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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 702.92 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 702.93 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.75 688.82 Td (99.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.00 687.92 Td (Unaudited pro forma consolidated balance sheet as of December31, 2016 and unaudited proforma consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.00 677.92 Td (statement of operations for the year ended December 31, 2016 for Hines Global REIT II, Inc. and the notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.00 667.92 Td (thereto.) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.30 742.25 Td (Exhibit 99.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.60 718.25 Td (HINES GLOBAL) Tj ET Q q 0 0 0 rg BT 312.46 718.25 Td ( REIT) Tj ET Q q 0 0 0 rg BT 339.23 718.25 Td ( II, INC.) 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However) Tj ET Q q 0 0 0 rg BT 318.40 511.25 Td (, there are no pro forma adjustments for the acquisition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.25 Td (the Montrose Student Residences included in the unaudited pro forma consolidated financial statements since the financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.25 Td (statements relating to this recent acquisition are not currently required to be filed with the Securities and Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.25 Td (Commission \(the SEC\).) 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0.9333333333333333 1 rg /GS0 gs 351.50 154.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 154.75 99.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 154.75 27.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 154.75 80.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 684.75 m 351.5 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 684.75 m 454.5 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 684.75 m 561.5 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 544.75 m 351.5 544.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 531.75 m 351.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 529.75 m 351.5 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 544.75 m 454.5 544.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 531.75 m 454.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 529.75 m 454.5 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 544.75 m 561.5 544.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 531.75 m 561.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 529.75 m 561.5 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 404.75 m 351.5 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 404.75 m 351.5 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 390.75 m 351.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 404.75 m 454.5 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 390.75 m 454.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 404.75 m 561.5 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 390.75 m 561.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 182.75 m 351.5 182.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 182.75 m 454.5 182.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 182.75 m 561.5 182.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 182.75 m 351.5 182.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 182.75 m 454.5 182.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 182.75 m 561.5 182.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 154.75 m 351.5 154.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 154.75 m 454.5 154.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 154.75 m 561.5 154.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 140.75 m 351.5 140.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 140.75 m 454.5 140.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 140.75 m 561.5 140.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 127.75 m 351.5 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 125.75 m 351.5 125.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 127.75 m 454.5 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 125.75 m 454.5 125.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 127.75 m 561.5 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 125.75 m 561.5 125.75 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 689.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.70 689.20 Td (December 31, 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.05 698.20 Td (Adjustments for the) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 361.85 689.20 Td (Rookwood acquisition) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 689.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 499.95 689.20 Td (Pro Forma) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 327.40 675.20 Td (\(in thousands, except per share amounts\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 133.20 661.20 Td (ASSETS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 661.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 647.21 Td (Investment property, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 254.00 647.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.75 647.21 Td (283,875) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 358.00 647.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.75 647.21 Td (182,481) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 647.21 Td (\(a\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 647.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 647.21 Td (466,356) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 633.21 Td (Cash and cash equivalents) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 323.25 633.21 Td (98,137) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.25 633.21 Td (\(81,081) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 633.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 633.21 Td (\(b\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 633.21 Td (17,056) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 619.21 Td (Restricted cash) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 327.75 619.21 Td (1,576) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.00 619.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 619.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 619.21 Td (1,576) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 605.21 Td (Tenant and other receivables) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 327.75 605.21 Td (4,803) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.00 605.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 605.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 605.21 Td (4,803) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 591.21 Td (Intangible lease assets, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 323.25 591.21 Td (76,070) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.25 591.21 Td (29,830) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 591.21 Td (\(a\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 591.21 Td (105,900) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 577.21 Td (Deferred leasing costs, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 334.50 577.21 Td (314) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.00 577.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 577.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 577.21 Td (314) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 563.21 Td (Deferred financing costs, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 339.00 563.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.00 563.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 563.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 549.21 Td (Other assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 327.75 549.21 Td (5,570) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.75 549.21 Td (\(5,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 549.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 549.21 Td (\(b\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 549.21 Td (570) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 535.20 Td (Total assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 254.00 535.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.75 535.21 Td (470,345) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 358.00 535.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.75 535.21 Td (126,230) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 535.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 535.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 535.21 Td (596,575) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 92.85 521.20 Td (LIABILITIES AND EQUITY) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.00 521.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 521.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 521.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 521.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 507.20 Td (Liabilities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.00 507.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 507.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 507.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 507.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 493.21 Td (Accounts payable and accrued expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 254.00 493.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 327.75 493.21 Td (7,549) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 358.00 493.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 437.50 493.21 Td (926) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 493.21 Td (\(c\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 493.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 493.21 Td (8,475) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 479.21 Td (Due to affiliates) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 323.25 479.21 Td (12,141) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.75 479.21 Td (4,474) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 479.21 Td (\(d\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 479.21 Td (16,615) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 465.21 Td (Intangible lease liabilities, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 327.75 465.21 Td (2,421) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.25 465.21 Td (14,224) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 465.21 Td (\(a\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 465.21 Td (16,645) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 451.21 Td (Other liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 327.75 451.21 Td (3,041) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.00 451.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 451.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 451.21 Td (3,041) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 437.21 Td (Distributions payable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 327.75 437.21 Td (1,195) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.00 437.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 437.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 437.21 Td (1,195) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 423.21 Td (Notes payable to affiliate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 323.25 423.21 Td (56,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.00 423.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 423.21 Td (\(b\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 423.21 Td (56,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 409.21 Td (Notes payable, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.75 409.21 Td (197,815) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.25 409.21 Td (96,787) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 409.21 Td (\(b\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 409.21 Td (294,602) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 395.20 Td (Total liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 254.00 395.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.75 395.21 Td (280,162) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 358.00 395.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.75 395.21 Td (116,411) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 395.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 395.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 395.21 Td (396,573) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 367.21 Td (Commitments and Contingencies) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 339.00 367.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.00 367.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 367.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 367.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 339.20 Td (Equity:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.00 339.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 339.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 339.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 339.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 325.21 Td (Stockholders equity:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.00 325.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 325.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 325.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 325.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 311.21 Td (Preferred shares, $0.001 par value; 500,000 preferred) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 302.21 Td (shares authorized, none issued or outstanding as of) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 293.21 Td (December 31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 339.00 293.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.00 293.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 293.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 293.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 279.21 Td (Class A common stock, $0.001 par value; 600,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 270.21 Td (authorized; 16,469 issued and outstanding as of) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 261.21 Td (December 31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 339.00 261.21 Td (16) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 261.21 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 261.21 Td (\(b\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 261.21 Td (17) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 247.21 Td (Class T common stock, $0.001 par value; 900,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 238.21 Td (authorized; 10,074 issued and outstanding as of) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 229.21 Td (December 31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 339.00 229.21 Td (10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 229.21 Td (3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 229.21 Td (\(b\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 229.21 Td (13) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 215.21 Td (Additional paid-in capital) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.75 215.21 Td (224,134) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.75 215.21 Td (9,815) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 215.21 Td (\(b\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 215.21 Td (233,949) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 201.21 Td (Accumulated distributions in excess of earnings) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 320.25 201.21 Td (\(31,222) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.00 201.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.00 201.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 201.21 Td (\(31,222) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 201.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 187.21 Td (Accumulated other comprehensive income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.75 187.21 Td (\(2,755) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.00 187.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.00 187.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 187.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 187.21 Td (\(2,755) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 187.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 173.21 Td (Total stockholders equity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.75 173.21 Td (190,183) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.75 173.21 Td (9,819) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 173.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 173.21 Td (200,002) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 159.21 Td (Noncontrolling interests) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 339.00 159.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.00 159.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 159.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 159.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 145.20 Td (Total equity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.75 145.21 Td (190,183) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.75 145.21 Td (9,819) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 145.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 145.21 Td (200,002) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 131.20 Td (Total liabilities and equity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 254.00 131.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.75 131.21 Td (470,345) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 358.00 131.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.75 131.21 Td (126,230) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 131.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 131.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 131.21 Td (596,575) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.45 103.25 Td (See notes to unaudited pro forma consolidated balance sheet and notes to unaudited pro forma consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.60 91.25 Td (statements.) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.15 742.25 Td (Notes to Unaudited Pr) Tj ET Q q 0 0 0 rg BT 222.24 742.25 Td (o Forma Consolidated Balance Sheet as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.18 742.25 Td (December) Tj ET Q q 0 0 0 rg BT 447.31 742.25 Td (31, 2016) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Adjustments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 688.25 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 688.25 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 688.25 Td (o record the pro forma ef) Tj ET Q q 0 0 0 rg BT 191.46 688.25 Td (fect of the Company) Tj ET Q q 0 0 0 rg BT 276.16 688.25 Td (s acquisition of Rookwood, assuming it had occurred on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.90 688.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 676.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.00 676.25 Td (. Investment property and intangible lease assets and liabilities were recorded at relative fair value. See Note 2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 664.25 Td ( Significant ) Tj ET Q q 0 0 0 rg BT 144.33 664.25 Td (Accounting Policies in the Company) Tj ET Q q 0 0 0 rg BT 294.31 664.25 Td (s ) Tj ET Q q 0 0 0 rg BT 300.15 664.25 Td (Annual Report on Form 10-K for the year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 652.25 Td (2016 regarding how the fair values of the Company) Tj ET Q q 0 0 0 rg BT 295.39 652.25 Td (s investment property and intangible lease assets and liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 640.25 Td (were determined. Pro forma adjustments related to these amounts are preliminary and subject to change.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 622.25 Td (See Note 1 to the Notes to Unaudited Pro Forma Consolidated Financial Statements for additional information on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 610.25 Td (adoption of ) Tj ET Q q 0 0 0 rg BT 133.77 610.25 Td (Accounting Standards Update 2017-01.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 592.25 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 592.25 Td (The acquisition of Rookwood was funded using proceeds from the Company) Tj ET Q q 0 0 0 rg BT 396.50 592.25 Td (s current public of) Tj ET Q q 0 0 0 rg BT 469.35 592.25 Td (fering \(of which a $5.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 580.25 Td (million deposit was funded prior to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.32 580.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.90 580.25 Td ( and recorded in other assets on the consolidated balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 568.25 Td (sheet\), a $56.0 million advance under the Company) Tj ET Q q 0 0 0 rg BT 295.11 568.25 Td (s credit facility with Hines Interests Limited Partnership \(Hines\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 556.25 Td (\(which was funded prior to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.81 556.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.39 556.25 Td ( and recorded in notes payable to af) Tj ET Q q 0 0 0 rg BT 417.65 556.25 Td (filiate on the consolidated balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 544.25 Td (sheet\) and the assumption of two existing secured mortgage facilities from a third party totaling $96.0 million, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 532.25 Td (the Company entered into simultaneously with the acquisition of Rookwood. ) Tj ET Q q 0 0 0 rg BT 398.18 532.25 Td (At the time of acquisition, the fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 520.25 Td (values of these loans was estimated to be $95.3 million which resulted in a premium of $0.7 million. ) Tj ET Q q 0 0 0 rg BT 492.97 520.25 Td (The premium is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 508.25 Td (being amortized over the remaining life of the loans, which have a weighted average year to maturity of 3.5 years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 490.25 Td (\(c\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 490.25 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 490.25 Td (o record the pro forma ef) Tj ET Q q 0 0 0 rg BT 191.46 490.25 Td (fect of the Company) Tj ET Q q 0 0 0 rg BT 276.16 490.25 Td (s acquisition expenses related to the acquisition of Rookwood.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 472.25 Td (\(d\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 472.25 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 472.25 Td (o record the pro forma ef) Tj ET Q q 0 0 0 rg BT 191.46 472.25 Td (fect of the $4.4 million acquisition fee paid to an af) Tj ET Q q 0 0 0 rg BT 396.49 472.25 Td (filiate of Hines in relation to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 460.25 Td (acquisition of Rookwood.) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.60 742.25 Td (HINES GLOBAL) Tj ET Q q 0 0 0 rg BT 312.46 742.25 Td ( REIT) Tj ET Q q 0 0 0 rg BT 339.23 742.25 Td ( II, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.85 730.25 Td (UNAUDITED PRO FORMA) Tj ET Q q 0 0 0 rg BT 252.74 730.25 Td ( CONSOLIDA) Tj ET Q q 0 0 0 rg BT 315.06 730.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 349.61 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 356.09 730.25 Td (TEMENT) Tj ET Q q 0 0 0 rg BT 399.25 730.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 415.27 730.25 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 452.02 730.25 Td (TIONS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.70 718.25 Td (For) Tj ET Q q 0 0 0 rg BT 238.07 718.25 Td ( the) Tj ET Q q 0 0 0 rg BT 256.03 718.25 Td (Y) Tj ET Q q 0 0 0 rg BT 262.14 718.25 Td (ear) Tj ET Q q 0 0 0 rg BT 275.83 718.25 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 351.75 718.25 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.25 718.25 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 73.00 632.75 153.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.00 632.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 632.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 632.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 632.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 632.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 632.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 632.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 632.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 632.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 73.00 602.75 153.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.00 602.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 602.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 602.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 602.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 602.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 602.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 602.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 602.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 602.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 73.00 572.75 153.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.00 572.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 572.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 572.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 572.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 572.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 572.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 572.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 572.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 572.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 73.00 542.75 153.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.00 542.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 542.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 542.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 542.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 542.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 542.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 542.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 542.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 542.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 73.00 512.75 153.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.00 512.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 512.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 512.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 512.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 512.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 512.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 512.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 512.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 512.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 73.00 472.75 153.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.00 472.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 472.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 472.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 472.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 472.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 472.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 472.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 472.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 472.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 73.00 442.75 153.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.00 442.75 67.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 442.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 442.75 70.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 442.75 18.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 442.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 442.75 63.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 442.75 18.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 442.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 442.75 64.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 73.00 403.75 153.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.00 403.75 67.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 403.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 403.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 403.75 18.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 403.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 403.75 63.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 403.75 18.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 403.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 403.75 64.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 73.00 363.75 153.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.00 363.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 363.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 363.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 363.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 363.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 363.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 363.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 363.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 363.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 73.00 333.75 153.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.00 333.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 333.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 333.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 333.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 333.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 333.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 333.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 333.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 333.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 73.00 293.75 153.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.00 293.75 67.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 293.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 293.75 70.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 293.75 18.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 293.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 293.75 63.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 293.75 18.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 293.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 293.75 64.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 73.00 245.75 153.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.00 245.75 67.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 245.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 245.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 245.75 18.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 245.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 245.75 63.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 245.75 18.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 245.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 245.75 64.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226 661.75 m 293 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 661.75 m 367 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 661.75 m 452 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470 661.75 m 474 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 661.75 m 538 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226 602.75 m 293 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 602.75 m 367 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 602.75 m 452 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 602.75 m 538 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 602.75 m 452 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 602.75 m 538 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226 457.75 m 293 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 457.75 m 367 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 457.75 m 452 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 457.75 m 538 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226 442.75 m 293 442.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 442.75 m 367 442.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 457.75 m 452 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 442.75 m 452 442.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 457.75 m 538 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 442.75 m 538 442.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226 333.75 m 293 333.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 333.75 m 367 333.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 333.75 m 452 333.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 333.75 m 538 333.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 333.75 m 452 333.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 333.75 m 538 333.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226 293.75 m 293 293.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226 270.75 m 293 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226 268.75 m 293 268.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 293.75 m 367 293.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 270.75 m 367 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 268.75 m 367 268.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 293.75 m 452 293.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 270.75 m 452 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 268.75 m 452 268.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 293.75 m 538 293.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 270.75 m 538 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 268.75 m 538 268.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226 268.75 m 293 268.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226 270.75 m 293 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 268.75 m 367 268.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 270.75 m 367 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 268.75 m 452 268.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 270.75 m 452 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 246.75 m 452 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 244.75 m 452 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 268.75 m 538 268.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 270.75 m 538 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 246.75 m 538 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 244.75 m 538 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226 244.75 m 293 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226 246.75 m 293 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226 221.75 m 293 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226 219.75 m 293 219.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 244.75 m 367 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 246.75 m 367 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 221.75 m 367 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 219.75 m 367 219.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 244.75 m 452 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 246.75 m 452 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 221.75 m 452 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 219.75 m 452 219.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 244.75 m 538 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 246.75 m 538 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 221.75 m 538 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 219.75 m 538 219.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.90 686.43 Td (Year Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.90 676.43 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.00 666.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.25 686.43 Td (Adjustments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.15 676.43 Td (for Rookwood) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.00 666.43 Td (Acquisition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.75 666.43 Td (Adjustments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.60 666.43 Td (Pro Forma) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.15 652.43 Td (\(in thousands, except per share amounts\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.50 637.43 Td (Revenues:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.50 637.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 622.42 Td (Rental revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.50 622.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.65 622.42 Td (23,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.50 622.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 622.42 Td (20,232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 622.42 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.50 622.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.50 622.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 622.42 Td (11,055) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.50 622.42 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.50 622.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 622.42 Td (54,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 607.42 Td (Other revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.15 607.42 Td (682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 607.42 Td (210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 607.42 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.50 607.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 607.42 Td (212) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.50 607.42 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 607.42 Td (1,104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 592.42 Td (Total revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.65 592.42 Td (24,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 592.42 Td (20,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 592.42 Td (11,267) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 592.42 Td (56,058) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.50 577.43 Td (Expenses:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.50 577.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.50 577.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 562.42 Td (Property operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.65 562.42 Td (4,593) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 562.42 Td (1,340) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 562.42 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 562.42 Td (1,994) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.50 562.42 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 562.42 Td (7,927) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 547.42 Td (Real property taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.65 547.42 Td (1,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 547.42 Td (3,844) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 547.42 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 547.42 Td (1,313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.50 547.42 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 547.42 Td (6,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 532.42 Td (Property management fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.15 532.42 Td (438) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 532.42 Td (613) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 532.42 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 532.42 Td (262) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.50 532.42 Td (\(e\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 532.42 Td (1,313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 517.42 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.65 517.42 Td (15,372) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 517.42 Td (10,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 517.42 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 517.42 Td (8,506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.50 517.42 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 517.42 Td (34,209) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 502.42 Td (Acquisition related expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.65 502.42 Td (1,855) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 502.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.30 502.47 Td (\(1,748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 502.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.50 502.42 Td (\(f\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 502.42 Td (107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 487.42 Td (Asset management and acquisition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 477.42 Td (fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.65 477.42 Td (6,645) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 477.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.30 477.47 Td (\(3,935) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 477.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.50 477.42 Td (\(g\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 477.42 Td (2,710) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 462.42 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.65 462.42 Td (2,044) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 462.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 462.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 462.42 Td (2,044) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 447.42 Td (Total expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.65 447.42 Td (32,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 447.42 Td (16,128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 447.42 Td (6,392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 447.42 Td (55,115) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.50 433.43 Td (Income \(loss\) before other income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.50 423.43 Td (\(expenses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.30 423.42 Td (\(8,246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 423.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 423.42 Td (4,314) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 423.42 Td (4,875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 423.42 Td (943) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.50 408.43 Td (Other income \(expenses\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.50 408.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.50 408.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.50 408.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 393.42 Td (Gain \(loss\) on derivative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 383.42 Td (instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.80 383.42 Td (\(6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 383.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 383.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.50 383.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 383.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.80 383.47 Td (\(6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 383.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 368.42 Td (Foreign currency gains \(losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.80 368.42 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 368.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 368.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.50 368.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 368.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.80 368.47 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 368.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 353.42 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.30 353.42 Td (\(3,154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 353.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.30 353.47 Td (\(4,552) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 353.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 353.42 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.50 353.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.30 353.47 Td (\(2,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 353.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.50 353.42 Td (\(h\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.30 353.47 Td (\(9,765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 353.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 338.42 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.15 338.42 Td (69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 338.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.50 338.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 338.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.15 338.42 Td (70) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.50 323.43 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.30 323.42 Td (\(11,341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 323.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.80 323.47 Td (\(238) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 323.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 323.42 Td (2,817) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.30 323.47 Td (\(8,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 323.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 308.42 Td (Net \(income\) loss attributable to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 298.42 Td (noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.80 298.42 Td (\(12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 298.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 298.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 298.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.80 298.47 Td (\(12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 298.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.50 284.43 Td (Net income \(loss\) attributable to) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.50 274.43 Td (common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.50 274.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.30 274.42 Td (\(11,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 274.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.50 274.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.80 274.47 Td (\(238) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 274.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.50 274.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 274.42 Td (2,817) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.50 274.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.30 274.47 Td (\(8,774) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 274.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.50 260.43 Td (Basic and diluted income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.50 250.43 Td (per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.50 250.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.30 250.42 Td (\(0.62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 250.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.50 250.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 250.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.50 250.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 250.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.50 250.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.30 250.47 Td (\(0.48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 250.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 235.42 Td (Weighted average number of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 225.42 Td (common shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.65 225.42 Td (18,191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 225.42 Td (18,191) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.55 197.25 Td (See notes to unaudited pro forma consolidated statement of operations and notes to unaudited pro forma consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.60 185.25 Td (statements.) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.45 730.10 Td (Notes to Unaudited Pr) Tj ET Q q 0 0 0 rg BT 252.54 730.10 Td (o Forma Consolidated Statement of Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.70 718.10 Td (For) Tj ET Q q 0 0 0 rg BT 238.07 718.10 Td ( the) Tj ET Q q 0 0 0 rg BT 256.03 718.10 Td (Y) Tj ET Q q 0 0 0 rg BT 262.14 718.10 Td (ear) Tj ET Q q 0 0 0 rg BT 275.83 718.10 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 351.75 718.10 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 682.10 Td (o record the pro forma ef) Tj ET Q q 0 0 0 rg BT 191.46 682.10 Td (fect of the Company) Tj ET Q q 0 0 0 rg BT 276.16 682.10 Td (s acquisition of Rookwood based on its historical results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 670.10 Td (ofoperationsassuming that the acquisition had occurred on January 1, 2016. Depreciation and amortization were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td (calculated based on the fair values of the investment property using a useful life of 40 years and in place lease assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (and out of market lease assets and liabilities using a useful life of the remaining lease terms, which are preliminary and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td (subject to change.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 616.10 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 616.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 616.10 Td (o record the pro forma ef) Tj ET Q q 0 0 0 rg BT 191.46 616.10 Td (fect of the property management fee owed to an af) Tj ET Q q 0 0 0 rg BT 393.13 616.10 Td (filiate of Hines based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.38 616.10 Td (3.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.21 616.10 Td ( of gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 604.10 Td (revenues, assuming that the acquisition of Rookwood had occurred on January 1, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td (\(c\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 586.10 Td (o record the pro forma ef) Tj ET Q q 0 0 0 rg BT 191.46 586.10 Td (fect of interest expense assuming that the Company had borrowings of $56.0 million under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 574.10 Td (the credit facility with Hines and the assumption of two existing secured mortgage facilities from a third party totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 562.10 Td ($96.0 million related to the acquisition of Rookwood had been outstanding on January 1, 2016. ) Tj ET Q q 0 0 0 rg BT 469.09 562.10 Td (The adjustment also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 550.10 Td (includes the amortization of the fair value adjustment related to the assumed mortgages for Rookwood. ) Tj ET Q q 0 0 0 rg BT 500.70 550.10 Td (The weighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 538.10 Td (average interest rate for all of the borrowings used to acquire Rookwood was 2.86% at the date of acquisition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 520.10 Td (\(d\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 520.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 520.10 Td (o record the pro forma ef) Tj ET Q q 0 0 0 rg BT 191.46 520.10 Td (fect of the Company) Tj ET Q q 0 0 0 rg BT 276.16 520.10 Td (s acquisition of the Domain ) Tj ET Q q 0 0 0 rg BT 388.64 520.10 Td (Apartments based on their historical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 508.10 Td (results ofoperationsassuming that these acquisitions had occurred on January 1, 2016. Depreciation and amortization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 496.10 Td (were calculated based on the fair values of the investment properties using a useful life of 40 years and intangible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 484.10 Td (lease assets and liabilities using a useful life of the remaining lease terms. ) Tj ET Q q 0 0 0 rg BT 382.95 484.10 Td (T) Tj ET Q q 0 0 0 rg BT 388.36 484.10 Td (o record the pro forma ef) Tj ET Q q 0 0 0 rg BT 488.41 484.10 Td (fect of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 472.10 Td (Company) Tj ET Q q 0 0 0 rg BT 127.67 472.10 Td (s acquisitions of Cottonwood Corporate Center and Goodyear Crossing II based on their historical results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 460.10 Td (ofoperationsassuming that these acquisitions had occurred on January 1, 2016. Depreciation and amortization were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 448.10 Td (calculated based on the fair values of the investment properties using a useful life of 40 years and intangible lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 436.10 Td (assets and liabilities using a useful life of the remaining lease terms, which are preliminary and subject to change.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 418.10 Td (\(e\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 418.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 418.10 Td (o record the pro forma ef) Tj ET Q q 0 0 0 rg BT 191.46 418.10 Td (fect of the property management fee owed to an af) Tj ET Q q 0 0 0 rg BT 393.13 418.10 Td (filiate of Hines with respect to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 406.10 Td (Domain ) Tj ET Q q 0 0 0 rg BT 120.17 406.10 Td (Apartments \(2.5% of gross revenue\), Cottonwood Corporate Center \(3.0% of gross revenue\) and Goodyear ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 394.10 Td (Crossing II \(2.0% of gross revenue\), assuming that the acquisitions had occurred on January 1, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 376.10 Td (\(f\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 376.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 376.10 Td (o eliminate the ef) Tj ET Q q 0 0 0 rg BT 160.92 376.10 Td (fect of non-recurring acquisition expenses recorded in relation to the Company) Tj ET Q q 0 0 0 rg BT 479.15 376.10 Td (s acquisitions prior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 364.10 Td (to January 1, 2017 which included $266,000 in acquisition expenses related to Rookwood which were not capitalized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 352.10 Td (pursuant to ) Tj ET Q q 0 0 0 rg BT 132.67 352.10 Td (ASU 2017-01 since they were incurred prior to the date of adoption of ) Tj ET Q q 0 0 0 rg BT 416.20 352.10 Td (ASU 2017-01. See Note 1 to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 340.10 Td (Notes to Unaudited Pro Forma Consolidated Financial Statements for additional information regarding the adoption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 328.10 Td (and ef) Tj ET Q q 0 0 0 rg BT 110.53 328.10 Td (fect of ) Tj ET Q q 0 0 0 rg BT 138.29 328.10 Td (ASU 2017-01.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 310.10 Td (\(g\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 310.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 310.10 Td (o eliminate the ef) Tj ET Q q 0 0 0 rg BT 160.92 310.10 Td (fect of the non-recurring acquisition fees \(2.25% of the net purchase price of each acquisition\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 298.10 Td (recorded in relation to the Company) Tj ET Q q 0 0 0 rg BT 233.46 298.10 Td (s acquisitions acquired prior to January 1, 2017. In addition, these adjustments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 286.10 Td (reflect the pro forma ef) Tj ET Q q 0 0 0 rg BT 178.54 286.10 Td (fect of the asset management fee \(0.75% annually based on the purchase price or most recent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 274.10 Td (appraised value\) owed to an af) Tj ET Q q 0 0 0 rg BT 208.27 274.10 Td (filiate of Hines \(net of waivers\), assuming the Company) Tj ET Q q 0 0 0 rg BT 435.71 274.10 Td (s 2016 acquisitions and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 262.10 Td (acquisition of Rookwood had occurred on January 1, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 244.10 Td (\(h\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 244.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 244.10 Td (o record the pro forma ef) Tj ET Q q 0 0 0 rg BT 191.46 244.10 Td (fect of interest expense assuming that the Company had approximately $34.3 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 232.10 Td (permanent financing in place as of January 1, 2016 related to the acquisition of the Domain ) Tj ET Q q 0 0 0 rg BT 453.39 232.10 Td (Apartments, to record the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 220.10 Td (pro forma ef) Tj ET Q q 0 0 0 rg BT 135.79 220.10 Td (fect of interest expense assuming that the Company had approximately $78.0 million in permanent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 208.10 Td (financing in place as of January 1, 2016 and borrowings of $8.0 million under the credit facility with Hines related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 196.10 Td (the acquisition of Cottonwood Corporate Center and to record the pro forma ef) Tj ET Q q 0 0 0 rg BT 401.28 196.10 Td (fect of interest expense assuming that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 184.10 Td (the Company had approximately $29.0 million in permanent financing in place as of January 1, 2016 and borrowings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 172.10 Td (of $14.5 million under the credit facility with Hines related to the acquisition of Goodyear Crossing II. ) Tj ET Q q 0 0 0 rg BT 498.78 172.10 Td (The weighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 160.10 Td (average interest rate for all of the borrowings used to acquire the Domain ) Tj ET Q q 0 0 0 rg BT 381.17 160.10 Td (Apartments, Cottonwood Corporate Center ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 148.10 Td (and Goodyear Crossing II were 2.03%, 2.91% and 2.73%, respectively) Tj ET Q q 0 0 0 rg BT 368.61 148.10 Td (, as of the dates of acquisition of each property) Tj ET Q q 0 0 0 rg BT 555.12 148.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 136.10 Td (If interest rates were to increase by 1/8) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 241.21 140.63 Td (th) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.27 136.10 Td ( of a percent, interest expense would increase by approximately $205,000.) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.80 742.10 Td (N) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.02 742.10 Td (otes to Unaudited Pr) Tj ET Q q 0 0 0 rg BT 259.89 742.10 Td (o Forma Consolidated Financial Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 66.11 718.10 Td (Adoption of ) Tj ET Q q 0 0 0 rg BT 118.90 718.10 Td (Accounting Standards Update 2017-01 \(ASU 2017-01\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td (In January 2017, the Financial ) Tj ET Q q 0 0 0 rg BT 191.31 694.10 Td (Accounting Standards Board \(F) Tj ET Q q 0 0 0 rg BT 321.93 694.10 Td (ASB\) issued ) Tj ET Q q 0 0 0 rg BT 378.60 694.10 Td (ASU 2017-01 to clarify the definition of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (acquisitions \(or disposals\) of assets or businesses. ) Tj ET Q q 0 0 0 rg BT 253.96 670.10 Td (The Company adopted ) Tj ET Q q 0 0 0 rg BT 347.00 670.10 Td (ASU 2017-01 beginning with real estate transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (acquired on or after January 1, 2017. ) Tj ET Q q 0 0 0 rg BT 201.99 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 211.03 658.10 Td (ith the adoption of this guidance, acquisition fees and expenses related to those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (acquisitions will be capitalized. ) Tj ET Q q 0 0 0 rg BT 180.52 646.10 Td (As a result, the Company capitalized $5.1 million in acquisition fees and expenses related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (Rookwood on the consolidated balance sheet. ) Tj ET Q q 0 0 0 rg BT 237.18 634.10 Td (Approximately $266,000 in acquisition expenses that were incurred prior to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (January 1, 2017 were not capitalized because ) Tj ET Q q 0 0 0 rg BT 232.71 622.10 Td (ASU 2017-01 does not allow retrospective application to costs previously ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (incurred prior to the date of adoption of ) Tj ET Q q 0 0 0 rg BT 210.51 610.10 Td (ASU 2017-01.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (\(2\)Investment Pr) Tj ET Q q 0 0 0 rg BT 127.30 586.10 Td (operties ) Tj ET Q q 0 0 0 rg BT 163.13 586.10 Td (Acquir) Tj ET Q q 0 0 0 rg BT 192.94 586.10 Td (ed ) Tj ET Q q 0 0 0 rg BT 204.89 586.10 Td (After) Tj ET Q q 0 0 0 rg BT 227.47 586.10 Td ( January 1, 2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 562.10 Td (Domain ) Tj ET Q q 0 0 0 rg BT 102.54 562.10 Td (Apartments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 538.10 Td (On January 29, 2016, the Company) Tj ET Q q 0 0 0 rg BT 209.27 538.10 Td (, through a wholly-owned subsidiary of its operating partnership, acquired the Domain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (Apartments, a multi-family community located in Henderson, Nevada near Las ) Tj ET Q q 0 0 0 rg BT 369.17 526.10 Td (V) Tj ET Q q 0 0 0 rg BT 375.28 526.10 Td (egas. ) Tj ET Q q 0 0 0 rg BT 400.37 526.10 Td (The Domain ) Tj ET Q q 0 0 0 rg BT 452.58 526.10 Td (Apartments consist of 308 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (units with an average unit size of 1,075 square feet located on a 15.5 acre site and is 95% leased. ) Tj ET Q q 0 0 0 rg BT 441.35 514.10 Td (The net purchase price for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (Domain ) Tj ET Q q 0 0 0 rg BT 84.17 502.10 Td (Apartments was $58.1 million, exclusive of transaction costs and working capital reserves.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 478.10 Td (Cottonwood Corporate Center) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 454.10 Td (On July 5, 2016, the Company) Tj ET Q q 0 0 0 rg BT 189.85 454.10 Td (, through a wholly-owned subsidiary of its operating partnership, acquired Cottonwood ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (Corporate Center) Tj ET Q q 0 0 0 rg BT 118.74 442.10 Td (, a four) Tj ET Q q 0 0 0 rg BT 147.14 442.10 Td (-building, Class-A) Tj ET Q q 0 0 0 rg BT 220.47 442.10 Td ( of) Tj ET Q q 0 0 0 rg BT 231.12 442.10 Td (fice project located in Cottonwood Heights, Utah, a submarket of Salt Lake City) Tj ET Q q 0 0 0 rg BT 552.06 442.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (Utah. Cottonwood Corporate Center consists of 490,030 square feet of net rentable area that is 93% leased. ) Tj ET Q q 0 0 0 rg BT 485.81 430.10 Td (The net purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (price for Cottonwood Corporate Center was $139.2 million, exclusive of transaction costs and working capital reserves.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 394.10 Td (Goodyear Cr) Tj ET Q q 0 0 0 rg BT 120.68 394.10 Td (ossing II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 370.10 Td (On ) Tj ET Q q 0 0 0 rg BT 82.17 370.10 Td (August18, 2016, the Company) Tj ET Q q 0 0 0 rg BT 206.52 370.10 Td (, through a wholly-owned subsidiary of its operating partnership, acquired Goodyear ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (Crossing II, a Class-A) Tj ET Q q 0 0 0 rg BT 138.33 358.10 Td ( industrial warehouse located in Goodyear) Tj ET Q q 0 0 0 rg BT 307.04 358.10 Td (, ) Tj ET Q q 0 0 0 rg BT 311.49 358.10 Td (Arizona, a submarket of Phoenix, ) Tj ET Q q 0 0 0 rg BT 447.85 358.10 Td (Arizona. Goodyear ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (Crossing II consists of 820,384 square feet of net rentable area that is 100% leased to ) Tj ET Q q 0 0 0 rg BT 392.41 346.10 Td (Amazon.com. ) Tj ET Q q 0 0 0 rg BT 453.32 346.10 Td (The net purchase price for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (Goodyear Crossing II was $56.2 million, exclusive of transaction costs and working capital reserves.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 310.10 Td (Rookwood) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 286.10 Td (On January 6, 2017, the Company) Tj ET Q q 0 0 0 rg BT 204.27 286.10 Td (, through two wholly-owned subsidiaries of its operating partnership, acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (Rookwood Commons and Rookwood Pavilion, two contiguous shopping centers located in Cincinnati, Ohio \(collectively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (referred to as Rookwood\). Rookwood consists of 600,071 square feet that is, in the aggregate, 97% leased. ) Tj ET Q q 0 0 0 rg BT 492.48 262.10 Td (The net purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (price for Rookwood was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.09 250.10 Td ($193.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.98 250.10 Td ( exclusive of transaction costs and working capital reserves.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 226.10 Td (Montr) Tj ET Q q 0 0 0 rg BT 92.63 226.10 Td (ose Student Residences) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 202.10 Td (On March24, 2017, the Company) Tj ET Q q 0 0 0 rg BT 204.27 202.10 Td (, through a wholly-owned subsidiary of its operating partnership, acquired the Montrose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (Student Residences, a Class-A) Tj ET Q q 0 0 0 rg BT 171.65 190.10 Td ( student housing asset located in Dublin, Ireland. ) Tj ET Q q 0 0 0 rg BT 369.21 190.10 Td (The Montrose Student Residences, originally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (developed as a hotel in 1964, was completely renovated between 2013 and 2015 and converted into student housing. ) Tj ET Q q 0 0 0 rg BT 518.59 178.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (Montrose Student Residences consist of 205 beds and is 100% leased. ) Tj ET Q q 0 0 0 rg BT 332.55 166.10 Td (The net purchase price for the Montrose Student ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (Residences was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.54 154.10 Td ($40.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.43 154.10 Td ( exclusive of transaction costs and working capital reserves.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 130.10 Td (The unaudited pro forma consolidated balance sheet assumes that the 2017 acquisition of Rookwood occurred on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 118.10 Td ( and the unaudited pro forma consolidated statements of operations assume that all 2016 acquisitions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (the Rookwood acquisition described above occurred on January1, 2016. However) Tj ET Q q 0 0 0 rg BT 379.51 106.10 Td (, as described previously) Tj ET Q q 0 0 0 rg BT 477.72 106.10 Td (, there are no pro ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (forma adjustments for the acquisition of the Montrose Student Residences included in the unaudited pro forma consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (financial statements since the financial statements relating to this recent acquisition are not currently required to be filed with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (the SEC.) Tj ET Q endstream endobj 23 0 obj <> /View <>>>>> endobj 24 0 obj <> /View <>>>>> endobj 25 0 obj <> endobj 26 0 obj <> stream xy\E7~n{{w'd'52 HaGPPA!"" b-&h,+TLy?:uk?uΩoH""?W~.Xv3&rm 2\jMgwm'CڴzlycǏ\ rBjx\DsV@{twocmC{Iwl11z:1m!t-\q3D.:yz'Wɨp[_F=>E"ǢӦ/|K&_~=!wn-az3¦h$7,ؑ2Oo_eSFLlk}Fg[F>|;