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Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 201.45 469.90 Td (\(Exact name of r) Tj ET Q q 0 0 0 rg BT 268.00 469.90 Td (egistrant as specified in its charter\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.10 438.13 Td (Maryland) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.30 438.13 Td (20-0138854) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.85 423.96 Td (\(State or other jurisdiction of incorporation or organization\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 375.95 423.96 Td (\(I.R.S. Employer Identification No.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.15 399.13 Td (2800 Post Oak Boulevard) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.00 398.97 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 160.40 384.13 Td (Suite5000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.00 383.97 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.95 369.13 Td (Houston, Texas) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.60 369.13 Td (77056-6118) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 104.35 354.96 Td (\(Address of principal executive offices\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 426.80 354.96 Td (\(Zip code\)) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.75 330.70 Td (\(888\)220-6121) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 199.90 318.70 Td (\(Registrant) Tj ET Q q 0 0 0 rg BT 246.94 318.70 Td (s telephone number) Tj ET Q q 0 0 0 rg BT 324.14 318.70 Td (, including ar) Tj ET Q q 0 0 0 rg BT 377.94 318.70 Td (ea code\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.50 Td (Indicate by check mark whether the registrant \(1\)has filed all reports required to be filed by Section13 or 15\(d\)of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.50 Td (Securities Exchange ) Tj ET Q q 0 0 0 rg BT 133.31 287.50 Td (Act of 1934 during the preceding 12 months \(or for such shorter period that the registrant was required to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.50 Td (file such reports\), and \(2\)has been subject to such filing requirements for the past 90 days. ) Tj ET Q q 0 0 0 rg BT 417.30 275.50 Td (Y) Tj ET Q q 0 0 0 rg BT 423.53 275.50 Td (es ) Tj ET Q /GS0 gs q 10.60 0 0 10.09 434.36 273.34 cm /I3 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.96 275.50 Td ( No ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 467.18 273.34 cm /I4 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.50 Td (Indicate by check mark whether the registrant has submitted electronically and posted on its corporate ) Tj ET Q q 0 0 0 rg BT 460.51 257.50 Td (W) Tj ET Q q 0 0 0 rg BT 469.15 257.50 Td (eb site, if any) Tj ET Q q 0 0 0 rg BT 522.37 257.50 Td (, every ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.50 Td (Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T) Tj ET Q q 0 0 0 rg BT 438.34 245.50 Td ( \(232.405 of this chapter\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.50 Td (during the preceding 12 months \(or for such shorter period that the registrant was required to submit and post such files\). ) Tj ET Q q 0 0 0 rg BT 535.63 233.50 Td (Y) Tj ET Q q 0 0 0 rg BT 541.85 233.50 Td (es ) Tj ET Q /GS0 gs q 10.60 0 0 10.76 50.00 219.45 cm /I5 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.60 221.50 Td ( No ) Tj ET Q /GS0 gs q 8.91 0 0 10.76 82.82 219.45 cm /I6 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.50 Td (Indicate by check mark whether the registrant is a lar) Tj ET Q q 0 0 0 rg BT 262.23 203.50 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 337.88 203.50 Td (, an accelerated filer) Tj ET Q q 0 0 0 rg BT 418.53 203.50 Td (, a non-accelerated filer) Tj ET Q q 0 0 0 rg BT 512.50 203.50 Td (, or a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.50 Td (smaller reporting company) Tj ET Q q 0 0 0 rg BT 157.09 191.50 Td (. See the definitions of lar) Tj ET Q q 0 0 0 rg BT 264.66 191.50 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 340.31 191.50 Td (, accelerated filer and smaller reporting company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.50 Td (in Rule 12b-2 of the Exchange ) Tj ET Q q 0 0 0 rg BT 174.41 179.50 Td (Act.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 153.57 Td (Lar) Tj ET Q q 0 0 0 rg BT 66.70 153.57 Td (ge accelerated filer ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 150.25 151.41 cm /I7 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 153.57 Td (Accelerated Filer ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 455.63 151.41 cm /I8 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 128.67 Td (Non-accelerated filer ) Tj ET Q /GS0 gs q 10.60 0 0 10.09 145.16 126.51 cm /I9 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.76 128.67 Td ( \(Do not check if smaller reporting company\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 128.67 Td (Smaller Reporting Company ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 501.49 126.51 cm /I10 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.50 Td (Indicate by check mark whether the registrant is a shell company \(as defined in Rule12b-2 of the Exchange ) Tj ET Q q 0 0 0 rg BT 483.46 106.50 Td (Act\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.50 Td (Y) Tj ET Q q 0 0 0 rg BT 56.22 88.50 Td (es ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 67.05 86.34 cm /I11 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.96 88.50 Td ( No ) Tj ET Q /GS0 gs q 10.60 0 0 10.09 98.18 86.34 cm /I12 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.50 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.44 70.50 Td (May6, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.27 70.50 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.27 70.50 Td (221.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.17 70.50 Td ( shares of the registrant) Tj ET Q q 0 0 0 rg BT 280.24 70.50 Td (s common stock were outstanding.) Tj ET Q 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 40.5 60 m 570.5 60 l s 0 0 0 RG /GS0 gs 7.00 w 0 i [] 0 d 0 J 0 j 3 M 40.5 56 m 570.5 56 l s BT /F1 10.00 Tf ET endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.65 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 258.58 742.25 Td (ABLE OF) Tj ET Q q 0 0 0 rg BT 301.82 742.25 Td ( CONTENTS) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 691.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 111.50 691.75 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 691.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 663.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 111.50 663.75 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 663.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 635.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 111.50 635.75 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 635.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 607.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 111.50 607.75 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 607.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 579.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 111.50 579.75 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 579.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 551.75 512.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 523.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 111.50 523.75 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 523.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 495.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 111.50 495.75 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 495.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 467.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 111.50 467.75 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 467.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 439.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 111.50 439.75 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 439.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 411.75 446.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 411.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 383.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 111.50 383.75 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 383.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 355.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 111.50 355.75 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 355.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 327.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 111.50 327.75 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 327.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 299.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 111.50 299.75 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 299.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 271.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 111.50 271.75 385.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 271.75 66.00 -14.00 re f /GS0 gs BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.65 710.43 Td (PARTI FINANCIAL INFORMATION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 696.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 696.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 682.32 Td (Item1.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 682.32 Td (Condensed Consolidated Financial Statements \(Unaudited\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 682.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 668.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 668.32 Td (Condensed Consolidated Balance Sheets) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 654.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 654.32 Td (Condensed Consolidated Statements of Operations and Comprehensive Income \(Loss\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 640.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 640.32 Td (Condensed Consolidated Statements of Equity) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 626.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 626.32 Td (Condensed Consolidated Statements of Cash Flows) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 612.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 612.32 Td (Notes to the Condensed Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 598.32 Td (Item2.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 598.32 Td (Management) Tj ET Q q 0 0 0 rg BT 168.98 598.32 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 238.15 598.32 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 584.32 Td (Item3.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 584.32 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 0 rg BT 278.40 584.32 Td (About Market Risk) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 570.32 Td (Item4.) 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421.00 590.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 590.32 Td (1,690,231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 590.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 590.32 Td (1,698,456) 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 457.15 576.32 Td (97,249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 576.32 Td (100,455) 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 (49,610) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 562.32 Td (69,743) 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 462.15 548.32 Td (1,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 548.32 Td (1,288) 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 (1,209) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 534.32 Td (1,757) 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 (43,982) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 520.32 Td (41,025) 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 (115,196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 506.32 Td (124,265) 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 (154,334) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 492.32 Td (143,656) 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 469.65 478.32 Td (416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 478.32 Td (519) 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 (4,411) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 464.32 Td (2,567) 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 450.32 Td (2,157,919) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 450.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 450.32 Td (2,183,731) 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 408.32 Td (56,125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 408.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 408.32 Td (58,828) 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 (4,572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 394.32 Td (4,501) 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 (28,619) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 380.32 Td (29,699) 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 (16,295) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 366.32 Td (16,603) 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 (13,491) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 352.32 Td (17,448) 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 452.15 338.32 Td (130,386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 338.32 Td (126,637) 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 (15,026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 324.32 Td (15,219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 310.32 Td (Notes payable, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 310.32 Td (836,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 310.32 Td (852,245) 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 (1,101,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 296.32 Td (1,121,180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 268.32 Td (Commitments and contingencies \(Note 12\)) 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, 2016 and December 31, 2015) 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, 222,106 and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 192.32 Td (222,510 common shares issued and outstanding as of March 31, 2016 and December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 182.32 Td (2015, respectively) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 182.42 Td (223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 182.42 Td (223) 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 (2,099,093) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 168.32 Td (2,101,105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 154.32 Td (Accumulated distributions in excess of earnings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.30 154.37 Td (\(1,041,421) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 154.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 154.37 Td (\(1,037,548) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 154.32 Td (\)) 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 458.80 140.37 Td (\(1,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 140.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 140.37 Td (\(1,229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 140.32 Td (\)) 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 (1,056,822) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 126.32 Td (1,062,551) 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 (1,056,822) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 98.32 Td (1,062,551) 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 84.32 Td (2,157,919) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 84.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 84.32 Td (2,183,731) 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 endstream endobj 9 0 obj <> endobj 10 0 obj <> stream 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 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, 2016) 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 (2015) 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 35.50 642.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 642.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 642.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 642.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 642.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 612.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 612.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 612.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 612.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 612.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 582.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 582.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 582.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 582.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 582.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 552.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 552.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 552.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 552.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 552.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 522.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 522.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 522.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 522.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 522.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 492.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 492.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 492.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 492.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 492.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 462.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 462.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 462.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 462.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 462.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 432.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 432.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 432.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 432.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 432.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 402.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 402.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 402.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 402.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 402.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 372.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 372.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 372.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 372.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 372.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 333.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 333.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 333.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 333.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 333.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 303.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 303.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 303.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 303.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 303.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 273.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 273.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 273.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 273.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 273.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 243.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 243.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 243.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 243.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 243.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 213.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 213.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 213.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 213.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 213.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 184.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 184.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 184.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 184.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 184.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 154.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 154.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 154.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 154.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 154.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 124.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 124.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 124.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 124.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 124.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 94.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 94.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 94.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 94.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 94.75 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 379.5 672.75 m 475.5 672.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 672.75 m 575.5 672.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 612.75 m 475.5 612.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 612.75 m 575.5 612.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 477.75 m 475.5 477.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 462.75 m 475.5 462.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 477.75 m 575.5 477.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 462.75 m 575.5 462.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 357.75 m 475.5 357.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 357.75 m 575.5 357.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 318.75 m 475.5 318.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 318.75 m 575.5 318.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 288.75 m 475.5 288.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 288.75 m 575.5 288.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 258.75 m 475.5 258.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 258.75 m 575.5 258.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 244.75 m 475.5 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 242.75 m 475.5 242.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 244.75 m 575.5 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 242.75 m 575.5 242.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 229.75 m 475.5 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 227.75 m 475.5 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 229.75 m 575.5 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 227.75 m 575.5 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 214.75 m 475.5 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 212.75 m 475.5 212.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 214.75 m 575.5 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 212.75 m 575.5 212.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 199.75 m 475.5 199.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 197.75 m 475.5 197.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 199.75 m 575.5 199.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 197.75 m 575.5 197.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 124.75 m 475.5 124.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 124.75 m 575.5 124.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 94.75 m 475.5 94.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 94.75 m 575.5 94.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 80.75 m 475.5 80.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 78.75 m 475.5 78.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 80.75 m 575.5 80.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 78.75 m 575.5 78.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 692.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.40 692.43 Td (Three Months Ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 677.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.00 677.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.00 677.43 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 662.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.10 662.43 Td (\(In thousands, except per share amounts\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 647.43 Td (Revenues:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.00 647.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 647.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 632.42 Td (Rental revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.00 632.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 632.42 Td (48,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 632.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 632.42 Td (51,826) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 617.42 Td (Other revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 617.42 Td (4,989) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 617.42 Td (4,164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 602.42 Td (Total revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 602.42 Td (53,095) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 602.42 Td (55,990) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 587.43 Td (Expenses:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.00 587.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 587.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 572.42 Td (Property operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 572.42 Td (13,764) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 572.42 Td (14,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 557.42 Td (Real property taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 557.42 Td (8,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 557.42 Td (7,652) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 542.42 Td (Property management fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 542.42 Td (1,385) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 542.42 Td (1,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 527.42 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 527.42 Td (19,593) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 527.42 Td (22,483) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 512.42 Td (Acquisition related expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 512.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 512.42 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 497.42 Td (Asset management and acquisition fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 497.42 Td (8,419) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 497.42 Td (8,681) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 482.42 Td (General and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 482.42 Td (1,950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 482.42 Td (1,350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 467.42 Td (Total expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 467.42 Td (53,557) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 467.42 Td (56,541) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 452.43 Td (Operating income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.30 452.47 Td (\(462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 452.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.30 452.42 Td (\(551) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 452.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 437.43 Td (Other income \(expenses\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.00 437.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 437.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 422.42 Td (Gain \(loss\) on derivative instruments, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 422.42 Td (3,957) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 422.42 Td (3,193) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 407.42 Td (Equity in earnings \(losses\) of unconsolidated entities, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 407.42 Td (16,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 407.42 Td (33,199) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 392.42 Td (Gain \(loss\) on sale of real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 392.42 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 392.42 Td (21,079) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 377.42 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.80 377.47 Td (\(8,639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 377.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 377.42 Td (\(9,481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 377.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 362.42 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 362.42 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 362.42 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 348.43 Td (Income \(loss\) from continuing operations before benefit \(provision\) for income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 338.43 Td (taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 338.42 Td (11,231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 338.42 Td (47,449) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 323.42 Td (Benefit \(provision\) for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.30 323.47 Td (\(39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 323.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.30 323.42 Td (\(86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 323.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 308.43 Td (Income \(loss\) from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 308.42 Td (11,192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 308.42 Td (47,363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 293.42 Td (Income \(loss\) from discontinued operations, net of taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.30 293.47 Td (\(38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 293.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.30 293.42 Td (\(2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 293.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 278.43 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 278.42 Td (11,154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 278.42 Td (47,361) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 263.42 Td (Less: Net \(income\) attributable to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.30 263.47 Td (\(75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 263.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.30 263.42 Td (\(74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 263.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 248.43 Td (Net income \(loss\) attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.00 248.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 248.42 Td (11,079) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 248.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 248.42 Td (47,287) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 233.42 Td (Basic and diluted income \(loss\) per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.00 233.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 233.42 Td (0.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 233.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 233.42 Td (0.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 218.42 Td (Distributions declared per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.00 218.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 218.42 Td (0.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 218.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 218.42 Td (0.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 203.42 Td (Weighted average number of common shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 203.42 Td (222,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 203.42 Td (224,260) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 174.43 Td (Net comprehensive income \(loss\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.00 174.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 174.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 159.42 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.00 159.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 159.42 Td (11,154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 159.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 159.42 Td (47,361) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 144.42 Td (Other comprehensive income \(loss\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.00 144.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 144.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 129.42 Td (Foreign currency translation adjustment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 129.42 Td (156) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.30 129.42 Td (\(211) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 129.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 114.43 Td (Net comprehensive income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 114.42 Td (11,310) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 114.42 Td (47,150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 99.42 Td (Net comprehensive \(income\) loss attributable to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.30 99.47 Td (\(75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 99.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.30 99.42 Td (\(74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 99.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 84.43 Td (Net comprehensive income \(loss\) attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.00 84.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 84.42 Td (11,235) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 84.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 84.42 Td (47,076) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 577.00 80.25 Td () Tj ET Q 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 endstream endobj 11 0 obj <> endobj 12 0 obj <> stream 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 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, 2016) 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 (2015) 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 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0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 415.75 m 494.5 415.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 415.75 m 562.5 415.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 281.75 m 201.5 281.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 281.75 m 243.5 281.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 281.75 m 297.5 281.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 281.75 m 359.5 281.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 281.75 m 429.5 281.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 281.75 m 494.5 281.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 281.75 m 562.5 281.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 259.75 m 201.5 259.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 257.75 m 201.5 257.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 259.75 m 243.5 259.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 257.75 m 243.5 257.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 259.75 m 297.5 259.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 257.75 m 297.5 257.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 259.75 m 359.5 259.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 257.75 m 359.5 257.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 259.75 m 429.5 259.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 257.75 m 429.5 257.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 259.75 m 494.5 259.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 257.75 m 494.5 257.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 259.75 m 562.5 259.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 257.75 m 562.5 257.75 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 304.50 660.20 Td (Accumulated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.70 651.20 Td (Distributions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 307.50 642.20 Td (in Excess of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.45 633.20 Td (Earnings) 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, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 168.75 610.21 Td (222,510) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 208.00 610.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 226.50 610.21 Td (223) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 250.00 610.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 258.00 610.21 Td (2,101,105) 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 317.00 610.21 Td (\(1,037,548) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.00 610.21 Td (\)) 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 402.75 610.21 Td (\(1,229) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.00 610.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.00 610.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.00 610.21 Td (1,062,551) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.00 610.21 Td ($) 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 (816) 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 (5,463) 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 (5,464) 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 (\(1,220) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 198.00 564.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 232.50 564.21 Td (\(1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 240.00 564.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 270.75 564.21 Td (\(7,449) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.00 564.21 Td (\)) 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 467.75 564.21 Td (\(7,450) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 564.21 Td (\)) 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 285.00 550.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.25 550.21 Td (\(14,952) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.00 550.21 Td (\)) 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 (\(14,952) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 550.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.00 550.21 Td (\(75) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 550.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 536.21 Td (Other offering costs, net) 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 282.00 536.21 Td (\(26) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.00 536.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.00 536.21 Td () 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 479.00 536.21 Td (\(26) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 536.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 536.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 522.21 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 189.00 522.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 231.00 522.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 285.00 522.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 331.25 522.21 Td (11,079) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.00 522.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.25 522.21 Td (11,079) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 522.21 Td (75) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 508.21 Td (Foreign currency) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 499.21 Td (translation adjustment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 189.00 499.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 231.00 499.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 285.00 499.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.00 499.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.50 499.21 Td (156) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 477.50 499.21 Td (156) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 499.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 485.20 Td (BALANCE,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 476.20 Td (Mar) Tj ET Q q 0 0 0 rg BT 69.83 476.20 Td (ch 31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 168.75 476.21 Td (222,106) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 208.00 476.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 226.50 476.21 Td (223) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 250.00 476.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 258.00 476.21 Td (2,099,093) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 304.00 476.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 317.00 476.21 Td (\(1,041,421) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.00 476.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.00 476.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.75 476.21 Td (\(1,073) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.00 476.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.00 476.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.00 476.21 Td (1,056,822) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.00 476.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 476.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 420.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 162.25 429.20 Td (Common) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 167.05 420.20 Td (Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 208.20 420.20 Td (Amount) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 251.45 438.20 Td (Additional) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 257.95 429.20 Td (Paid-in) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 257.70 420.20 Td (Capital) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.50 447.20 Td (Accumulated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.70 438.20 Td (Distributions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 307.50 429.20 Td (in Excess of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.45 420.20 Td (Earnings) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 370.50 447.20 Td (Accumulated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.55 438.20 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.05 429.20 Td (Comprehensive) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 368.85 420.20 Td (Income \(Loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 453.65 438.20 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.30 429.20 Td (Stockholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.45 420.20 Td (Equity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.05 429.20 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 537.38 429.20 Td (olling) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 513.30 420.20 Td (Inter) Tj ET Q q 0 0 0 rg BT 532.63 420.20 Td (ests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 406.20 Td (BALANCE,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 397.20 Td (January 1, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 168.75 397.21 Td (225,207) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 208.00 397.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 226.50 397.21 Td (225) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 250.00 397.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 258.00 397.21 Td (2,110,537) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 304.00 397.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 317.00 397.21 Td (\(1,020,134) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.00 397.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.00 397.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.50 397.21 Td (\(790) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.00 397.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.00 397.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.00 397.21 Td (1,089,838) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.00 397.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 397.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 383.21 Td (Issuance of) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 374.21 Td (common shares) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 184.50 374.21 Td (857) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.50 374.21 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 273.75 374.21 Td (5,609) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.00 374.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.00 374.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.75 374.21 Td (5,610) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 374.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 360.21 Td (Redemption of) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 351.21 Td (common shares) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 174.75 351.21 Td (\(1,804) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 198.00 351.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 232.50 351.21 Td (\(2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 240.00 351.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 270.75 351.21 Td (\(7,521) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.00 351.21 Td (\)) 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 467.75 351.21 Td (\(7,523) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 351.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 351.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 337.21 Td (Distributions declared) 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 285.00 337.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.25 337.21 Td (\(14,931) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.00 337.21 Td (\)) 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 463.25 337.21 Td (\(14,931) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 337.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.00 337.21 Td (\(74) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 337.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 323.21 Td (Other offering costs, net) 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 286.50 323.21 Td (\(1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.00 323.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.00 323.21 Td () 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 483.50 323.21 Td (\(1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 323.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 323.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 309.21 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 189.00 309.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 231.00 309.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 285.00 309.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 331.25 309.21 Td (47,287) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.00 309.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.25 309.21 Td (47,287) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 309.21 Td (74) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 295.21 Td (Foreign currency) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 286.21 Td (translation adjustment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 189.00 286.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 231.00 286.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 285.00 286.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.00 286.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.50 286.21 Td (\(211) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.00 286.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.50 286.21 Td (\(211) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 286.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 286.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 272.20 Td (BALANCE, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 263.20 Td (Mar) Tj ET Q q 0 0 0 rg BT 69.83 263.20 Td (ch 31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 168.75 263.21 Td (224,260) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 208.00 263.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 226.50 263.21 Td (224) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 250.00 263.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 258.00 263.21 Td (2,108,624) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 304.00 263.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 323.75 263.21 Td (\(987,778) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.00 263.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.00 263.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.75 263.21 Td (\(1,001) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.00 263.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.00 263.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.00 263.21 Td (1,120,069) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.00 263.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 263.21 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.25 235.25 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, 2016) 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 (2015) 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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s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 384.75 m 482.5 384.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 399.75 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 486.5 384.75 m 562.5 384.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 264.75 m 482.5 264.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 264.75 m 562.5 264.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 249.75 m 482.5 249.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 249.75 m 562.5 249.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 234.75 m 482.5 234.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 234.75 m 562.5 234.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 204.75 m 482.5 204.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 204.75 m 562.5 204.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 190.75 m 482.5 190.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 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 (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 658.43 Td (2015) 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 629.42 Td (11,154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 629.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 629.42 Td (47,361) 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 (25,173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 599.42 Td (26,217) 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) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.30 584.47 Td (\(2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 584.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 584.47 Td (\(21,079) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 584.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 569.42 Td (Equity in \(earnings\) losses of unconsolidated entities, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 569.47 Td (\(16,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 569.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 569.47 Td (\(33,199) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 569.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 554.42 Td (Distributions received from unconsolidated entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 554.42 Td (16,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 554.42 Td (7,199) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 539.42 Td (Other losses, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 539.42 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 539.42 Td (38) 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 (\(3,957) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 524.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 524.47 Td (\(3,193) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 524.42 Td (\)) 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 447.80 509.47 Td (\(22,521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 509.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 509.47 Td (\(12,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 509.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 494.42 Td (Net cash provided by operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 494.42 Td (9,885) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 494.42 Td (10,969) 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 456.15 464.42 Td (3,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 464.42 Td () 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 468.65 449.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 449.47 Td (\(188,364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 449.42 Td (\)) 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 (\(1,557) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 434.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 434.47 Td (\(3,043) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 434.42 Td (\)) 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 and unconsolidated joint ventures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 419.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 419.42 Td (37,233) 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 473.65 404.42 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 404.42 Td (705) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 389.42 Td (Net cash provided by \(used in\) investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 389.42 Td (2,204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 389.47 Td (\(153,469) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 389.42 Td (\)) 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 (466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 359.42 Td (151) 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 452.80 344.47 Td (\(7,161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 344.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 344.47 Td (\(10,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 344.42 Td (\)) 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 (\(32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 329.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 329.47 Td (\(7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 329.42 Td (\)) 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 (\(9,792) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 314.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 314.47 Td (\(9,830) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 314.42 Td (\)) 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 (104,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 299.42 Td (203,000) 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 442.80 284.47 Td (\(119,816) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 284.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 284.47 Td (\(45,408) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 284.42 Td (\)) 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 (\(125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 269.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 269.47 Td (\(129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 269.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 254.42 Td (Net cash provided by \(used in\) financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 254.47 Td (\(32,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 254.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 254.42 Td (137,599) 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 463.65 239.42 Td (238) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 239.47 Td (\(183) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 239.42 Td (\)) 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 (\(20,133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 224.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 224.47 Td (\(5,084) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 224.42 Td (\)) 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 451.15 209.42 Td (69,743) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 209.42 Td (56,821) 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 194.42 Td (49,610) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 194.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 194.42 Td (51,737) 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 endstream endobj 15 0 obj <> endobj 16 0 obj <> stream 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 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, 2016) 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 (2015) 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, 2015) 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, 2015) 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, 2016) 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, 2016) 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 (2015) 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, 2016) 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 (2015) 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., \(Hines REIT and, together with its consolidated subsidiaries, the Company\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (was formed on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.38 502.25 Td (August5, 2003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.77 502.25 Td ( under the General Corporation Law of the state of Maryland for the purpose of engaging in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (business of investing in and owning interests in real estate. Beginning with its taxable year ended December 31, 2004, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (Company operated and intends to continue to operate in a manner to qualify as a real estate investment trust \(REIT\) for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (federal income tax purposes. ) Tj ET Q q 0 0 0 rg BT 167.28 466.25 Td (The Company is structured as an umbrella partnership REIT) Tj ET Q q 0 0 0 rg BT 408.70 466.25 Td ( under which substantially all of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 454.25 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 460.66 454.25 Td (, Hines REIT) Tj ET Q q 0 0 0 rg BT 513.53 454.25 Td ( Properties, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (L.P) Tj ET Q q 0 0 0 rg BT 63.06 442.25 Td (. \(the Operating Partnership\). Hines REIT) Tj ET Q q 0 0 0 rg BT 239.21 442.25 Td ( is the sole general partner of the Operating Partnership. ) Tj ET Q q 0 0 0 rg BT 465.35 442.25 Td (The business of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (Company is managed by Hines ) Tj ET Q q 0 0 0 rg BT 176.93 430.25 Td (Advisors Limited Partnership \(the Advisor\), an af) Tj ET Q q 0 0 0 rg BT 384.75 430.25 Td (filiate of Hines Interests Limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (Partnership \(Hines\), pursuant to the advisory agreement between the Company and the ) Tj ET Q q 0 0 0 rg BT 407.95 418.25 Td (Advisor \(the Advisory ) Tj ET Q q 0 0 0 rg BT 504.33 418.25 Td (Agreement\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 394.25 Td (Hines REIT) Tj ET Q q 0 0 0 rg BT 115.87 394.25 Td ( has raised approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.83 394.25 Td ($2.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.95 394.25 Td ( through public of) Tj ET Q q 0 0 0 rg BT 338.70 394.25 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 50.00 382.25 Td (common stock of) Tj ET Q q 0 0 0 rg BT 119.25 382.25 Td (fered pursuant to its dividend reinvestment plan, since Hines REIT) Tj ET Q q 0 0 0 rg BT 386.23 382.25 Td ( commenced its initial public of) Tj ET Q q 0 0 0 rg BT 512.96 382.25 Td (fering in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (June 2004.) Tj ET Q q 0 0 0 rg BT 98.15 370.25 Td (The Company commenced a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.33 370.25 Td ($150.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.22 370.25 Td ( of) Tj ET Q q 0 0 0 rg BT 284.87 370.25 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 50.00 358.25 Td (plan on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.22 358.25 Td (July1, 2010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.39 358.25 Td (, which closed on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.87 358.25 Td (June30, 2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.70 358.25 Td (, immediately prior to the commencement of the Company) Tj ET Q q 0 0 0 rg BT 497.14 358.25 Td (s current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.35 358.25 Td ($300.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 346.25 Td ( of) Tj ET Q q 0 0 0 rg BT 89.54 346.25 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 399.20 346.25 Td (July1, 2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.37 346.25 Td (. ) Tj ET Q q 0 0 0 rg BT 453.19 346.25 Td (The Company refers to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (both of) Tj ET Q q 0 0 0 rg BT 78.43 334.25 Td (ferings of shares under its dividend reinvestment plan collectively asthe DRP) Tj ET Q q 0 0 0 rg BT 393.81 334.25 Td ( Of) Tj ET Q q 0 0 0 rg BT 406.68 334.25 Td (fering. From inception of the DRP) Tj ET Q q 0 0 0 rg BT 548.51 334.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 322.25 Td (fering through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.36 322.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.96 322.25 Td (, Hines REIT) Tj ET Q q 0 0 0 rg BT 236.82 322.25 Td ( received gross of) Tj ET Q q 0 0 0 rg BT 307.45 322.25 Td (fering proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.69 322.25 Td ($209.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.58 322.25 Td ( from the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.61 322.25 Td (27.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.51 322.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (shares through the DRP) Tj ET Q q 0 0 0 rg BT 144.90 310.25 Td ( Of) Tj ET Q q 0 0 0 rg BT 157.77 310.25 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 50.00 298.25 Td (to commence any future of) Tj ET Q q 0 0 0 rg BT 157.55 298.25 Td (ferings other than those related to shares issued under its dividend reinvestment plan. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 274.25 Td (Hines REIT) Tj ET Q q 0 0 0 rg BT 115.87 274.25 Td ( contributes all net proceeds from its public of) Tj ET Q q 0 0 0 rg BT 300.08 274.25 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 50.00 262.25 Td (units in the Operating Partnership. ) Tj ET Q q 0 0 0 rg BT 189.42 262.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.87 262.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.47 262.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.90 262.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.49 262.25 Td (, Hines REIT) Tj ET Q q 0 0 0 rg BT 428.35 262.25 Td ( owned a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.95 262.25 Td (91.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.78 262.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.22 262.25 Td (91.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.05 262.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (general partner interest, respectively) Tj ET Q q 0 0 0 rg BT 194.83 250.25 Td (, in the Operating Partnership. Hines 2005 ) Tj ET Q q 0 0 0 rg BT 366.01 250.25 Td (VS I LP) Tj ET Q q 0 0 0 rg BT 397.69 250.25 Td (, an af) Tj ET Q q 0 0 0 rg BT 422.21 250.25 Td (filiate of Hines, owned a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.29 250.25 Td (0.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.12 250.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 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 317.71 238.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.31 238.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.75 238.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.34 238.25 Td (. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (another af) Tj ET Q q 0 0 0 rg BT 90.07 226.25 Td (filiate of Hines, HALP) Tj ET Q q 0 0 0 rg BT 180.80 226.25 Td ( ) Tj ET Q q 0 0 0 rg BT 182.74 226.25 Td (Associates Limited Partnership \(HALP\), owned a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.97 226.25 Td (7.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.80 226.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.24 226.25 Td (7.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.07 226.25 Td ( profits interest \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (Participation Interest\) in the Operating Partnership as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.48 214.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.08 214.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.52 214.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.10 214.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 499.76 214.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 190.25 Td (Since the conclusion of its third public of) Tj ET Q q 0 0 0 rg BT 233.07 190.25 Td (fering, the Company has concentrated its ef) Tj ET Q q 0 0 0 rg BT 406.99 190.25 Td (forts on actively managing its assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (and exploring a variety of strategic opportunities focused on enhancing the composition of its portfolio and its total return ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (potential for its stockholders. ) Tj ET Q q 0 0 0 rg BT 171.46 166.25 Td (The Company has made strategic acquisitions and dispositions, and is considering its strategic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (alternatives to execute a liquidity event \(i.e., a sale of its assets, the Company) Tj ET Q q 0 0 0 rg BT 362.41 154.25 Td (s sale or mer) Tj ET Q q 0 0 0 rg BT 413.04 154.25 Td (ger) Tj ET Q q 0 0 0 rg BT 425.41 154.25 Td (, a listing of its shares on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (national securities exchange, or another similar transaction\). However) Tj ET Q q 0 0 0 rg BT 329.77 142.25 Td (, there is no set timetable for the execution of such an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (event.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 106.25 Td (Investment Pr) Tj ET Q q 0 0 0 rg BT 114.44 106.25 Td (operty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 82.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 82.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.04 82.25 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 82.25 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.10 82.25 Td ( properties. ) Tj ET Q q 0 0 0 rg BT 439.41 82.25 Td (These properties consisted of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 70.25 Td ( U.S. of) Tj ET Q q 0 0 0 rg BT 90.93 70.25 Td (fice properties and a portfolio of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.11 70.25 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.11 70.25 Td ( grocery-anchored shopping centers located in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.25 70.25 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.91 70.25 Td ( states primarily in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (southeastern United States \(the Grocery-Anchored Portfolio\).) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream 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 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, 2016) 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, 2015) 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 /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (Unconsolidated VIEs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td (The Company has a non-managing general partner interest of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.97 658.10 Td (28.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.80 658.10 Td ( in the Core Fund. ) Tj ET Q q 0 0 0 rg BT 416.61 658.10 Td (The Core Fund was determined to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (be a variable interest entity \(VIE\) in which the Company was determined not to be the primary beneficiary since the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (managing general partner has the ability to direct the activities that significantly impact the economic performance of the ) Tj ET Q q 0 0 0 rg BT 536.30 634.10 Td (VIE. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 109.71 622.10 Td (s maximum loss exposure is expected to change in future periods as a result of additional contributions made. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (Other than the initial capital contributions provided by the Company) Tj ET Q q 0 0 0 rg BT 323.46 610.10 Td (, the Company has not provided any additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (subordinated financial support. See Note 5 Investments in Unconsolidated Entities for information regarding the activity of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (the Company) Tj ET Q q 0 0 0 rg BT 106.38 586.10 Td (s unconsolidated entities as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.86 586.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.46 586.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.89 586.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.89 586.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 562.10 Td (The table below summarizes the Company) Tj ET Q q 0 0 0 rg BT 241.56 562.10 Td (s maximum loss exposure related to its investment in the unconsolidated ) Tj ET Q q 0 0 0 rg BT 533.83 562.10 Td (VIE as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 550.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.43 550.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.87 550.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.45 550.10 Td (, which is equal to the carrying value of its investment in the unconsolidated ) Tj ET Q q 0 0 0 rg BT 529.70 550.10 Td (VIE ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (included in the balance sheet line item Investment in unconsolidated entities as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.95 538.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.55 538.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.99 538.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.57 538.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (\(in thousands\).) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 489.60 173.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 489.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 489.60 165.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 489.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 489.60 166.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 489.6 m 222.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 489.6 m 391.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 489.6 m 561.5 489.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.25 494.28 Td (Period ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 147.08 498.81 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.85 494.28 Td (Investment in Unconsolidated VIEs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.40 494.28 Td (Maximum Risk of Loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 479.27 Td (March 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.00 479.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 479.27 Td (97,249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.00 479.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 479.27 Td (97,249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 464.27 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.00 464.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.15 464.27 Td (100,455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.00 464.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 464.27 Td (100,455) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 86.00 436.10 Td (Represents the Company) Tj ET Q q 0 0 0 rg BT 188.76 436.10 Td (s contributions, net of distributions, made to its ) Tj ET Q q 0 0 0 rg BT 379.68 436.10 Td (VIEs, as well as the Company) Tj ET Q q 0 0 0 rg BT 502.99 436.10 Td (s share of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 424.10 Td (equity in earnings \(losses\) on the investment as of the date indicated.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (2.Summary of Significant ) Tj ET Q q 0 0 0 rg BT 163.54 400.10 Td (Accounting Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 376.10 Td (Described below are certain of the Company) Tj ET Q q 0 0 0 rg BT 249.60 376.10 Td (s significant accounting policies. ) Tj ET Q q 0 0 0 rg BT 385.50 376.10 Td (The disclosures regarding several of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 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 50.00 352.10 Td (the Company) Tj ET Q q 0 0 0 rg BT 106.38 352.10 Td (s ) Tj ET Q q 0 0 0 rg BT 112.22 352.10 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 308.56 352.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.14 352.10 Td ( for a complete listing of all of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (significant accounting policies. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 316.10 Td (Basis of Pr) Tj ET Q q 0 0 0 rg BT 103.08 316.10 Td (esentation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 292.10 Td (The condensed consolidated financial statements of the Company included in this Quarterly Report on Form 10-Q include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (the accounts of Hines REIT) Tj ET Q q 0 0 0 rg BT 160.34 280.10 Td (, the Operating Partnership and the Operating Partnership) Tj ET Q q 0 0 0 rg BT 393.05 280.10 Td (s wholly-owned subsidiaries as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (the related amounts of noncontrolling interests. ) Tj ET Q q 0 0 0 rg BT 243.29 268.10 Td (All intercompany balances and transactions have been eliminated in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (consolidation. ) Tj ET Q q 0 0 0 rg BT 108.33 256.10 Td (As a result of the adoption of ) Tj ET Q q 0 0 0 rg BT 226.92 256.10 Td (Accounting Standards Update \(ASU\) 2015-02, the Company has determined that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (the Operating Partnership is considered a ) Tj ET Q q 0 0 0 rg BT 216.99 244.10 Td (VIE. However) Tj ET Q q 0 0 0 rg BT 277.40 244.10 Td (, the Company meets the disclosure exemption criteria under ) Tj ET Q q 0 0 0 rg BT 522.33 244.10 Td (ASU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (2015-02, as the Company is the primary beneficiary of the ) Tj ET Q q 0 0 0 rg BT 286.14 232.10 Td (VIE and the Company) Tj ET Q q 0 0 0 rg BT 378.62 232.10 Td (s partnership interest is considered a majority ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (voting interest. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 196.10 Td (The Company has retroactively changed, for all prior periods presented, its classification of distributions in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (consolidated balance sheets and statements of equity by reflecting such distributions as char) Tj ET Q q 0 0 0 rg BT 417.49 184.10 Td (ges against accumulated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (distributions in excess of earnings. ) Tj ET Q q 0 0 0 rg BT 197.85 172.10 Td (This presentation change had no impact on the total equity balances in any of the periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (presented.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 136.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 127.71 136.10 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 50.00 124.10 Td (periodically) Tj ET Q q 0 0 0 rg BT 97.11 124.10 Td (. ) Tj ET Q q 0 0 0 rg BT 101.93 124.10 Td (The Company will record an impairment char) Tj ET Q q 0 0 0 rg BT 285.02 124.10 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 50.00 112.10 Td (its carrying value is other than temporary) Tj ET Q q 0 0 0 rg BT 214.30 112.10 Td (.) Tj ET Q q 0 0 0 rg BT 221.62 112.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 281.33 112.10 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 50.00 100.10 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 543.09 100.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (Based on the Company) Tj ET Q q 0 0 0 rg BT 145.82 88.10 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 88.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.17 88.10 Td ( impairment was recorded related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 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 76.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.47 76.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.29 76.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.89 76.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.33 76.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.33 76.10 Td (. However) Tj ET Q q 0 0 0 rg BT 445.08 76.10 Td (, if market conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (deteriorate in the future and result in lower valuations or reduced cash flows of the Company) Tj ET Q q 0 0 0 rg BT 424.60 64.10 Td (s remaining investment in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 52.10 Td (Core Fund, impairment char) Tj ET Q q 0 0 0 rg BT 163.13 52.10 Td (ges may be recorded in future periods.) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream 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 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 59.00 730.10 Td (International Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 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 50.00 694.10 Td (Company no longer owns any operating investments outside the United States as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.89 694.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.49 694.10 Td (. ) Tj ET Q q 0 0 0 rg BT 457.44 694.10 Td (Accumulated other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (comprehensive income \(loss\) as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.35 682.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.95 682.10 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 50.00 670.10 Td (owned properties in Brazil and Canada.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 646.10 Td (Impairment of Investment Pr) Tj ET Q q 0 0 0 rg BT 173.88 646.10 Td (operty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 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 50.00 610.10 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 50.00 598.10 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 511.43 598.10 Td (.If ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 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 502.00 586.10 Td (, to estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (fair values to reflect impairment in the value of the asset.See Note 13 Fair ) Tj ET Q q 0 0 0 rg BT 365.27 574.10 Td (V) Tj ET Q q 0 0 0 rg BT 371.39 574.10 Td (alue Disclosures for additional information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (regarding the Company) Tj ET Q q 0 0 0 rg BT 147.20 562.10 Td (s policy for determining fair values of its investment property) Tj ET Q q 0 0 0 rg BT 392.88 562.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.88 562.10 Td (No) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.10 562.10 Td ( impairment char) Tj ET Q q 0 0 0 rg BT 478.22 562.10 Td (ges were recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.88 550.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.86 550.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.69 550.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.29 550.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.72 550.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.72 550.10 Td ( on the Company) Tj ET Q q 0 0 0 rg BT 334.11 550.10 Td (s directly-owned and indirectly-owned properties.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 526.10 Td (T) Tj ET Q q 0 0 0 rg BT 63.64 526.10 Td (enant and Other Receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 502.10 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 50.00 490.10 Td (straight-line rent. ) Tj ET Q q 0 0 0 rg BT 123.32 490.10 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 50.00 478.10 Td (analysis of the tenant) Tj ET Q q 0 0 0 rg BT 137.48 478.10 Td (s payment history) Tj ET Q q 0 0 0 rg BT 207.93 478.10 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 50.00 466.10 Td (tenant operates and economic conditions in the area in which the property is located.) Tj ET Q q 0 0 0 rg BT 390.54 466.10 Td (T) Tj ET Q q 0 0 0 rg BT 395.95 466.10 Td (enant and other receivables are shown at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 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 421.26 454.10 Td ($4.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.16 454.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.59 454.10 Td ($4.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.49 454.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.60 442.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.04 442.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.62 442.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 264.28 442.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 418.10 Td (Deferr) Tj ET Q q 0 0 0 rg BT 85.29 418.10 Td (ed Leasing Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 394.10 Td (T) Tj ET Q q 0 0 0 rg BT 73.41 394.10 Td (enant inducement amortization was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.80 394.10 Td ($5.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.70 394.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.13 394.10 Td ($3.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.03 394.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.40 394.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.71 394.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.21 394.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.81 394.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.25 394.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.25 394.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 382.10 Td (, and was recorded as an of) Tj ET Q q 0 0 0 rg BT 206.04 382.10 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 437.35 382.10 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.25 382.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.68 382.10 Td ($1.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.58 382.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 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 319.07 370.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.38 370.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.88 370.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.48 370.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.92 370.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.92 370.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 555.58 370.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 346.10 Td (Deferr) Tj ET Q q 0 0 0 rg BT 85.29 346.10 Td (ed Financing Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 322.10 Td (Deferred financing costs consist of direct costs incurred in obtaining debt financing. ) Tj ET Q q 0 0 0 rg BT 406.33 322.10 Td (These costs are presented as a direct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (reduction to the related debt liability for permanent mortgages and presented as an asset for revolving credit arrangements. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (total, deferred financing costs were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.27 298.10 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.16 298.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.60 298.10 Td ($1.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.49 298.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.65 298.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.25 298.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.69 298.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.27 298.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 548.94 298.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (These costs are amortized into interest expense on a straight-line basis, which approximates the ef) Tj ET Q q 0 0 0 rg BT 441.64 286.10 Td (fective interest method, over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (the terms of the obligations. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.53 274.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.84 274.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.34 274.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.94 274.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.38 274.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.38 274.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.38 274.10 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.27 274.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.71 274.10 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.60 274.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 554.26 274.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (of deferred financing costs were amortized into interest expense in the accompanying consolidated statements of operations. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 238.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 84.65 238.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 214.10 Td (Other assets included the following \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 188.60 322.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 188.60 98.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 188.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 188.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 158.60 322.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 158.60 98.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 158.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 158.60 88.00 -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 372.5 188.60000000000002 m 470.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 188.60000000000002 m 562.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 143.60000000000002 m 470.5 143.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 143.60000000000002 m 562.5 143.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 129.60000000000002 m 470.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 127.60000000000002 m 470.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 129.60000000000002 m 562.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 127.60000000000002 m 562.5 127.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.90 193.28 Td (March 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.00 193.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.65 193.28 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 178.27 Td (Prepaid insurance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 178.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 178.27 Td (207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.00 178.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.00 178.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 178.27 Td (663) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 163.27 Td (Prepaid taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 163.27 Td (2,778) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 163.27 Td (547) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 148.27 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 148.27 Td (1,426) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.00 148.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 148.27 Td (1,357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 133.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 133.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 133.27 Td (4,411) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.00 133.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.00 133.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 133.27 Td (2,567) 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 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 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 (Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 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 420.68 718.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.12 718.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.72 718.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 706.10 Td (, the Company recorded liabilities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.71 706.10 Td ($7.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.60 706.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.04 706.10 Td ($8.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.93 706.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 447.59 706.10 Td (, related to prepaid rental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (payments which were included in other liabilities in the accompanying condensed consolidated balance sheets.) Tj ET Q q 0 0 0 rg BT 495.51 694.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 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 465.87 682.10 Td (. Straight-line rent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (receivable was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.63 670.10 Td ($39.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.52 670.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.96 670.10 Td ($36.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.85 670.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.01 670.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.61 670.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.05 670.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.63 670.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 477.29 670.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 646.10 Td (Redemption of Common Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 127.71 622.10 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 50.00 610.10 Td (received from the Company) Tj ET Q q 0 0 0 rg BT 164.68 610.10 Td (s dividend reinvestment plan in the prior quarter) Tj ET Q q 0 0 0 rg BT 357.13 610.10 Td (. ) Tj ET Q q 0 0 0 rg BT 364.45 610.10 Td (The board of directors determined to waive this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 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 434.60 598.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.91 598.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.41 598.10 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 586.10 Td ( totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.55 586.10 Td ($7.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.44 586.10 Td (, which amount was in excess of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.35 586.10 Td ($5.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.24 586.10 Td ( received from the issuance of shares pursuant to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (dividend reinvestment plan in the prior quarter) Tj ET Q q 0 0 0 rg BT 236.06 574.10 Td (. ) Tj ET Q q 0 0 0 rg BT 240.88 574.10 Td (The board of directors determined to waive the limitation on the share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (redemption program and fully honor all eligible requests received for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 562.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.74 562.10 Td ( totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.29 562.10 Td ($31.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.18 562.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (which was in excess of the $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.41 550.10 Td (21.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.31 550.10 Td ( received from the dividend reinvestment plan in the prior quarters.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td (The Company has recorded liabilities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.29 526.10 Td ($7.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.18 526.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.62 526.10 Td ($7.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.51 526.10 Td ( in accounts payable and accrued expenses in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (accompanying condensed consolidated balance sheets as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.19 514.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.79 514.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.23 514.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.81 514.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 504.47 514.10 Td (, related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (shares that were tendered for redemption and approved by the board of directors but were not redeemed until the subsequent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 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 50.00 478.10 Td (equity based on a redemption price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.56 478.10 Td ($5.45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.06 478.10 Td ( per share for ordinary share redemption requests and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.81 478.10 Td ($6.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.31 478.10 Td ( per share for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (redemption requests in connection with the death or disability of a stockholder made during the first three quarters of 2015 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td ($6.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 454.10 Td ( per share for redemption requests in connection with the death or disability of a stockholder made during the fourth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (quarter of 2015. ) Tj ET Q q 0 0 0 rg BT 116.46 442.10 Td (The estimated per share net asset value of the Company) Tj ET Q q 0 0 0 rg BT 342.22 442.10 Td (s common stock as of June 30, 2015 is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.88 442.10 Td ($6.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.38 442.10 Td ( and was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (determined by the Company) Tj ET Q q 0 0 0 rg BT 166.36 430.10 Td (s board of directors in September 2015. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 406.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 88.52 406.10 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 146.19 406.10 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 382.10 Td (In February 2015, the Financial ) Tj ET Q q 0 0 0 rg BT 196.31 382.10 Td (Accounting Standards Board \(F) Tj ET Q q 0 0 0 rg BT 326.93 382.10 Td (ASB\) issued amendments to the ) Tj ET Q q 0 0 0 rg BT 461.63 382.10 Td (Accounting Standards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (Codification \(ASC or the Codification\) to provide guidance on consolidation evaluation for reporting or) Tj ET Q q 0 0 0 rg BT 483.31 370.10 Td (ganizations that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (required to evaluate whether they should consolidate certain legal entities. ) Tj ET Q q 0 0 0 rg BT 351.38 358.10 Td (These amendments are ef) Tj ET Q q 0 0 0 rg BT 453.09 358.10 Td (fective for fiscal years, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (interim periods within those years, beginning after December 15, 2015 and early adoption is permitted. ) Tj ET Q q 0 0 0 rg BT 467.21 346.10 Td (The Company has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (evaluated the impact of the adoption of these amendments on its consolidated financial statements and has determined that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 322.10 Td (s operating partnership is considered a ) Tj ET Q q 0 0 0 rg BT 247.55 322.10 Td (VIE. However) Tj ET Q q 0 0 0 rg BT 307.96 322.10 Td (, the Company meets the disclosure exemption criteria, as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (Company is the primary beneficiary of the ) Tj ET Q q 0 0 0 rg BT 222.27 310.10 Td (VIE and the Company) Tj ET Q q 0 0 0 rg BT 314.75 310.10 Td (s partnership interest is considered a majority voting interest. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (The Company has also determined that the Core Fund will be considered to be a ) Tj ET Q q 0 0 0 rg BT 373.35 298.10 Td (VIE as a result of this new guidance. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (However) Tj ET Q q 0 0 0 rg BT 86.25 286.10 Td (, the Company will not consolidate the Core Fund since the Company is not the primary beneficiary) Tj ET Q q 0 0 0 rg BT 485.24 286.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 262.10 Td (In September 2015, the F) Tj ET Q q 0 0 0 rg BT 168.63 262.10 Td (ASB issued new guidance that eliminates the requirement that an acquirer in a business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (combination account for measurement-period adjustments retrospectively) Tj ET Q q 0 0 0 rg BT 343.97 250.10 Td (. Pursuant to the new guidance, an acquirer will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment. ) Tj ET Q q 0 0 0 rg BT 516.35 238.10 Td (This new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (guidance is ef) Tj ET Q q 0 0 0 rg BT 105.35 226.10 Td (fective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and early ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (adoption is permitted. ) Tj ET Q q 0 0 0 rg BT 142.30 214.10 Td (The adoption of this new guidance did not have a material impact on the Company) Tj ET Q q 0 0 0 rg BT 476.10 214.10 Td (s financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (statements.) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (9) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (3.Real Estate Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (Investment property consisted of the following \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 680.75 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 680.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 680.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 680.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 650.75 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 650.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 650.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 650.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 620.75 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 620.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 620.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 620.75 90.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 680.75 m 468.5 680.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 680.75 m 562.5 680.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 680.75 m 468.5 680.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 680.75 m 562.5 680.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 650.75 m 468.5 650.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 650.75 m 562.5 650.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 650.75 m 468.5 650.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 620.75 m 468.5 620.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 620.75 m 562.5 620.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 620.75 m 468.5 620.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 606.75 m 468.5 606.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 604.75 m 468.5 604.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 606.75 m 562.5 606.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 604.75 m 562.5 604.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 685.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.90 685.43 Td (March 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.65 685.43 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 670.42 Td (Buildings and improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.00 670.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 670.42 Td (1,429,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 670.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 670.42 Td (1,427,955) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 655.42 Td (Less: accumulated depreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.80 655.47 Td (\(176,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 655.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 655.47 Td (\(167,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 655.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 640.42 Td (Buildings and improvements, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 640.42 Td (1,252,530) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 640.42 Td (1,260,755) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 625.42 Td (Land) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.15 625.42 Td (437,701) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 625.42 Td (437,701) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 610.42 Td (Investment property, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.00 610.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 610.42 Td (1,690,231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 610.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 610.42 Td (1,698,456) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 582.25 Td (Lease Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 558.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 558.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.04 558.25 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 50.00 546.25 Td (\(inthousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 484.75 249.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 484.75 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 484.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 484.75 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 484.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 484.75 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 454.75 249.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 454.75 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 454.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 454.75 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 454.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 454.75 85.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 508.75 m 384.5 508.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 508.75 m 388.5 508.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 508.75 m 473.5 508.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 508.75 m 477.5 508.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 508.75 m 562.5 508.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 484.75 m 384.5 484.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 484.75 m 473.5 484.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 484.75 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 299.5 484.75 m 384.5 484.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 454.75 m 384.5 454.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 454.75 m 473.5 454.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 454.75 m 562.5 454.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 440.75 m 384.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 438.75 m 384.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 440.75 m 473.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 438.75 m 473.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 440.75 m 562.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 438.75 m 562.5 438.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 513.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.10 513.43 Td (Lease Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 489.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.30 489.43 Td (In-Place Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.55 499.43 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.95 489.43 Td (Lease ) Tj ET Q q 0 0 0 rg BT 430.34 489.43 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.55 499.43 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.60 489.43 Td (Lease Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 474.42 Td (Cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.00 474.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 474.42 Td (234,718) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 474.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 474.42 Td (35,144) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 474.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 474.42 Td (50,495) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 459.42 Td (Less: accumulated amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.80 459.47 Td (\(129,796) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 459.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.80 459.47 Td (\(24,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 459.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 459.47 Td (\(21,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 459.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 444.42 Td (Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.00 444.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 444.42 Td (104,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 444.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 444.42 Td (10,274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 444.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 444.42 Td (28,619) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 416.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 416.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.03 416.25 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 50.00 404.25 Td (\(inthousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 342.75 249.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 342.75 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 342.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 342.75 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 342.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 342.75 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 312.75 249.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 312.75 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 312.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 312.75 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 312.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 312.75 85.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 366.75 m 384.5 366.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 366.75 m 388.5 366.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 366.75 m 473.5 366.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 366.75 m 477.5 366.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 366.75 m 562.5 366.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 342.75 m 384.5 342.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 342.75 m 473.5 342.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 342.75 m 562.5 342.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 312.75 m 384.5 312.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 312.75 m 473.5 312.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 312.75 m 562.5 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 298.75 m 384.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 296.75 m 384.5 296.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 298.75 m 473.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 296.75 m 473.5 296.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 298.75 m 562.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 296.75 m 562.5 296.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 371.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.10 371.43 Td (Lease Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 347.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.30 347.43 Td (In-Place Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.55 357.43 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.95 347.43 Td (Lease ) Tj ET Q q 0 0 0 rg BT 430.34 347.43 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.55 357.43 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.60 347.43 Td (Lease Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 332.42 Td (Cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.00 332.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 332.42 Td (238,176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 332.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 332.42 Td (35,158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 332.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 332.42 Td (50,798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 317.42 Td (Less: accumulated amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.80 317.47 Td (\(124,891) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 317.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.80 317.47 Td (\(24,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 317.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 317.47 Td (\(21,099) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 317.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 302.42 Td (Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.00 302.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 302.42 Td (113,285) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 302.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 302.42 Td (10,980) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 302.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 302.42 Td (29,699) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 274.25 Td (Amortization expense of in-place leases was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.49 274.25 Td ($8.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.38 274.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.82 274.25 Td ($1) Tj ET Q q 0 0 0 rg BT 329.45 274.25 Td (1.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.34 274.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.72 274.25 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.03 274.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.53 274.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.13 274.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 262.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.94 262.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 139.60 262.25 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 441.69 262.25 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.59 262.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.02 262.25 Td ($0.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.92 262.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 250.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 226.25 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 50.00 214.25 Td (period from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.43 214.25 Td (April 1, 2016 through December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.73 214.25 Td ( and for each of the years ending December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.59 214.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.59 214.25 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.70 214.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.70 214.25 Td ( is as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 155.75 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 155.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 155.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 155.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 125.75 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 125.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 125.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 125.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 95.75 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 95.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 95.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 95.75 89.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 155.75 m 469.5 155.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 155.75 m 562.5 155.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 160.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.30 160.43 Td (In-Place Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.55 170.43 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.30 160.43 Td (Leases, Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 145.42 Td (April 1, 2016 through December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.00 145.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 145.42 Td (21,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.00 145.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 145.47 Td (\(697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 145.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 130.42 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 130.42 Td (22,889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 130.47 Td (\(307) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 130.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 115.42 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 115.42 Td (17,815) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 115.47 Td (\(892) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 115.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 100.42 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 100.42 Td (10,558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 100.47 Td (\(1,504) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 100.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 85.42 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 85.42 Td (7,898) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 85.47 Td (\(1,087) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 85.42 Td (\)) 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 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 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, 2016) 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, 2016 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (through December 31, 2016) 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 ending December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.61 694.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.61 694.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.72 694.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.72 694.10 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, 2016 through December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 625.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 625.27 Td (119,794) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 610.27 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 610.27 Td (152,031) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 595.27 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 595.27 Td (135,708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 580.27 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 580.27 Td (119,537) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 565.27 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 565.27 Td (105,664) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 550.27 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 550.27 Td (506,161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 535.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 535.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 535.27 Td (1,138,895) 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, 2016) 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 (2015) 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 (The Company did not make any property acquisitions during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.56 447.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.54 447.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.37 447.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.97 447.10 Td (. For the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 435.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 435.10 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 400.78 435.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.78 435.10 Td ( real estate operating properties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 423.10 Td (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 318.00 423.10 Td ($292.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.89 423.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 399.10 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 49.50 387.10 Td (price of each property acquired in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.21 387.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.21 387.10 Td ( as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 296.60 120.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 168.75 296.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.75 296.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.75 296.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.75 296.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.75 296.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.75 296.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.75 296.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.75 296.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.75 296.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.75 296.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.75 296.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.75 296.60 62.00 -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 48.75 310.6 m 168.75 310.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 172.75 310.6 m 232.75 310.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 236.75 310.6 m 308.75 310.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 312.75 310.6 m 362.75 310.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 366.75 310.6 m 426.75 310.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 430.75 310.6 m 495.75 310.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 499.75 310.6 m 561.75 310.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 48.75 296.6 m 168.75 296.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.40 315.28 Td (Property Name) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 325.28 Td (Acquisition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.25 315.28 Td (Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.55 325.28 Td (Building and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.20 315.28 Td (Improvements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.85 315.28 Td (Land) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.75 335.28 Td (In-place) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.00 325.28 Td (Lease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.35 315.28 Td (Intangibles) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.90 355.28 Td (Out-of-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.60 345.28 Td (Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 335.28 Td (Lease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.60 325.28 Td (Intangibles,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.25 315.28 Td (Net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.30 335.28 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.60 325.28 Td (Purchase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.10 315.28 Td (Price) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.25 301.28 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 286.27 Td (Civica Office Commons) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.65 286.27 Td (02/11/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.25 286.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.40 286.27 Td (141,037) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.25 286.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.40 286.27 Td (41,240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.25 286.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.40 286.27 Td (26,190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.25 286.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.05 286.32 Td (\(2,960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.90 286.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.25 286.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.40 286.27 Td (205,507) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 271.27 Td (2851 Junction Avenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.45 271.27 Td (05/14/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.25 271.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.40 271.27 Td (50,024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.25 271.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.40 271.27 Td (24,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.25 271.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.40 271.27 Td (16,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.25 271.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.05 271.32 Td (\(3,680) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.90 271.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.25 271.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.40 271.27 Td (86,864) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 231.10 Td (The weighted average amortization periods 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 525.68 231.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.68 231.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 219.10 Td (acquisitions, as of the date of the acquisition, were as follows \(in years\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 170.60 146.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.25 170.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.25 170.60 118.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.25 170.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.25 170.60 118.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.25 170.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.25 170.60 118.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 199.25 184.60000000000002 m 317.25 184.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 317.25 184.60000000000002 m 321.25 184.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 321.25 184.60000000000002 m 439.25 184.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 439.25 184.60000000000002 m 443.25 184.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 443.25 184.60000000000002 m 561.25 184.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.25 170.60000000000002 m 195.25 170.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.55 189.28 Td (In-Place Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.90 199.28 Td (Above-Market Lease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.40 189.28 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.45 199.28 Td (Below-Market Lease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.35 189.28 Td (Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.75 175.28 Td (2015 Acquisitions:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 160.27 Td (Civica Office Commons) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.50 160.27 Td (3.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.50 160.27 Td (4.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 160.27 Td (3.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 145.27 Td (2851 Junction Avenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 145.27 Td (14.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.75 145.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 145.27 Td (14.4) 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 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 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 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 517.93 742.10 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.42 730.10 Td (, which are included in the Company) Tj ET Q q 0 0 0 rg BT 321.66 730.10 Td (s condensed consolidated statements of operations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (comprehensive income \(loss\) for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.06 718.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.05 718.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.88 718.10 Td (March31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.47 718.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 679.60 281.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.25 679.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.25 679.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.25 679.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.25 679.60 140.00 -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 49.25 679.6 m 330.25 679.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 421.25 679.6 m 561.25 679.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 421.25 679.6 m 561.25 679.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.50 698.28 Td (For the Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.75 684.28 Td (2015 Acquisition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 684.28 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 669.27 Td (Civica Office Commons) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.75 669.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.75 669.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 669.27 Td (2,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.75 654.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.75 654.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.05 654.32 Td (\(85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.40 654.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 626.10 Td (The following unaudited consolidated information is presented to give ef) Tj ET Q q 0 0 0 rg BT 359.19 626.10 Td (fect to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.67 626.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.67 626.10 Td ( acquisition through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.16 626.10 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 614.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 614.10 Td ( as if the acquisition occurred on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.51 614.10 Td (January1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.11 614.10 Td (. ) Tj ET Q q 0 0 0 rg BT 270.93 614.10 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 49.50 602.10 Td (representative of the Company) Tj ET Q q 0 0 0 rg BT 175.29 602.10 Td (s future activity) Tj ET Q q 0 0 0 rg BT 237.40 602.10 Td (, primarily acquisition fees and expenses of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.46 602.10 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.35 602.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.73 602.10 Td (three months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 590.10 Td (ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.48 590.10 Td (. ) Tj ET Q q 0 0 0 rg BT 144.29 590.10 Td (The information below is not necessarily indicative of what the actual results of operations would have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (been had the Company completed these transactions on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.88 578.10 Td (January1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.48 578.10 Td (, nor does it purport to represent the Company) Tj ET Q q 0 0 0 rg BT 524.94 578.10 Td (s future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 566.10 Td (operations \(amounts in thousands, except per share amounts\): ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 503.60 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.25 503.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.25 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.25 503.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 473.60 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.25 473.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.25 473.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.25 473.60 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 407.25 503.6 m 482.25 503.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.25 503.6 m 561.25 503.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 407.25 503.6 m 482.25 503.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.50 546.28 Td (For) Tj ET Q q 0 0 0 rg BT 436.87 546.28 Td ( the ) Tj ET Q q 0 0 0 rg BT 455.02 546.28 Td (Thr) Tj ET Q q 0 0 0 rg BT 471.50 546.28 Td (ee Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.90 532.28 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.85 518.28 Td (Pro Forma) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.25 508.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.85 518.28 Td (Pro Forma) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.25 508.28 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 493.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.75 493.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.90 493.27 Td (58,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.75 493.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.90 493.27 Td (64,733) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 478.27 Td (Net income \(loss\) from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.75 478.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.90 478.27 Td (47,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.75 478.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.90 478.27 Td (41,959) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 463.27 Td (Basic and diluted income \(loss\) from continuing operations per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.75 463.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.90 463.27 Td (0.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.75 463.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.90 463.27 Td (0.18) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 435.10 Td (5. Investments in Unconsolidated Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 423.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 411.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 411.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.04 411.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.48 411.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.06 411.10 Td (, the Company owned indirect investments in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.92 411.10 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.92 411.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.36 411.10 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.36 411.10 Td ( properties, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 399.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 399.10 Td (, through its interest in the Core Fund. ) Tj ET Q q 0 0 0 rg BT 252.47 399.10 Td (The Company has determined that the Core Fund is considered to be a ) Tj ET Q q 0 0 0 rg BT 536.38 399.10 Td (VIE. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 387.10 Td (See Note 1 Or) Tj ET Q q 0 0 0 rg BT 119.25 387.10 Td (ganization Unconsolidated ) Tj ET Q q 0 0 0 rg BT 240.98 387.10 Td (VIEs for additional information. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 363.10 Td ( ) Tj ET Q q 0 0 0 rg BT 70.32 363.10 Td (The table below presents the activity of the Company) Tj ET Q q 0 0 0 rg BT 286.93 363.10 Td (s unconsolidated entities as of and for the periods presented \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 351.10 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 310.60 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 310.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 310.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 310.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 280.60 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 280.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 280.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 280.60 77.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 310.6 m 481.5 310.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 310.6 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 404.5 310.6 m 481.5 310.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 310.6 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 404.5 265.6 m 481.5 265.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 265.6 m 562.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 251.60000000000002 m 481.5 251.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 249.60000000000002 m 481.5 249.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 251.60000000000002 m 562.5 251.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 249.60000000000002 m 562.5 249.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 330.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.40 330.28 Td (Three Months Ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 315.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.50 315.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.50 315.28 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 300.27 Td (Beginning balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 300.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 300.27 Td (100,455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 300.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 300.27 Td (187,668) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 285.27 Td (Distributions declared) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.80 285.32 Td (\(19,553) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 285.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 285.32 Td (\(56,788) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 285.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 270.27 Td (Equity in earnings \(losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 270.27 Td (16,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 270.27 Td (33,199) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 255.27 Td (Ending balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 255.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 255.27 Td (97,249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 255.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 255.27 Td (164,079) 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 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 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 50.50 674.60 322.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 674.60 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 674.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 674.60 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 644.60 322.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 644.60 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 644.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 644.60 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 614.60 322.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 614.60 93.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 614.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 614.60 93.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 586.60 322.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 586.60 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 586.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 586.60 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 556.60 322.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 556.60 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 556.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 556.60 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 526.60 322.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 526.60 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 526.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 526.60 93.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 689.6 m 465.5 689.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 689.6 m 562.5 689.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 629.6 m 465.5 629.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 629.6 m 562.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 615.6 m 465.5 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 613.6 m 465.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 615.6 m 562.5 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 613.6 m 562.5 613.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 526.6 m 465.5 526.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 526.6 m 562.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 512.6 m 465.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 510.6 m 465.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 512.6 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 469.5 510.6 m 562.5 510.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.20 722.28 Td (Condensed Consolidated Balance Sheets for the Core Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 694.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.40 694.28 Td (March 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.15 694.28 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.35 679.28 Td (ASSETS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 679.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 679.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 664.27 Td (Cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 664.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 664.27 Td (111,329) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 664.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 664.27 Td (45,471) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 649.27 Td (Investment property, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 649.27 Td (736,886) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 649.27 Td (905,229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 634.27 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 634.27 Td (186,683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 634.27 Td (214,238) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 619.27 Td (Total Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 619.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 619.27 Td (1,034,898) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 619.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 619.27 Td (1,164,938) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.55 591.28 Td (LIABILITIES AND EQUITY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.00 591.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 591.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 576.27 Td (Debt, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 576.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 576.27 Td (520,307) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 576.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 576.27 Td (636,239) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 561.27 Td (Other liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.15 561.27 Td (71,123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 561.27 Td (73,401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 546.27 Td (Redeemable noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 546.27 Td (122,255) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 546.27 Td (124,413) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 531.27 Td (Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 531.27 Td (321,213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 531.27 Td (330,885) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 516.27 Td (Total Liabilities and Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 516.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 516.27 Td (1,034,898) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 516.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 516.27 Td (1,164,938) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 488.10 Td (The Core Fund sold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.22 488.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.22 488.10 Td ( properties during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.53 488.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.84 488.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.34 488.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.94 488.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.38 488.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.81 488.10 Td ( property during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.02 488.10 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 476.10 Td (months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.83 476.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.33 476.10 Td (March31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.92 476.10 Td (, which is reflected in the table below \(in thousands\). ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 382.60 350.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 382.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 382.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 382.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 382.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 352.60 350.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 352.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 352.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 352.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 352.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 322.60 350.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 322.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 322.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 322.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 322.60 77.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 397.6 m 481.5 397.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 397.6 m 562.5 397.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 337.6 m 481.5 337.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 337.6 m 562.5 337.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 307.6 m 481.5 307.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 307.6 m 562.5 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 293.6 m 481.5 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 291.6 m 481.5 291.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 293.6 m 562.5 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 291.6 m 562.5 291.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.80 444.28 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 414.40 417.28 Td (Three Months Ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 402.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.50 402.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.50 402.28 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 387.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 372.27 Td (Total revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 372.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 372.27 Td (23,352) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 372.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 372.27 Td (46,501) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 357.27 Td (Total expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 357.27 Td (28,819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 357.27 Td (50,091) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 342.27 Td (Gain \(loss\) on sale of real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 342.27 Td (73,585) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 342.27 Td (139,872) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 327.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 327.27 Td (68,118) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 327.27 Td (136,282) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 312.27 Td (Less \(income\) loss allocated to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 312.32 Td (\(9,891) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 312.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 312.32 Td (\(20,150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 312.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 297.27 Td (Net income \(loss\) attributable to parent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 297.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 297.27 Td (58,227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 297.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 297.27 Td (116,132) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 269.10 Td (The following discusses items of significance for the periods presented for the Company) Tj ET Q q 0 0 0 rg BT 425.13 269.10 Td (s equity method investments:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 245.10 Td (In January 2016, the Core Fund sold ) Tj ET Q q 0 0 0 rg BT 216.13 245.10 Td (The Carillon Building for a contract sales price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.01 245.10 Td ($147.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.91 245.10 Td (. ) Tj ET Q q 0 0 0 rg BT 481.73 245.10 Td (The Carillon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.10 Td (Building was acquired in July 2007 for a contract purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.58 233.10 Td ($140.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.47 233.10 Td (. ) Tj ET Q q 0 0 0 rg BT 384.92 233.10 Td (As a result of the sale of ) Tj ET Q q 0 0 0 rg BT 484.43 233.10 Td (The Carillon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 221.10 Td (Building, the Core Fund recorded a gain on sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.23 221.10 Td ($58.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.12 221.10 Td (. ) Tj ET Q q 0 0 0 rg BT 313.57 221.10 Td (As a result of the sale, the Company recognized a gain on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.10 Td (sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.88 209.10 Td ($14.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.77 209.10 Td (, which is included in equity in earnings \(losses\) of unconsolidated entities, net, in the consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 197.10 Td (statements of operations and comprehensive income \(loss\) for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.20 197.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.51 197.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.01 197.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.61 197.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 173.10 Td (In March 2016, the Core Fund sold 525 B Street for a contract sales price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.87 173.10 Td ($122.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.76 173.10 Td (. 525 B Street was acquired in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.10 Td (August 2005 for a contract purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.04 161.10 Td ($1) Tj ET Q q 0 0 0 rg BT 240.67 161.10 Td (16.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.57 161.10 Td (. ) Tj ET Q q 0 0 0 rg BT 294.01 161.10 Td (As a result of the sale of 525 B Street, the Core Fund recorded a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.10 Td (gain on sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.09 149.10 Td ($14.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.99 149.10 Td (. ) Tj ET Q q 0 0 0 rg BT 169.43 149.10 Td (As a result of the sale, the Company recognized a gain on sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.29 149.10 Td ($3.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.19 149.10 Td (, which is included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.10 Td (in equity in earnings \(losses\) of unconsolidated entities, net, in the consolidated statements of operations and comprehensive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.10 Td (income \(loss\) for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.53 125.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.84 125.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.34 125.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.94 125.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 101.10 Td (In January 2015, a subsidiary of the Core Fund sold its remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.68 101.10 Td (51%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.01 101.10 Td ( interest in the entity that owns One North ) Tj ET Q q 0 0 0 rg BT 521.63 101.10 Td (W) Tj ET Q q 0 0 0 rg BT 530.27 101.10 Td (acker ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.16 89.10 Td ($240.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.05 89.10 Td (. ) Tj ET Q q 0 0 0 rg BT 127.87 89.10 Td (The Core Fund previously sold a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.74 89.10 Td (49%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.07 89.10 Td ( noncontrolling interest in One North ) Tj ET Q q 0 0 0 rg BT 430.98 89.10 Td (W) Tj ET Q q 0 0 0 rg BT 439.61 89.10 Td (acker in December 201) Tj ET Q q 0 0 0 rg BT 532.25 89.10 Td (1. One ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.10 Td (North ) Tj ET Q q 0 0 0 rg BT 75.65 77.10 Td (W) Tj ET Q q 0 0 0 rg BT 84.29 77.10 Td (acker was acquired in March 2008 for a contract purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.94 77.10 Td ($540.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.83 77.10 Td (. ) Tj ET Q q 0 0 0 rg BT 415.28 77.10 Td (As a result of the sale of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.69 77.10 Td (51%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.02 77.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.10 Td (interest in One North ) Tj ET Q q 0 0 0 rg BT 137.02 65.10 Td (W) Tj ET Q q 0 0 0 rg BT 145.66 65.10 Td (acker) Tj ET Q q 0 0 0 rg BT 166.90 65.10 Td (, the Core Fund recorded a gain on sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.13 65.10 Td ($139.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.02 65.10 Td (. ) Tj ET Q q 0 0 0 rg BT 402.97 65.10 Td (As a result of the sale, the Company ) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (recognized a gain of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.85 742.10 Td ($34.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.74 742.10 Td (, which is included in equity in earnings \(losses\) of unconsolidated entities, net, in the ) 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 months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.36 730.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (6.Debt Financing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 682.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.04 682.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.48 682.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.06 682.10 Td (, the Company had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.11 682.10 Td ($837.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 682.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.44 682.10 Td ($853.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.33 682.10 Td ( of debt outstanding, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 670.10 Td (, with a weighted average years to maturity of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.71 670.10 Td (1.1 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.80 670.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.24 670.10 Td (1.1 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.34 670.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 428.00 670.10 Td (, and a weighted average interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.32 658.10 Td (3.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.15 658.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.58 658.10 Td (3.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.41 658.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 192.08 658.10 Td (. ) Tj ET Q q 0 0 0 rg BT 196.89 658.10 Td (The following table includes all of the Company) Tj ET Q q 0 0 0 rg BT 393.79 658.10 Td (s outstanding notes payable balances as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 646.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.43 646.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.87 646.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.45 646.10 Td ( \(in thousands, except interest rates\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 564.60 177.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 564.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 564.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 564.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 564.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 564.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 564.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 564.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 564.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 564.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 564.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 534.60 177.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 534.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 534.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 534.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 534.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 534.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 534.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 534.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 534.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 534.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 534.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 504.60 177.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 504.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 504.60 57.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 504.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 504.60 58.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 504.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 504.60 64.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 504.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 504.60 68.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 504.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 504.60 68.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 455.60 177.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 455.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 455.60 57.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 455.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 455.60 58.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 455.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 455.60 64.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 455.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 455.60 68.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 455.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 455.60 68.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 405.60 177.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 405.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 405.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 405.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 405.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 405.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 405.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 405.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 405.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 405.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 405.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 365.60 177.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 365.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 365.60 57.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 365.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 365.60 58.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 365.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 365.60 64.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 365.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 365.60 68.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 365.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 365.60 68.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 325.60 177.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 325.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 325.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 325.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 325.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 325.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 325.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 325.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 325.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 325.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 325.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 295.60 177.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 295.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 295.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 295.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 295.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 295.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 295.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 295.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 295.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 295.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 295.60 68.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 579.6 m 227.5 579.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 579.6 m 288.5 579.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 579.6 m 350.5 579.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 579.6 m 418.5 579.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 579.6 m 490.5 579.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 579.6 m 562.5 579.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 340.6 m 490.5 340.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 340.6 m 562.5 340.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 295.6 m 490.5 295.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 295.6 m 562.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 281.6 m 490.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 279.6 m 490.5 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 281.6 m 562.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 279.6 m 562.5 279.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 584.28 Td (Description) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.05 594.28 Td (Maturity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.50 584.28 Td (Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.40 604.28 Td (Interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 594.28 Td (Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.25 584.28 Td (Description) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.15 604.28 Td (Interest Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.50 594.28 Td (as of March) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.50 584.28 Td (31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 584.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.25 614.28 Td (Principal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.30 604.28 Td (Outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.70 594.28 Td (at March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.00 584.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.25 614.28 Td (Principal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.30 604.28 Td (Outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.00 594.28 Td (at December) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.50 584.28 Td (31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 569.28 Td (SECURED MORTGAGE DEBT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.00 569.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.00 569.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 569.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 569.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 569.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 554.27 Td (1515S.Street ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 111.89 558.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.70 554.27 Td (9/1/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.60 554.27 Td (Fixed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 554.27 Td (4.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 554.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 554.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 554.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 554.27 Td (36,340) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 554.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 554.27 Td (36,618) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 539.27 Td (345 Inverness Drive) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.90 539.27 Td (12/11/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.60 539.27 Td (Fixed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 539.27 Td (5.85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 539.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 539.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 539.27 Td (14,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 539.27 Td (14,224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 524.27 Td (JPMor) Tj ET Q q 0 0 0 rg BT 79.49 524.27 Td (gan Chase ) Tj ET Q q 0 0 0 rg BT 123.19 524.27 Td (T) Tj ET Q q 0 0 0 rg BT 128.60 524.27 Td (ower ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 151.09 528.80 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.70 524.27 Td (2/1/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.30 524.27 Td (Variable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 524.27 Td (2.94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 524.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 524.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 524.27 Td (49,137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 524.27 Td (149,542) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 509.27 Td (Thompson Bridge Commons) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.70 509.27 Td (3/1/2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.60 509.27 Td (Fixed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 509.27 Td (6.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 509.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 509.27 Td (4,890) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 509.27 Td (4,959) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 495.28 Td (DEUTSCHE BANK POOLED ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 485.28 Td (MOR) Tj ET Q q 0 0 0 rg BT 77.09 485.28 Td (TGAGE F) Tj ET Q q 0 0 0 rg BT 121.07 485.28 Td (ACILITY) Tj ET Q q 0 0 0 rg BT 163.49 485.28 Td ( ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 165.99 489.81 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.50 485.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.00 485.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 485.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 485.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 485.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 471.17 Td (321 North Clark, 1900 and 2000 Alameda) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.70 471.17 Td (8/1/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.25 471.17 Td (Fixed via) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.70 461.17 Td (swap) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 471.17 Td (5.86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 471.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 471.17 Td (169,697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 471.17 Td (169,697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 446.17 Td (3400 Data Drive, 2100 Powell) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.20 446.17 Td (1/23/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.25 446.17 Td (Fixed via) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.70 436.17 Td (swap) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 446.17 Td (5.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 446.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 446.17 Td (98,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 446.17 Td (98,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 421.17 Td (Daytona and Laguna Buildings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.70 421.17 Td (5/2/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.25 421.17 Td (Fixed via) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.70 411.17 Td (swap) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 421.17 Td (5.36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 421.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 421.17 Td (119,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 421.17 Td (119,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 395.28 Td (OTHER NOTES PAYABLE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.50 395.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.00 395.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 395.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 395.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 380.27 Td (JPMor) Tj ET Q q 0 0 0 rg BT 79.49 380.27 Td (gan Chase Revolving Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 370.27 Td (Facility - Revolving Loan ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 159.09 374.80 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.70 381.17 Td (4/1/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.30 381.17 Td (Variable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 381.17 Td (2.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 381.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 381.17 Td (146,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 381.17 Td (61,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 355.27 Td (JPMorgan Chase Revolving Credit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 345.27 Td (Facility - Term Loan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.70 356.17 Td (4/1/2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.30 356.17 Td (Variable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 356.17 Td (1.94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 356.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 356.17 Td (200,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 356.17 Td (200,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 330.28 Td (TOTAL PRINCIPAL OUTSTANDING) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.00 330.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.00 330.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 330.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 330.27 Td (837,624) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 330.27 Td (853,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 315.27 Td (Unamortized Premium/ \(Discount\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 192.41 319.80 Td ( \(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.00 315.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.00 315.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 315.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 315.27 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 315.32 Td (\(6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 315.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 300.27 Td (Unamortized Deferred Financing Fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.80 300.32 Td (\(1,066) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 300.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 300.32 Td (\(1,189) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 300.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 285.28 Td (NOTES PAYABLE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.00 285.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.00 285.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 285.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 285.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 285.27 Td (836,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 285.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 285.27 Td (852,245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.00 281.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 257.10 Td (In ) Tj ET Q q 0 0 0 rg BT 96.28 257.10 Td (April 2016, the Company sold 1515 S. Street and paid of) Tj ET Q q 0 0 0 rg BT 323.85 257.10 Td (f the 1515 S. Street secured mortgage loan with proceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 245.10 Td (from the sale.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 221.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 221.10 Td (In January 2016, the Company made a payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.39 221.10 Td ($100.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.28 221.10 Td ( to pay down the JPMor) Tj ET Q q 0 0 0 rg BT 444.93 221.10 Td (gan Chase ) Tj ET Q q 0 0 0 rg BT 488.63 221.10 Td (T) Tj ET Q q 0 0 0 rg BT 494.04 221.10 Td (ower secured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 209.10 Td (mortgage debt. ) Tj ET Q q 0 0 0 rg BT 150.43 209.10 Td (Also, in January 2016, the maturity date of the remaining loan balance was extended for an additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 197.10 Td (year to February 1, 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 173.10 Td (In December 2015, HSH Nordbank sold its interest in the HSH Credit Facility and its related swap agreements to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 161.10 Td (Deutsche Bank ) Tj ET Q q 0 0 0 rg BT 148.76 161.10 Td (AG, New ) Tj ET Q q 0 0 0 rg BT 189.22 161.10 Td (Y) Tj ET Q q 0 0 0 rg BT 195.44 161.10 Td (ork Branch \(Deutsche Bank\). No other terms or conditions of the credit facility were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 149.10 Td (changed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.10 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 125.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.55 125.10 Td (three months ended March 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.96 125.10 Td (, the Company borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.88 125.10 Td ($104.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.77 125.10 Td ( and made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.02 125.10 Td ($19.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 113.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.89 113.10 Td ( under the JPMor) Tj ET Q q 0 0 0 rg BT 183.87 113.10 Td (gan Chase Revolving Credit Facility \(the Revolving Loan Commitment\). ) Tj ET Q q 0 0 0 rg BT 487.52 113.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 101.10 Td (used proceeds from the sale of 1515 S. Street in ) Tj ET Q q 0 0 0 rg BT 279.01 101.10 Td (April 2016 to pay down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.06 101.10 Td ($25.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.95 101.10 Td ( of the Revolving Loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 89.10 Td (Commitment. ) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream 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 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 50.00 742.10 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 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 86.00 730.10 Td (fair value as of the date of acquisition. ) Tj ET Q q 0 0 0 rg BT 241.60 730.10 Td (The dif) Tj ET Q q 0 0 0 rg BT 270.57 730.10 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 86.00 718.10 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 68.00 694.10 Td (Bridge Cr) Tj ET Q q 0 0 0 rg BT 107.91 694.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 125.22 694.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 139.85 694.10 Td (eement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td (In February 2015, the Operating Partnership entered into a Bridge Credit ) Tj ET Q q 0 0 0 rg BT 361.26 670.10 Td (Agreement \(the Bridge Credit ) Tj ET Q q 0 0 0 rg BT 487.33 670.10 Td (Agreement\) with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (JPMor) Tj ET Q q 0 0 0 rg BT 76.49 658.10 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 265.61 658.10 Td ($30.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.50 658.10 Td ( secured term loan facility \(the Bridge Facility\) to provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (temporary financing related to the Company) Tj ET Q q 0 0 0 rg BT 230.22 646.10 Td (s acquisition of Civica Of) Tj ET Q q 0 0 0 rg BT 332.80 646.10 Td (fice Commons in February 2015. ) Tj ET Q q 0 0 0 rg BT 467.60 646.10 Td (The Company repaid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (all amounts outstanding under this facility in July 2015. No additional credit was available under this facility after that date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (The following table summarizes required principal payments on the Company) Tj ET Q q 0 0 0 rg BT 383.20 610.10 Td (s outstanding notes payable for the period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.39 598.10 Td (April 1, 2016 through December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.69 598.10 Td (, for each of the years ending December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.11 598.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.11 598.10 Td ( through December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 598.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.80 598.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (and for the period thereafter \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 536.60 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 144.50 536.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 536.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 536.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 536.60 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 536.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 536.60 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 536.60 61.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 144.5 560.6 m 244.5 560.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 560.6 m 259.5 560.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 560.6 m 316.5 560.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 560.6 m 320.5 560.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 560.6 m 376.5 560.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 560.6 m 380.5 560.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 560.6 m 437.5 560.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 560.6 m 441.5 560.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 560.6 m 497.5 560.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 560.6 m 501.5 560.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 560.6 m 562.5 560.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 144.5 560.6 m 244.5 560.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 144.5 536.6 m 244.5 536.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 536.6 m 316.5 536.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 536.6 m 376.5 536.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 536.6 m 437.5 536.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 536.6 m 497.5 536.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 536.6 m 562.5 536.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 565.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.20 565.28 Td (Principal Payments due by Period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 541.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.95 551.28 Td (April 1, 2016 through) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.65 541.28 Td (December 31, 2016) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 247.00 546.44 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.50 541.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.00 541.28 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.50 541.28 Td (2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.00 541.28 Td (2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.60 541.28 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 526.27 Td (Notes payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.00 526.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.15 526.27 Td (221,320) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 526.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.15 526.27 Td (411,927) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.00 526.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 526.27 Td (204,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.00 526.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 526.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 526.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 526.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 526.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 526.27 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 498.10 Td (In ) Tj ET Q q 0 0 0 rg BT 96.28 498.10 Td (April 2016, the Company sold 1515 S. Street and paid of) Tj ET Q q 0 0 0 rg BT 323.85 498.10 Td (f the 1515 S. Street secured mortgage loan with proceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 486.10 Td (from the sale.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 462.10 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 441.50 462.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.09 462.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 438.10 Td (7.Derivative Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 414.10 Td (The Company has several interest rate swap transactions with Deutsche Bank, who purchased the interest in the swaps ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 402.10 Td (from HSH Nordbank in December 2015. ) Tj ET Q q 0 0 0 rg BT 215.62 402.10 Td (These swap transactions were entered into as economic hedges against the variability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 390.10 Td (of future interest rates on the Company) Tj ET Q q 0 0 0 rg BT 209.40 390.10 Td (s variable interest rate borrowings under the Deutsche Bank Credit Facility) Tj ET Q q 0 0 0 rg BT 508.66 390.10 Td (. ) Tj ET Q q 0 0 0 rg BT 513.48 390.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.10 Td (Company has not designated any of its derivative instruments as hedging instruments for accounting purposes. ) Tj ET Q q 0 0 0 rg BT 494.74 378.10 Td (The interest rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.10 Td (swaps have been recorded at their estimated fair value in the accompanying condensed consolidated balance sheets and changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.10 Td (in the fair value were recorded in gain \(loss\) on derivative instruments, net in the Company) Tj ET Q q 0 0 0 rg BT 417.67 354.10 Td (s condensed consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.10 Td (statements of operations. See Note 13 Fair ) Tj ET Q q 0 0 0 rg BT 237.00 342.10 Td (V) Tj ET Q q 0 0 0 rg BT 243.12 342.10 Td (alue Disclosures for additional information.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 318.10 Td (The tables below provide additional information regarding each of the Company) Tj ET Q q 0 0 0 rg BT 392.90 318.10 Td (s outstanding interest rate swaps \(all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (amounts are in thousands except for interest rates\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 271.60 98.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 271.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 271.60 98.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 271.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 271.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 271.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 271.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 271.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 271.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 241.60 98.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 241.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 241.60 98.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 241.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 241.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 241.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 241.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 241.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 241.60 100.00 -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 50.5 271.6 m 148.5 271.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 152.5 271.6 m 250.5 271.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 271.6 m 354.5 271.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 271.6 m 458.5 271.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 271.6 m 562.5 271.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.85 276.28 Td (Effective Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.65 276.28 Td (Expiration Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.15 276.28 Td (Notional Amount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.15 286.28 Td (Interest Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.80 276.28 Td (Received) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.20 276.28 Td (Interest Rate Paid) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 261.27 Td (August 1, 2006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.30 261.27 Td (August 1, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.00 261.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 261.27 Td (169,697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.00 261.27 Td (LIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 261.27 Td (5.4575) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 261.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 246.27 Td (January 12, 2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.70 246.27 Td (January 12, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.00 246.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 246.27 Td (98,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.00 246.27 Td (LIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 246.27 Td (4.8505) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 246.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 231.27 Td (May 1, 2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.55 231.27 Td (May 1, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.00 231.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 231.27 Td (119,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.00 231.27 Td (LIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 231.27 Td (4.9550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 231.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 203.10 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 539.08 203.10 Td (fset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.10 Td (on its consolidated condensed balance sheets the fair value amounts recorded for derivative instruments. ) Tj ET Q q 0 0 0 rg BT 471.90 191.10 Td (The table below ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.10 Td (presents the fair value of the Company) Tj ET Q q 0 0 0 rg BT 207.73 179.10 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 50.00 167.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 167.10 Td (s condensed consolidated balance sheets, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.94 167.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.54 167.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.97 167.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.56 167.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 105.60 338.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 105.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 105.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 105.60 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 473.5 129.60000000000002 m 477.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 129.60000000000002 m 562.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 129.60000000000002 m 473.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 105.60000000000002 m 473.5 105.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 105.60000000000002 m 562.5 105.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 90.60000000000002 m 473.5 90.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 105.60000000000002 m 562.5 105.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 90.60000000000002 m 562.5 90.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 90.60000000000002 m 473.5 90.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 76.60000000000002 m 473.5 76.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 74.60000000000002 m 473.5 74.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 90.60000000000002 m 562.5 90.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 76.60000000000002 m 562.5 76.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 74.60000000000002 m 562.5 74.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 134.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.70 134.28 Td (Liability Derivatives Fair Value) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 53.00 110.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.25 110.28 Td (Derivatives not designated as hedging instruments for) Tj ET Q q 0 0 0 rg BT 282.51 110.28 Td ( accounting purposes:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.40 110.28 Td (March 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.40 120.28 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.50 110.28 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 95.27 Td (Interest rate swap contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 95.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 95.27 Td (13,491) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 95.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 95.27 Td (17,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 80.27 Td (Total derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 80.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 80.27 Td (13,491) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 80.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 80.27 Td (17,448) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td () Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (15) 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, 2016) 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 (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.94 718.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 677.60 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 677.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 677.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 677.60 77.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 677.6 m 481.5 677.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 677.6 m 562.5 677.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 677.6 m 481.5 677.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 662.6 m 481.5 662.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 677.6 m 562.5 677.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 662.6 m 562.5 662.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 662.6 m 481.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 648.6 m 481.5 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 646.6 m 481.5 646.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 662.6 m 562.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 648.6 m 562.5 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 646.6 m 562.5 646.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 697.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.40 697.28 Td (Three Months Ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 682.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.50 682.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.50 682.28 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 667.27 Td (Gain \(loss\) on interest rate swap, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 667.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 667.27 Td (3,957) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 667.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 667.27 Td (3,193) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 652.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 652.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 652.27 Td (3,957) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 652.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 652.27 Td (3,193) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 624.10 Td (8.Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 600.10 Td (W) Tj ET Q q 0 0 0 rg BT 77.04 600.10 Td (ith the authorization of its board of directors, the Company declared distributions for the period from January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.36 600.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.36 600.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.61 588.10 Td (May) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.94 588.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.44 588.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.44 588.10 Td (. ) Tj ET Q q 0 0 0 rg BT 129.26 588.10 Td (These distributions were or will be calculated based on stockholders of record each day during this period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (in an amount equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.15 576.10 Td ($0.00073973) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.65 576.10 Td ( per share, per day and will be paid on the first day of the month following the fiscal quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (to which they relate in cash, or reinvested in stock for those participating in the Company's dividend reinvestment plan. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 540.10 Td (The table below outlines the Company) Tj ET Q q 0 0 0 rg BT 225.47 540.10 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 50.00 528.10 Td (the quarters during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.03 528.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.03 528.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.47 528.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.47 528.10 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 50.00 516.10 Td (to the Company) Tj ET Q q 0 0 0 rg BT 116.66 516.10 Td (s dividend reinvestment plan \(all amounts are in thousands\).) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 442.60 199.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 442.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 442.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 442.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 442.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 442.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 442.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 442.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 442.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 382.60 199.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 382.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 382.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 382.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 382.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 382.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 382.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 382.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 382.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 352.60 199.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 352.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 352.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 352.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 352.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 352.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 352.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 352.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 352.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 322.60 199.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 322.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 322.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 322.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 322.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 322.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 322.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 322.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 322.60 79.00 -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 253.5 481.6 m 323.5 481.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 481.6 m 327.5 481.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 481.6 m 394.5 481.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 481.6 m 398.5 481.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 481.6 m 461.5 481.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 481.6 m 544.5 481.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 457.6 m 249.5 457.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 457.6 m 323.5 457.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 457.6 m 394.5 457.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 457.6 m 461.5 457.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 457.6 m 544.5 457.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 457.6 m 249.5 457.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 442.6 m 249.5 442.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 427.6 m 323.5 427.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 427.6 m 394.5 427.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 427.6 m 461.5 427.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 427.6 m 544.5 427.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 413.6 m 323.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 411.6 m 323.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 413.6 m 394.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 411.6 m 394.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 413.6 m 461.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 411.6 m 461.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 413.6 m 544.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 411.6 m 544.5 411.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 382.6 m 249.5 382.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 382.6 m 249.5 382.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 322.6 m 323.5 322.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 322.6 m 394.5 322.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 322.6 m 461.5 322.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 322.6 m 544.5 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 308.6 m 323.5 308.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 306.6 m 323.5 306.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 308.6 m 394.5 308.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 306.6 m 394.5 306.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 308.6 m 461.5 308.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 306.6 m 461.5 306.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 308.6 m 544.5 308.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 306.6 m 544.5 306.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 486.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.20 486.28 Td (Stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 486.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.35 496.28 Td (Noncontrolling) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.95 486.28 Td (Interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 462.28 Td (Distributions for the Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.15 472.28 Td (Cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.90 462.28 Td (Distributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.40 472.28 Td (Distributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.15 462.28 Td (Reinvested) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.55 472.28 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.40 462.28 Td (Declared) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 462.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.25 462.28 Td (Total Declared) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 447.28 Td (2016 ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 75.50 451.81 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.00 447.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 447.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 447.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 447.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 447.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 432.27 Td (March 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.00 432.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 432.27 Td (9,626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 432.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.15 432.27 Td (5,326) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 432.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 432.27 Td (14,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 432.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 432.27 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 417.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.00 417.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 417.27 Td (9,626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 417.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.15 417.27 Td (5,326) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 417.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 417.27 Td (14,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 417.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 417.27 Td (75) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 387.28 Td (2015 ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 75.50 391.81 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.00 387.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 387.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 387.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 387.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 372.27 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.00 372.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 372.27 Td (9,717) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 372.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.15 372.27 Td (5,426) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 372.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 372.27 Td (15,143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 372.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 372.27 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 357.27 Td (September 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 357.27 Td (9,731) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.15 357.27 Td (5,445) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 357.27 Td (15,176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 357.27 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 342.27 Td (June 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 342.27 Td (9,645) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.15 342.27 Td (5,416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 342.27 Td (15,061) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 342.27 Td (74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 327.27 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 327.27 Td (9,507) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.15 327.27 Td (5,424) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 327.27 Td (14,931) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 327.27 Td (74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 312.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.00 312.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 312.27 Td (38,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 312.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 312.27 Td (21,711) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 312.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 312.27 Td (60,311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 312.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 312.27 Td (299) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 284.10 Td (Except as noted below) Tj ET Q q 0 0 0 rg BT 175.60 284.10 Td (, excluded from this table are distributions declared with respect to the Participation Interest \(as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 272.10 Td (discussed further in Note 9 Related Party ) Tj ET Q q 0 0 0 rg BT 265.22 272.10 Td (T) Tj ET Q q 0 0 0 rg BT 270.98 272.10 Td (ransactions\). ) Tj ET Q q 0 0 0 rg BT 324.12 272.10 Td (The distributions declared with respect to the Participation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 260.10 Td (Interest for the quarters ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.45 260.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.04 260.10 Td (, December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.63 260.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.63 260.10 Td (, September 30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.89 260.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.89 260.10 Td (, June 30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.72 260.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.72 260.10 Td ( and March ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 248.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 248.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.00 248.10 Td ( were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.43 248.10 Td ($1.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.32 248.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.32 248.10 Td ($1.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.21 248.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.21 248.10 Td ($1.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.10 248.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.10 248.10 Td ($1.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 248.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.43 248.10 Td ($1.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.33 248.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 476.99 248.10 Td (.) Tj ET Q endstream endobj 37 0 obj <> endobj 38 0 obj <> stream 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (16) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (9.Related Party T) Tj ET Q q 0 0 0 rg BT 126.56 742.25 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (The table below outlines fees incurred and expense reimbursements payable to Hines, the ) Tj ET Q q 0 0 0 rg BT 427.88 718.25 Td (Advisor and Hines Securities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (Inc. for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.65 706.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.63 706.25 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.46 706.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.05 706.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.49 706.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.49 706.25 Td ( and outstanding as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.76 706.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.36 706.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.79 706.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.38 706.25 Td ( \(all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (amounts are in thousands\).) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 627.75 188.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 627.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 627.75 77.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 627.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 627.75 77.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 627.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 627.75 77.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 627.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 627.75 77.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 563.75 188.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 563.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 563.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 563.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 563.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 563.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 563.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 563.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 563.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 533.75 188.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 533.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 533.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 533.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 533.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 533.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 533.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 533.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 533.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 503.75 188.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 503.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 503.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 503.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 503.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 503.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 503.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 503.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 503.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 473.75 188.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 473.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 473.75 77.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 473.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 473.75 77.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 473.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 473.75 77.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 473.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 473.75 77.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 413.75 188.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 413.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 413.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 413.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 413.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 413.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 413.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 413.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 413.75 77.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 656.75 m 319.5 656.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 656.75 m 323.5 656.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 656.75 m 400.5 656.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 656.75 m 481.5 656.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 656.75 m 485.5 656.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 656.75 m 562.5 656.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 656.75 m 481.5 656.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 627.75 m 238.5 627.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 627.75 m 319.5 627.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 627.75 m 400.5 627.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 627.75 m 481.5 627.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 627.75 m 562.5 627.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 627.75 m 319.5 627.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 627.75 m 400.5 627.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 627.75 m 481.5 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 593.75 m 481.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 591.75 m 481.5 591.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 627.75 m 562.5 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 593.75 m 562.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 591.75 m 562.5 591.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 563.75 m 238.5 563.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 413.75 m 481.5 413.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 413.75 m 562.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 399.75 m 481.5 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 397.75 m 481.5 397.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 399.75 m 562.5 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 397.75 m 562.5 397.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 661.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.90 661.43 Td (Incurred) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.00 661.43 Td (Unpaid as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 646.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.40 646.43 Td (Three Months Ended March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 646.43 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.40 646.43 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 632.43 Td (Type and Recipient) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.50 632.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.50 632.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.50 632.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.50 632.43 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 617.42 Td (Participation Interest in the Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 607.42 Td (Partnership HALP) Tj ET Q q 0 0 0 rg BT 134.29 607.42 Td ( ) Tj ET Q q 0 0 0 rg BT 136.24 607.42 Td (Associates Limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 597.42 Td (Partnership) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 98.55 601.95 Td ( \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 597.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.15 597.42 Td (5,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 597.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.15 597.42 Td (4,840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 597.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 597.42 Td (130,386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 597.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 597.42 Td (126,637) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 568.43 Td (Due to Affiliates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 568.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.00 568.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.00 568.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.00 568.43 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 553.42 Td (Acquisition Fee the ) Tj ET Q q 0 0 0 rg BT 140.77 553.42 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 175.49 557.95 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 553.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 553.42 Td (410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 553.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 553.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 538.42 Td (Asset Management Fee the Advisor) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.15 538.42 Td (3,412) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.15 538.42 Td (3,431) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 538.42 Td (1,135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 538.42 Td (1,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 523.42 Td (Debt Financing Fee the ) Tj ET Q q 0 0 0 rg BT 156.04 523.42 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 190.76 527.95 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 523.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 523.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 523.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 523.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 508.42 Td (Other the Advisor) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.65 508.42 Td (863) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 508.42 Td (788) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 508.42 Td (459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 508.42 Td (633) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 493.42 Td (Property Management Fee Hines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.15 493.42 Td (1,224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.15 493.42 Td (1,311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 493.42 Td (159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 493.42 Td (99) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 478.42 Td (Leasing Fee Hines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.65 478.42 Td (877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.15 478.42 Td (2,157) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 478.42 Td (2,533) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 478.42 Td (2,240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 463.42 Td (Tenant Construction Management Fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 453.42 Td (Hines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 453.42 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 453.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 453.42 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 453.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 438.42 Td (Expense Reimbursements Hines \(with) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 428.42 Td (respect to management and operation of the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 418.42 Td (Companys properties\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.15 418.42 Td (2,898) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.15 418.42 Td (3,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 418.42 Td (276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 418.42 Td (398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 403.42 Td (Due to Affiliates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.00 403.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.00 403.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 403.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 403.42 Td (4,572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 403.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 403.42 Td (4,501) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 375.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 375.25 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 86.00 363.25 Td (accompanying condensed consolidated balance sheets. ) Tj ET Q q 0 0 0 rg BT 309.35 363.25 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 86.00 351.25 Td (estimated NA) Tj ET Q q 0 0 0 rg BT 139.97 351.25 Td (V) Tj ET Q q 0 0 0 rg BT 147.02 351.25 Td ( per share in place as of the date of each balance sheet plus any unpaid distributions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 327.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 327.25 Td (In connection with the acquisition of Civica Of) Tj ET Q q 0 0 0 rg BT 274.38 327.25 Td (fice Commons in February 2015, the Company was obligated to pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 315.25 Td (approximately $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.26 315.25 Td (2.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.15 315.25 Td ( of acquisition fees to the ) Tj ET Q q 0 0 0 rg BT 297.90 315.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 329.73 315.25 Td (, half of which was payable in cash and half of which was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 303.25 Td (payable as an increase to the Participation Interest. ) Tj ET Q q 0 0 0 rg BT 291.01 303.25 Td (The ) Tj ET Q q 0 0 0 rg BT 308.51 303.25 Td (Advisor and HALP) Tj ET Q q 0 0 0 rg BT 385.17 303.25 Td (, the holder of the Participation Interest, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 291.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 133.66 291.25 Td (, agreed to waive $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.46 291.25 Td (0.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.35 291.25 Td ( of the cash acquisition fee and all of the $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.74 291.25 Td (1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.63 291.25 Td ( acquisition fee payable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 279.25 Td (as an increase to the Participation Interest. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 255.25 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 255.25 Td (In connection with the financing pursuant to the Bridge Credit ) Tj ET Q q 0 0 0 rg BT 337.05 255.25 Td (Agreement in February 2015, the ) Tj ET Q q 0 0 0 rg BT 472.02 255.25 Td (Advisor agreed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 243.25 Td (waive the entire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.36 243.25 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.25 243.25 Td ( debt financing fee that otherwise would be payable to the ) Tj ET Q q 0 0 0 rg BT 434.78 243.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 466.45 243.25 Td (. ) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (17) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (10. Changes in ) Tj ET Q q 0 0 0 rg BT 114.09 742.25 Td (Assets and Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (The ef) Tj ET Q q 0 0 0 rg BT 93.63 718.25 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 478.79 718.25 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.10 718.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.60 706.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.04 706.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.04 706.25 Td ( is as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 654.75 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 654.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 654.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 654.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 624.75 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 624.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 624.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 624.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 594.75 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 594.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 594.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 594.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 564.75 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 564.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 564.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 564.75 77.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 654.75 m 481.5 654.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 654.75 m 562.5 654.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 654.75 m 481.5 654.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 654.75 m 562.5 654.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 549.75 m 481.5 549.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 549.75 m 562.5 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 535.75 m 481.5 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 533.75 m 481.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 535.75 m 562.5 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 533.75 m 562.5 533.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.40 674.43 Td (Three Months Ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 659.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.50 659.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.50 659.43 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 644.42 Td (Change in other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 644.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 644.47 Td (\(1,844) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 644.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 644.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 644.47 Td (\(801) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 644.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 629.42 Td (Change in tenant and other receivables, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 629.47 Td (\(2,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 629.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 629.47 Td (\(1,646) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 629.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 614.42 Td (Change in deferred leasing costs, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.80 614.47 Td (\(17,806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 614.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 614.47 Td (\(30,471) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 614.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 599.42 Td (Change in accounts payable and accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 599.47 Td (\(2,881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 599.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 599.42 Td (13,992) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 584.42 Td (Change in participation interest liability) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 584.42 Td (3,749) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 584.42 Td (3,738) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 569.42 Td (Change in other liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 569.47 Td (\(842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 569.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 569.47 Td (\(578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 569.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 554.42 Td (Change in due to affiliates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 554.42 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 554.42 Td (3,391) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 539.42 Td (Changes in assets and liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 539.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.80 539.47 Td (\(22,521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 539.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 539.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 539.47 Td (\(12,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 539.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 511.25 Td (1) Tj ET Q q 0 0 0 rg BT 54.45 511.25 Td (1. Supplemental Cash Flow Disclosures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 487.25 Td (Supplemental cash flow disclosures for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.40 487.25 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.71 487.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.21 487.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.81 487.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.25 487.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.25 487.25 Td ( are as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 420.75 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 420.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 420.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 420.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 390.75 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 390.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 390.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 390.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 360.75 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 360.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 360.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 360.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 330.75 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 330.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 330.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 330.75 77.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 435.75 m 481.5 435.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 435.75 m 562.5 435.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.40 455.43 Td (Three Months Ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 440.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.50 440.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.50 440.43 Td (2015) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 425.43 Td (Supplemental Disclosure of Cash Flow Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 425.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 425.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 410.42 Td (Cash paid for interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 410.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 410.42 Td (8,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 410.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 410.42 Td (6,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 395.42 Td (Cash paid for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 395.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 395.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 395.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 395.42 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 380.43 Td (Supplemental Schedule of Non-Cash Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 380.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 380.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 365.42 Td (Distributions declared and unpaid) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 365.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 365.42 Td (15,026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 365.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 365.42 Td (15,004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 350.42 Td (Distributions receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 350.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 350.42 Td (1,209) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 350.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 350.42 Td (56,788) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 335.42 Td (Distributions reinvested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 335.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 335.42 Td (5,426) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 335.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 335.42 Td (5,573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 320.42 Td (Shares tendered for redemption) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 320.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 320.42 Td (7,439) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 320.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 320.42 Td (7,520) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 305.42 Td (Noncash net assets \(liabilities\) acquired upon acquisition of property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 305.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 305.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 305.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 305.47 Td (\(1,812) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 305.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 277.25 Td (12.Commitments and Contingencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 253.25 Td (The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. ) Tj ET Q q 0 0 0 rg BT 506.32 253.25 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.25 Td (matters are generally covered by insurance. ) Tj ET Q q 0 0 0 rg BT 226.12 241.25 Td (While the resolution of these matters cannot be predicted with certainty) Tj ET Q q 0 0 0 rg BT 511.48 241.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.25 Td (management believes the final outcome of such matters will not have a material adverse ef) Tj ET Q q 0 0 0 rg BT 412.46 229.25 Td (fect on the Company) Tj ET Q q 0 0 0 rg BT 498.82 229.25 Td (s condensed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.25 Td (consolidated financial statements.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 193.25 Td (13.Fair V) Tj ET Q q 0 0 0 rg BT 93.90 193.25 Td (alue Disclosures) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 169.25 Td (Assets and Liabilities Measur) Tj ET Q q 0 0 0 rg BT 184.66 169.25 Td (ed at Fair) Tj ET Q q 0 0 0 rg BT 226.13 169.25 Td ( ) Tj ET Q q 0 0 0 rg BT 228.45 169.25 Td (V) Tj ET Q q 0 0 0 rg BT 234.76 169.25 Td (alue on a Recurring Basis) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 145.25 Td (Derivative Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 121.25 Td (The Company records liabilities related to the fair values of its interest rate swap contracts. ) Tj ET Q q 0 0 0 rg BT 434.36 121.25 Td (The valuation of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.25 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 97.25 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 85.25 Td (derivative.) Tj ET Q q 0 0 0 rg BT 97.30 85.25 Td (This analysis reflects the contractual terms of the derivatives, including the period to maturity) Tj ET Q q 0 0 0 rg BT 471.54 85.25 Td (, and uses observable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.25 Td (market-based inputs, including interest rate curves and implied volatilities.) Tj ET Q q 0 0 0 rg BT 353.63 73.25 Td (The fair values of the Company) Tj ET Q q 0 0 0 rg BT 483.31 73.25 Td (s interest rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.25 Td (contracts have been determined using the market standard methodology of netting the discounted future fixed cash receipts \(or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.25 Td (payments\) and the discounted expected variable cash payments \(or receipts\).) Tj ET Q q 0 0 0 rg BT 361.37 49.25 Td (The variable cash payments \(or receipts\) are ) Tj ET Q endstream endobj 41 0 obj <> endobj 42 0 obj <> stream 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 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 50.00 742.10 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 68.00 718.10 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 50.00 706.10 Td (value hierarchy) Tj ET Q q 0 0 0 rg BT 111.26 706.10 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 50.00 694.10 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 430.89 694.10 Td (, Deutsche Bank. In adjusting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (the fair values of its derivative contracts for the ef) Tj ET Q q 0 0 0 rg BT 249.46 682.10 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 50.00 670.10 Td (netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees. However) Tj ET Q q 0 0 0 rg BT 498.89 670.10 Td (, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.60 658.10 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 50.00 646.10 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 50.00 634.10 Td (valuations of its derivatives. ) Tj ET Q q 0 0 0 rg BT 164.70 634.10 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 50.00 622.10 Td (fair value hierarchy) Tj ET Q q 0 0 0 rg BT 127.64 622.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td (The following fair value hierarchy table sets forth the Company) Tj ET Q q 0 0 0 rg BT 325.97 598.10 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 50.00 586.10 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 397.94 586.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.54 586.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.98 586.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.56 586.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (\(in thousands\).) Tj ET Q q 0 0 0 rg BT 114.26 574.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 173.97 574.10 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 50.00 562.10 Td (accompanying condensed consolidated balance sheets.) Tj ET Q q 0 0 0 rg BT 273.35 562.10 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 50.00 550.10 Td (hedging instruments for accounting purposes.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 490.60 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.50 490.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.50 490.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 490.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 490.60 112.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 490.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 490.60 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 490.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 490.60 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 260.5 524.6 m 372.5 524.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 524.6 m 376.5 524.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 524.6 m 467.5 524.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 524.6 m 471.5 524.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 524.6 m 562.5 524.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 490.6 m 181.5 490.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 185.5 490.6 m 256.5 490.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 490.6 m 372.5 490.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 490.6 m 467.5 490.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 490.6 m 562.5 490.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 490.6 m 181.5 490.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 185.5 490.6 m 256.5 490.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 490.6 m 372.5 490.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 490.6 m 467.5 490.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 490.6 m 562.5 490.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 529.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.00 529.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.40 529.28 Td (Basis of Fair Value Measurements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 495.28 Td (Description) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.20 495.28 Td (Fair Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.30 515.28 Td (Quoted Prices In Active) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.25 505.28 Td (Markets for Identical) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.05 495.28 Td (Items \(Level 1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.50 515.28 Td (Significant Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.90 505.28 Td (Observable Inputs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.75 495.28 Td (\(Level 2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.40 515.28 Td (Significant) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.05 505.28 Td (Unobservable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.60 495.28 Td (Inputs \(Level 3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 480.27 Td (March 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.00 480.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.15 480.27 Td (13,491) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.00 480.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 480.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 480.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 480.27 Td (13,491) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 480.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 480.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 465.27 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.00 465.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.15 465.27 Td (17,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.00 465.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 465.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 465.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 465.27 Td (17,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 465.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 465.27 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 437.10 Td (Financial Instruments Fair) Tj ET Q q 0 0 0 rg BT 174.38 437.10 Td ( ) Tj ET Q q 0 0 0 rg BT 176.70 437.10 Td (V) Tj ET Q q 0 0 0 rg BT 183.00 437.10 Td (alue Disclosur) Tj ET Q q 0 0 0 rg BT 243.10 437.10 Td (es) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 413.10 Td (Other Financial Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 389.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 389.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.04 389.10 Td (, management estimated that the fair value of notes payable, which had a carrying value \(excluding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 377.10 Td (any unamortized discount or premium and unamortized deferred financing fees\) of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.49 377.10 Td ($837.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.38 377.10 Td (, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.43 377.10 Td ($847.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.32 377.10 Td (. ) Tj ET Q q 0 0 0 rg BT 528.77 377.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 365.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 365.10 Td (, management estimated that the fair value of notes payable, which had a carrying value \(excluding any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 353.10 Td (unamortized discount or premium and unamortized deferred financing fees\) of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.55 353.10 Td ($853.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.44 353.10 Td (, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.49 353.10 Td ($866.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.38 353.10 Td (. ) Tj ET Q q 0 0 0 rg BT 512.20 353.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 341.10 Td (discount rates used approximate current lending rates for loans or groups of loans with similar maturities and credit quality) Tj ET Q q 0 0 0 rg BT 540.89 341.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 329.10 Td (assumes the debt is outstanding through maturity and considers the debt) Tj ET Q q 0 0 0 rg BT 340.51 329.10 Td (s collateral \(if applicable\). Management has utilized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 317.10 Td (market information as available or present value techniques to estimate the amounts required to be disclosed. ) Tj ET Q q 0 0 0 rg BT 488.29 317.10 Td (The Company has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 305.10 Td (determined the majority of the inputs used to value its notes payable fall within Level 2 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 505.32 305.10 Td (, however the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.10 Td (credit quality adjustments associated with its fair value of notes payable utilize Level 3 inputs. However) Tj ET Q q 0 0 0 rg BT 466.15 293.10 Td (, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.81 293.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.41 293.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 281.10 Td (the Company has assessed the significance of the impact of the credit quality adjustments on the overall valuations of its fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 269.10 Td (market value of notes payable and has determined that they are not significant.) Tj ET Q q 0 0 0 rg BT 369.06 269.10 Td (As a result, the Company has determined these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.10 Td (financial instruments utilize Level 2 inputs. Since such amounts are estimates that are based on limited available market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.10 Td (information for similar transactions, there can be no assurance that the disclosed values could be realized.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 221.10 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 50.00 209.10 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 50.00 197.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 197.10 Td (filiates and distributions payable. ) Tj ET Q q 0 0 0 rg BT 195.16 197.10 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 50.00 185.10 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 50.00 173.10 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 59.00 149.10 Td (Assets and Liabilities Measur) Tj ET Q q 0 0 0 rg BT 184.66 149.10 Td (ed at Fair) Tj ET Q q 0 0 0 rg BT 226.13 149.10 Td ( ) Tj ET Q q 0 0 0 rg BT 228.45 149.10 Td (V) Tj ET Q q 0 0 0 rg BT 234.76 149.10 Td (alue on a Nonr) Tj ET Q q 0 0 0 rg BT 297.64 149.10 Td (ecurring Basis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 125.10 Td (Certain long-lived assets are measured at fair value on a non-recurring basis. ) Tj ET Q q 0 0 0 rg BT 381.87 125.10 Td (These assets are not measured at fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.10 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 476.92 113.10 Td (The fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.10 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 453.53 101.10 Td (Accounting Policies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.10 Td (Impairment of Investment Property) Tj ET Q q 0 0 0 rg BT 190.70 89.10 Td (. ) Tj ET Q q 0 0 0 rg BT 198.02 89.10 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 77.10 Td (Level 2 or Level 3 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 229.54 77.10 Td (. ) Tj ET Q q 0 0 0 rg BT 234.36 77.10 Td (There were no events during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.98 77.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.29 77.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.79 77.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.39 77.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.82 77.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.82 77.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.10 Td (which indicated that fair value adjustments of the Company) Tj ET Q q 0 0 0 rg BT 291.60 65.10 Td (s long-lived assets were necessary) Tj ET Q q 0 0 0 rg BT 427.57 65.10 Td (.) Tj ET Q endstream endobj 43 0 obj <> endobj 44 0 obj <> stream 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (19) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (14.Reportable Segments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 127.71 718.25 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 50.00 706.25 Td (performance of each at an individual property level. ) Tj ET Q q 0 0 0 rg BT 260.00 706.25 Td (The Company has determined it has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.64 706.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.62 706.25 Td ( reportable segments: \(1\) of) Tj ET Q q 0 0 0 rg BT 536.96 706.25 Td (fice ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (properties, \(2\) an industrial property and \(3\) retail properties. ) Tj ET Q q 0 0 0 rg BT 296.31 694.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.75 694.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.35 694.25 Td (, the of) Tj ET Q q 0 0 0 rg BT 412.22 694.25 Td (fice properties segment consisted of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 682.25 Td ( of) Tj ET Q q 0 0 0 rg BT 70.65 682.25 Td (fice properties that the Company owned directly as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 682.25 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.80 682.25 Td ( of) Tj ET Q q 0 0 0 rg BT 323.45 682.25 Td (fice properties that were owned indirectly through the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 670.25 Td (s investment in the Core Fund. ) Tj ET Q q 0 0 0 rg BT 216.75 670.25 Td (The retail segment consisted of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.93 670.25 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.93 670.25 Td ( grocery-anchored shopping centers in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (Grocery-Anchored Portfolio. ) Tj ET Q q 0 0 0 rg BT 168.39 658.25 Td (The industrial property segment consisted of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.46 658.25 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.90 658.25 Td ( industrial property located in Dallas, ) Tj ET Q q 0 0 0 rg BT 515.07 658.25 Td (T) Tj ET Q q 0 0 0 rg BT 520.48 658.25 Td (exas, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (which was sold in ) Tj ET Q q 0 0 0 rg BT 123.89 646.25 Td (April 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 127.71 622.25 Td (s indirect investments are accounted for using the equity method of accounting. ) Tj ET Q q 0 0 0 rg BT 447.35 622.25 Td (As such, the activities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 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 50.00 598.25 Td (equity in earnings \(losses\) of unconsolidated entities, net in the condensed consolidated statements of operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 574.25 Td (The tables below provide additional information related to each of the Company) Tj ET Q q 0 0 0 rg BT 392.07 574.25 Td (s segments \(in thousands\) and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (reconciliation to the Company) Tj ET Q q 0 0 0 rg BT 174.14 562.25 Td (s net income or loss, as applicable. Corporate-Level ) Tj ET Q q 0 0 0 rg BT 387.95 562.25 Td (Accounts includes amounts incurred by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 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 50.50 482.75 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 482.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 482.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 482.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 452.75 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 452.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 452.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 452.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 422.75 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 422.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 422.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 422.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 392.75 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 392.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 392.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 392.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 362.75 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 362.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 362.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 362.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 332.75 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 332.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 332.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 332.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 302.75 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 302.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 302.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 302.75 77.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 497.75 m 481.5 497.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 497.75 m 562.5 497.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 437.75 m 481.5 437.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 437.75 m 562.5 437.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 423.75 m 481.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 421.75 m 481.5 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 423.75 m 562.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 421.75 m 562.5 421.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 347.75 m 481.5 347.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 347.75 m 562.5 347.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 333.75 m 481.5 333.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 331.75 m 481.5 331.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 333.75 m 562.5 333.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 331.75 m 562.5 331.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 287.75 m 481.5 287.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 273.75 m 481.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 271.75 m 481.5 271.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 287.75 m 562.5 287.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 273.75 m 562.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 271.75 m 562.5 271.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 517.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.40 517.43 Td (Three Months Ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 502.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.50 502.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.50 502.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 487.43 Td (Total revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 487.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 487.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 472.42 Td (Office properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 472.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 472.42 Td (48,581) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 472.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 472.42 Td (50,541) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 457.42 Td (Industrial property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 457.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 457.42 Td (917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 442.42 Td ( Retail properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 442.42 Td (4,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 442.42 Td (4,532) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 427.43 Td (Total revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 427.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 427.42 Td (53,095) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 427.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 427.42 Td (55,990) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 397.43 Td (Net pr) Tj ET Q q 0 0 0 rg BT 80.31 397.43 Td (operty r) Tj ET Q q 0 0 0 rg BT 114.84 397.43 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 238.16 401.96 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 397.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 397.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 382.42 Td (Office properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 382.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 382.42 Td (26,445) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 382.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 382.42 Td (28,193) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 367.42 Td (Industrial property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 367.47 Td (\(32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 367.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 367.42 Td (562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 352.42 Td ( Retail properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 352.42 Td (3,087) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 352.42 Td (3,264) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 337.43 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 407.00 337.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 337.42 Td (29,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 337.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 337.42 Td (32,019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 307.43 Td (Equity in earnings \(losses\) of unconsolidated entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 307.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 307.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 292.42 Td (Equity in earnings \(losses\) of office properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 292.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 292.42 Td (16,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 292.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 292.42 Td (33,199) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 277.43 Td (Total equity in earnings \(losses\) of unconsolidated entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 277.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 277.42 Td (16,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 277.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 277.42 Td (33,199) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 249.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 249.25 Td (Revenues less property operating expenses, real property taxes and property management fees.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 212.75 319.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 212.75 98.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 212.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 212.75 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 182.75 319.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 182.75 98.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 182.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 182.75 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 152.75 319.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 152.75 98.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 152.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 152.75 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 369.5 212.75 m 467.5 212.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 212.75 m 562.5 212.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 212.75 m 467.5 212.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 212.75 m 562.5 212.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 137.75 m 467.5 137.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 137.75 m 562.5 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 123.75 m 467.5 123.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 121.75 m 467.5 121.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 123.75 m 562.5 123.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 121.75 m 562.5 121.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 217.43 Td (Total assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.90 217.43 Td (March 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 217.43 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 202.42 Td (Office properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 202.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 202.42 Td (1,845,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 202.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 202.42 Td (1,853,435) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 187.42 Td (Retail properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 187.42 Td (186,024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 187.42 Td (185,850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 172.42 Td (Investment in unconsolidated entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 157.42 Td (Office properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 157.42 Td (97,249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 157.42 Td (100,455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 142.42 Td (Corporate-level accounts ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 161.73 146.95 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 142.42 Td (29,636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 142.42 Td (43,991) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 127.43 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 127.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 127.42 Td (2,157,919) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 127.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 127.42 Td (2,183,731) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 111.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 99.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 99.25 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 87.25 Td (the Company) Tj ET Q q 0 0 0 rg BT 142.38 87.25 Td (s directly and indirectly-owned investments and distributions receivable from the Company) Tj ET Q q 0 0 0 rg BT 511.18 87.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 75.25 Td (investments in unconsolidated entities. ) Tj ET Q endstream endobj 45 0 obj <> endobj 46 0 obj <> stream 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (20) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 704.50 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 704.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 704.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 704.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 674.50 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 674.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 674.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 674.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 644.50 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 644.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 644.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 644.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 614.50 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 614.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 614.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 614.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 584.50 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 584.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 584.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 584.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 554.50 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 554.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 554.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 554.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 524.50 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 524.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 524.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 524.50 77.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 718.5 m 481.5 718.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 718.5 m 562.5 718.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 524.5 m 481.5 524.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 524.5 m 562.5 524.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 510.5 m 481.5 510.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 508.5 m 481.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 510.5 m 562.5 510.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 508.5 m 562.5 508.5 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 738.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.40 738.18 Td (Three Months Ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 723.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.50 723.18 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.50 723.18 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 709.18 Td (Reconciliation to net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 694.17 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 407.00 694.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 694.17 Td (29,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 694.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 694.17 Td (32,019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 679.17 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.80 679.22 Td (\(19,593) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 679.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 679.22 Td (\(22,483) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 679.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 664.17 Td (Acquisition related expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 664.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 664.22 Td (\(56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 664.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 649.17 Td (Asset management and acquisition fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 649.22 Td (\(8,419) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 649.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 649.22 Td (\(8,681) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 649.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 634.17 Td (General and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 634.22 Td (\(1,950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 634.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 634.22 Td (\(1,350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 634.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 619.17 Td (Gain \(loss\) on derivative instruments, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 619.17 Td (3,957) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 619.17 Td (3,193) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 604.17 Td (Equity in earnings \(losses\) of unconsolidated entities, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 604.17 Td (16,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 604.17 Td (33,199) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 589.17 Td (Gain \(loss\) on sale of real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 589.17 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 589.17 Td (21,079) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 574.17 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 574.22 Td (\(8,639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 574.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 574.22 Td (\(9,481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 574.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 559.17 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 559.17 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 559.17 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 544.17 Td (Benefit \(provision\) for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 544.22 Td (\(39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 544.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 544.22 Td (\(86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 544.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 529.17 Td (Income \(loss\) from discontinued operations, net of taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 529.22 Td (\(38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 529.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 529.22 Td (\(2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 529.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 514.17 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 514.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 514.17 Td (11,154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 514.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 514.17 Td (47,361) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 486.00 Td (15. Subsequent Events) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 462.00 Td (1515 S. Str) Tj ET Q q 0 0 0 rg BT 111.80 462.00 Td (eet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 438.00 Td (In ) Tj ET Q q 0 0 0 rg BT 78.28 438.00 Td (April 2016, the Company sold 1515 S. Street for a contract sales price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.10 438.00 Td ($68.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.99 438.00 Td (. 1515 S. Street is an of) Tj ET Q q 0 0 0 rg BT 519.14 438.00 Td (fice ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 426.00 Td (building located in Sacramento, California. ) Tj ET Q q 0 0 0 rg BT 225.05 426.00 Td (The Company originally acquired 1515 S. Street in November 2005 for a contract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 414.00 Td (purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.35 414.00 Td ($66.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.24 414.00 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 390.00 Td (JPMor) Tj ET Q q 0 0 0 rg BT 95.40 390.00 Td (gan Chase T) Tj ET Q q 0 0 0 rg BT 145.04 390.00 Td (ower) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 366.00 Td (In May 2016, the Company entered into a contract to sell JPMor) Tj ET Q q 0 0 0 rg BT 325.54 366.00 Td (gan Chase ) Tj ET Q q 0 0 0 rg BT 369.24 366.00 Td (T) Tj ET Q q 0 0 0 rg BT 374.65 366.00 Td (ower) Tj ET Q q 0 0 0 rg BT 394.24 366.00 Td (, an of) Tj ET Q q 0 0 0 rg BT 419.33 366.00 Td (fice building located in Dallas, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.00 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 354.00 Td (exas. ) Tj ET Q q 0 0 0 rg BT 78.00 354.00 Td (The contract sales price for JPMor) Tj ET Q q 0 0 0 rg BT 215.83 354.00 Td (gan Chase ) Tj ET Q q 0 0 0 rg BT 259.52 354.00 Td (T) Tj ET Q q 0 0 0 rg BT 264.93 354.00 Td (ower is expected to be approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.10 354.00 Td ($280.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.99 354.00 Td (, exclusive of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.00 Td (transaction costs and closing prorations. ) Tj ET Q q 0 0 0 rg BT 212.56 342.00 Td (The Company originally acquired JPMor) Tj ET Q q 0 0 0 rg BT 376.80 342.00 Td (gan Chase ) Tj ET Q q 0 0 0 rg BT 420.49 342.00 Td (T) Tj ET Q q 0 0 0 rg BT 425.90 342.00 Td (ower in November 2007 for a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.00 Td (contract purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.05 330.00 Td ($289.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.95 330.00 Td (. ) Tj ET Q q 0 0 0 rg BT 219.39 330.00 Td (Although the Company expects the closing of this sale to occur in June 2016, there ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.00 Td (can be no assurances as to if or when this sale will be completed.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.50 282.00 Td (*****) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (21) 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, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 441.43 670.25 Td ( \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 452.82 670.25 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 472.82 670.25 Td ( ) Tj ET Q q 0 0 0 rg BT 475.14 670.25 Td (Annual Report\).) 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 \(the Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (Act\). Such statements include statements concerning future financial performance and distributions, future debt and financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (levels, payments toHines ) Tj ET Q q 0 0 0 rg BT 154.71 586.25 Td (Advisors Limited Partnership \(the Advisor\), and its af) Tj ET Q q 0 0 0 rg BT 379.48 586.25 Td (filiates and other plans and objectives of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (management for future operations or economic performance, or assumptions or forecasts related thereto as well as all other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (statements that are not historical statements. ) Tj ET Q q 0 0 0 rg BT 228.94 562.25 Td (These statements are only predictions. ) Tj ET Q q 0 0 0 rg BT 384.26 562.25 Td (W) Tj ET Q q 0 0 0 rg BT 392.90 562.25 Td (e caution that forward-looking statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (are not guarantees. ) Tj ET Q q 0 0 0 rg BT 127.19 550.25 Td (Actual events or our investments and results of operations could dif) Tj ET Q q 0 0 0 rg BT 397.50 550.25 Td (fer materially from those expressed or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (implied in forward-looking statements. Forward-looking statements are typically identified by the use of terms such as may) Tj ET Q q 0 0 0 rg BT 547.84 538.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (should, expect, could, intend, plan, anticipate, estimate, believe, continue, predict, potential or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (negative of such terms and other comparable terminology) Tj ET Q q 0 0 0 rg BT 280.11 514.25 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 endstream endobj 49 0 obj <> endobj 50 0 obj <> stream 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 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 ( ) 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, 2015) 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, 2016) 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 (27) 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 (19) 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 and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (portfolio of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.33 322.10 Td (eight) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.32 322.10 Td ( grocery-anchored shopping centers located in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.47 322.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.13 322.10 Td ( states primarily in the Southeastern United States \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (Grocery-Anchored Portfolio\). In total, we acquired interests in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.07 310.10 Td (66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.07 310.10 Td ( properties since our inception and have sold our interests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.28 298.10 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.28 298.10 Td ( of those properties as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.36 298.10 Td (May1) Tj ET Q q 0 0 0 rg BT 196.82 298.10 Td (1, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.82 298.10 Td (.) Tj ET Q endstream endobj 51 0 obj <> endobj 52 0 obj <> stream 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (23) 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 (2016) 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 50.50 656.60 164.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 656.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 656.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 656.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 656.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 656.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 656.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 656.60 41.00 -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 50.50 626.60 164.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 626.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 626.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 626.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 626.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 626.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 626.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 626.60 41.00 -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 50.50 596.60 164.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 596.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 596.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 596.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 596.60 41.00 -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 50.50 566.60 164.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 566.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 566.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 566.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 566.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 566.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 566.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 566.60 41.00 -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 50.50 536.60 164.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 536.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 536.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 536.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 536.60 41.00 -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 50.50 506.60 164.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 506.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 506.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 506.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 506.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 506.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 506.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 506.60 41.00 -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 50.50 476.60 164.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 476.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 476.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 476.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 476.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 476.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 476.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 476.60 41.00 -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 50.50 446.60 164.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 446.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 446.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 446.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 446.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 446.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 446.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 446.60 41.00 -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 50.50 388.60 164.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 388.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 388.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 388.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 388.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 388.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 388.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 388.60 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 388.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 388.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 358.60 164.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 358.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 358.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 358.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 358.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 358.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 358.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 358.60 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 358.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 358.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 328.60 164.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 328.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 328.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 328.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 328.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 328.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 328.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 328.60 41.00 -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 50.50 298.60 164.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 298.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 298.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 298.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 298.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 298.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 298.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 298.60 41.00 -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 50.50 268.60 286.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 268.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 268.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 268.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 268.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 268.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 268.60 41.00 -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 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 684.6 m 214.5 684.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 684.6 m 336.5 684.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 684.6 m 390.5 684.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 684.6 m 456.5 684.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 684.6 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 214.5 670.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 670.6 m 336.5 670.6 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 214.5 670.6 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 214.5 656.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 670.6 m 336.5 670.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 656.6 m 336.5 656.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 431.6 m 456.5 431.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 431.6 m 501.5 431.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 416.6 m 456.5 416.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 416.6 m 501.5 416.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 388.6 m 214.5 388.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 388.6 m 336.5 388.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 268.6 m 456.5 268.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 268.6 m 501.5 268.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 253.60000000000002 m 456.5 253.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 253.60000000000002 m 501.5 253.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 238.60000000000002 m 456.5 238.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 253.60000000000002 m 501.5 253.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 238.60000000000002 m 501.5 238.60000000000002 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 114.80 689.05 Td (Property) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 266.75 689.05 Td (City) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 356.00 698.05 Td (Date) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 347.05 689.05 Td (Acquired) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.95 698.05 Td (Leasable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 401.95 689.05 Td (Square Feet) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.80 698.05 Td (Percent) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 689.05 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 365.00 675.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.00 675.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.50 675.28 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 217.00 646.27 Td (Chicago, Illinois) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.60 646.27 Td (04/2006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 646.27 Td (889,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 646.27 Td (94) 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 (JPMorgan Chase Tower) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 631.27 Td (Dallas, Texas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.75 631.27 Td (11/2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 631.27 Td (1,255,473) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 631.27 Td (76) 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 (345 Inverness Drive) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 616.27 Td (Denver, Colorado) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.60 616.27 Td (12/2008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 616.27 Td (175,287) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 616.27 Td (95) 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 (Arapahoe Business Park) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 601.27 Td (Denver, Colorado) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.60 601.27 Td (12/2008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 601.27 Td (309,450) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 601.27 Td (97) 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 (2100 Powell) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 586.27 Td (Emeryville, California) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.60 586.27 Td (12/2006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 586.27 Td (345,982) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 586.27 Td (91) 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 (3 Huntington Quadrangle) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 571.27 Td (Melville, New York) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.60 571.27 Td (07/2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 571.27 Td (407,912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 571.27 Td (95) 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 (3400 Data Drive) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 556.27 Td (Rancho Cordova, California) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.75 556.27 Td (11/2006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 556.27 Td (149,703) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.60 556.27 Td (100) 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 (Daytona Buildings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 541.27 Td (Redmond, Washington) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.60 541.27 Td (12/2006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 541.27 Td (251,313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.60 541.27 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 (Laguna Buildings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 526.27 Td (Redmond, Washington) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.60 526.27 Td (01/2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 526.27 Td (460,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.60 526.27 Td (100) 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 (1515 S. Street ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 111.89 515.80 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 511.27 Td (Sacramento, California) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.75 511.27 Td (11/2005) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 511.27 Td (399,636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 511.27 Td (99) 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 (1900 and 2000 Alameda) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 496.27 Td (San Mateo, California) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.60 496.27 Td (06/2005) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 496.27 Td (267,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 496.27 Td (97) 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 (5th and Bell) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 481.27 Td (Seattle, Washington) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.60 481.27 Td (06/2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 481.27 Td (197,135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.60 481.27 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 (Howard Hughes Center) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 466.27 Td (Los Angeles, California) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.60 466.27 Td (01/2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 466.27 Td (1,334,586) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 466.27 Td (82) 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 (Civica Office Commons) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 451.27 Td (Bellevue, Washington) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.60 451.27 Td (02/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 451.27 Td (309,039) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 451.27 Td (91) 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 (2851 Junction Avenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 436.27 Td (San Jose, California) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.60 436.27 Td (05/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 436.27 Td (155,613) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.60 436.27 Td (100) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 421.28 Td (Total for Office Properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 421.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 421.27 Td (6,908,540) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 421.27 Td (90) 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 559.00 421.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 393.28 Td (Grocery-Anchored Portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 393.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.00 393.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 393.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 393.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 378.27 Td (Cherokee Plaza) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 378.27 Td (Atlanta, Georgia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.75 378.27 Td (11/2008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 378.27 Td (102,864) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.60 378.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 378.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 378.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 378.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 363.27 Td (Thompson Bridge Commons) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 363.27 Td (Gainesville, Georgia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.60 363.27 Td (03/2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.15 363.27 Td (92,587) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 363.27 Td (97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 363.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 363.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 363.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 348.27 Td (Champions Village) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 348.27 Td (Houston, Texas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.75 348.27 Td (11/2008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 348.27 Td (392,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 348.27 Td (82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 348.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 348.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 348.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 333.27 Td (Sandy Plains Exchange) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 333.27 Td (Marietta, Georgia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.60 333.27 Td (02/2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.15 333.27 Td (72,784) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 333.27 Td (93) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 333.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 333.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 333.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 318.27 Td (University Palms Shopping Center) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 318.27 Td (Oviedo, Florida) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.75 318.27 Td (11/2008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.15 318.27 Td (99,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 318.27 Td (98) 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 (Shoppes at Parkland) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 303.27 Td (Parkland, Florida) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.60 303.27 Td (03/2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 303.27 Td (145,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 303.27 Td (95) 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 (Oak Park Village) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 288.27 Td (San Antonio, Texas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.75 288.27 Td (11/2008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.15 288.27 Td (64,287) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.60 288.27 Td (100) 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 (Heritage Station) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 273.27 Td (Wake Forest, North Carolina) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.60 273.27 Td (01/2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.15 273.27 Td (68,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 273.27 Td (97) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 258.28 Td (Total for Grocery-Anchored Portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 258.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 258.27 Td (1,038,925) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 258.27 Td (91) 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 559.00 258.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 243.28 Td (Total for Directly-owned Properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 243.27 Td (7,947,465) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 243.27 Td (90) 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 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 198.60 155.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 198.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 198.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 198.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 198.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 198.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 198.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 198.60 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 198.60 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 198.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 168.60 155.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 168.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 168.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 168.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 168.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 168.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 168.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 168.60 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 168.60 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 168.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 138.60 155.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 138.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 138.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 138.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 138.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 138.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 138.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 138.60 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 138.60 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 138.60 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 50.5 213.60000000000002 m 205.5 213.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 213.60000000000002 m 327.5 213.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 198.60000000000002 m 205.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 198.60000000000002 m 327.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 138.60000000000002 m 447.5 138.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 138.60000000000002 m 492.5 138.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 123.60000000000002 m 447.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 123.60000000000002 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 385.5 123.60000000000002 m 447.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 108.60000000000002 m 447.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 123.60000000000002 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 451.5 108.60000000000002 m 492.5 108.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 218.28 Td (Indirectly-owned Properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.00 218.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 218.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 218.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 218.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 203.28 Td (Core Fund Properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.00 203.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 203.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 203.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 203.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 188.27 Td (One Atlantic Center) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.00 188.27 Td (Atlanta, Georgia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.60 188.27 Td (07/2006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.65 188.27 Td (1,100,312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 188.27 Td (82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 188.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 188.27 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 188.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 173.27 Td (Renaissance Square) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.00 173.27 Td (Phoenix, Arizona) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.60 173.27 Td (12/2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 173.27 Td (965,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 173.27 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 173.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 173.27 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 173.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 158.27 Td (Wells Fargo Center) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.00 158.27 Td (Sacramento, California) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.60 158.27 Td (05/2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 158.27 Td (507,903) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 158.27 Td (89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 158.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 158.27 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 158.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 143.27 Td (Warner Center) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.00 143.27 Td (Woodland Hills, California) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.60 143.27 Td (10/2006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 143.27 Td (808,274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 143.27 Td (93) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 143.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 143.27 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 143.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 128.28 Td (Total for Core Fund Properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.00 128.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.00 128.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.65 128.27 Td (3,381,997) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 128.27 Td (84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 128.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 128.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 113.28 Td (Total for All Properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.00 113.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.60 113.27 Td (11,329,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 113.27 Td (88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 113.27 Td (%) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 495.00 119.61 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 113.27 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 85.10 Td (This percentage shows the ef) Tj ET Q q 0 0 0 rg BT 201.89 85.10 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 85.10 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 73.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.00 73.10 Td (, Hines REIT) Tj ET Q q 0 0 0 rg BT 158.87 73.10 Td ( owned a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.46 73.10 Td (91.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.29 73.10 Td ( interest in the Operating Partnership as its sole general partner) Tj ET Q q 0 0 0 rg BT 474.33 73.10 Td (. ) Tj ET Q q 0 0 0 rg BT 478.78 73.10 Td (Af) Tj ET Q q 0 0 0 rg BT 489.15 73.10 Td (filiates of Hines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 61.10 Td (owned the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.92 61.10 Td (8.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.75 61.10 Td ( interest in the Operating Partnership. In addition, we owned an approximate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.55 61.10 Td (28.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.38 61.10 Td ( non-) Tj ET Q endstream endobj 53 0 obj <> endobj 54 0 obj <> stream 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (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 314.26 742.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.86 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 382.68 742.10 Td (The Core Fund does not own 100% of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (properties; its ownership interest in its properties ranges from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.55 730.10 Td (67.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.38 730.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.16 730.10 Td (84.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.99 730.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (In ) Tj ET Q q 0 0 0 rg BT 96.28 706.10 Td (April 2016, we sold 1515 S. Street for a contract sales price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.16 706.10 Td ($68.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.05 706.10 Td (. ) Tj ET Q q 0 0 0 rg BT 406.87 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 415.51 706.10 Td (e originally acquired 1515 S. Street ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 694.10 Td (in November 2005 for a contract purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.64 694.10 Td ($66.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.53 694.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 670.10 Td (This amount represents the percentage leased assuming we own a 100% interest in each of these properties. ) Tj ET Q q 0 0 0 rg BT 520.95 670.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td (percentage leasedbased on our ef) Tj ET Q q 0 0 0 rg BT 220.47 658.10 Td (fective ownership interest in each property is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.91 658.10 Td (90%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.24 658.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 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 519.68 634.10 Td (, Civica ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 622.10 Td (fice Commons and 2851 Junction ) Tj ET Q q 0 0 0 rg BT 196.75 622.10 Td (A) Tj ET Q q 0 0 0 rg BT 203.23 622.10 Td (venue, we raised approximately $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.90 622.10 Td (2.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.01 622.10 Td ( through public of) Tj ET Q q 0 0 0 rg BT 450.77 622.10 Td (ferings of our common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (stock since we commenced our initial public of) Tj ET Q q 0 0 0 rg BT 238.93 610.10 Td (fering in June 2004.In consideration of market conditions and other factors, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (board of directors determined to cease sales of our shares to new investors pursuant to our third public of) Tj ET Q q 0 0 0 rg BT 469.70 598.10 Td (fering as of January 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (2010.However) Tj ET Q q 0 0 0 rg BT 111.25 586.10 Td (, we have continued to sell shares under our dividend reinvestment plan. Based on market conditions and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (considerations, we do not currently expect to commence any future of) Tj ET Q q 0 0 0 rg BT 329.44 574.10 Td (ferings other than those related to shares issued under our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (dividend reinvestment plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 538.10 Td (Since the conclusion of our third public of) Tj ET Q q 0 0 0 rg BT 236.95 538.10 Td (fering, we have concentrated our ef) Tj ET Q q 0 0 0 rg BT 378.36 538.10 Td (forts on actively managing our assets and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 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 50.00 514.10 Td (for our stockholders. In doing this, we have elected to make strategic dispositions, which have provided us with additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 83.24 502.10 Td (.) Tj ET Q q 0 0 0 rg BT 88.06 502.10 Td (W) Tj ET Q q 0 0 0 rg BT 96.70 502.10 Td (e have used the proceeds from such dispositions to make additional strategic acquisitions focused on high-quality ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 490.10 Td (fice assets located on the ) Tj ET Q q 0 0 0 rg BT 159.87 490.10 Td (W) Tj ET Q q 0 0 0 rg BT 168.51 490.10 Td (est Coast in order to best position our portfolio for a liquidity event, such as our purchase of 2851 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (Junction ) Tj ET Q q 0 0 0 rg BT 85.83 478.10 Td (A) Tj ET Q q 0 0 0 rg BT 92.31 478.10 Td (venue, which we acquired in May 2015, Civica Of) Tj ET Q q 0 0 0 rg BT 294.30 478.10 Td (fice Commons, which we acquired in February 2015 and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (Howard Hughes Center) Tj ET Q q 0 0 0 rg BT 144.02 466.10 Td (, which we acquired in January 2014. ) Tj ET Q q 0 0 0 rg BT 295.74 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 304.38 466.10 Td (e may also choose to use such proceeds for future capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (expenditure and leasing capital needs, reduce our leverage in the portfolio, make additionalspecial distributions or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (purposes. In addition to the actions we have taken such as our strategic acquisitions and dispositions, we are considering our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (strategic alternatives to execute a liquidity event \(i.e., a sale of our assets, our sale or mer) Tj ET Q q 0 0 0 rg BT 406.35 430.10 Td (ger) Tj ET Q q 0 0 0 rg BT 418.72 430.10 Td (, a listing of our shares on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (national securities exchange, or another similar transaction\). However) Tj ET Q q 0 0 0 rg BT 329.77 418.10 Td (, there is no set timetable for the execution of such an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (event.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 382.10 Td (Our portfolio was) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.60 382.10 Td (90%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.93 382.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.37 382.10 Td (88%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.70 382.10 Td ( leased \(based on our ef) Tj ET Q q 0 0 0 rg BT 295.20 382.10 Td (fective ownership\) as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.05 382.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 382.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.09 382.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.67 382.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 370.10 Td (.) Tj ET Q q 0 0 0 rg BT 102.11 370.10 Td (As a result of the strategic acquisitions and dispositions described above, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 370.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.75 370.10 Td (, our portfolio was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (geographically located ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.29 358.10 Td (66%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.62 358.10 Td ( in the ) Tj ET Q q 0 0 0 rg BT 188.94 358.10 Td (W) Tj ET Q q 0 0 0 rg BT 197.57 358.10 Td (est, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.68 358.10 Td (1) Tj ET Q q 0 0 0 rg BT 218.31 358.10 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.64 358.10 Td ( in the Midwest, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.14 358.10 Td (2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.47 358.10 Td ( in the East and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.62 358.10 Td (21%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.95 358.10 Td ( in the South. Our management closely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (monitors the portfolio) Tj ET Q q 0 0 0 rg BT 140.55 346.10 Td (s lease expirations, which for the period from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.11 346.10 Td (April 1, 2016 through December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.41 346.10 Td (, and for each of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (the years ending December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.62 334.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.62 334.10 Td ( through December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.31 334.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.31 334.10 Td (, are expected to approximate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.81 334.10 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.14 334.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.14 334.10 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.47 334.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.47 334.10 Td (15%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.80 334.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.80 334.10 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.13 334.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.57 334.10 Td (8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.90 334.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 322.10 Td (, of leasable square feet. ) Tj ET Q q 0 0 0 rg BT 196.60 322.10 Td (W) Tj ET Q q 0 0 0 rg BT 205.23 322.10 Td (e believe this level of expirations is manageable, and we will remain focused on filling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (tenant vacancies with high-quality tenants in each of the markets in which we operate. ) Tj ET Q q 0 0 0 rg BT 396.83 310.10 Td (Although we continue to lease our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (properties to a diverse tenant base over a variety of industries, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.13 298.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.73 298.10 Td (,our portfoliowas approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.36 298.10 Td (14%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.69 298.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (leased to over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.03 286.10 Td (74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.03 286.10 Td ( companies inthe legal industry) Tj ET Q q 0 0 0 rg BT 244.85 286.10 Td (, approximately) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.11 286.10 Td (14%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.44 286.10 Td ( leased to over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.97 286.10 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.97 286.10 Td ( companies in the financial and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (insurance industries, approximately) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.96 274.10 Td (12%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.29 274.10 Td ( leased to over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.82 274.10 Td (132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.82 274.10 Td ( companies in the grocery-anchored retail industry and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (approximately) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 262.10 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.59 262.10 Td ( leased to over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.12 262.10 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.12 262.10 Td ( companies in the information and technology industries. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 238.10 Td (Further) Tj ET Q q 0 0 0 rg BT 97.04 238.10 Td (, with the authorization of our board of directors, we declared distributions for January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.82 238.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.82 238.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.93 238.10 Td (May) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.26 238.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.76 238.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.76 238.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 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 50.00 214.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.28 214.10 Td ($0.00073973) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.78 214.10 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 50.00 202.10 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 68.00 178.10 Td (Critical ) Tj ET Q q 0 0 0 rg BT 101.24 178.10 Td (Accounting Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 154.10 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 50.00 142.10 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 50.00 130.10 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 50.00 118.10 Td (policies involves the exercise of judgment regarding assumptions as to future uncertainties. ) Tj ET Q q 0 0 0 rg BT 416.85 118.10 Td (Actual results could materially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 106.10 Td (fer from these estimates. ) Tj ET Q q 0 0 0 rg BT 161.17 106.10 Td (A) Tj ET Q q 0 0 0 rg BT 167.84 106.10 Td ( disclosure of our critical accounting policies is included in our ) Tj ET Q q 0 0 0 rg BT 421.94 106.10 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 94.10 Td (the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.80 94.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.38 94.10 Td ( in Management) Tj ET Q q 0 0 0 rg BT 261.58 94.10 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 330.75 94.10 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 82.10 Td (Operations. ) Tj ET Q q 0 0 0 rg BT 103.13 82.10 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 82.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.94 82.10 Td (.) Tj ET Q endstream endobj 55 0 obj <> endobj 56 0 obj <> stream 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.25 Td (Financial Condition, Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 283.98 742.25 Td (ces) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (General) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 694.25 Td (Our principal cash requirements have been for the acquisition of real estate investments, property-level operating expenses, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (capital improvements and leasing costs, strategic investments in real property) Tj ET Q q 0 0 0 rg BT 359.26 682.25 Td (, debt service, corporate-level general and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (administrative expenses, distributions and redemptions. ) Tj ET Q q 0 0 0 rg BT 274.50 670.25 Td (W) Tj ET Q q 0 0 0 rg BT 283.14 670.25 Td (e have four primary sources of capital for meeting our cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (requirements:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 634.25 Td (proceeds from our dividend reinvestment plan;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 622.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 622.25 Td (debt financings, including secured or unsecured facilities;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 610.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 610.25 Td (proceeds from the sale of our properties, including those owned by the Core Fund; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 598.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 598.25 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 68.00 574.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 574.25 Td (e are focused on maintaining a strong cash position and managing our capital needs.Our liquidity needs were primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (met through cash flow generated by our properties and distributions from unconsolidated entities.) Tj ET Q q 0 0 0 rg BT 442.13 562.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 492.04 562.25 Td (, due to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (ability to execute on several strategic asset sales, we had available liquidity to acquire additional investment properties in order ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (to reposition our portfolio for a liquidity event. If we continue to sell significant assets and do not reinvest the proceeds in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (additional investments, it will reduce the cash flow generated by our properties and may adversely impact our ability to pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (regular distributions to our stockholders at the current distribution rate. ) Tj ET Q q 0 0 0 rg BT 338.64 514.25 Td (W) Tj ET Q q 0 0 0 rg BT 347.28 514.25 Td (e did not acquire or sell any properties during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.31 502.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.81 502.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.41 502.25 Td (. Below is a list of the properties we sold during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.04 502.25 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.35 502.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.85 502.25 Td (March31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.45 502.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (and a list of the properties acquired and sold by the Core Fund during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.21 490.25 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.52 490.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.02 490.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.62 490.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.06 490.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.06 490.25 Td (:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 466.25 Td (Hines REIT) Tj ET Q q 0 0 0 rg BT 114.76 466.25 Td ( ) Tj ET Q q 0 0 0 rg BT 117.08 466.25 Td (Acquisitions and ) Tj ET Q q 0 0 0 rg BT 186.34 466.25 Td (Asset Sales) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 442.25 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 86 440.9169921875 m 181.5419921875 440.9169921875 l s q 0 0 0 rg BT 86.00 442.25 Td (Civica Office Commons) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 181.54 442.25 Td ( - ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.87 442.25 Td (In February 2015, we acquired Civica Of) Tj ET Q q 0 0 0 rg BT 354.36 442.25 Td (fice Commons, a portfolio of two Class ) Tj ET Q q 0 0 0 rg BT 514.34 442.25 Td (A) Tj ET Q q 0 0 0 rg BT 521.01 442.25 Td ( of) Tj ET Q q 0 0 0 rg BT 531.66 442.25 Td (fice ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 430.25 Td (buildings located in Bellevue, ) Tj ET Q q 0 0 0 rg BT 207.74 430.25 Td (W) Tj ET Q q 0 0 0 rg BT 216.38 430.25 Td (ashington, for a contract purchase price of $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.42 430.25 Td (205.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.31 430.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 406.25 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 86 404.9169921875 m 123.216796875 404.9169921875 l s q 0 0 0 rg BT 86.00 406.25 Td (Citymark) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 123.22 406.25 Td ( - ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.55 406.25 Td (In February 2015, we sold Citymark, an of) Tj ET Q q 0 0 0 rg BT 302.17 406.25 Td (fice building located in Dallas, ) Tj ET Q q 0 0 0 rg BT 427.50 406.25 Td (T) Tj ET Q q 0 0 0 rg BT 432.91 406.25 Td (exas, for a contract sales price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 394.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.83 394.25 Td ($38.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.72 394.25 Td (. ) Tj ET Q q 0 0 0 rg BT 155.54 394.25 Td (W) Tj ET Q q 0 0 0 rg BT 164.18 394.25 Td (e acquired Citymark in ) Tj ET Q q 0 0 0 rg BT 258.04 394.25 Td (August 2005 for a contract purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.09 394.25 Td ($27.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.98 394.25 Td (. ) Tj ET Q q 0 0 0 rg BT 497.80 394.25 Td (W) Tj ET Q q 0 0 0 rg BT 506.43 394.25 Td (e received net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 382.25 Td (proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.87 382.25 Td ($37.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.76 382.25 Td ( from this sale.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 358.25 Td (Cor) Tj ET Q q 0 0 0 rg BT 83.19 358.25 Td (e Fund ) Tj ET Q q 0 0 0 rg BT 113.56 358.25 Td (Asset Sales) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 334.25 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 86 332.9169921875 m 174.33984375 332.9169921875 l s q 0 0 0 rg BT 86.00 334.25 Td (The Carillon Building) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.34 334.25 Td ( - In January 2016, the Core Fund sold ) Tj ET Q q 0 0 0 rg BT 330.80 334.25 Td (The Carillon Building, an of) Tj ET Q q 0 0 0 rg BT 444.22 334.25 Td (fice building located in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 322.25 Td (Charlotte, North Carolina, for a contract sales price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.53 322.25 Td ($147.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.42 322.25 Td (. ) Tj ET Q q 0 0 0 rg BT 368.24 322.25 Td (The Carillon Building was acquired in July ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 310.25 Td (2007 for a contract purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.65 310.25 Td ($140.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.54 310.25 Td (. ) Tj ET Q q 0 0 0 rg BT 299.36 310.25 Td (The Core Fund received net proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.36 310.25 Td ($88.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.25 310.25 Td ( from this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 298.25 Td (sale. ) Tj ET Q q 0 0 0 rg BT 106.37 298.25 Td (W) Tj ET Q q 0 0 0 rg BT 115.00 298.25 Td (e recognized a gain on sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.34 298.25 Td ($14.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.23 298.25 Td (. ) Tj ET Q q 0 0 0 rg BT 294.68 298.25 Td (At the date of disposition, we owned a 24% ef) Tj ET Q q 0 0 0 rg BT 479.45 298.25 Td (fective interest in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 286.25 Td (The Carillon Building.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 262.25 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 86 260.9169921875 m 135.0625 260.9169921875 l s q 0 0 0 rg BT 86.00 262.25 Td (525 B Str) Tj ET Q q 0 0 0 rg BT 123.41 262.25 Td (eet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.06 262.25 Td ( - In March 2016, the Core Fund sold 525 B Street, an of) Tj ET Q q 0 0 0 rg BT 361.79 262.25 Td (fice building located in San Diego, California, for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 250.25 Td (a contract sales price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.89 250.25 Td ($122.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.79 250.25 Td (. 525 B Street was acquired in ) Tj ET Q q 0 0 0 rg BT 363.98 250.25 Td (August 2005 for a contract purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 238.25 Td ($1) Tj ET Q q 0 0 0 rg BT 95.63 238.25 Td (16.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.52 238.25 Td (. ) Tj ET Q q 0 0 0 rg BT 149.34 238.25 Td (The Core Fund received net proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.33 238.25 Td ($58.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.22 238.25 Td ( from this sale. ) Tj ET Q q 0 0 0 rg BT 427.98 238.25 Td (W) Tj ET Q q 0 0 0 rg BT 436.62 238.25 Td (e recognized a gain on sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 226.25 Td ($3.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.89 226.25 Td (. ) Tj ET Q q 0 0 0 rg BT 139.34 226.25 Td (At the date of disposition, we owned a 24% ef) Tj ET Q q 0 0 0 rg BT 324.12 226.25 Td (fective interest in 525 B Street.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 202.25 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 86 200.9169921875 m 160.619140625 200.9169921875 l s q 0 0 0 rg BT 86.00 202.25 Td (One North W) Tj ET Q q 0 0 0 rg BT 138.41 202.25 Td (acker) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.62 202.25 Td ( - In January 2015, a subsidiary of the Core Fund sold its remaining 51% interest in the entity that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 190.25 Td (owns One North ) Tj ET Q q 0 0 0 rg BT 154.42 190.25 Td (W) Tj ET Q q 0 0 0 rg BT 163.06 190.25 Td (acker) Tj ET Q q 0 0 0 rg BT 184.31 190.25 Td (, an of) Tj ET Q q 0 0 0 rg BT 209.39 190.25 Td (fice building located in Chicago, Illinois. ) Tj ET Q q 0 0 0 rg BT 375.84 190.25 Td (The Core Fund previously sold a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.72 190.25 Td (49%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.05 190.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 178.25 Td (noncontrolling interest in One North ) Tj ET Q q 0 0 0 rg BT 234.40 178.25 Td (W) Tj ET Q q 0 0 0 rg BT 243.04 178.25 Td (acker in December 201) Tj ET Q q 0 0 0 rg BT 335.68 178.25 Td (1. ) Tj ET Q q 0 0 0 rg BT 345.13 178.25 Td (At the date of disposition, we owned a 12% ef) Tj ET Q q 0 0 0 rg BT 529.90 178.25 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 166.25 Td (interest in One North ) Tj ET Q q 0 0 0 rg BT 173.02 166.25 Td (W) Tj ET Q q 0 0 0 rg BT 181.66 166.25 Td (acker) Tj ET Q q 0 0 0 rg BT 202.75 166.25 Td (. ) Tj ET Q q 0 0 0 rg BT 207.57 166.25 Td (The Core Fund received net proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.57 166.25 Td ($238.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.46 166.25 Td ( from this sale. ) Tj ET Q q 0 0 0 rg BT 491.21 166.25 Td (W) Tj ET Q q 0 0 0 rg BT 499.85 166.25 Td (e recognized a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 154.25 Td (gain on sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.09 154.25 Td ($34.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.99 154.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 130.25 Td (Cash Flows from Operating ) Tj ET Q q 0 0 0 rg BT 185.43 130.25 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 106.25 Td (Net cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.21 106.25 Td (provided by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.25 106.25 Td ( operating activities was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.67 106.25 Td ($9.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.56 106.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.94 106.25 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.25 106.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.75 106.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.35 106.25 Td ( compared to net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.27 94.25 Td (provided by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.32 94.25 Td ( operating activities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.51 94.25 Td ($1) Tj ET Q q 0 0 0 rg BT 220.14 94.25 Td (1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.03 94.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.41 94.25 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.72 94.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.22 94.25 Td (March31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.81 94.25 Td (.) Tj ET Q q 0 0 0 rg BT 444.63 94.25 Td (This decrease is primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (due to an increase in the cash paid for deferred lease costs in 2016 and a non-recurring lease termination payment received at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (JPMor) Tj ET Q q 0 0 0 rg BT 76.49 70.25 Td (gan Chase ) Tj ET Q q 0 0 0 rg BT 120.19 70.25 Td (T) Tj ET Q q 0 0 0 rg BT 125.60 70.25 Td (ower in 2015 of) Tj ET Q q 0 0 0 rg BT 189.02 70.25 Td (fset by an increase in the distributions received from the Core Fund during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.49 70.25 Td (three months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.88 58.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 58.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.98 58.25 Td (.) Tj ET Q endstream endobj 57 0 obj <> endobj 58 0 obj <> stream 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (26) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 742.25 Td (Cash Flows from Investing ) Tj ET Q q 0 0 0 rg BT 182.10 742.25 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (Net cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.21 718.25 Td (provided by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.25 718.25 Td ( investing activitieswas ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.57 718.25 Td ($2.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.46 718.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.84 718.25 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.15 718.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 718.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.25 718.25 Td ( compared to net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.27 706.25 Td (used in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.88 706.25 Td ( investing activities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.97 706.25 Td ($153.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.86 706.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.24 706.25 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.55 706.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.05 706.25 Td (March31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 706.25 Td (. ) Tj ET Q q 0 0 0 rg BT 431.97 706.25 Td (The factors that contributed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (the change between the two periods are summarized below) Tj ET Q q 0 0 0 rg BT 285.37 694.25 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 68 668.9169921875 m 88 668.9169921875 l s q 0 0 0 rg BT 68.00 670.25 Td (2016) Tj ET Q BT /F3 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 646.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 646.25 Td (e received distributions from the Core Fund totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 646.25 Td ($20.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.04 646.25 Td (, of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.81 646.25 Td ($3.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.70 646.25 Td ( was included in cash flows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.25 Td (from investing 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 68.00 610.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 610.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 610.25 Td (e had cash outflows related to capital expenditures at operating properties of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 610.25 Td ($1.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.20 610.25 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 68 584.9169921875 m 88 584.9169921875 l s q 0 0 0 rg BT 68.00 586.25 Td (2015) Tj ET Q BT /F3 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 562.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 562.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 562.25 Td (e had cash outflows related to our acquisition of Civica Of) Tj ET Q q 0 0 0 rg BT 328.28 562.25 Td (fice Commons in February 2015 of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.59 562.25 Td ($188.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.48 562.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 538.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 538.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 538.25 Td (e received proceeds of $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.81 538.25 Td (37.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.70 538.25 Td ( from sale of Citymark in February 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 514.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 514.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 514.25 Td (e had cash outflows related to capital expenditures at operating properties of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 514.25 Td ($3.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.20 514.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 71.00 490.25 Td (Cash Flows from Financing ) Tj ET Q q 0 0 0 rg BT 190.11 490.25 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 466.25 Td (Net cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.21 466.25 Td (used in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.82 466.25 Td ( financing activitiesfor the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.05 466.25 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.37 466.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.87 466.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.46 466.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.96 466.25 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.38 466.25 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.38 466.25 Td ($170.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.27 466.25 Td ( as compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (to the same period in the prior year) Tj ET Q q 0 0 0 rg BT 189.68 454.25 Td (. ) Tj ET Q q 0 0 0 rg BT 194.50 454.25 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.78 454.25 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.19 454.25 Td ( is primarily due to net proceeds from debt being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.91 454.25 Td ($173.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.81 454.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.31 454.25 Td (lower) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.07 454.25 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 442.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 71.00 418.25 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 394.25 Td (In order to meet the requirements for being treated as a REIT) Tj ET Q q 0 0 0 rg BT 312.44 394.25 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 50.00 382.25 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 50.00 370.25 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 50.00 358.25 Td (and pay such distributions quarterly) Tj ET Q q 0 0 0 rg BT 192.66 358.25 Td (. ) Tj ET Q q 0 0 0 rg BT 197.48 358.25 Td (W) Tj ET Q q 0 0 0 rg BT 206.11 358.25 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 50.00 346.25 Td (this policy is in our best interests.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 322.25 Td (W) Tj ET Q q 0 0 0 rg BT 77.04 322.25 Td (ith the authorization of our board of directors, we declared distributions for the period from January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.30 322.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.30 322.25 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.41 322.25 Td (May) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.74 322.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 310.25 Td (. ) Tj ET Q q 0 0 0 rg BT 74.82 310.25 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 50.00 298.25 Td (equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.43 298.25 Td ($0.00073973) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.93 298.25 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 50.00 286.25 Td (relate in cash, or reinvested in stock for those participating in our dividend reinvestment plan. ) Tj ET Q endstream endobj 59 0 obj <> endobj 60 0 obj <> stream 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (27) 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 (2016) 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 (2015) 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 50.50 644.60 211.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 644.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 644.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 644.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 644.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 644.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 644.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 644.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 644.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 584.60 211.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 584.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 584.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 584.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 584.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 584.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 584.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 584.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 584.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 554.60 211.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 554.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 554.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 554.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 554.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 554.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 554.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 554.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 554.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 524.60 211.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 524.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 524.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 524.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 524.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 524.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 524.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 524.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 524.60 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 265.5 683.6 m 328.5 683.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 683.6 m 332.5 683.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 683.6 m 395.5 683.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 683.6 m 399.5 683.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 683.6 m 462.5 683.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 683.6 m 562.5 683.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 659.6 m 261.5 659.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 659.6 m 328.5 659.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 659.6 m 395.5 659.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 659.6 m 462.5 659.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 659.6 m 562.5 659.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 659.6 m 261.5 659.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 644.6 m 261.5 644.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 629.6 m 328.5 629.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 629.6 m 395.5 629.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 629.6 m 462.5 629.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 629.6 m 562.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 615.6 m 328.5 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 613.6 m 328.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 615.6 m 395.5 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 613.6 m 395.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 615.6 m 462.5 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 613.6 m 462.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 615.6 m 562.5 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 613.6 m 562.5 613.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 584.6 m 261.5 584.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 584.6 m 261.5 584.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 524.6 m 328.5 524.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 524.6 m 395.5 524.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 524.6 m 462.5 524.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 524.6 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 265.5 510.6 m 328.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 508.6 m 328.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 510.6 m 395.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 508.6 m 395.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 510.6 m 462.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 508.6 m 462.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 510.6 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 466.5 508.6 m 562.5 508.6 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 335.70 688.28 Td (Stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 688.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.85 698.28 Td (Noncontrolling) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.45 688.28 Td (Interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 664.28 Td (Distributions for the Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.65 674.28 Td (Cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.40 664.28 Td (Distributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.40 674.28 Td (Distributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 664.28 Td (Reinvested) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.55 674.28 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.40 664.28 Td (Declared) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 664.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.75 664.28 Td (Total Declared) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 649.28 Td (2016 ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 75.50 653.81 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.00 649.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 649.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 649.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 649.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 649.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 634.27 Td (March 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.00 634.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 634.27 Td (9,626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 634.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 634.27 Td (5,326) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 634.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 634.27 Td (14,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 634.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 634.27 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 619.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.00 619.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 619.27 Td (9,626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 619.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 619.27 Td (5,326) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 619.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 619.27 Td (14,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 619.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 619.27 Td (75) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 589.28 Td (2015 ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 75.50 593.81 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.00 589.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 589.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 589.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 589.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 574.27 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.00 574.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 574.27 Td (9,717) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 574.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 574.27 Td (5,426) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 574.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 574.27 Td (15,143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 574.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 574.27 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 559.27 Td (September 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 559.27 Td (9,731) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 559.27 Td (5,445) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 559.27 Td (15,176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 559.27 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 544.27 Td (June 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 544.27 Td (9,645) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 544.27 Td (5,416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 544.27 Td (15,061) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 544.27 Td (74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 529.27 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 529.27 Td (9,507) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 529.27 Td (5,424) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 529.27 Td (14,931) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 529.27 Td (74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 514.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.00 514.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 514.27 Td (38,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 514.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 514.27 Td (21,711) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 514.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 514.27 Td (60,311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 514.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 514.27 Td (299) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 486.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 486.10 Td (Except as noted below) Tj ET Q q 0 0 0 rg BT 175.60 486.10 Td (, excluded from this table are distributions declared with respect to the Participation Interest \(as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 474.10 Td (discussed further in Note 9 Related Party ) Tj ET Q q 0 0 0 rg BT 265.22 474.10 Td (T) Tj ET Q q 0 0 0 rg BT 270.98 474.10 Td (ransactions\). ) Tj ET Q q 0 0 0 rg BT 324.12 474.10 Td (The distributions declared with respect to the Participation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 462.10 Td (Interest for the quarters ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.45 462.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.04 462.10 Td (, December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.63 462.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.63 462.10 Td (, September 30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.89 462.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.89 462.10 Td (, June 30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.72 462.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.72 462.10 Td ( and March ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 450.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 450.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.00 450.10 Td ( were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.43 450.10 Td ($1.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.32 450.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.32 450.10 Td ($1.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.21 450.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.21 450.10 Td ($1.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.10 450.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.10 450.10 Td ($1.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 450.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.43 450.10 Td ($1.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.33 450.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 476.99 450.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 426.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.11 426.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.42 426.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.92 426.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.52 426.10 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 50.00 414.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.33 414.10 Td (66%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.66 414.10 Td (\) and from excess undistributed cash flows from prior periods \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.38 414.10 Td (34%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.71 414.10 Td (\). For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.14 414.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.45 414.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.95 414.10 Td (March31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.55 414.10 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 402.10 Td (funded our cash distributions with cash flows from operating activities \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.27 402.10 Td (73%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.60 402.10 Td (\) and proceeds from the sales of our real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 390.10 Td (investments \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.60 390.10 Td (27%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.93 390.10 Td (\). ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 366.10 Td (Redemptions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 342.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.55 342.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.86 342.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.36 342.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.96 342.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.39 342.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.39 342.10 Td (, we funded redemptions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.59 342.10 Td ($7.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.48 342.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.92 342.10 Td ($10.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.81 342.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 330.10 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 50.00 318.10 Td (restated our share redemption program to reinstate the program, ef) Tj ET Q q 0 0 0 rg BT 315.27 318.10 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 50.00 306.10 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 50.00 294.10 Td (Generally) Tj ET Q q 0 0 0 rg BT 88.77 294.10 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 50.00 282.10 Td (in the prior quarter) Tj ET Q q 0 0 0 rg BT 124.70 282.10 Td (. However) Tj ET Q q 0 0 0 rg BT 168.45 282.10 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 50.00 270.10 Td (determines there are suf) Tj ET Q q 0 0 0 rg BT 145.61 270.10 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 50.00 258.10 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 508.16 258.10 Td (. Our board ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 246.10 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 50.00 234.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.72 234.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.03 234.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.53 234.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.13 234.10 Td (, which were in excess of the $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.42 234.10 Td (5.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.31 234.10 Td ( received from our dividend reinvestment plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 222.10 Td (in the prior quarter) Tj ET Q q 0 0 0 rg BT 124.70 222.10 Td (. ) Tj ET Q q 0 0 0 rg BT 129.52 222.10 Td (W) Tj ET Q q 0 0 0 rg BT 138.15 222.10 Td (e have fully honored all eligible requests received for all periods since our share redemption program ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 210.10 Td (reopened.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 186.10 Td (Debt Financings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 162.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 162.10 Td (e use debt financing from time to time for investments in real property) Tj ET Q q 0 0 0 rg BT 357.58 162.10 Td (, property improvements, tenant improvements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 150.10 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 50.00 138.10 Td (entered into at the time each real estate asset was acquired.Our portfolio was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.26 138.10 Td (37%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.59 138.10 Td ( leveraged as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.12 138.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.72 138.10 Td (, with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.99 138.10 Td (54%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.32 138.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 126.10 Td (of our debt in the form of fixed-rate mortgage loans \(some of which are ef) Tj ET Q q 0 0 0 rg BT 346.38 126.10 Td (fectively fixed through the use of interest rate swaps\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 114.10 Td (By comparison, our portfolio was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.20 114.10 Td (37%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.53 114.10 Td ( leveraged as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.05 114.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.64 114.10 Td (, with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.92 114.10 Td (53%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.25 114.10 Td ( of our debt in the form of fixed-rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 102.10 Td (mortgage loans.) Tj ET Q q 0 0 0 rg BT 116.19 102.10 Td (This leverage percentage is calculated using the estimated aggregate value of our real estate investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 90.10 Td (\(including our pro-rata share of real estate assets through our investments in other entities such as the Core Fund\), cash and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 78.10 Td (cash equivalents and restricted cash on hand as of that date.) Tj ET Q q 0 0 0 rg BT 292.42 78.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 342.32 78.10 Td (, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.98 78.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.58 78.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.02 78.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.60 78.10 Td (, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 66.10 Td (debt financing had a weighted average interest rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.85 66.10 Td (3.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.68 66.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.11 66.10 Td (3.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.94 66.10 Td (, respectively \(including the ef) Tj ET Q q 0 0 0 rg BT 449.66 66.10 Td (fect of interest rate swaps\).) Tj ET Q endstream endobj 61 0 obj <> endobj 62 0 obj <> stream 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 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 68.00 742.10 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 301.00 742.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.31 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.81 742.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.41 742.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.85 742.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.85 742.10 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 68 716.7669921875 m 88 716.7669921875 l s q 0 0 0 rg BT 68.00 718.10 Td (2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 88.00 718.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 700.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 700.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 700.10 Td (e made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.39 700.10 Td ($100.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.28 700.10 Td ( to pay down the JPMor) Tj ET Q q 0 0 0 rg BT 331.93 700.10 Td (gan Chase ) Tj ET Q q 0 0 0 rg BT 375.62 700.10 Td (T) Tj ET Q q 0 0 0 rg BT 381.03 700.10 Td (ower secured mortgage debt in January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 688.10 Td (2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 670.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 670.10 Td (e received proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.81 670.10 Td ($104.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.70 670.10 Td ( under a revolving credit facility \(the Revolving Loan Commitment\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td (pursuant to a credit agreement with JPMor) Tj ET Q q 0 0 0 rg BT 256.33 658.10 Td (gan Chase Bank, N.A. \(Chase\) and we made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 658.10 Td ($19.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.54 658.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (related to this agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 628.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 628.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 628.10 Td (e made payments of $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.39 628.10 Td (0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.28 628.10 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 68 602.7669921875 m 88 602.7669921875 l s q 0 0 0 rg BT 68.00 604.10 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 88.00 604.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 586.10 Td (e received proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.81 586.10 Td ($30.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.70 586.10 Td ( related to our Bridge Credit ) Tj ET Q q 0 0 0 rg BT 355.67 586.10 Td (Agreement \(the Bridge Credit ) Tj ET Q q 0 0 0 rg BT 481.74 586.10 Td (Agreement\) with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 574.10 Td (Chase to fund our acquisition of Civica Of) Tj ET Q q 0 0 0 rg BT 256.06 574.10 Td (fice Commons. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 556.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 556.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 556.10 Td (e received proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.81 556.10 Td ($173.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.70 556.10 Td ( under the Revolving Loan Commitment and we made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.58 556.10 Td ($44.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 544.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.89 544.10 Td ( in February 2015 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 177.39 526.10 Td ($0.1 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 /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 502.10 Td (Results of Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 478.10 Td (RESUL) Tj ET Q q 0 0 0 rg BT 100.43 478.10 Td (TS OF) Tj ET Q q 0 0 0 rg BT 128.67 478.10 Td ( OUR DIRECTL) Tj ET Q q 0 0 0 rg BT 200.54 478.10 Td (Y) Tj ET Q q 0 0 0 rg BT 206.85 478.10 Td (-OWNED PROPER) Tj ET Q q 0 0 0 rg BT 292.33 478.10 Td (TIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 454.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 454.10 Td (e directly owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.78 454.10 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.78 454.10 Td ( same-store properties as of January 1, 2015 that were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.76 454.10 Td (90%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.09 454.10 Td ( leased as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.74 454.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.34 454.10 Td ( as compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.28 442.10 Td (89%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.61 442.10 Td ( leased as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.25 442.10 Td (March31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.85 442.10 Td (. ) Tj ET Q q 0 0 0 rg BT 198.67 442.10 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 50.00 430.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.99 430.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.81 430.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.41 430.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.85 430.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.85 430.10 Td (. Disposed properties include the results of operations of properties that were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (sold, but whose results were not classified as discontinued operations \(all amounts in thousands, except for percentages\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 349.60 204.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 349.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 349.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 349.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 349.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 349.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 349.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 349.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 319.60 204.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 319.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 319.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 319.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 319.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 319.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 319.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 319.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 250.60 204.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 250.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 250.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 250.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 250.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 250.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 250.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 250.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 220.60 204.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 220.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 220.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 220.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 220.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 220.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 220.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 220.60 63.00 -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 254.5 378.6 m 333.5 378.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 378.6 m 337.5 378.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 378.6 m 416.5 378.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 378.6 m 477.5 378.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 378.6 m 481.5 378.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 378.6 m 544.5 378.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 363.6 m 333.5 363.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 363.6 m 416.5 363.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 363.6 m 477.5 363.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 363.6 m 544.5 363.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 304.6 m 544.5 304.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 304.6 m 333.5 304.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 281.6 m 333.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 279.6 m 333.5 279.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 304.6 m 416.5 304.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 281.6 m 416.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 279.6 m 416.5 279.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 304.6 m 477.5 304.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 281.6 m 477.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 279.6 m 477.5 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 281.6 m 544.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 279.6 m 544.5 279.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 383.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.40 383.28 Td (Three Months Ended March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.60 383.28 Td (Change) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 368.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.50 368.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.50 368.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.00 368.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.50 368.28 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 354.28 Td (Pr) Tj ET Q q 0 0 0 rg BT 63.37 354.28 Td (operty r) Tj ET Q q 0 0 0 rg BT 97.89 354.28 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 223.71 358.81 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 339.27 Td ( Same-store properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.00 339.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 339.27 Td (25,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.00 339.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 339.27 Td (27,056) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 339.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 339.32 Td (\(1,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 339.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.45 339.27 Td (\(6.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 339.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 324.27 Td ( Recent acquisitions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.15 324.27 Td (4,325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 324.27 Td (1,556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 324.27 Td (2,769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.75 324.27 Td (178.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 324.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 309.27 Td ( Disposed properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.30 309.32 Td (\(84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.65 309.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 309.27 Td (3,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 309.32 Td (\(3,491) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 309.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.45 309.27 Td (\(102.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 309.27 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 295.28 Td (Total property revenues in excess of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 285.28 Td (expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.00 285.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 285.27 Td (29,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.00 285.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 285.27 Td (32,019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 285.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 285.32 Td (\(2,519) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 285.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.45 285.27 Td (\(7.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 285.27 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 255.28 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.00 255.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.00 255.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 240.27 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.00 240.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 240.27 Td (19,593) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.00 240.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 240.27 Td (22,483) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 240.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 240.32 Td (\(2,890) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 240.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.45 240.27 Td (\(12.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 240.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 225.27 Td (Gain \(loss\) on sale of real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.00 225.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.65 225.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.00 225.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 225.27 Td (21,079) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 225.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.80 225.32 Td (\(21,077) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 225.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.45 225.27 Td (\(100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 225.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 210.27 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.00 210.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.15 210.27 Td (8,639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.00 210.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 210.27 Td (9,481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 210.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.30 210.32 Td (\(842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 210.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.45 210.27 Td (\(8.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 210.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 182.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 182.10 Td (Property revenues in excess of expenses include total revenues less property operating expenses, real property taxes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 170.10 Td (and property management fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 146.10 Td (The decrease in 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 442.01 146.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.00 146.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.60 134.10 Td ( is primarily due to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 110.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 110.10 Td (a non-recurring lease termination payment received at JPMor) Tj ET Q q 0 0 0 rg BT 331.00 110.10 Td (gan Chase ) Tj ET Q q 0 0 0 rg BT 374.70 110.10 Td (T) Tj ET Q q 0 0 0 rg BT 380.11 110.10 Td (ower in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.88 110.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.88 110.10 Td (;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 98.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 98.10 Td (an increase in rental revenue at 2100 Powell for new leases executed in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.38 98.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.38 98.10 Td (, which partially of) Tj ET Q q 0 0 0 rg BT 469.29 98.10 Td (fset the items that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 86.10 Td (caused property revenues in excess of expenses to decrease; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 74.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 74.10 Td (lower rental rates under leases at 3 Huntington Quadrangle in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.25 74.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.25 74.10 Td (.) Tj ET Q endstream endobj 63 0 obj <> endobj 64 0 obj <> stream 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 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 (Depreciation and amortization decreased during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.36 742.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.34 742.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.17 742.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.76 742.10 Td (, as compared to the same period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.28 730.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.28 730.10 Td (, primarily due to the sale of several properties during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.71 730.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.71 730.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (Gain on sale of real estate investments decreased during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.58 706.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.56 706.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.39 706.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.99 706.10 Td (, as compared to the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.33 694.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.33 694.10 Td ( as a result of the sale of a property in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.33 694.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.33 694.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td (Interest expense decreased during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.43 670.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.42 670.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.24 670.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.84 670.10 Td (, as compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.96 670.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.96 670.10 Td ( as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (result of a decrease in total debt outstanding.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.90 634.10 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 50.00 622.10 Td (achieve attractive total returns and provide additional liquidity to the Company) Tj ET Q q 0 0 0 rg BT 365.37 622.10 Td (.) Tj ET Q q 0 0 0 rg BT 372.32 622.10 Td (As a result of future potential disposals, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 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 398.24 610.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.84 610.10 Td ( could dif) Tj ET Q q 0 0 0 rg BT 499.98 610.10 Td (fer from our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (results of operations in future periods.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td (RESUL) Tj ET Q q 0 0 0 rg BT 100.43 574.10 Td (TS FOR OUR INDIRECTL) Tj ET Q q 0 0 0 rg BT 219.25 574.10 Td (Y) Tj ET Q q 0 0 0 rg BT 225.55 574.10 Td (-OWNED PROPER) Tj ET Q q 0 0 0 rg BT 311.03 574.10 Td (TIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 550.10 Td (Our Interest in the Core Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 526.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.04 526.10 Td (, we owned a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.30 526.10 Td (28.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.13 526.10 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 50.00 514.10 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.00 514.10 Td ( properties that were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.41 514.10 Td (84%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.74 514.10 Td ( leased. ) Tj ET Q q 0 0 0 rg BT 189.67 514.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.12 514.10 Td (March31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.71 514.10 Td (, we owned a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.97 514.10 Td (28.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.80 514.10 Td ( non-managing general partner interest in the Core ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (Fund, which held interests in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.32 502.10 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.32 502.10 Td ( properties that were) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.73 502.10 Td (83%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.06 502.10 Td ( leased. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 478.10 Td (Our equity in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.83 478.10 Td (earnings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.70 478.10 Td ( related to our investment in the Core Fund for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.27 478.10 Td (three months ended March 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.68 478.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.23 478.10 Td ($16.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 466.10 Td (, compared to equity in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.87 466.10 Td (earnings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.74 466.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.07 466.10 Td ($33.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.97 466.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.34 466.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.75 466.10 Td (. ) Tj ET Q q 0 0 0 rg BT 455.57 466.10 Td (The change in our equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (in earnings \(losses\) for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.58 454.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.57 454.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.39 454.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.99 454.10 Td ( primarily resulted from the following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 430.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 430.10 Td (In January 2016, the Core Fund sold ) Tj ET Q q 0 0 0 rg BT 234.13 430.10 Td (The Carillon Building for a contract sales price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.01 430.10 Td ($147.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.91 430.10 Td (. ) Tj ET Q q 0 0 0 rg BT 499.73 430.10 Td (The Carillon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 418.10 Td (Building was acquired in July 2007 for a contract purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.58 418.10 Td ($140.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.47 418.10 Td (. ) Tj ET Q q 0 0 0 rg BT 420.92 418.10 Td (As a result of the sale, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 406.10 Td (recognized a gain on sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.39 406.10 Td ($14.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.29 406.10 Td (, which is included in equity in earnings \(losses\) of unconsolidated entities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 394.10 Td (net, in the 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 446.45 394.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.76 394.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 382.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.60 382.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 358.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 358.10 Td (In March 2016, the Core Fund sold 525 B Street for a contract sales price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.87 358.10 Td ($122.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.76 358.10 Td (. 525 B Street was acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 346.10 Td (in ) Tj ET Q q 0 0 0 rg BT 95.73 346.10 Td (August 2005 for a contract purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.77 346.10 Td ($1) Tj ET Q q 0 0 0 rg BT 286.40 346.10 Td (16.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.29 346.10 Td (. ) Tj ET Q q 0 0 0 rg BT 339.74 346.10 Td (As a result of the sale, we recognized a gain on sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 334.10 Td ($3.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.89 334.10 Td (, which is included in equity in earnings \(losses\) of unconsolidated entities, net, in the consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 322.10 Td (statements of operations and comprehensive income \(loss\) for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.20 322.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.51 322.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.01 322.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.61 322.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 298.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 298.10 Td (In January 2015, a subsidiary of the Core Fund sold its remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.68 298.10 Td (51%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.01 298.10 Td ( interest in the entity that owns One North ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 286.10 Td (acker for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.94 286.10 Td ($240.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.83 286.10 Td (. ) Tj ET Q q 0 0 0 rg BT 196.65 286.10 Td (The Core Fund previously sold a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.53 286.10 Td (49%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.86 286.10 Td ( noncontrolling interest in One North ) Tj ET Q q 0 0 0 rg BT 499.76 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 508.40 286.10 Td (acker in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 274.10 Td (December 201) Tj ET Q q 0 0 0 rg BT 144.21 274.10 Td (1. One North ) Tj ET Q q 0 0 0 rg BT 199.02 274.10 Td (W) Tj ET Q q 0 0 0 rg BT 207.66 274.10 Td (acker was acquired in March 2008 for a contract purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.31 274.10 Td ($540.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.20 274.10 Td (. ) Tj ET Q q 0 0 0 rg BT 538.65 274.10 Td (As a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 262.10 Td (result of the sale of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.86 262.10 Td (51%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.19 262.10 Td ( interest in One North ) Tj ET Q q 0 0 0 rg BT 287.71 262.10 Td (W) Tj ET Q q 0 0 0 rg BT 296.35 262.10 Td (acker) Tj ET Q q 0 0 0 rg BT 317.59 262.10 Td (, we recognized a gain on sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 262.10 Td ($34.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.04 262.10 Td (, which is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 250.10 Td (included in equity in earnings \(losses\) of unconsolidated entities, net, in the condensed consolidated statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 238.10 Td (operations and comprehensive income \(loss\) for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.66 238.10 Td (three months ended March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.07 238.10 Td (.) Tj ET Q endstream endobj 65 0 obj <> endobj 66 0 obj <> stream 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (30) 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 \(all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (amounts in thousands, except percentages\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 643.75 206.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 643.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 643.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 643.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 643.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 643.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 643.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 643.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 613.75 206.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 613.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 613.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 613.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 613.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 613.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 613.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 613.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 583.75 206.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 583.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 583.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 583.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 583.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 583.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 583.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 583.75 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 657.75 m 333.5 657.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 657.75 m 337.5 657.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 657.75 m 414.5 657.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 657.75 m 488.5 657.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 657.75 m 492.5 657.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 657.75 m 562.5 657.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 657.75 m 333.5 657.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 643.75 m 333.5 643.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 657.75 m 414.5 657.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 643.75 m 414.5 643.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 643.75 m 488.5 643.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 643.75 m 562.5 643.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 613.75 m 333.5 613.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 613.75 m 414.5 613.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 613.75 m 488.5 613.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 613.75 m 562.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 599.75 m 333.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 597.75 m 333.5 597.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 599.75 m 414.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 597.75 m 414.5 597.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 599.75 m 488.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 597.75 m 488.5 597.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 599.75 m 562.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 597.75 m 562.5 597.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.40 662.43 Td (Three Months Ended March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.60 662.43 Td (Change) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.50 648.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.50 648.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 648.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.00 648.43 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 633.42 Td (Acquisition fee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 633.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.65 633.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.00 633.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 633.42 Td (410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 633.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 633.47 Td (\(410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 633.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.45 633.42 Td (\(100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 633.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 618.42 Td (Asset management fee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.15 618.42 Td (8,419) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 618.42 Td (8,271) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 618.42 Td (148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 618.42 Td (1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 618.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 603.42 Td (Asset management and acquisition fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 603.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.15 603.42 Td (8,419) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.00 603.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 603.42 Td (8,681) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 603.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 603.47 Td (\(262) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 603.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.45 603.42 Td (\(3.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 603.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 573.42 Td (Acquisition related expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 573.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.65 573.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.00 573.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 573.42 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 573.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 573.47 Td (\(56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 573.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.45 573.42 Td (\(100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 573.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 558.42 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 558.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.15 558.42 Td (1,950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.00 558.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 558.42 Td (1,350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 558.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 558.42 Td (600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 558.42 Td (44.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 558.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 530.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 530.25 Td (e pay acquisition fees to our ) Tj ET Q q 0 0 0 rg BT 191.05 530.25 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 50.00 518.25 Td (indirect real estate investments. ) Tj ET Q q 0 0 0 rg BT 178.38 518.25 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 50.00 506.25 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 50.00 494.25 Td (through another entity) Tj ET Q q 0 0 0 rg BT 138.22 494.25 Td (, such investment) Tj ET Q q 0 0 0 rg BT 210.71 494.25 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 544.96 494.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.25 Td (Acquisition fees decreased for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.55 482.25 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.87 482.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.37 482.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.96 482.25 Td (, as compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.08 482.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.08 482.25 Td (, due to no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.25 Td (acquisition fees having been incurred for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.77 470.25 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.08 470.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.58 470.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.18 470.25 Td (, while acquisition fees were incurred on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.25 Td (acquisition of Civica Of) Tj ET Q q 0 0 0 rg BT 146.19 458.25 Td (fice Commons in February 2015. In connection with the acquisition of Civica Of) Tj ET Q q 0 0 0 rg BT 469.55 458.25 Td (fice Commons, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.25 Td (were obligated to pay approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.12 446.25 Td ($2.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.01 446.25 Td ( of acquisition fees to our ) Tj ET Q q 0 0 0 rg BT 351.88 446.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 383.70 446.25 Td (, half of which was payable in cash and half ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.25 Td (of which was payable related to the Participation Interest. Our ) Tj ET Q q 0 0 0 rg BT 300.20 434.25 Td (Advisor and HALP) Tj ET Q q 0 0 0 rg BT 376.86 434.25 Td (, the holder of the Participation Interest, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 422.25 Td (, agreed to waive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.46 422.25 Td ($0.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.35 422.25 Td ( of the cash acquisition fee and all of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.74 422.25 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.63 422.25 Td ( acquisition fee payable as an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.25 Td (increase to the Participation Interest. ) Tj ET Q q 0 0 0 rg BT 198.65 410.25 Td (W) Tj ET Q q 0 0 0 rg BT 207.29 410.25 Td (e also pay monthly asset management fees to our ) Tj ET Q q 0 0 0 rg BT 405.29 410.25 Td (Advisor based on an annual fee equal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.25 Td (to 1.5% of the amount of net equity capital invested in real estate investments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 374.25 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 50.00 362.25 Td (our board of directors and other administrative expenses. General and administrative expenses increased for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.73 362.25 Td (three months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.25 Td (ended March 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.98 350.25 Td ( due to an increase in legal fees associated with our consideration of strategic alternatives for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.25 Td (execution of a liquidity event.) Tj ET Q endstream endobj 67 0 obj <> endobj 68 0 obj <> stream 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (31) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 742.25 Td (Funds from Operations and Modified Funds from Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (Funds from Operations \(FFO\) is a non-GAAP) Tj ET Q q 0 0 0 rg BT 260.94 718.25 Td ( financial performance measure defined by the National ) Tj ET Q q 0 0 0 rg BT 485.85 718.25 Td (Association of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (Real Estate Investment ) Tj ET Q q 0 0 0 rg BT 144.51 706.25 Td (T) Tj ET Q q 0 0 0 rg BT 150.27 706.25 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 50.00 694.25 Td (performance of a real estate company) Tj ET Q q 0 0 0 rg BT 199.55 694.25 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 50.00 682.25 Td (amortization, as applied in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 252.44 682.25 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 50.00 670.25 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 50.00 658.25 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 50.00 646.25 Td (inflation, interest rates, the business cycle, unemployment and consumer spending, it is management) Tj ET Q q 0 0 0 rg BT 454.90 646.25 Td (s view) Tj ET Q q 0 0 0 rg BT 480.08 646.25 Td (, and we believe the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 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 50.00 622.25 Td (historical cost accounting alone is insuf) Tj ET Q q 0 0 0 rg BT 207.84 622.25 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 50.00 610.25 Td (impairment char) Tj ET Q q 0 0 0 rg BT 115.63 610.25 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 50.00 598.25 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 50.00 586.25 Td (as it allows for comparisons, year to year) Tj ET Q q 0 0 0 rg BT 213.99 586.25 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 50.00 574.25 Td (rental rates, operating costs, general and administrative expenses and interest costs. ) Tj ET Q q 0 0 0 rg BT 384.89 574.25 Td (A) Tj ET Q q 0 0 0 rg BT 391.56 574.25 Td ( property will be evaluated for impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (if events or circumstances indicate that the carrying amount may not be recoverable \(i.e. the carrying amount exceeds the total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (estimated undiscounted future cash flows from the property\). Undiscounted future cash flows are based on anticipated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 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 529.99 538.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (certain other ancillary cash flows. ) Tj ET Q q 0 0 0 rg BT 187.54 526.25 Td (While impairment char) Tj ET Q q 0 0 0 rg BT 280.10 526.25 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 50.00 514.25 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 399.17 514.25 Td (ficult to recover any impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 502.25 Td (ges. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 478.25 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 50.00 466.25 Td (Association \(the IP) Tj ET Q q 0 0 0 rg BT 130.18 466.25 Td (A\), as a non-GAAP) Tj ET Q q 0 0 0 rg BT 213.12 466.25 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 50.00 454.25 Td (The IP) Tj ET Q q 0 0 0 rg BT 76.02 454.25 Td (A) Tj ET Q q 0 0 0 rg BT 82.69 454.25 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 498.55 454.25 Td (s to enhance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (the assessment of the operating performance of a non-listed REIT) Tj ET Q q 0 0 0 rg BT 312.23 442.25 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 50.00 430.25 Td (determined under GAAP) Tj ET Q q 0 0 0 rg BT 148.87 430.25 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 50.00 418.25 Td (investments or as a comparative measure to other publicly registered, non-listed REIT) Tj ET Q q 0 0 0 rg BT 393.64 418.25 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 50.00 406.25 Td (limited life and tar) Tj ET Q q 0 0 0 rg BT 123.96 406.25 Td (geted exit strategy) Tj ET Q q 0 0 0 rg BT 196.62 406.25 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 50.00 394.25 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 50.00 382.25 Td (certain additional adjustments which we believe are appropriate. Such items include reversing the ef) Tj ET Q q 0 0 0 rg BT 450.79 382.25 Td (fects of straight-line rent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 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 50.00 358.25 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 50.00 346.25 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 50.00 334.25 Td (reporting rules under GAAP) Tj ET Q q 0 0 0 rg BT 163.22 334.25 Td ( for real estate subsequent to the establishment of NAREIT) Tj ET Q q 0 0 0 rg BT 402.32 334.25 Td (s definition of FFO. ) Tj ET Q q 0 0 0 rg BT 486.59 334.25 Td (These changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 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 50.00 310.25 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 68.00 286.25 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 50.00 274.25 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 50.00 262.25 Td (distributions to our stockholders. MFFO excludes acquisition expenses. Under GAAP) Tj ET Q q 0 0 0 rg BT 392.47 262.25 Td (, acquisition expenses are characterized as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (operating expenses in determining operating net income. ) Tj ET Q q 0 0 0 rg BT 279.19 250.25 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 50.00 238.25 Td (not be available to distribute to our stockholders. ) Tj ET Q q 0 0 0 rg BT 247.46 238.25 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 50.00 226.25 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 50.00 214.25 Td (negative ef) Tj ET Q q 0 0 0 rg BT 93.96 214.25 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 50.00 202.25 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 50.00 190.25 Td (property) Tj ET Q q 0 0 0 rg BT 83.23 190.25 Td (, the related acquisition expenses and other costs related to such property) Tj ET Q q 0 0 0 rg BT 374.15 190.25 Td (. In addition, if we acquire a property) Tj ET Q q 0 0 0 rg BT 522.61 190.25 Td (, there ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (will not be any of) Tj ET Q q 0 0 0 rg BT 120.36 178.25 Td (fering proceeds to pay the corresponding acquisition-related costs. ) Tj ET Q q 0 0 0 rg BT 387.78 178.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 437.11 178.25 Td (, unless our ) Tj ET Q q 0 0 0 rg BT 484.89 178.25 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 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 480.99 166.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 512.81 166.25 Td (, such costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (will be paid from additional debt, operational earnings or cash flow) Tj ET Q q 0 0 0 rg BT 318.99 154.25 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 50.00 142.25 Td (flows. ) Tj ET Q q 0 0 0 rg BT 77.04 142.25 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 50.00 130.25 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 50.00 118.25 Td (of non-listed REIT) Tj ET Q q 0 0 0 rg BT 124.84 118.25 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 94.25 Td (MFFO is useful in assisting management and investors in assessing the sustainability \(that is, the capacity to continue to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (maintained\) of operating performance in future operating periods, and in particular) Tj ET Q q 0 0 0 rg BT 380.86 82.25 Td (, after the of) Tj ET Q q 0 0 0 rg BT 429.54 82.25 Td (fering and acquisition stages are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 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 58.25 Td (taken into account in determining net asset value but not in determining MFFO. ) Tj ET Q endstream endobj 69 0 obj <> endobj 70 0 obj <> stream 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 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 50.00 730.10 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 50.00 718.10 Td (the sustainability thereof. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 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 451.98 694.10 Td ( methodology in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 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 50.00 670.10 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 50.00 658.10 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 454.50 658.10 Td (, but rather should be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (reviewed in conjunction with these and other GAAP) Tj ET Q q 0 0 0 rg BT 259.30 646.10 Td ( measurements. Further) Tj ET Q q 0 0 0 rg BT 353.04 646.10 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 50.00 634.10 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 50.00 622.10 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 86.00 598.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 598.10 Td (W) Tj ET Q q 0 0 0 rg BT 112.64 598.10 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 104.00 586.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 129.56 586.10 Td (Although we expect to hold these instruments to maturity) Tj ET Q q 0 0 0 rg BT 358.87 586.10 Td (, if we were to settle these instruments currently) Tj ET Q q 0 0 0 rg BT 550.10 586.10 Td (, it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 574.10 Td (would have an impact on our operating performance. ) Tj ET Q q 0 0 0 rg BT 318.09 574.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 367.99 574.10 Td (, these derivative instruments are measured at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 562.10 Td (fair value on a quarterly basis in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 329.20 562.10 Td (. MFFO excludes gains \(losses\) related to changes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 550.10 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 104.00 538.10 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 86.00 514.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 514.10 Td (MFFO excludes acquisition expenses. ) Tj ET Q q 0 0 0 rg BT 260.65 514.10 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 104.00 502.10 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 104.00 490.10 Td (evaluation of our operating performance and determining MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 466.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 466.10 Td (MFFO excludes impairment char) Tj ET Q q 0 0 0 rg BT 236.85 466.10 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 104.00 454.10 Td (valuations. ) Tj ET Q q 0 0 0 rg BT 152.05 454.10 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 104.00 442.10 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 104.00 430.10 Td (investments on a comparative basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 406.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 406.10 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 104.00 394.10 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 104.00 382.10 Td (MFFO. ) Tj ET Q q 0 0 0 rg BT 135.68 382.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 185.02 382.10 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 104.00 370.10 Td (future results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 346.10 Td (Neither the Securities and Exchange Commission \(the SEC\), NAREIT) Tj ET Q q 0 0 0 rg BT 359.14 346.10 Td ( nor any regulatory body has passed judgment on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (the acceptability of the adjustments that we use to calculate FFO or MFFO. In the future, the SEC, NAREIT) Tj ET Q q 0 0 0 rg BT 482.78 334.10 Td ( or a regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (body may decide to standardize the allowable adjustments across the non-listed REIT) Tj ET Q q 0 0 0 rg BT 392.22 322.10 Td ( industry and we would have to adjust our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (calculation and characterization of FFO or MFFO.) Tj ET Q endstream endobj 71 0 obj <> endobj 72 0 obj <> stream 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 70.32 742.10 Td (The table below summarizes FFO and MFFO attributable to common stockholders for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.76 742.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.74 742.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.57 742.10 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 730.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.44 730.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.44 730.10 Td ( and a reconciliation of such non-GAAP) Tj ET Q q 0 0 0 rg BT 270.14 730.10 Td ( financial performance measures to our net income \(loss\) for the periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (then ended \(in thousands\).) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 677.60 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 677.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 677.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 677.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 647.60 354.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 647.60 77.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 647.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 647.60 77.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 607.60 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 607.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 607.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 607.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 577.60 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 577.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 577.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 577.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 547.60 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 547.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 547.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 547.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 517.60 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 517.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 517.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 517.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 487.60 354.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 487.60 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 487.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 487.60 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 458.60 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 458.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 458.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 458.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 418.60 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 418.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 418.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 418.60 77.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 677.6 m 481.5 677.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 677.6 m 562.5 677.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 592.6 m 481.5 592.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 592.6 m 562.5 592.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 502.6 m 481.5 502.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 502.6 m 562.5 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 488.6 m 481.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 486.6 m 481.5 486.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 502.6 m 562.5 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 488.6 m 562.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 486.6 m 562.5 486.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 697.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.40 697.28 Td (Three Months Ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 682.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.50 682.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.50 682.28 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 667.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 667.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 667.27 Td (11,154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 667.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 667.27 Td (47,361) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 652.27 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 187.12 656.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 652.27 Td (19,593) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 652.27 Td (22,483) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 637.27 Td (\(Gain\) loss on sale or dissolution of investment property and unconsolidated joint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 627.27 Td (venture) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 82.99 631.80 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.30 627.32 Td (\(2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 627.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 627.32 Td (\(21,079) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 627.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 612.27 Td ( ) Tj ET Q q 0 0 0 rg BT 64.95 612.27 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 366.56 616.80 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.80 612.32 Td (\(15,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 612.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 612.32 Td (\(29,666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 612.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 597.27 Td () Tj ET Q q 0 0 0 rg BT 64.95 597.27 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 226.87 601.80 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 597.32 Td (\(146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 597.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 597.32 Td (\(391) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 597.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 582.27 Td (Funds from Operations attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 582.27 Td (15,588) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 582.27 Td (18,708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 567.27 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 213.81 571.80 Td (\(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 567.32 Td (\(3,957) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 567.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 567.32 Td (\(3,193) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 567.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 552.27 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 243.50 556.80 Td (\(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 552.27 Td (1,869) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 552.27 Td (2,249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 537.27 Td ( ) Tj ET Q q 0 0 0 rg BT 64.95 537.27 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 188.25 541.80 Td (\(7\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 537.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 537.27 Td (466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 522.27 Td ( ) Tj ET Q q 0 0 0 rg BT 64.95 522.27 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 366.56 526.80 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 522.32 Td (\(171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 522.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 522.32 Td (\(513) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 522.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 507.27 Td () Tj ET Q q 0 0 0 rg BT 64.95 507.27 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 226.87 511.80 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 507.27 Td (190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 507.27 Td (74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 492.27 Td (Modified Funds from Operations attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 492.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 492.27 Td (13,519) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 492.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 492.27 Td (17,791) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 463.27 Td (Basic and diluted income \(loss\) per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 463.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 463.27 Td (0.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 463.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 463.27 Td (0.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 448.27 Td (Funds From Operations attributable to common stockholders per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 448.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 448.27 Td (0.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 448.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 448.27 Td (0.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 433.27 Td (Modified Funds From Operations attributable to common stockholders per common) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 423.27 Td (share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 423.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 423.27 Td (0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 423.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 423.27 Td (0.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 408.27 Td (Weighted average shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 408.27 Td (222,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 408.27 Td (224,260) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 380.10 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 86.00 368.10 Td (assets in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 216.70 368.10 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 86.00 356.10 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 86.00 344.10 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 86.00 332.10 Td (excluded from our determination of FFO. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 308.10 Td (Represents the gain on disposition of certain real estate investments. ) Tj ET Q q 0 0 0 rg BT 361.21 308.10 Td (Althoughthis gain isincluded in the calculation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 296.10 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 86.00 284.10 Td (operating performance of our real estate investments on a comparative basis. ) Tj ET Q q 0 0 0 rg BT 395.15 284.10 Td (This adjustment includes amounts from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 272.10 Td (the Gain \(loss\) on sale or dissolution of unconsolidated joint venture and Gain \(loss\) on sale of real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 260.10 Td (investments included in the condensed consolidated statements of operations and comprehensive income \(loss\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 236.10 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 86.00 224.10 Td (1, 2, 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 86.00 212.10 Td (unconsolidated entities to FFO and MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.10 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 188.10 Td (Includes income attributable to noncontrolling interests and all adjustments to eliminate the noncontrolling interests) Tj ET Q q 0 0 0 rg BT 551.54 188.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 176.10 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 50.00 152.10 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 152.10 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 86.00 140.10 Td (derivatives.) Tj ET Q q 0 0 0 rg BT 137.19 140.10 Td (W) Tj ET Q q 0 0 0 rg BT 145.83 140.10 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 86.00 128.10 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 86.00 116.10 Td (remain unrealized.) Tj ET Q endstream endobj 73 0 obj <> endobj 74 0 obj <> stream 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (\(6\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 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 86.00 730.10 Td (performance and determining MFFO\(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 689.60 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 689.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 689.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 689.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 659.60 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 659.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 659.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 659.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 629.60 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 629.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 629.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 629.60 77.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 689.6 m 481.5 689.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 689.6 m 562.5 689.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 689.6 m 481.5 689.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 689.6 m 562.5 689.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 629.6 m 481.5 629.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 629.6 m 562.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 615.6 m 481.5 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 613.6 m 481.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 615.6 m 562.5 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 613.6 m 562.5 613.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 709.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.40 709.28 Td (Three Months Ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 694.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.50 694.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.50 694.28 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 679.27 Td (Straight-line rent adjustment \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 679.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 679.32 Td (\(2,889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 679.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 679.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 679.32 Td (\(1,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 679.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 664.27 Td (Amortization of lease incentives \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 664.27 Td (5,088) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 664.27 Td (3,729) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 649.27 Td (Amortization of out-of-market leases \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 649.32 Td (\(386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 649.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 649.32 Td (\(610) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 649.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 634.27 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 634.27 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 634.27 Td (140) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 619.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 619.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 619.27 Td (1,869) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 619.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 619.27 Td (2,249) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 591.10 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 591.10 Td (Represents the adjustments to rental revenue as required by GAAP) Tj ET Q q 0 0 0 rg BT 389.06 591.10 Td ( to recognize minimum lease payments on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 579.10 Td (a straight-line basis over the respective lease terms.) Tj ET Q q 0 0 0 rg BT 332.30 579.10 Td (W) Tj ET Q q 0 0 0 rg BT 340.94 579.10 Td (e have excluded these adjustments from our evaluation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 567.10 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 122.00 555.10 Td (is billable during the current period is a more relevant measure of the Company) Tj ET Q q 0 0 0 rg BT 442.73 555.10 Td (s operating performance for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 543.10 Td (such period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 519.10 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 519.10 Td (Represents the amortization of lease incentives and out-of-market leases.) Tj ET Q q 0 0 0 rg BT 418.28 519.10 Td (As stated in Note 1 above, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 507.10 Td (historical cost accounting for real estate assets in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 414.30 507.10 Td ( implicitly assumes that the value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 495.10 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 122.00 483.10 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 122.00 471.10 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 50.00 447.10 Td (\(7\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 447.10 Td (Represents acquisition expenses and acquisition fees paid to our ) Tj ET Q q 0 0 0 rg BT 344.55 447.10 Td (Advisor that are expensed in our condensed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 435.10 Td (consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 241.06 435.10 Td (W) Tj ET Q q 0 0 0 rg BT 249.70 435.10 Td (e fund such costs with sales proceeds and acquisition-related indebtedness, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 423.10 Td (and therefore do not consider these expenses in evaluating our operating performance and determining MFFO.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 399.10 Td (Related-Party T) Tj ET Q q 0 0 0 rg BT 132.89 399.10 Td (ransactions and ) Tj ET Q q 0 0 0 rg BT 200.87 399.10 Td (Agreements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 375.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 375.10 Td (e have entered into agreements with the ) Tj ET Q q 0 0 0 rg BT 237.41 375.10 Td (Advisor and Hines or its af) Tj ET Q q 0 0 0 rg BT 345.27 375.10 Td (filiates, whereby we pay certain fees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 363.10 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 50.00 351.10 Td (financing fees, re-development construction management fees, reimbursement of or) Tj ET Q q 0 0 0 rg BT 384.69 351.10 Td (ganizational and of) Tj ET Q q 0 0 0 rg BT 461.15 351.10 Td (fering expenses, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 339.10 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 50.00 327.10 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 246.34 327.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.92 327.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 303.10 Td (Of) Tj ET Q q 0 0 0 rg BT 78.37 303.10 Td (f-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 146.33 303.10 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 279.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 279.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.04 279.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.48 279.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.06 279.10 Td (, we had no of) Tj ET Q q 0 0 0 rg BT 310.81 279.10 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 50.00 267.10 Td (likely to have a current or future ef) Tj ET Q q 0 0 0 rg BT 189.48 267.10 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 50.00 255.10 Td (of operations, liquidity) Tj ET Q q 0 0 0 rg BT 140.73 255.10 Td (, capital expenditures or capital resources.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 231.10 Td (Subsequent Events) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 207.10 Td (1515 S. Str) Tj ET Q q 0 0 0 rg BT 111.30 207.10 Td (eet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 183.10 Td (In ) Tj ET Q q 0 0 0 rg BT 77.78 183.10 Td (April 2016, we sold 1515 S. Street for a contract sales price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.66 183.10 Td ($68.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.55 183.10 Td (. 1515 S. Street is an of) Tj ET Q q 0 0 0 rg BT 476.69 183.10 Td (fice building located ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 171.10 Td (in Sacramento, California. ) Tj ET Q q 0 0 0 rg BT 157.34 171.10 Td (W) Tj ET Q q 0 0 0 rg BT 165.98 171.10 Td (e originally acquired 1515 S. Street in November 2005 for a contract purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.75 171.10 Td ($66.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 159.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 159.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 135.10 Td (JPMor) Tj ET Q q 0 0 0 rg BT 94.90 135.10 Td (gan Chase T) Tj ET Q q 0 0 0 rg BT 144.54 135.10 Td (ower) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 111.10 Td (In May 2016, we entered into a contract to sell JPMor) Tj ET Q q 0 0 0 rg BT 283.10 111.10 Td (gan Chase ) Tj ET Q q 0 0 0 rg BT 326.80 111.10 Td (T) Tj ET Q q 0 0 0 rg BT 332.21 111.10 Td (ower) Tj ET Q q 0 0 0 rg BT 351.80 111.10 Td (, an of) Tj ET Q q 0 0 0 rg BT 376.88 111.10 Td (fice building located in Dallas, ) Tj ET Q q 0 0 0 rg BT 502.22 111.10 Td (T) Tj ET Q q 0 0 0 rg BT 507.63 111.10 Td (exas. ) Tj ET Q q 0 0 0 rg BT 530.22 111.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 99.10 Td (contract sales price for JPMor) Tj ET Q q 0 0 0 rg BT 169.28 99.10 Td (gan Chase ) Tj ET Q q 0 0 0 rg BT 212.98 99.10 Td (T) Tj ET Q q 0 0 0 rg BT 218.39 99.10 Td (ower is expected to be approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.55 99.10 Td ($280.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.45 99.10 Td (, exclusive of transaction costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 87.10 Td (and closing prorations. ) Tj ET Q q 0 0 0 rg BT 143.19 87.10 Td (W) Tj ET Q q 0 0 0 rg BT 151.83 87.10 Td (e originally acquired JPMor) Tj ET Q q 0 0 0 rg BT 263.57 87.10 Td (gan Chase ) Tj ET Q q 0 0 0 rg BT 307.26 87.10 Td (T) Tj ET Q q 0 0 0 rg BT 312.67 87.10 Td (ower in November 2007 for a contract purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 75.10 Td ($289.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.39 75.10 Td (. ) Tj ET Q q 0 0 0 rg BT 112.84 75.10 Td (Although we expect the closing of this sale to occur in June 2016, there can be no assurances as to if or when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 63.10 Td (this sale will be completed.) Tj ET Q endstream endobj 75 0 obj <> endobj 76 0 obj <> stream 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 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 50.00 742.25 Td (Item3. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 742.25 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 0 rg BT 254.63 742.25 Td (About Market Risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (Market risk is the exposure to loss resulting from changes in interest rates, foreign currency exchange rates and equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (prices. Interest rate risk is the primary risk in pursuing our business plan.) Tj ET Q BT /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 (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.04 682.25 Td (, we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.14 682.25 Td ($395.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.03 682.25 Td ( in variable rate debt that was not hedged with an interest rate swap. If ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (interest rates were to increase by 1%, we would incur an additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.74 670.25 Td ($4.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.63 670.25 Td ( in interest expense. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (Item4. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 646.25 Td (Controls and Procedures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.25 Td (In accordance with Rules13a-15 and 15d-15 promulgated under the Exchange ) Tj ET Q q 0 0 0 rg BT 384.28 622.25 Td (Act, we carried out an evaluation, under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (supervision and with the participation of management, including our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 404.17 610.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 516.72 610.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 534.64 610.25 Td (, of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (the ef) Tj ET Q q 0 0 0 rg BT 72.30 598.25 Td (fectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based on that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (evaluation, our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 190.05 586.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 302.60 586.25 Td (ficer concluded that our disclosure controls and procedures were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 574.25 Td (fective as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.95 574.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.55 574.25 Td (, to provide reasonable assurance that information required to be disclosed in our reports filed or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (submitted under the Exchange ) Tj ET Q q 0 0 0 rg BT 173.30 562.25 Td (Act is \(i\)recorded, processed, summarized and reported within the time periods specified in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (Securities and Exchange Commission) Tj ET Q q 0 0 0 rg BT 204.14 550.25 Td (s rules and forms, and \(ii\)accumulated and communicated to our management, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 143.40 538.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 255.95 538.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 273.87 538.25 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 68.00 514.25 Td (No change occurred in our internal controls over financial reporting \(asdefined in Rule13a-15\(f\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 527.27 514.25 Td (Act\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (during the quarter ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.52 502.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.12 502.25 Td ( that has materially af) Tj ET Q q 0 0 0 rg BT 300.57 502.25 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 481.98 502.25 Td (fect, our internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (controls over financial reporting.) Tj ET Q endstream endobj 77 0 obj <> endobj 78 0 obj <> stream 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (36) 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 (May1) Tj ET Q q 0 0 0 rg BT 229.88 682.25 Td (1, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.88 682.25 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 (2015) 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 have been no material changes to 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 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.34 598.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.92 598.25 Td (.) 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 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.55 550.25 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.86 550.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.36 550.25 Td (March31, 2016) 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 of 1933, as amended. ) 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, 2015 were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (redeemed on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.86 502.25 Td (January) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.96 502.25 Td ( 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.46 502.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.46 502.25 Td (. ) 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 proceeds from the sale of assets. ) Tj ET Q q 0 0 0 rg BT 229.47 490.25 Td (The following table lists shares we redeemed under our share redemption program ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (during the period covered by this report.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 391.75 192.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 391.75 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 391.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 391.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 391.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 391.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 391.75 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 391.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 391.75 87.00 -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 50.5 391.75 m 242.5 391.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 391.75 m 320.5 391.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 391.75 m 376.5 391.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 391.75 m 471.5 391.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 391.75 m 562.5 391.75 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 242.5 391.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 391.75 m 320.5 391.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 376.75 m 320.5 376.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 391.75 m 376.5 391.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 391.75 m 471.5 391.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 376.75 m 471.5 376.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 391.75 m 562.5 391.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 376.75 m 320.5 376.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 362.75 m 320.5 362.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 360.75 m 320.5 360.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 376.75 m 471.5 376.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 362.75 m 471.5 362.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 360.75 m 471.5 360.75 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 277.55 426.43 Td (T) Tj ET Q q 0 0 0 rg BT 283.30 426.43 Td (otal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.35 416.43 Td (Number) Tj ET Q q 0 0 0 rg BT 300.72 416.43 Td ( of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.10 406.43 Td (Shar) Tj ET Q q 0 0 0 rg BT 294.48 406.43 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.25 396.43 Td (Redeemed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.60 426.43 Td (A) Tj ET Q q 0 0 0 rg BT 339.08 426.43 Td (verage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.85 416.43 Td (Price) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.85 406.43 Td (Paid per) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.55 396.43 Td (Shar) Tj ET Q q 0 0 0 rg BT 357.93 396.43 Td (e) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.55 446.43 Td (T) Tj ET Q q 0 0 0 rg BT 420.30 446.43 Td (otal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.75 436.43 Td (Number) Tj ET Q q 0 0 0 rg BT 422.12 436.43 Td ( of Shar) Tj ET Q q 0 0 0 rg BT 455.83 436.43 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.90 426.43 Td (Redeemed as Part ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.55 416.43 Td (of Publicly) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.10 406.43 Td (Announced Plans ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.60 396.43 Td (or) Tj ET Q q 0 0 0 rg BT 407.86 396.43 Td ( Pr) Tj ET Q q 0 0 0 rg BT 420.72 396.43 Td (ograms) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.25 446.43 Td (Maximum ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.75 436.43 Td (Number) Tj ET Q q 0 0 0 rg BT 515.12 436.43 Td ( of Shar) Tj ET Q q 0 0 0 rg BT 548.83 436.43 Td (es ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 426.43 Td (that May ) Tj ET Q q 0 0 0 rg BT 525.94 426.43 Td (Y) Tj ET Q q 0 0 0 rg BT 532.05 426.43 Td (et be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.25 416.43 Td (Redeemed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.25 406.43 Td (Under) Tj ET Q q 0 0 0 rg BT 505.29 406.43 Td ( the Plans or) Tj ET Q q 0 0 0 rg BT 558.72 406.43 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.40 396.43 Td (Pr) Tj ET Q q 0 0 0 rg BT 502.77 396.43 Td (ograms ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 536.93 400.96 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 381.42 Td (January 1, 2016 through March 31, 2016) Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 245.00 386.58 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.65 381.42 Td (1,219,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.00 381.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.15 381.42 Td (5.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.65 381.42 Td (1,219,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 381.42 Td (816,008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 366.42 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.65 366.42 Td (1,219,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 366.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.65 366.42 Td (1,219,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 366.42 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 338.25 Td (All shares were redeemed on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.56 338.25 Td (January) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.66 338.25 Td ( 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.16 338.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.16 338.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 314.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 314.25 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 380.63 314.25 Td (April) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.74 314.25 Td ( 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.24 314.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.24 314.25 Td (. Please see Part I, Item 2. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 302.25 Td (Management) Tj ET Q q 0 0 0 rg BT 140.98 302.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 210.15 302.25 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 86.00 290.25 Td (Liquidity and Capital Resources Cash Flows from Financing ) Tj ET Q q 0 0 0 rg BT 343.48 290.25 Td (Activities for additional information on the re-opening ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 278.25 Td (and amendment and restatement of our share redemption program ef) Tj ET Q q 0 0 0 rg BT 359.88 278.25 Td (fective in ) Tj ET Q q 0 0 0 rg BT 399.31 278.25 Td (April 2013. ) Tj ET Q q 0 0 0 rg BT 450.24 278.25 Td (The funds available for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 266.25 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 549.88 266.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 254.25 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 86.00 242.25 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 86.00 230.25 Td (prior calendar year) Tj ET Q q 0 0 0 rg BT 160.96 230.25 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 543.22 230.25 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 218.25 Td (may waive the annual limitation on the number of shares that will be redeemed.) Tj ET Q endstream endobj 79 0 obj <> endobj 80 0 obj <> stream 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (37) 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 68.00 718.25 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 68.00 670.25 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 68.00 622.25 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 endstream endobj 81 0 obj <> endobj 82 0 obj <> stream 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 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 11, 2016) 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 11, 2016) 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 endstream endobj 83 0 obj <> endobj 84 0 obj <> stream 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (39) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 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 111.50 695.75 451.00 -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 111.50 635.75 451.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 565.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 95.50 565.75 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 111.50 565.75 451.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 535.75 45.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 95.50 535.75 16.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 111.50 535.75 451.00 -35.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 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 562.5 695.75 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. \(filed as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 675.42 Td (Exhibit3.1 to the registrants Current Report on Form 8-K on July 13, 2007 and incorporated by reference) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 665.42 Td (herein\).) 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. \(filed as Exhibit3.1 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 640.42 Td (registrants Current Report on Form8-K on August 3, 2006 and incorporated by reference herein\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.50 626.32 Td (3.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 625.42 Td (Amendment No. 1 to Second Amended and Restated Bylaws of Hines Real Estate Investment Trust, Inc. \(filed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 615.42 Td (as Exhibit 3.1 to the registrants Current Report on Form 8-K on September 21, 2015 and incorporated by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 605.42 Td (reference herein\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.50 591.32 Td (4.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 590.42 Td (Hines Real Estate Investment Trust, Inc. Dividend Reinvestment Plan \(included as Appendix A to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 580.42 Td (prospectus contained in the registrants Registration Statement on Form S-3 \(file No. 333-182401\) filed on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 570.42 Td (June 28, 2012 and incorporated by reference herein\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 555.42 Td (31.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 555.42 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 555.42 Td (Certification.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 540.42 Td (31.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 540.42 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 540.42 Td (Certification.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 526.32 Td (32.1) 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 (Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18U.S.C., Section1350, as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 515.42 Td (adopted pursuant to Section906 of the Sarbanes-Oxley Act of 2002. Pursuant to SEC Release 34-47551 this) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 505.42 Td (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 77.00 491.32 Td (101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 491.32 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 490.42 Td (The following materials from Hines Real Estate Investment Trust, Inc.s Quarterly Report on Form 10-Q for) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 480.42 Td (the quarter ended March 31, 2016, filed on May 11, 2016, formatted in XBRL \(eXtensible Business Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 470.42 Td (Language\): \(i\) Condensed Consolidated Balance Sheets, \(ii\) Condensed Consolidated Statements of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 460.42 Td (Operations and Comprehensive Income \(Loss\), \(iii\) Condensed Consolidated Statements of Equity, \(iv\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 450.42 Td (Condensed Consolidated Statements of Cash Flows, and \(v\) Notes to the Condensed Consolidated Financial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 440.42 Td (Statements.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 416.32 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 416.32 Td (Filed herewith) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 85 0 obj <> endobj 86 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 430.73 646.25 Td (T) Tj ET Q q 0 0 0 rg BT 436.48 646.25 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 281.5 104.75 m 477.5 104.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 110.32 Td (Date:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 110.32 Td (May 11, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.00 110.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.00 110.32 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.00 110.32 Td (/s/ SHERRI W. SCHUGART) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 110.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 95.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.00 95.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.00 95.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.00 95.32 Td (Sherri W. 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