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Employer Identification No.\)) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46 383.6 m 153 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 153 383.6 m 260 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 383.6 m 459 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 383.6 m 490 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 383.6 m 565 383.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.35 387.17 Td (2800 Post Oak Blvd, Suite 5000, Houston, Texas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.50 387.17 Td (77056-6118) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.15 374.17 Td (\(Address of principal executive offices\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.40 374.17 Td (\(Zip Code\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.55 329.17 Td (Registrants telephone number, including area code:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 329.17 Td (\(888\) 220-6121) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.55 302.10 Td (Not ) Tj ET Q q 0 0 0 rg BT 292.50 302.10 Td (Applicable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 290.10 Td (______________________________________________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.30 278.10 Td (Former name or former address, if changed since last report) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 242.10 Td (Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 230.10 Td (registrant under any of the following provisions:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 218.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 206.10 Td ([ ] ) Tj ET Q q 0 0 0 rg BT 88.48 206.10 Td (W) Tj ET Q q 0 0 0 rg BT 97.52 206.10 Td (ritten communications pursuant to Rule 425 under the Securities ) Tj ET Q q 0 0 0 rg BT 357.19 206.10 Td (Act \(17 CFR 230.425\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 194.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 182.10 Td ([ ] Soliciting material pursuant to Rule 14a-12 under the Exchange ) Tj ET Q q 0 0 0 rg BT 345.54 182.10 Td (Act \(17 CFR 240.14a-12\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 170.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 158.10 Td ([ ] Pre-commencement communications pursuant to Rule 14d-2\(b\) under the Exchange ) Tj ET Q q 0 0 0 rg BT 427.18 158.10 Td (Act \(17 CFR 240.14d-2\(b\)\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 146.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 134.10 Td ([ ] Pre-commencement communications pursuant to Rule 13e-4\(c\) under the Exchange ) Tj ET Q q 0 0 0 rg BT 426.05 134.10 Td (Act \(17 CFR 240.13e-4\(c\)\)) Tj ET Q endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item 8.01 Other) Tj ET Q q 0 0 0 rg BT 117.86 742.25 Td ( Events.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (New Estimated Per) Tj ET Q q 0 0 0 rg BT 132.02 718.25 Td ( Shar) Tj ET Q q 0 0 0 rg BT 154.90 718.25 Td (e Net ) Tj ET Q q 0 0 0 rg BT 178.77 718.25 Td (Asset ) Tj ET Q q 0 0 0 rg BT 203.87 718.25 Td (V) Tj ET Q q 0 0 0 rg BT 210.17 718.25 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (In order to assist broker) Tj ET Q q 0 0 0 rg BT 144.78 694.25 Td (-dealers that participated in the public of) Tj ET Q q 0 0 0 rg BT 306.75 694.25 Td (ferings of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 424.87 694.25 Td (, Inc. \(the Company\) in meeting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (their customer account statement reporting obligations under National ) Tj ET Q q 0 0 0 rg BT 332.14 682.25 Td (Association of Securities Dealers Conduct Rule 2340, on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (February22, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.60 670.25 Td (, the Company) Tj ET Q q 0 0 0 rg BT 184.98 670.25 Td (s board of directors determined a new estimated per share net asset value \(NA) Tj ET Q q 0 0 0 rg BT 499.96 670.25 Td (V\) of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 658.25 Td (s common stock of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.99 658.25 Td ($10.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.49 658.25 Td ( as of December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.23 658.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.23 658.25 Td (. ) Tj ET Q q 0 0 0 rg BT 307.55 658.25 Td (This new estimated per share NA) Tj ET Q q 0 0 0 rg BT 439.83 658.25 Td (V) Tj ET Q q 0 0 0 rg BT 446.88 658.25 Td ( represents an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.35 658.25 Td (8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.68 658.25 Td ( increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (over the previously determined estimated per share NA) Tj ET Q q 0 0 0 rg BT 270.02 646.25 Td (V) Tj ET Q q 0 0 0 rg BT 277.07 646.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.40 646.25 Td ($9.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.90 646.25 Td ( as of December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.64 646.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.64 646.25 Td (. ) Tj ET Q q 0 0 0 rg BT 422.96 646.25 Td (The new estimated per share NA) Tj ET Q q 0 0 0 rg BT 553.01 646.25 Td (V) Tj ET Q q 0 0 0 rg BT 560.05 646.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (was determined utilizing the guidelines established by Investment Program ) Tj ET Q q 0 0 0 rg BT 352.44 634.25 Td (Association Practice Guideline 2013-01 - ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (V) Tj ET Q q 0 0 0 rg BT 60.55 622.25 Td (aluation of Publicly Registered, Non-Listed REIT) Tj ET Q q 0 0 0 rg BT 259.26 622.25 Td (s issued ) Tj ET Q q 0 0 0 rg BT 297.04 622.25 Td (April 29, 2013, except that it includes the estimate of closing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (costs that the Company would expect to incur related to a future potential liquidity event. See below for a description of how ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (the new estimated per share NA) Tj ET Q q 0 0 0 rg BT 176.72 598.25 Td (V) Tj ET Q q 0 0 0 rg BT 183.76 598.25 Td ( was determined. It is currently anticipated that the estimated per share NA) Tj ET Q q 0 0 0 rg BT 482.08 598.25 Td (V) Tj ET Q q 0 0 0 rg BT 489.13 598.25 Td ( will next be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (determined in 2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (Methodology) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 538.25 Td (The Company engaged Cushman & ) Tj ET Q q 0 0 0 rg BT 213.63 538.25 Td (W) Tj ET Q q 0 0 0 rg BT 222.26 538.25 Td (akefield, Inc., or Cushman, a division of which is an independent third party real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (estate advisory and consulting firm, to provide, or cause its subsidiaries to provide, appraised values of the Company) Tj ET Q q 0 0 0 rg BT 520.45 526.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (domestic real estate property investments as of December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.25 514.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.25 514.25 Td (. ) Tj ET Q q 0 0 0 rg BT 325.57 514.25 Td (These appraisals were performed in accordance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (Uniform Standards of Professional ) Tj ET Q q 0 0 0 rg BT 191.09 502.25 Td (Appraisal Practice. Cushman has extensive experience in conducting appraisals and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (valuations on real properties and each of the Company) Tj ET Q q 0 0 0 rg BT 271.04 490.25 Td (s appraisals was prepared by personnel who are members of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (Appraisal Institute and have the Member of ) Tj ET Q q 0 0 0 rg BT 226.34 478.25 Td (Appraisal Institute, or MAI, designation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 454.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.90 454.25 Td (, the Company engaged Knight Frank, LLP) Tj ET Q q 0 0 0 rg BT 290.10 454.25 Td (, or Knight Frank, an independent third party real estate advisory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (and consulting services firm, to provide appraised values of the Company) Tj ET Q q 0 0 0 rg BT 347.43 442.25 Td (s international real estate investments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.58 430.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 430.25 Td (. ) Tj ET Q q 0 0 0 rg BT 135.90 430.25 Td (These appraisals were performed in accordance with the professional standards as published by the Royal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (Institution of Chartered Surveyors, with the exception of the Company) Tj ET Q q 0 0 0 rg BT 335.50 418.25 Td (s ) Tj ET Q q 0 0 0 rg BT 341.34 418.25 Td (Australian real estate property investments, in which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (case the appraisals were performed in accordance with the ) Tj ET Q q 0 0 0 rg BT 285.17 406.25 Td (Australian Property Institute and the International ) Tj ET Q q 0 0 0 rg BT 486.60 406.25 Td (V) Tj ET Q q 0 0 0 rg BT 492.71 406.25 Td (aluation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (Standards.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 370.25 Td (The Company also engaged Jones Lang LaSalle, an independent third party real estate advisory and consulting services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (firm, to perform valuations of the Company) Tj ET Q q 0 0 0 rg BT 228.02 358.25 Td (s debt obligations as of December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.31 358.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.31 358.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 334.25 Td (In establishing the estimated per share NA) Tj ET Q q 0 0 0 rg BT 236.66 334.25 Td (V) Tj ET Q q 0 0 0 rg BT 243.70 334.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.03 334.25 Td ($10.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.53 334.25 Td (, in addition to using the appraised values of the Company) Tj ET Q q 0 0 0 rg BT 520.32 334.25 Td (s real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (estate property investments and values of the Company) Tj ET Q q 0 0 0 rg BT 274.11 322.25 Td (s debt obligations, the Company) Tj ET Q q 0 0 0 rg BT 406.04 322.25 Td (s board of directors also included in its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (determination the values of other assets and liabilities such as cash, tenant and loan receivables, accounts payable and accrued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (expenses, distributions payable and other assets and liabilities, all of which were valued at cost and an estimate of closing costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (that the Company would expect to incur in relation to a future potential liquidity event. No liquidity discounts or discounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (relating to the fact that the Company is externally managed were applied to the estimated per share NA) Tj ET Q q 0 0 0 rg BT 461.06 274.25 Td (V) Tj ET Q q 0 0 0 rg BT 468.11 274.25 Td ( and no attempt was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (made to value the Company as an enterprise. ) Tj ET Q q 0 0 0 rg BT 233.83 262.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 283.74 262.25 Td (, the estimated per share NA) Tj ET Q q 0 0 0 rg BT 396.29 262.25 Td (V) Tj ET Q q 0 0 0 rg BT 403.33 262.25 Td ( was reduced by the value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (noncontrolling interests owned by other parties in real estate investments that are not wholly-owned by the Company) Tj ET Q q 0 0 0 rg BT 517.57 250.25 Td (, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (the Brindleyplace Project, @1377, ) Tj ET Q q 0 0 0 rg BT 190.66 238.25 Td (W) Tj ET Q q 0 0 0 rg BT 199.30 238.25 Td (aterW) Tj ET Q q 0 0 0 rg BT 222.92 238.25 Td (all Place, ) Tj ET Q q 0 0 0 rg BT 261.52 238.25 Td (A) Tj ET Q q 0 0 0 rg BT 268.00 238.25 Td (viva Coral Gables, and the Flagship Capital Joint ) Tj ET Q q 0 0 0 rg BT 466.95 238.25 Td (V) Tj ET Q q 0 0 0 rg BT 473.07 238.25 Td (enture.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 214.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.90 214.25 Td (, the Company engaged Cushman to assess the reasonableness of the Company) Tj ET Q q 0 0 0 rg BT 436.73 214.25 Td (s new estimated per share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (NA) Tj ET Q q 0 0 0 rg BT 63.15 202.25 Td (V) Tj ET Q q 0 0 0 rg BT 69.09 202.25 Td (. In doing so, Cushman utilized their appraised values as described above, the appraised values provided by Knight Frank, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (the valuations of the Company) Tj ET Q q 0 0 0 rg BT 175.53 190.25 Td (s debt obligations provided by Jones Lang LaSalle and information provided by management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (regarding balances of cash, tenant and loan receivables, accounts payable and accrued expenses, distributions payable and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (assets and liabilities and an estimate of closing costs that the Company would expect to incur in relation to a future potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (liquidity event. Cushman concluded that the new estimated per share NA) Tj ET Q q 0 0 0 rg BT 343.63 154.25 Td (V) Tj ET Q q 0 0 0 rg BT 350.67 154.25 Td ( determined by the Company) Tj ET Q q 0 0 0 rg BT 469.54 154.25 Td (s board of directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (was reasonable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 118.25 Td (The aggregate appraised value of the Company) Tj ET Q q 0 0 0 rg BT 259.59 118.25 Td (s real estate property investments as of December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.63 118.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.63 118.25 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.18 118.25 Td ($5.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.11 106.25 Td (, including amounts attributable to noncontrolling interests, which represents a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.71 106.25 Td (6.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.54 106.25 Td ( net increase when compared to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (previously determined appraised value of the Company) Tj ET Q q 0 0 0 rg BT 274.38 94.25 Td (s assets as of December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.85 94.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.85 94.25 Td ( \(including adjustments for properties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (acquired during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.53 82.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.53 82.25 Td ( and the ef) Tj ET Q q 0 0 0 rg BT 177.28 82.25 Td (fect of properties disposed of during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.01 82.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.01 82.25 Td (\). ) Tj ET Q q 0 0 0 rg BT 355.66 82.25 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.94 82.25 Td (6.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.77 82.25 Td ( net increase resulted from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.34 82.25 Td (9.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.17 82.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (appreciation in the aggregate appraised values of the Company) Tj ET Q q 0 0 0 rg BT 304.35 70.25 Td (s real estate property investments of) Tj ET Q q 0 0 0 rg BT 448.29 70.25 Td (fset by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.73 70.25 Td (3.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.56 70.25 Td ( dilution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (resulting from the devaluation of foreign currencies against the U.S. dollar) Tj ET Q q 0 0 0 rg BT 347.69 58.25 Td (.) Tj ET Q endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (The aggregate appraised value of the Company) Tj ET Q q 0 0 0 rg BT 259.59 742.10 Td (s real estate property investments as of December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.63 742.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.63 742.10 Td ( also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (represented a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.52 730.10 Td (14.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.35 730.10 Td ( increase compared to the net purchase price of the real estate property investments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.04 730.10 Td ($4.8 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.15 730.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (excluding closing costs, transaction fees and additional capital investments since acquisition. ) Tj ET Q q 0 0 0 rg BT 426.39 718.10 Td (The table below sets forth the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (calculation of the Company) Tj ET Q q 0 0 0 rg BT 163.58 706.10 Td (s estimated per share NA) Tj ET Q q 0 0 0 rg BT 262.81 706.10 Td (V) Tj ET Q q 0 0 0 rg BT 269.85 706.10 Td ( as of December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.60 706.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.60 706.10 Td ( and the Company) Tj ET Q q 0 0 0 rg BT 448.42 706.10 Td (s previous estimated per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (share NA) Tj ET Q q 0 0 0 rg BT 86.75 694.10 Td (V) Tj ET Q q 0 0 0 rg BT 93.79 694.10 Td ( as of December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.54 694.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.54 694.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.98 694.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.98 694.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 634.80 130.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.50 634.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.50 634.80 71.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 634.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 634.80 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 634.80 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 634.80 71.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 634.80 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 634.80 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 634.80 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 634.80 71.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 634.80 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 634.80 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 594.80 130.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.50 594.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.50 594.80 71.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 594.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 594.80 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 594.80 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 594.80 71.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 594.80 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 594.80 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 594.80 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 594.80 71.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 594.80 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 594.80 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 554.80 130.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.50 554.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.50 554.80 71.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 554.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 554.80 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 554.80 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 554.80 71.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 554.80 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 554.80 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 554.80 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 554.80 71.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 554.80 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 554.80 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 514.80 130.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.50 514.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.50 514.80 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 514.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 514.80 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 514.80 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 514.80 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 514.80 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 514.80 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 514.80 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 514.80 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 514.80 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 514.80 47.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 184.5 658.8 m 255.5 658.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 658.8 m 259.5 658.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 658.8 m 306.5 658.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 658.8 m 382.5 658.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 658.8 m 387.5 658.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 658.8 m 434.5 658.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 658.8 m 510.5 658.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 658.8 m 515.5 658.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 658.8 m 562.5 658.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184.5 634.8 m 255.5 634.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 634.8 m 306.5 634.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 634.8 m 382.5 634.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 634.8 m 387.5 634.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 634.8 m 434.5 634.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 658.8 m 510.5 658.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 634.8 m 510.5 634.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 658.8 m 515.5 658.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 634.8 m 515.5 634.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 658.8 m 562.5 658.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 634.8 m 562.5 634.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184.5 634.8 m 255.5 634.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 634.8 m 259.5 634.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 634.8 m 306.5 634.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 634.8 m 510.5 634.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 634.8 m 515.5 634.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 634.8 m 562.5 634.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184.5 554.8 m 255.5 554.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 554.8 m 306.5 554.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 554.8 m 382.5 554.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 554.8 m 387.5 554.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 554.8 m 434.5 554.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 554.8 m 510.5 554.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 554.8 m 515.5 554.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 554.8 m 562.5 554.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 554.8 m 259.5 554.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184.5 514.8 m 255.5 514.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 514.8 m 306.5 514.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184.5 514.8 m 255.5 514.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184.5 500.8 m 255.5 500.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184.5 498.8 m 255.5 498.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 514.8 m 259.5 514.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 500.8 m 259.5 500.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 498.8 m 259.5 498.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 514.8 m 306.5 514.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 500.8 m 306.5 500.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 498.8 m 306.5 498.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 514.8 m 382.5 514.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 500.8 m 382.5 500.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 498.8 m 382.5 498.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 514.8 m 387.5 514.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 500.8 m 387.5 500.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 498.8 m 387.5 498.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 514.8 m 434.5 514.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 500.8 m 434.5 500.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 498.8 m 434.5 498.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 514.8 m 510.5 514.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 500.8 m 510.5 500.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 498.8 m 510.5 498.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 514.8 m 515.5 514.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 500.8 m 515.5 500.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 498.8 m 515.5 498.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 514.8 m 562.5 514.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 500.8 m 562.5 500.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 498.8 m 562.5 498.8 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.65 663.48 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 663.48 Td (December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.15 663.48 Td (December 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.60 649.48 Td (Gr) Tj ET Q q 0 0 0 rg BT 200.64 649.48 Td (oss) Tj ET Q q 0 0 0 rg BT 215.37 649.48 Td (Amount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.80 639.48 Td (\(in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.05 649.48 Td (Per) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.05 639.48 Td (Share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.60 649.48 Td (GrossAmount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.80 639.48 Td (\(in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.05 649.48 Td (Per) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.05 639.48 Td (Share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.60 649.48 Td (GrossAmount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.80 639.48 Td (\(in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.05 649.48 Td (Per) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.05 639.48 Td (Share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 625.37 Td (Real estate property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 615.37 Td (investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.00 614.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.15 614.47 Td (5,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 614.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.15 614.47 Td (19.92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.00 614.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 614.47 Td (4,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 614.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 614.47 Td (17.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.00 614.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 614.47 Td (4,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 614.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 614.47 Td (16.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 600.37 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.65 599.47 Td (251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.15 599.47 Td (0.91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 599.47 Td (288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 599.47 Td (1.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 599.47 Td (402) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 599.47 Td (1.61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 585.37 Td (Debt obligations and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 575.37 Td (liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.80 574.47 Td (\(2,678) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.65 574.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.80 574.47 Td (\(9.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.65 574.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.80 574.52 Td (\(2,290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 574.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.80 574.52 Td (\(8.46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 574.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.80 574.52 Td (\(2,123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 574.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 574.52 Td (\(8.51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 574.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 560.37 Td (Noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.30 559.47 Td (\(124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.65 559.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.80 559.47 Td (\(0.45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.65 559.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.30 559.52 Td (\(94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 559.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.80 559.52 Td (\(0.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 559.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.30 559.52 Td (\(61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 559.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 559.52 Td (\(0.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 559.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 545.37 Td (Net Asset Value before closing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 535.37 Td (costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.00 534.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.15 534.47 Td (2,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 534.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.15 534.47 Td (10.63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.00 534.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 534.47 Td (2,554) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 534.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 534.47 Td (9.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.00 534.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 534.47 Td (2,219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 534.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 534.47 Td (8.90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 520.37 Td (Estimated closing costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.30 519.47 Td (\(107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.65 519.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.80 519.47 Td (\(0.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.65 519.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 519.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 519.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 519.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 519.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 505.37 Td (Estimated NAV) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.00 504.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.15 504.47 Td (2,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 504.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.15 504.47 Td (10.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.00 504.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 504.47 Td (2,554) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 504.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 504.47 Td (9.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.00 504.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 504.47 Td (2,219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 504.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 504.47 Td (8.90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 490.37 Td (Shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.65 489.47 Td (274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 489.47 Td (271) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 489.47 Td (249) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 461.30 Td (The Company) Tj ET Q q 0 0 0 rg BT 127.71 461.30 Td (s board of directors determined the estimated per share NA) Tj ET Q q 0 0 0 rg BT 362.73 461.30 Td (V) Tj ET Q q 0 0 0 rg BT 369.77 461.30 Td ( by \(i\)utilizing the appraised values of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 449.30 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 449.30 Td (s real estate property investments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.29 449.30 Td ($5.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.40 449.30 Td ( and adding the Company) Tj ET Q q 0 0 0 rg BT 389.94 449.30 Td (s other assets comprised of the Company) Tj ET Q q 0 0 0 rg BT 556.57 449.30 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 437.30 Td (cash, tenant and other receivables, loans receivable and other assets of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.49 437.30 Td ($251 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.88 437.30 Td (, \(ii\)subtracting the values of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 425.30 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 425.30 Td (s debt obligations and other liabilities comprised of the Company) Tj ET Q q 0 0 0 rg BT 355.79 425.30 Td (s accounts payable and accrued expenses, due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 413.30 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 413.30 Td (filiates, distributions payable and other liabilities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.43 413.30 Td ($2.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.54 413.30 Td (, as well as amounts related to noncontrolling interests of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 401.30 Td ($124 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.39 401.30 Td (, \(iii\) subtracting an estimate of closing costs that the Company would expect to incur in relation to a future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 389.30 Td (potential liquidity event of $107 million, and \(iv\)dividing the total by the Company) Tj ET Q q 0 0 0 rg BT 388.84 389.30 Td (s common shares outstanding as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 377.30 Td (December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.58 377.30 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 377.30 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.91 377.30 Td (274 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.31 377.30 Td (, resulting in an estimated per share NA) Tj ET Q q 0 0 0 rg BT 345.86 377.30 Td (V) Tj ET Q q 0 0 0 rg BT 352.90 377.30 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.23 377.30 Td ($10.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.73 377.30 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 353.30 Td (The primary drivers of the change in the estimated per share NA) Tj ET Q q 0 0 0 rg BT 324.67 353.30 Td (V) Tj ET Q q 0 0 0 rg BT 331.71 353.30 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 353.30 Td ($9.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 353.30 Td ( in December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.01 353.30 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.01 353.30 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.79 353.30 Td ($10.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.29 353.30 Td ( in December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 341.30 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 341.30 Td ( are as follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 317.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 317.30 Td ($1.60 per share net increase in the aggregate value of the Company) Tj ET Q q 0 0 0 rg BT 357.56 317.30 Td (s real estate investments, which represents a 9.9% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 305.30 Td (net increase in value;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 281.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 281.30 Td ($0.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 281.30 Td ( per share reduction resulting from the ef) Tj ET Q q 0 0 0 rg BT 271.87 281.30 Td (fect of devaluation of the Euro, ) Tj ET Q q 0 0 0 rg BT 398.77 281.30 Td (Australian dollar and British pound ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 269.30 Td (against the U.S. dollar;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 245.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 245.30 Td ($0.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 245.30 Td ( of estimated closing costs that the Company would expect to incur in relation to a future potential liquidity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 233.30 Td (event; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 209.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 209.30 Td ($0.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 209.30 Td ( per share reduction resulting from capital expenditures primarily related to leasing capital at the Company) Tj ET Q q 0 0 0 rg BT 538.08 209.30 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 197.30 Td (properties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 173.30 Td (Other than with respect to the appraised values of the Company) Tj ET Q q 0 0 0 rg BT 325.15 173.30 Td (s real estate property investments and values of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.30 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 161.30 Td (s debt obligations, the values of the assets and liabilities described above were determined based on their cost as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.30 Td (December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.58 149.30 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 149.30 Td ( and included certain pro forma adjustments primarily related to estimated closing costs that the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.30 Td (would expect to incur in relation to a future potential liquidity event. ) Tj ET Q q 0 0 0 rg BT 328.82 137.30 Td (As the Company gets closer to consideration of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.30 Td (potential liquidity event, management and the Company) Tj ET Q q 0 0 0 rg BT 277.45 125.30 Td (s board of directors thought it appropriate to include an estimate of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.30 Td (closing costs, including fees, that the Company would expect to incur related to a potential liquidity event. However) Tj ET Q q 0 0 0 rg BT 516.98 113.30 Td (, there can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.30 Td (be no assurances of the time frame in which the Company would execute any potential liquidity event or that the closing costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.30 Td (related to a potential liquidity event would be incurred in the amount estimated by the Company) Tj ET Q q 0 0 0 rg BT 433.97 89.30 Td (. No other adjustments were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.30 Td (made related to the period from January 1, 2016 through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.54 77.30 Td (February22, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.14 77.30 Td ( because the Company did not believe they would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.30 Td (have a material ef) Tj ET Q q 0 0 0 rg BT 121.16 65.30 Td (fect on its estimated per share NA) Tj ET Q q 0 0 0 rg BT 255.94 65.30 Td (V) Tj ET Q q 0 0 0 rg BT 261.87 65.30 Td (. ) Tj ET Q q 0 0 0 rg BT 268.82 65.30 Td (Additionally) Tj ET Q q 0 0 0 rg BT 318.72 65.30 Td (, the calculation of the estimated per share NA) Tj ET Q q 0 0 0 rg BT 503.19 65.30 Td (V) Tj ET Q q 0 0 0 rg BT 510.23 65.30 Td ( excluded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 53.30 Td (certain items on the Company) Tj ET Q q 0 0 0 rg BT 172.75 53.30 Td (s unaudited consolidated balance sheet that were determined to have no future value or economic ) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (impact on the valuation. Examples include receivables related to straight-line rental revenue and costs incurred to put debt in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (place. Other items were excluded because they were already considered elsewhere in the valuation. Examples include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (intangible lease assets and liabilities related to the Company) Tj ET Q q 0 0 0 rg BT 293.82 718.10 Td (s real estate property investments and costs incurred for capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (expenditures that were included in the appraised values of the Company) Tj ET Q q 0 0 0 rg BT 341.02 706.10 Td (s real estate property investments and the fair values of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (interest rate swaps and caps, as they were included in the valuation of the Company) Tj ET Q q 0 0 0 rg BT 387.40 694.10 Td (s debt.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td (The appraised values provided by Cushman and Knight Frank described above were determined primarily by using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (methodologies that are commonly used in the commercial real estate industry) Tj ET Q q 0 0 0 rg BT 359.26 658.10 Td (. For the Company) Tj ET Q q 0 0 0 rg BT 439.53 658.10 Td (s domestic real estate property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (investments, these methodologies included discounted cash flow analyses and reviews of current, historical and projected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (capitalization rates for properties comparable to those owned by the Company and assume a 10-12 year holding period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 622.10 Td (, the multifamily development project appraisals included assumptions regarding projected stabilization. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 610.10 Td (s international real estate investments, these methodologies included cash flow analyses and going-in capitalization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (rates for properties comparable to those owned by the Company) Tj ET Q q 0 0 0 rg BT 305.66 598.10 Td (. ) Tj ET Q q 0 0 0 rg BT 312.98 598.10 Td (The tables below summarize the key assumptions that were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (used in the valuations of the Company) Tj ET Q q 0 0 0 rg BT 206.64 586.10 Td (s real estate property investments.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 68.50 550.80 303.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 550.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 550.80 91.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 550.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 550.80 92.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.50 524.80 303.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 524.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 524.80 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 524.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 524.80 92.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.50 496.80 303.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 496.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 496.80 91.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 496.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 496.80 92.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.50 469.80 303.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 469.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 469.80 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 469.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 469.80 92.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.50 442.80 303.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 442.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 442.80 91.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 442.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 442.80 92.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 550.8 m 466.5 550.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 550.8 m 562.5 550.8 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.85 555.48 Td (Range) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.35 555.48 Td (Weighted Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 541.53 Td (Domestic Real Estate Property Investments) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 89.00 528.53 Td (Office/Industrial/Mixed-use/Retail) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.00 515.37 Td (Exit capitalization rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.50 515.37 Td (5.00% - 7.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.05 515.37 Td (6.04%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.00 501.37 Td (Discount rate/internal rate of return) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.50 501.37 Td (6.00% - 8.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.05 501.37 Td (6.86%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 89.00 487.53 Td (Multi-Family) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.00 474.37 Td (Exit capitalization rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.50 474.37 Td (4.75% - 5.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.05 474.37 Td (4.90%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.00 460.37 Td (Discount rate/internal rate of return) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.50 460.37 Td (6.00% - 6.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.05 460.37 Td (6.30%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 446.53 Td (International Real Estate Property Investments) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 89.00 433.53 Td (Office/Industrial/Mixed-use) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.00 420.37 Td (Going-in capitalization rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.00 420.37 Td (4.63% - 13.78%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.05 420.37 Td (6.26%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 392.30 Td (Limitations of the Estimated per share NA) Tj ET Q q 0 0 0 rg BT 223.72 392.30 Td (V) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 368.30 Td (As with any valuation methodology) Tj ET Q q 0 0 0 rg BT 210.67 368.30 Td (, the methodology used to determine the estimated per share NA) Tj ET Q q 0 0 0 rg BT 466.80 368.30 Td (V) Tj ET Q q 0 0 0 rg BT 473.84 368.30 Td ( was based upon a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.30 Td (number of assumptions, estimates and judgments that may not be accurate or complete. Further) Tj ET Q q 0 0 0 rg BT 433.39 356.30 Td (, dif) Tj ET Q q 0 0 0 rg BT 449.32 356.30 Td (ferent parties using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.30 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 344.30 Td (ferent property-specific and general real estate and capital market assumptions, estimates, judgments and standards could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.30 Td (derive an estimated per share NA) Tj ET Q q 0 0 0 rg BT 182.27 332.30 Td (V) Tj ET Q q 0 0 0 rg BT 189.31 332.30 Td ( that could be significantly dif) Tj ET Q q 0 0 0 rg BT 309.38 332.30 Td (ferent from the estimated per share NA) Tj ET Q q 0 0 0 rg BT 464.69 332.30 Td (V) Tj ET Q q 0 0 0 rg BT 471.73 332.30 Td ( determined by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.30 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 320.30 Td (s board of directors. ) Tj ET Q q 0 0 0 rg BT 176.46 320.30 Td (While the Company) Tj ET Q q 0 0 0 rg BT 259.78 320.30 Td (s board of directors believes that the assumptions used in determining the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.30 Td (appraised values of the Company) Tj ET Q q 0 0 0 rg BT 186.07 308.30 Td (s real estate property investments are reasonable, a change in these assumptions would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.30 Td (impact the calculation of such values. For example, assuming all other factors remained unchanged, an increase in the average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.30 Td (discount rate of 25 basis points would yield a decrease in the appraised values of the Company) Tj ET Q q 0 0 0 rg BT 431.57 284.30 Td (s domestic real estate property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.30 Td (investments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.10 272.30 Td (1.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.93 272.30 Td (, while a decrease in the average discount rate of 25 basis points would yield an increase in the appraised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.30 Td (values of the Company) Tj ET Q q 0 0 0 rg BT 145.26 260.30 Td (s domestic real estate property investments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.48 260.30 Td (2.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.31 260.30 Td (. Likewise, an increase in the average exit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.30 Td (capitalization rate of 25 basis points would yield a decrease in the appraised values of the Company) Tj ET Q q 0 0 0 rg BT 451.54 248.30 Td (s domestic real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.30 Td (property investments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.48 236.30 Td (2.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.31 236.30 Td (, while a decrease in the average exit capitalization rate of 25 basis points would yield an increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.30 Td (in the appraised values of the Company) Tj ET Q q 0 0 0 rg BT 211.07 224.30 Td (s domestic real estate property investments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.29 224.30 Td (2.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.12 224.30 Td (. ) Tj ET Q q 0 0 0 rg BT 424.07 224.30 Td (Additionally) Tj ET Q q 0 0 0 rg BT 473.97 224.30 Td (, an increase in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.30 Td (average going-in capitalization rate of 25 basis points would yield a decrease in the appraised values of the Company) Tj ET Q q 0 0 0 rg BT 521.51 212.30 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.30 Td (international real estate property investments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.27 200.30 Td (4.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.10 200.30 Td (, while a decrease in the average going-in capitalization rate of 25 basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.30 Td (points would yield an increase in the appraised values of the Company) Tj ET Q q 0 0 0 rg BT 335.21 188.30 Td (s international real estate property investments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.86 188.30 Td (4.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.69 188.30 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 164.30 Td ( ) Tj ET Q q 0 0 0 rg BT 70.32 164.30 Td (The estimated per share NA) Tj ET Q q 0 0 0 rg BT 181.21 164.30 Td (V) Tj ET Q q 0 0 0 rg BT 188.25 164.30 Td ( determined by the Company) Tj ET Q q 0 0 0 rg BT 307.11 164.30 Td (s board of directors does not represent the fair value of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.30 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 152.30 Td (s assets less liabilities in accordance with U.S. generally accepted accounting principles, and such estimated per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.30 Td (share NA) Tj ET Q q 0 0 0 rg BT 86.75 140.30 Td (V) Tj ET Q q 0 0 0 rg BT 93.79 140.30 Td ( is not a representation, warranty or guarantee that \(i\)a stockholder would be able to realize an amount equal to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.30 Td (estimated per share NA) Tj ET Q q 0 0 0 rg BT 142.84 128.30 Td (V) Tj ET Q q 0 0 0 rg BT 149.88 128.30 Td ( if such stockholder attempts to sell the his or her shares; \(ii\)a stockholder would ultimately realize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.30 Td (distributions per share equal to the estimated per share NA) Tj ET Q q 0 0 0 rg BT 283.36 116.30 Td (V) Tj ET Q q 0 0 0 rg BT 290.41 116.30 Td ( upon the Company) Tj ET Q q 0 0 0 rg BT 371.79 116.30 Td (s liquidation or sale; \(iii\)shares of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.30 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 104.30 Td (s common stock would trade at the estimated per share NA) Tj ET Q q 0 0 0 rg BT 326.42 104.30 Td (V) Tj ET Q q 0 0 0 rg BT 333.46 104.30 Td ( on a national securities exchange; \(iv\)a third party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.30 Td (would of) Tj ET Q q 0 0 0 rg BT 85.65 92.30 Td (fer the estimated per share NA) Tj ET Q q 0 0 0 rg BT 206.81 92.30 Td (V) Tj ET Q q 0 0 0 rg BT 213.85 92.30 Td ( in an arm) Tj ET Q q 0 0 0 rg BT 256.89 92.30 Td (s-length transaction to purchase all or substantially all of the Company) Tj ET Q q 0 0 0 rg BT 542.38 92.30 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.30 Td (shares of common stock; or \(v\)the methodologies used to determine the estimated per share NA) Tj ET Q q 0 0 0 rg BT 434.44 80.30 Td (V) Tj ET Q q 0 0 0 rg BT 441.48 80.30 Td ( would be acceptable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.30 Td (FINRA. ) Tj ET Q q 0 0 0 rg BT 86.95 68.30 Td (Additionally) Tj ET Q q 0 0 0 rg BT 136.86 68.30 Td (, the estimated per share NA) Tj ET Q q 0 0 0 rg BT 249.41 68.30 Td (V) Tj ET Q q 0 0 0 rg BT 256.46 68.30 Td ( is not a statement of the Company) Tj ET Q q 0 0 0 rg BT 398.37 68.30 Td (s net asset value per share. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 56.30 Td (the Company can make no claim as to whether the estimated value will or will not satisfy the applicable annual valuation ) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (requirements under the Employee Retirement Income Security ) Tj ET Q q 0 0 0 rg BT 302.42 742.10 Td (Act of 1974, as amended \(ERISA\) and the Internal Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Code of 1986, as amended \(the Code\) with respect to employee benefit plans subject to ERISA) Tj ET Q q 0 0 0 rg BT 438.78 730.10 Td ( and other retirement plans or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (accounts subject to Section 4975 of the Code that are investing in the Company) Tj ET Q q 0 0 0 rg BT 370.77 718.10 Td (s shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td (Further) Tj ET Q q 0 0 0 rg BT 97.04 694.10 Td (, the estimated per share NA) Tj ET Q q 0 0 0 rg BT 209.60 694.10 Td (V) Tj ET Q q 0 0 0 rg BT 216.64 694.10 Td ( was calculated as of a moment in time, and, although the value of shares of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 682.10 Td (s common stock will fluctuate over time as a result of, among other things, developments related to individual assets, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (purchases and sales of additional assets and the payment of fees and closing costs in connection therewith, changes in the real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (estate and capital markets, the distribution of sales proceeds to the Company) Tj ET Q q 0 0 0 rg BT 358.80 658.10 Td (s stockholders \(if any\) and changes in corporate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (policies such as the Company) Tj ET Q q 0 0 0 rg BT 171.65 646.10 Td (s distribution level relative to earnings, the Company does not undertake to update the estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (per share NA) Tj ET Q q 0 0 0 rg BT 102.02 634.10 Td (V) Tj ET Q q 0 0 0 rg BT 109.06 634.10 Td ( on a regular basis. ) Tj ET Q q 0 0 0 rg BT 188.76 634.10 Td (As a result, stockholders should not rely on the estimated per share NA) Tj ET Q q 0 0 0 rg BT 472.13 634.10 Td (V) Tj ET Q q 0 0 0 rg BT 479.17 634.10 Td ( as an accurate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (measure of the then-current value of shares of the Company) Tj ET Q q 0 0 0 rg BT 292.41 622.10 Td (s common stock in making a decision to buy or sell shares of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 610.10 Td (s common stock, including whether to reinvest distributions by participating in the Company) Tj ET Q q 0 0 0 rg BT 465.78 610.10 Td (s distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (reinvestment plan and whether to request redemption under the Company) Tj ET Q q 0 0 0 rg BT 346.86 598.10 Td (s share redemption program.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 568.70 Td (Shar) Tj ET Q q 0 0 0 rg BT 70.38 568.70 Td (e Pur) Tj ET Q q 0 0 0 rg BT 93.25 568.70 Td (chase Price for) Tj ET Q q 0 0 0 rg BT 156.37 568.70 Td ( Distribution Reinvestment Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.70 Td (Per the terms of the Company) Tj ET Q q 0 0 0 rg BT 172.48 544.70 Td (s distribution reinvestment plan, participants in the Company) Tj ET Q q 0 0 0 rg BT 419.66 544.70 Td (s distribution reinvestment plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.70 Td (will acquire shares at a price equal to the new estimated per share NA) Tj ET Q q 0 0 0 rg BT 327.76 532.70 Td (V) Tj ET Q q 0 0 0 rg BT 334.80 532.70 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.13 532.70 Td ($10.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.63 532.70 Td (, rather than at the previous price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.85 532.70 Td ($9.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.35 532.70 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.70 Td (beginning with the distributions to be paid for February 2016, which are expected to be aggregated and paid on March 1, 2016.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 496.70 Td (Shar) Tj ET Q q 0 0 0 rg BT 70.38 496.70 Td (e Redemption Pr) Tj ET Q q 0 0 0 rg BT 142.41 496.70 Td (ogram) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.70 Td (In accordance with the Company) Tj ET Q q 0 0 0 rg BT 184.95 472.70 Td (s current share redemption program, shares that are redeemed will be redeemed at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.70 Td (following prices, unless such shares are redeemed in connection with the death or disability of a stockholder) Tj ET Q q 0 0 0 rg BT 482.53 460.70 Td (, as described ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.70 Td (below: \(i\) the lower of 92.5% of the estimated per share NA) Tj ET Q q 0 0 0 rg BT 289.19 448.70 Td (V) Tj ET Q q 0 0 0 rg BT 296.23 448.70 Td ( most recently announced by the Company in a public filing with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.70 Td (the Securities and Exchange Commission \(SEC\) as of the applicable date of the redemption \(the Most Recent NA) Tj ET Q q 0 0 0 rg BT 516.63 436.70 Td (V\) or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.70 Td (92.5% of the price paid to acquire the shares from the Company \(the Purchase Price\) for stockholders who have held their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.70 Td (shares continuously for at least one year; \(ii\) the lower of 95.0% of the Most Recent NA) Tj ET Q q 0 0 0 rg BT 401.67 412.70 Td (V) Tj ET Q q 0 0 0 rg BT 408.71 412.70 Td ( or 95.0% of the Purchase Price for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.70 Td (stockholders who have held their shares continuously for at least two years; \(iii\) the lower of 97.5% of the Most Recent NA) Tj ET Q q 0 0 0 rg BT 543.59 400.70 Td (V) Tj ET Q q 0 0 0 rg BT 550.63 400.70 Td ( or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.70 Td (97.5% of the Purchase Price for stockholders who have held their shares continuously for at least three years; and \(iv\) the lower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.70 Td (of 100% of the Most Recent NA) Tj ET Q q 0 0 0 rg BT 178.69 376.70 Td (V) Tj ET Q q 0 0 0 rg BT 185.73 376.70 Td ( or 100% of the Purchase Price for stockholders who have held their shares continuously for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.70 Td (at least four years; provided that in each case, the redemption price will be adjusted for any stock dividends, combinations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.70 Td (splits, recapitalizations or similar actions with respect to the Company) Tj ET Q q 0 0 0 rg BT 333.82 352.70 Td (s common stock. ) Tj ET Q q 0 0 0 rg BT 405.77 352.70 Td (As described above, the Most Recent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.70 Td (NA) Tj ET Q q 0 0 0 rg BT 63.15 340.70 Td (V) Tj ET Q q 0 0 0 rg BT 70.20 340.70 Td ( is currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.46 340.70 Td ($10.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.96 340.70 Td (. In addition, the Company) Tj ET Q q 0 0 0 rg BT 260.44 340.70 Td (s board of directors, in its sole discretion, may determine at any time to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.70 Td (amend the share redemption program to redeem shares at a price that is higher or lower than the price paid for the shares by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.70 Td (redeeming stockholder) Tj ET Q q 0 0 0 rg BT 140.81 316.70 Td (. Shares that are redeemed in connection with the death or disability of a stockholder will be redeemed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.70 Td (at a price equal to the price paid to acquire such shares from the Company) Tj ET Q q 0 0 0 rg BT 345.91 304.70 Td (. ) Tj ET Q q 0 0 0 rg BT 353.23 304.70 Td (The Company) Tj ET Q q 0 0 0 rg BT 412.94 304.70 Td (s board of directors may terminate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.70 Td (suspend or amend the share redemption program at any time upon 30days) Tj ET Q q 0 0 0 rg BT 350.29 292.70 Td ( notice without stockholder approval. ) Tj ET Q q 0 0 0 rg BT 503.87 292.70 Td (Any such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.70 Td (notice will be made via a Current Report on Form 8-K filed with the SEC at least 30 days prior to the ef) Tj ET Q q 0 0 0 rg BT 465.28 280.70 Td (fective date of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.70 Td (termination, suspension or amendment. See the Company) Tj ET Q q 0 0 0 rg BT 285.79 268.70 Td (s Current Report on Form 8-K filed with the SEC on February 20, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.70 Td (2015 for a complete description of the terms of the Company) Tj ET Q q 0 0 0 rg BT 297.16 256.70 Td (s current share redemption program.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 232.70 Td (Item 9.01 Financial Statements and Exhibits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.70 Td (\(d\) Exhibits:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 175.87 Td (99.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 175.87 Td (Consent of Independent Valuer, Cushman & Wakefield, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 160.87 Td (99.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 160.87 Td (Consent of Independent Valuer, Knight Frank, LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 145.87 Td (99.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 145.87 Td (Consent of Independent Valuer, Jones Lang LaSalle) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Forward-Looking Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 712.85 Td (This Current Report on Form 8-K, including the exhibits filed or furnished herewith, contains forward-looking statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 700.85 Td (\(including, without limitation, statements concerning the estimated per share NA) Tj ET Q q 0 0 0 rg BT 372.24 700.85 Td (V) Tj ET Q q 0 0 0 rg BT 378.17 700.85 Td (, assumptions made in determining the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.85 Td (estimated per share NA) Tj ET Q q 0 0 0 rg BT 142.84 688.85 Td (V) Tj ET Q q 0 0 0 rg BT 148.77 688.85 Td (, future redemptions of shares and future reinvestments of cash distributions\) that are based on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.85 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 676.85 Td (s current expectations, plans, estimates, assumptions, and beliefs that involve numerous risks and uncertainties, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.85 Td (including, without limitation, the Company) Tj ET Q q 0 0 0 rg BT 226.10 664.85 Td (s ability to maintain occupancy levels and lease rates at its properties, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.85 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 652.85 Td (s ability to repay or successfully refinance its debt obligations, the future operating performance of the Company) Tj ET Q q 0 0 0 rg BT 545.69 652.85 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.85 Td (investments, the Company) Tj ET Q q 0 0 0 rg BT 159.16 640.85 Td (s estimate of closing costs that the Company would expect to incur in relation to a future potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.85 Td (liquidity event, the level of participation in the Company) Tj ET Q q 0 0 0 rg BT 280.22 628.85 Td (s distribution reinvestment plan, and those risks set forth in the Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.85 Td (Factors section of the Company) Tj ET Q q 0 0 0 rg BT 184.41 616.85 Td (s ) Tj ET Q q 0 0 0 rg BT 190.25 616.85 Td (Annual Report on Form10-K for the year ended December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.18 616.85 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.18 616.85 Td (, as amended or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.85 Td (supplemented by the Company) Tj ET Q q 0 0 0 rg BT 176.92 604.85 Td (s other filings with the SEC. ) Tj ET Q q 0 0 0 rg BT 294.70 604.85 Td (Although these forward-looking statements reflect management) Tj ET Q q 0 0 0 rg BT 552.68 604.85 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.85 Td (belief as to future events, actual events or the Company) Tj ET Q q 0 0 0 rg BT 274.93 592.85 Td (s investments and results of operations could dif) Tj ET Q q 0 0 0 rg BT 467.77 592.85 Td (fer materially from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.85 Td (those expressed or implied in these forward-looking statements. ) Tj ET Q q 0 0 0 rg BT 310.31 580.85 Td (T) Tj ET Q q 0 0 0 rg BT 315.72 580.85 Td (o the extent that the Company) Tj ET Q q 0 0 0 rg BT 438.75 580.85 Td (s assumptions dif) Tj ET Q q 0 0 0 rg BT 508.02 580.85 Td (fer from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.85 Td (actual results, the Company) Tj ET Q q 0 0 0 rg BT 163.86 568.85 Td (s ability to meet such forward-looking statements may be significantly hindered. Stockholders are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.85 Td (cautioned not to place undue reliance on any forward-looking statements.) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.85 730.10 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 304.78 730.10 Td (TURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Pursuant to the requirements of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 276.05 706.10 Td (Act of 1934, the registrant has duly caused this report to be signed on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (its behalf by the undersigned hereunto duly authorized.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 211.5 607.6 m 353.5 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 607.6 m 402.5 607.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.00 638.17 Td (Hines Global REIT, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.40 611.17 Td (February 23, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.00 611.17 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 611.17 Td (/s/ J. Shea Morgenroth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 598.17 Td (Name: J. Shea Morgenroth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 585.17 Td (Title: Chief Accounting Officer and Treasurer) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 742.25 Td (Exhibit Index) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 710.32 Td (99.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 710.32 Td (Consent of Independent Valuer, Cushman & Wakefield, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 695.32 Td (99.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 695.32 Td (Consent of Independent Valuer, Knight Frank, LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 680.32 Td (99.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 680.32 Td (Consent of Independent Valuer, Jones Lang LaSalle) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 713.25 Td (Exhibit 99.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.70 684.45 Td (CONSENT) Tj ET Q q 0 0 0 rg BT 262.86 684.45 Td ( OF) Tj ET Q q 0 0 0 rg BT 278.88 684.45 Td ( INDEPENDENT) Tj ET Q q 0 0 0 rg BT 353.99 684.45 Td ( ) Tj ET Q q 0 0 0 rg BT 356.31 684.45 Td (V) Tj ET Q q 0 0 0 rg BT 362.24 684.45 Td (ALUER) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 655.65 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 655.65 Td (e hereby consent to the references to our name and the opinions we have delivered to Hines Global REIT) Tj ET Q q 0 0 0 rg BT 500.31 655.65 Td (, Inc. and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 641.25 Td (the description of our role in the valuation process of the domestic properties owned by Hines Global REIT) Tj ET Q q 0 0 0 rg BT 500.87 641.25 Td (, Inc. and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 626.85 Td (its subsidiaries \(collectively) Tj ET Q q 0 0 0 rg BT 182.99 626.85 Td (, the "Company"\) being included or incorporated by reference in the Registration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 612.45 Td (Statement on Form S-3 \(No. 333-195478\) of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 330.12 612.45 Td (, Inc., and the related Prospectus, by being filed on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 598.05 Td (a Current Report on Form 8-K of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 284.28 598.05 Td (, Inc. on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.54 598.05 Td (February 23, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.14 598.05 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 569.25 Td (In giving such consent, we do not thereby admit we are in the category of persons whose consent is required under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 554.85 Td (Section 7 of the Securities ) Tj ET Q q 0 0 0 rg BT 178.92 554.85 Td (Act of 1933.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 473.95 m 521.5 473.95 l s BT /F1 11.00 Tf ET q 0 0 0 rg BT 322.00 478.87 Td (/s/ ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.14 478.87 Td (Cushman & ) Tj ET Q q 0 0 0 rg BT 385.52 478.87 Td (W) Tj ET Q q 0 0 0 rg BT 394.16 478.87 Td (akefield, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 464.52 Td (Cushman & ) Tj ET Q q 0 0 0 rg BT 370.38 464.52 Td (W) Tj ET Q q 0 0 0 rg BT 379.01 464.52 Td (akefield, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 450.52 Td (February 23, 2016) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 713.25 Td (Exhibit 99.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.70 684.45 Td (CONSENT) Tj ET Q q 0 0 0 rg BT 262.86 684.45 Td ( OF) Tj ET Q q 0 0 0 rg BT 278.88 684.45 Td ( INDEPENDENT) Tj ET Q q 0 0 0 rg BT 353.99 684.45 Td ( ) Tj ET Q q 0 0 0 rg BT 356.31 684.45 Td (V) Tj ET Q q 0 0 0 rg BT 362.24 684.45 Td (ALUER) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 655.65 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 655.65 Td (e hereby consent to the references to our name and the opinions we have delivered to Hines Global REIT) Tj ET Q q 0 0 0 rg BT 500.31 655.65 Td (, Inc. and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 641.25 Td (the description of our role in the valuation process of the international properties owned by Hines Global REIT) Tj ET Q q 0 0 0 rg BT 515.31 641.25 Td (, Inc. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 626.85 Td (and its subsidiaries \(collectively) Tj ET Q q 0 0 0 rg BT 199.93 626.85 Td (, the "Company"\) being included or incorporated by reference in the Registration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 612.45 Td (Statement on Form S-3 \(No. 333-195478\) of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 330.12 612.45 Td (, Inc., and the related Prospectus, by being filed on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 598.05 Td (a Current Report on Form 8-K of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 284.28 598.05 Td (, Inc. on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.54 598.05 Td (February 23, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.14 598.05 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 569.25 Td (In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 554.85 Td (under Section 7 of the Securities ) Tj ET Q q 0 0 0 rg BT 204.19 554.85 Td (Act of 1933.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 473.95 m 521.5 473.95 l s BT /F1 11.00 Tf ET q 0 0 0 rg BT 322.00 478.87 Td (/s/ ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.14 478.87 Td (Knight Frank, LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 463.62 Td (Knight Frank, LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.00 448.62 Td (February 23, 2016) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 713.25 Td (Exhibit 99.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.70 692.35 Td (CONSENT) Tj ET Q q 0 0 0 rg BT 262.86 692.35 Td ( OF) Tj ET Q q 0 0 0 rg BT 278.88 692.35 Td ( INDEPENDENT) Tj ET Q q 0 0 0 rg BT 353.99 692.35 Td ( ) Tj ET Q q 0 0 0 rg BT 356.31 692.35 Td (V) Tj ET Q q 0 0 0 rg BT 362.24 692.35 Td (ALUER ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 657.05 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 657.05 Td (e hereby consent to the reference to our name and the description of our role in the valuation of the debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 642.65 Td (obligations of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 206.79 642.65 Td (, Inc. and its subsidiaries \(collectively) Tj ET Q q 0 0 0 rg BT 357.49 642.65 Td (, the Company\) being included or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 628.25 Td (incorporated by reference in the Registration Statement on Form S-3 \(No. 333-195478\) of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 511.71 628.25 Td (, Inc., ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 613.85 Td (and the related Prospectus, by being filed on a Current Report on Form 8-K of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 464.50 613.85 Td (, Inc. on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.77 613.85 Td (February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 599.45 Td (23, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.00 599.45 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 570.65 Td (In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 556.25 Td (under Section 7 of the Securities ) Tj ET Q q 0 0 0 rg BT 204.19 556.25 Td (Act of 1933.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 489.35 m 227.5 489.35 l s BT /F1 11.00 Tf ET q 0 0 0 rg BT 76.00 494.27 Td (/s/ ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.14 494.27 Td (Jones Lang LaSalle) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 481.02 Td (Jones Lang LaSalle) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 468.02 Td (February 23, 2016) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 25 0 obj <> /View <>>>>> endobj 26 0 obj <> /View <>>>>> endobj 27 0 obj <> endobj 28 0 obj <> stream xy\E7~n{{w'd'52 HaGPPA!"" b-&h,+TLy?:uk?uΩoH""?W~.Xv3&rm 2\jMgwm'CڴzlycǏ\ rBjx\DsV@{twocmC{Iwl11z:1m!t-\q3D.:yz'Wɨp[_F=>E"ǢӦ/|K&_~=!wn-az3¦h$7,ؑ2Oo_eSFLlk}Fg[F>|;