (ograms) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.30 436.43 Td (Maximum Number) Tj ET Q q 0 0 0 rg BT 550.61 436.43 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.85 426.43 Td (of Shar) Tj ET Q q 0 0 0 rg BT 500.06 426.43 Td (es that May ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 416.43 Td (Y) Tj ET Q q 0 0 0 rg BT 478.91 416.43 Td (et be Redeemed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.25 406.43 Td (Under) Tj ET Q q 0 0 0 rg BT 496.29 406.43 Td ( the Plans or) Tj ET Q q 0 0 0 rg BT 549.72 406.43 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.40 396.43 Td (Pr) Tj ET Q q 0 0 0 rg BT 493.77 396.43 Td (ograms ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 527.93 400.96 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 371.42 Td (January 1, 2014 through March 31, 2014) Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 225.00 376.58 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.65 371.42 Td (2,316,987) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.00 371.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.15 371.42 Td (5.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 371.42 Td (2,316,987) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.15 371.42 Td (907,993) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 356.42 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.65 356.42 Td (2,316,987) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.00 356.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 356.42 Td (2,316,987) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.00 356.42 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 328.25 Td (All shares were redeemed on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.56 328.25 Td (January) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.66 328.25 Td ( 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.16 328.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.16 328.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 304.25 Td (This amount represents the number of shares available for redemption on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.63 304.25 Td (April) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.74 304.25 Td ( 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.24 304.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.24 304.25 Td (. Please see Item 2. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 292.25 Td (Management) Tj ET Q q 0 0 0 rg BT 140.98 292.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 210.15 292.25 Td (Analysis of Financial Condition and Results of Operations Financial Condition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 280.25 Td (Liquidity and Capital Resources Cash Flows from Financing ) Tj ET Q q 0 0 0 rg BT 343.48 280.25 Td (Activities for additional information on the re-opening ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 268.25 Td (and amendment and restatement of our share redemption program ef) Tj ET Q q 0 0 0 rg BT 359.88 268.25 Td (fective in ) Tj ET Q q 0 0 0 rg BT 399.31 268.25 Td (April 2013. ) Tj ET Q q 0 0 0 rg BT 450.24 268.25 Td (The funds available for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 256.25 Td (redemption are generally limited to the amount of proceeds received from our dividend reinvestment plan. However) Tj ET Q q 0 0 0 rg BT 549.88 256.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 244.25 Td (our board of directors may approve requests for redemptions in excess of this amount, as long as the total amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 232.25 Td (redeemed does not exceed the amount required to redeem 10% of our shares outstanding as of the same date in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 220.25 Td (prior calendar year) Tj ET Q q 0 0 0 rg BT 160.96 220.25 Td (. In the event of a redemption request in connection with the death or disability of a stockholder) Tj ET Q q 0 0 0 rg BT 543.22 220.25 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 208.25 Td (may waive the annual limitation on the number of shares that will be redeemed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 89 0 obj <> endobj 90 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (42) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item 3. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 742.25 Td (Defaults Upon Senior Securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (Item 4. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 694.25 Td (Mine Safety Disclosures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (Item 5. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 646.25 Td (Other Information.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (Item6. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 598.25 Td (Exhibits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 574.25 Td (The exhibits required by this item are set forth on the ExhibitIndex attached hereto.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 91 0 obj <> endobj 92 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (43) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.85 742.25 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 304.78 742.25 Td (TURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (Pursuant to the requirements of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 294.05 718.25 Td (Act of 1934, the registrant has duly caused this report to be signed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (on its behalf by the undersigned thereunto duly authorized.) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 640.75 m 461.5 640.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 567.75 m 461.5 567.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.00 674.32 Td (HINES REAL ESTATE INVESTMENT TRUST, INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 646.32 Td (May 13, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.00 646.32 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 646.32 Td (/s/ SHERRI W. SCHUGART) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 631.32 Td (Sherri W. Schugart) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 616.32 Td (President and Chief Executive Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 573.32 Td (May 13, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.00 573.32 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 573.32 Td (/s/RYAN T. SIMS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 558.32 Td (Ryan T. Sims) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 543.32 Td (Chief Financial Officer and Secretary) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 93 0 obj <> endobj 94 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (44) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.30 742.25 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 309.91 742.25 Td ( INDEX) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 730.25 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 695.75 45.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 95.50 695.75 16.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 111.50 695.75 426.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 635.75 45.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 95.50 635.75 16.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 111.50 635.75 426.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 585.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 95.50 585.75 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 111.50 585.75 426.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 535.75 45.00 -65.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 95.50 535.75 16.00 -65.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 111.50 535.75 426.00 -65.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 695.75 m 95.5 695.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 111.5 695.75 m 537.5 695.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.65 710.43 Td (Exhibit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.10 700.43 Td (No.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 700.43 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.50 686.32 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 685.42 Td (Second Amended and Restated Articles of Incorporation of Hines Real Estate Investment Trust, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 675.42 Td (\(filed as Exhibit3.1 to the registrants Current Report on Form 8-K on July 13, 2007 and incorporated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 665.42 Td (by reference herein\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.50 651.32 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 650.42 Td (Second Amended and Restated Bylaws of Hines Real Estate Investment Trust, Inc. \(filed as Exhibit3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 640.42 Td (to the registrants Current Report on Form8-K on August 3, 2006 and incorporated by reference herein\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 626.32 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 625.42 Td (Acquisition Credit Agreement, dated as of January 15, 2014, among Hines REIT Properties, L.P. and JP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 615.42 Td (Morgan Chase Bank, National Association \(filed as Exhibit 10.1 to the registrants Current Report on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 605.42 Td (Form 8-K on January 22, 2014 and incorporated by reference herein\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 590.42 Td (31.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 590.42 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 590.42 Td (Certification.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 575.42 Td (31.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 575.42 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 575.42 Td (Certification.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 561.32 Td (32.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 561.32 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 560.42 Td (Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18U.S.C.,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 550.42 Td (Section1350, as adopted pursuant to Section906 of the Sarbanes-Oxley Act of 2002. Pursuant to SEC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 540.42 Td (Release 34-47551 this Exhibit is furnished to the SEC herewith and shall not be deemed to be filed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 526.32 Td (101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 526.32 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 525.42 Td (The following materials from Hines Real Estate Investment Trust, Inc.s Quarterly Report on Form 10-Q) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 515.42 Td (for the quarter ended March 31, 2014, filed on May 13, 2014, formatted in XBRL \(eXtensible Business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 505.42 Td (Reporting Language\): \(i\) Condensed Consolidated Balance Sheets, \(ii\) Condensed Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 495.42 Td (Statements of Operations and Comprehensive Income \(Loss\), \(iii\) Condensed Consolidated Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 485.42 Td (of Equity, \(iv\) Condensed Consolidated Statements of Cash Flows, and \(v\) Notes to the Condensed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 475.42 Td (Consolidated Financial Statements.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 459.25 Td (__________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 427.32 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 427.32 Td (Filed herewith) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 95 0 obj <> endobj 96 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.35 742.25 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 541.96 742.25 Td (31.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.70 718.25 Td (CER) Tj ET Q q 0 0 0 rg BT 286.46 718.25 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 320.72 718.25 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.05 706.25 Td (PURSUANT) Tj ET Q q 0 0 0 rg BT 284.32 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 286.64 706.25 Td (T) Tj ET Q q 0 0 0 rg BT 293.13 706.25 Td (O SECTION302 OF) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.55 694.25 Td (THE SARBANES-OXLEY) Tj ET Q q 0 0 0 rg BT 333.04 694.25 Td ( ) Tj ET Q q 0 0 0 rg BT 334.99 694.25 Td (ACT) Tj ET Q q 0 0 0 rg BT 355.92 694.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 371.93 694.25 Td ( 2002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (I, Sherri ) Tj ET Q q 0 0 0 rg BT 85.09 670.25 Td (W) Tj ET Q q 0 0 0 rg BT 93.61 670.25 Td (. Schugart, certify that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 646.25 Td (1. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.25 Td (I have reviewed this quarterly report on Form 10-Q of Hines Real Estate Investment ) Tj ET Q q 0 0 0 rg BT 425.17 646.25 Td (T) Tj ET Q q 0 0 0 rg BT 430.92 646.25 Td (rust, Inc.;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.25 Td (2. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 622.25 Td (Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 610.25 Td (fact necessary to make the statements made, in light of the circumstances under which such statements were made, not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 598.25 Td (misleading with respect to the period covered by this report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 574.25 Td (3. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 574.25 Td (Based on my knowledge, the financial statements, and other financial information included in this report, fairly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 562.25 Td (present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 550.25 Td (for) Tj ET Q q 0 0 0 rg BT 97.26 550.25 Td (, the periods presented in this report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 526.25 Td (4. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 526.25 Td (The registrant) Tj ET Q q 0 0 0 rg BT 144.59 526.25 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 223.55 526.25 Td (ficer\(s\) and I are responsible for establishing and maintaining disclosure controls ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 514.25 Td (and procedures \(as defined in Exchange ) Tj ET Q q 0 0 0 rg BT 247.60 514.25 Td (Act Rules13a-15\(e\) and 15d-15\(e\)\) and internal control over financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 502.25 Td (reporting \(as defined in Exchange ) Tj ET Q q 0 0 0 rg BT 223.45 502.25 Td (Act Rules13a-15\(f\) and 15d-15\(f\)\) for the Registrant and have:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 478.25 Td (a. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 478.25 Td (designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 466.25 Td (designed under our supervision, to ensure that material information relating to the registrant, including its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 454.25 Td (consolidated subsidiaries, is made known to us by others within those entities, particularly during the period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 442.25 Td (in which this report is being prepared;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 418.25 Td (b. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 418.25 Td (designed such internal control over financial reporting, or caused such internal control over financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 406.25 Td (reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 394.25 Td (financial reporting and the preparation of financial statements for external purposes in accordance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 382.25 Td (generally accepted accounting principles;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 358.25 Td (c. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 358.25 Td (evaluated the ef) Tj ET Q q 0 0 0 rg BT 185.12 358.25 Td (fectiveness of the registrant) Tj ET Q q 0 0 0 rg BT 298.13 358.25 Td (s disclosure controls and procedures and presented in this report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 346.25 Td (our conclusions about the ef) Tj ET Q q 0 0 0 rg BT 234.57 346.25 Td (fectiveness of the disclosure controls and procedures, as of the end of the period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 334.25 Td (covered by this report based on such evaluation; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 310.25 Td (d. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 310.25 Td (disclosed in this report any change in the registrant) Tj ET Q q 0 0 0 rg BT 328.61 310.25 Td (s internal control over financial reporting that occurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 298.25 Td (during the registrant) Tj ET Q q 0 0 0 rg BT 205.87 298.25 Td (s most recent fiscal quarter \(the registrant) Tj ET Q q 0 0 0 rg BT 374.69 298.25 Td (s fourth fiscal quarter in the case of an annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 286.25 Td (report\) that has materially af) Tj ET Q q 0 0 0 rg BT 235.66 286.25 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 417.07 286.25 Td (fect, the registrant) Tj ET Q q 0 0 0 rg BT 492.32 286.25 Td (s internal control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 274.25 Td (over financial reporting; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 250.25 Td (5. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 250.25 Td (The registrant) Tj ET Q q 0 0 0 rg BT 144.59 250.25 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 223.55 250.25 Td (ficer\(s\) and I have disclosed, based on our most recent evaluation of internal control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 238.25 Td (over financial reporting, to the registrant) Tj ET Q q 0 0 0 rg BT 250.94 238.25 Td (s auditors and the audit committee of the registrant) Tj ET Q q 0 0 0 rg BT 457.00 238.25 Td (s board of directors \(or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 226.25 Td (persons performing the equivalent functions\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 202.25 Td (a. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 202.25 Td (all significant deficiencies and material weaknesses in the design or operation of internal control over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 190.25 Td (financial reporting which are reasonably likely to adversely af) Tj ET Q q 0 0 0 rg BT 370.05 190.25 Td (fect the registrant) Tj ET Q q 0 0 0 rg BT 442.80 190.25 Td (s ability to record, process, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 178.25 Td (summarize and report financial information; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 154.25 Td (b. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 154.25 Td (any fraud, whether or not material, that involves management or other employees who have a significant role ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 142.25 Td (in the registrant) Tj ET Q q 0 0 0 rg BT 187.54 142.25 Td (s internal control over financial reporting.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td () Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 104.75 m 461.5 104.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 110.32 Td (May 13, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.00 110.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.00 110.32 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 110.32 Td (/s/ SHERRI W. SCHUGART) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 110.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 95.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.00 95.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.00 95.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 95.32 Td (Sherri W. Schugart) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 95.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 80.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.00 80.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.00 80.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 80.32 Td (President and Chief Executive Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 80.32 Td () Tj ET Q BT /F1 10.00 Tf ET endstream endobj 97 0 obj <> endobj 98 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.35 742.25 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 541.96 742.25 Td (31.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.70 718.25 Td (CER) Tj ET Q q 0 0 0 rg BT 286.46 718.25 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 320.72 718.25 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.05 706.25 Td (PURSUANT) Tj ET Q q 0 0 0 rg BT 284.32 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 286.64 706.25 Td (T) Tj ET Q q 0 0 0 rg BT 293.13 706.25 Td (O SECTION302 OF) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.55 694.25 Td (THE SARBANES-OXLEY) Tj ET Q q 0 0 0 rg BT 333.04 694.25 Td ( ) Tj ET Q q 0 0 0 rg BT 334.99 694.25 Td (ACT) Tj ET Q q 0 0 0 rg BT 355.92 694.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 371.93 694.25 Td ( 2002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (I, R) Tj ET Q q 0 0 0 rg BT 64.60 670.25 Td (yan ) Tj ET Q q 0 0 0 rg BT 81.36 670.25 Td (T) Tj ET Q q 0 0 0 rg BT 86.72 670.25 Td (. Sims, certify that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 634.25 Td (1. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.25 Td (I have reviewed this quarterly report on Form 10-Q of Hines Real Estate Investment ) Tj ET Q q 0 0 0 rg BT 425.17 634.25 Td (T) Tj ET Q q 0 0 0 rg BT 430.92 634.25 Td (rust, Inc.;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 610.25 Td (2. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 610.25 Td (Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 598.25 Td (fact necessary to make the statements made, in light of the circumstances under which such statements were made, not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.25 Td (misleading with respect to the period covered by this report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 562.25 Td (3. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 562.25 Td (Based on my knowledge, the financial statements, and other financial information included in this report, fairly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 550.25 Td (present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 538.25 Td (for) Tj ET Q q 0 0 0 rg BT 97.26 538.25 Td (, the periods presented in this report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 514.25 Td (4. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 514.25 Td (The registrant) Tj ET Q q 0 0 0 rg BT 144.59 514.25 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 223.55 514.25 Td (ficer\(s\) and I are responsible for establishing and maintaining disclosure controls ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 502.25 Td (and procedures \(as defined in Exchange ) Tj ET Q q 0 0 0 rg BT 247.60 502.25 Td (Act Rules13a-15\(e\) and 15d-15\(e\)\) and internal control over financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 490.25 Td (reporting \(as defined in Exchange ) Tj ET Q q 0 0 0 rg BT 223.45 490.25 Td (Act Rules13a-15\(f\) and 15d-15\(f\)\) for the Registrant and have:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 466.25 Td (a. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 466.25 Td (designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 454.25 Td (designed under our supervision, to ensure that material information relating to the registrant, including its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 442.25 Td (consolidated subsidiaries, is made known to us by others within those entities, particularly during the period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 430.25 Td (in which this report is being prepared;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 406.25 Td (b. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 406.25 Td (designed such internal control over financial reporting, or caused such internal control over financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 394.25 Td (reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 382.25 Td (financial reporting and the preparation of financial statements for external purposes in accordance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 370.25 Td (generally accepted accounting principles;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 346.25 Td (c. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 346.25 Td (evaluated the ef) Tj ET Q q 0 0 0 rg BT 185.12 346.25 Td (fectiveness of the registrant) Tj ET Q q 0 0 0 rg BT 298.13 346.25 Td (s disclosure controls and procedures and presented in this report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 334.25 Td (our conclusions about the ef) Tj ET Q q 0 0 0 rg BT 234.57 334.25 Td (fectiveness of the disclosure controls and procedures, as of the end of the period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 322.25 Td (covered by this report based on such evaluation; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 298.25 Td (d. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 298.25 Td (disclosed in this report any change in the registrant) Tj ET Q q 0 0 0 rg BT 328.61 298.25 Td (s internal control over financial reporting that occurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 286.25 Td (during the registrant) Tj ET Q q 0 0 0 rg BT 205.87 286.25 Td (s most recent fiscal quarter \(the registrant) Tj ET Q q 0 0 0 rg BT 374.69 286.25 Td (s fourth fiscal quarter in the case of an annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 274.25 Td (report\) that has materially af) Tj ET Q q 0 0 0 rg BT 235.66 274.25 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 417.07 274.25 Td (fect, the registrant) Tj ET Q q 0 0 0 rg BT 492.32 274.25 Td (s internal control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 262.25 Td (over financial reporting; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 238.25 Td (5. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 238.25 Td (The registrant) Tj ET Q q 0 0 0 rg BT 144.59 238.25 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 223.55 238.25 Td (ficer\(s\) and I have disclosed, based on our most recent evaluation of internal control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 226.25 Td (over financial reporting, to the registrant) Tj ET Q q 0 0 0 rg BT 250.94 226.25 Td (s auditors and the audit committee of the registrant) Tj ET Q q 0 0 0 rg BT 457.00 226.25 Td (s board of directors \(or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 214.25 Td (persons performing the equivalent functions\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 190.25 Td (a. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 190.25 Td (all significant deficiencies and material weaknesses in the design or operation of internal control over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 178.25 Td (financial reporting which are reasonably likely to adversely af) Tj ET Q q 0 0 0 rg BT 370.05 178.25 Td (fect the registrant) Tj ET Q q 0 0 0 rg BT 442.80 178.25 Td (s ability to record, process, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 166.25 Td (summarize and report financial information; 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