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Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 211.90 488.90 Td (\(Exact name of r) Tj ET Q q 0 0 0 rg BT 271.80 488.90 Td (egistrant as specified in its charter\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 157.70 469.80 Td (Maryland) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.25 469.80 Td (80-0947092) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 455.65 Td (\(State or other jurisdiction of incorporation or organization\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.60 455.65 Td (\(I.R.S. 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BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.90 636.20 Td (\(in thousands, except per share amounts\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 195.70 622.20 Td (ASSETS) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 422.00 622.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.50 622.20 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 608.21 Td (Investment property, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 608.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.75 608.21 Td (502,687) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.00 608.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 608.21 Td (283,875) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 594.21 Td (Cash and cash equivalents) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.25 594.21 Td (20,376) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 594.21 Td (98,137) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 580.21 Td (Restricted cash) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.75 580.21 Td (3,363) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 580.21 Td (1,576) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 566.21 Td (Derivative instruments) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.50 566.21 Td (102) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 566.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 552.21 Td (Tenant and other receivables) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.75 552.21 Td (6,550) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 552.21 Td (4,803) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 538.21 Td (Intangible lease assets, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.75 538.21 Td (100,128) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 538.21 Td (76,070) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 524.21 Td (Deferred leasing costs, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.50 524.21 Td (766) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 524.21 Td (314) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 510.21 Td (Other assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.75 510.21 Td (1,103) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 510.21 Td (5,570) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 496.20 Td (Total assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 496.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.75 496.21 Td (635,075) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.00 496.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 496.21 Td (470,345) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 155.35 482.20 Td (LIABILITIES AND EQUITY) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 468.20 Td (Liabilities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 454.21 Td (Accounts payable and accrued expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 454.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.25 454.21 Td (13,177) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.00 454.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 454.21 Td (7,549) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 440.21 Td (Due to affiliates) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.25 440.21 Td (14,294) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 440.21 Td (12,141) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 426.21 Td (Intangible lease liabilities, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.25 426.21 Td (15,297) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 426.21 Td (2,421) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 412.21 Td (Other liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.75 412.21 Td (4,995) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 412.21 Td (3,041) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 398.21 Td (Distributions payable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.75 398.21 Td (1,648) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 398.21 Td (1,195) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 384.21 Td (Note payable to affiliate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.00 384.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 384.21 Td (56,000) Tj ET Q BT /F1 9.00 Tf 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equity:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 298.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.00 298.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 284.21 Td (Preferred shares, $0.001 par value per share; 500,000 preferred shares authorized, none) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 275.21 Td (issued or outstanding as of June 30, 2017 and December 31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.00 275.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 275.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 261.21 Td (Class A common stock, $0.001 par value per share; 375,000 authorized; 19,273 and) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 252.21 Td (16,469 issued and outstanding as of June 30, 2017 and December 31, 2016, respectively) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.00 252.21 Td (19) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 252.21 Td (16) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 238.21 Td (Class T common stock, $0.001 par value per share; 375,000 authorized; 17,297 and) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 229.21 Td (10,074 issued and outstanding as of June 30, 2017 and December 31, 2016, respectively) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.00 229.21 Td (17) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 229.21 Td (10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 215.21 Td (Class I common stock, $0.001 par value per share; 375,000 authorized; 13 issued and) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 206.21 Td (outstanding as of June 30, 2017 and none issued and outstanding as of December 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 197.21 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.00 197.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 197.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 183.21 Td (Class J common stock, $0.001 par value per share; 375,000 authorized, none issued or) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 174.21 Td (outstanding as of June 30, 2017 and December 31, 2016, respectively) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.00 174.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 174.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 160.21 Td (Additional paid-in capital) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.75 160.21 Td (312,710) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 160.21 Td (224,134) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 146.21 Td (Accumulated distributions in excess of earnings) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 437.25 146.21 Td (\(51,281) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.00 146.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 146.21 Td (\(31,222) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 146.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 132.21 Td (Accumulated other comprehensive income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.75 132.21 Td (1,395) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 132.21 Td (\(2,755) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 132.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 118.21 Td (Total stockholders equity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.75 118.21 Td (262,860) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 118.21 Td (190,183) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 104.21 Td (Noncontrolling interests) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.00 104.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 104.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 90.21 Td (Total equity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.75 90.21 Td (262,860) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 90.21 Td (190,183) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 76.20 Td (Total liabilities and equity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 76.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.75 76.21 Td (635,075) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.00 76.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 76.21 Td (470,345) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.25 54.25 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 31.60 Td (2) Tj ET Q 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 59.00 730.25 Td (CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 184.11 730.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 218.66 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 225.14 730.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 290.06 730.25 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 326.82 730.25 Td (TIONS ) Tj ET Q q 0 0 0 rg BT 359.89 730.25 Td (AND COMPREHENSIVE INCOME \(LOSS\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.65 718.25 Td (For) Tj ET Q q 0 0 0 rg BT 191.02 718.25 Td ( the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.17 718.25 Td (Thr) Tj ET Q q 0 0 0 rg BT 225.65 718.25 Td (ee and Six) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.99 718.25 Td ( Months Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.07 718.25 Td (June30, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.13 718.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.26 718.25 Td (2016) Tj ET Q BT /F2 10.00 Tf ET 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 49.50 639.75 228.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 639.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 639.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 639.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 639.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 639.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 639.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 639.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 611.75 228.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 611.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 611.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 611.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 611.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 611.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 611.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 611.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 583.75 228.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 583.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 583.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 583.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 583.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 583.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 583.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 583.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 555.75 228.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 555.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 555.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 555.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 555.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 555.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 555.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 555.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 527.75 228.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 527.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 527.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 527.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 527.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 527.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 527.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 527.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 499.75 228.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 499.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 499.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 499.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 499.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 499.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 499.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 499.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 471.75 228.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 471.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 471.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 471.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 471.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 471.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 471.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 471.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 443.75 228.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 443.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 443.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 443.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 443.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 443.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 443.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 443.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 415.75 228.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 415.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 415.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 415.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 415.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 415.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 415.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 415.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 387.75 228.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 387.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 387.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 387.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 387.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 387.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 387.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 387.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 359.75 228.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 359.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 359.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 359.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 359.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 359.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 359.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 359.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 331.75 228.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 331.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 331.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 331.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 331.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 331.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 331.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 331.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 303.75 228.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 303.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 303.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 303.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 303.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 303.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 303.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 303.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 275.75 228.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 275.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 275.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 275.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 275.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 275.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 275.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 275.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 247.75 228.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 247.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 247.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 247.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 247.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 247.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 247.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 247.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 219.75 228.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 219.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 219.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 219.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 219.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 219.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 219.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 219.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 191.75 228.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 191.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 191.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 191.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 191.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 191.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 191.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 191.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 154.75 228.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 154.75 68.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 154.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 154.75 68.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 154.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 154.75 68.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 154.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 154.75 68.00 -23.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 667.75 m 345.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 667.75 m 417.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 667.75 m 489.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 667.75 m 561.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 611.75 m 345.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 611.75 m 417.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 611.75 m 489.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 611.75 m 561.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 611.75 m 417.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 611.75 m 561.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 485.75 m 345.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 485.75 m 417.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 485.75 m 489.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 485.75 m 561.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 485.75 m 345.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 485.75 m 417.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 471.75 m 417.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 485.75 m 489.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 485.75 m 561.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 471.75 m 561.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 471.75 m 345.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 471.75 m 417.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 471.75 m 489.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 471.75 m 561.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 373.75 m 345.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 373.75 m 489.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 373.75 m 561.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 373.75 m 345.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 373.75 m 417.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 373.75 m 561.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 345.75 m 417.5 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 345.75 m 561.5 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 345.75 m 345.5 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 332.75 m 345.5 332.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 330.75 m 345.5 330.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 345.75 m 417.5 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 332.75 m 417.5 332.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 330.75 m 417.5 330.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 345.75 m 489.5 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 332.75 m 489.5 332.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 330.75 m 489.5 330.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 345.75 m 561.5 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 332.75 m 561.5 332.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 330.75 m 561.5 330.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 318.75 m 345.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 316.75 m 345.5 316.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 318.75 m 417.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 316.75 m 417.5 316.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 318.75 m 489.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 316.75 m 489.5 316.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 318.75 m 561.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 316.75 m 561.5 316.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 302.75 m 345.5 302.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 304.75 m 345.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 290.75 m 345.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 288.75 m 345.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 302.75 m 417.5 302.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 304.75 m 417.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 290.75 m 417.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 288.75 m 417.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 302.75 m 489.5 302.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 304.75 m 489.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 290.75 m 489.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 288.75 m 489.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 302.75 m 561.5 302.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 304.75 m 561.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 290.75 m 561.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 288.75 m 561.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 288.75 m 345.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 290.75 m 345.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 276.75 m 345.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 274.75 m 345.5 274.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 288.75 m 417.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 290.75 m 417.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 276.75 m 417.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 274.75 m 417.5 274.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 288.75 m 489.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 290.75 m 489.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 276.75 m 489.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 274.75 m 489.5 274.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 288.75 m 561.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 290.75 m 561.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 276.75 m 561.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 274.75 m 561.5 274.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 274.75 m 345.5 274.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 276.75 m 345.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 262.75 m 345.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 260.75 m 345.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 274.75 m 417.5 274.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 276.75 m 417.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 262.75 m 417.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 260.75 m 417.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 274.75 m 489.5 274.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 276.75 m 489.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 262.75 m 489.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 260.75 m 489.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 274.75 m 561.5 274.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 276.75 m 561.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 262.75 m 561.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 260.75 m 561.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 191.75 m 345.5 191.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 191.75 m 417.5 191.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 191.75 m 489.5 191.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 191.75 m 561.5 191.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 154.75 m 345.5 154.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 154.75 m 417.5 154.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 154.75 m 489.5 154.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 154.75 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 277.5 132.75 m 345.5 132.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 130.75 m 345.5 130.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 154.75 m 417.5 154.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 132.75 m 417.5 132.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 130.75 m 417.5 130.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 132.75 m 489.5 132.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 130.75 m 489.5 130.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 154.75 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 493.5 132.75 m 561.5 132.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 130.75 m 561.5 130.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 288.90 686.20 Td (Three Months Ended June 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.35 686.20 Td (Six Months Ended June 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 302.00 672.20 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.00 672.20 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.00 672.20 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.00 672.20 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 340.40 658.20 Td (\(in thousands, except per share amounts\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 644.20 Td (Revenues:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 630.21 Td (Rental revenue) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 280.00 630.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 317.25 630.21 Td (14,496) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 630.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.75 630.21 Td (3,712) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 630.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 630.21 Td (28,082) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.00 630.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 630.21 Td (7,039) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 616.21 Td (Other revenue) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.50 616.21 Td (248) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.50 616.21 Td (153) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.50 616.21 Td (447) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 616.21 Td (244) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 602.21 Td (Total revenues) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 317.25 602.21 Td (14,744) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.75 602.21 Td (3,865) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 602.21 Td (28,529) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 602.21 Td (7,283) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 588.20 Td (Expenses:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.00 588.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 588.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 574.21 Td (Property operating expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 321.75 574.21 Td (2,271) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.50 574.21 Td (759) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.75 574.21 Td (4,254) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 574.21 Td (1,320) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 560.21 Td (Real property taxes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 321.75 560.21 Td (2,971) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.50 560.21 Td (149) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.75 560.21 Td (5,091) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 560.21 Td (274) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 546.21 Td (Property management fees) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.50 546.21 Td (253) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.00 546.21 Td (67) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.50 546.21 Td (478) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 546.21 Td (121) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 532.21 Td (Depreciation and amortization) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 321.75 532.21 Td (7,611) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.75 532.21 Td (2,360) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 532.21 Td (14,905) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 532.21 Td (4,311) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 518.21 Td (Acquisition related expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.50 518.21 Td (230) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.50 518.21 Td (357) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.75 518.21 Td (2,091) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 518.21 Td (440) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 504.21 Td (Asset management and acquisition fees) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 321.75 504.21 Td (1,221) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.00 504.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.75 504.21 Td (7,656) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 504.21 Td (1,336) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 490.21 Td (General and administrative expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.50 490.21 Td (517) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.50 490.21 Td (465) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.75 490.21 Td (1,279) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 490.21 Td (973) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 476.21 Td (Total expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 317.25 476.21 Td (15,074) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.75 476.21 Td (4,157) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 476.21 Td (35,754) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 476.21 Td (8,775) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 462.20 Td (Income \(loss\) before other income \(expenses\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.50 462.21 Td (\(330) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.00 462.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.50 462.21 Td (\(292) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 462.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.75 462.21 Td (\(7,225) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 462.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 462.21 Td (\(1,492) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 462.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 448.20 Td (Other income \(expenses\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 434.21 Td (Gain \(loss\) on derivative instruments) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.00 434.21 Td (\(27) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.00 434.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.50 434.21 Td (\(1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 434.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 434.21 Td (\(74) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 434.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 434.21 Td (\(4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 434.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 420.21 Td (Foreign currency gains \(losses\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.50 420.21 Td (234) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.00 420.21 Td (\(89) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 420.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.50 420.21 Td (295) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 420.21 Td (49) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 406.21 Td (Interest expense) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.75 406.21 Td (\(2,314) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.00 406.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.50 406.21 Td (\(428) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 406.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.75 406.21 Td (\(4,592) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 406.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.50 406.21 Td (\(786) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 406.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 392.21 Td (Interest income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 337.50 392.21 Td (4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.00 392.21 Td (30) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 477.00 392.21 Td (13) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 392.21 Td (41) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 378.21 Td (Benefit \(provision\) for income taxes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.50 378.21 Td (325) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.00 378.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.50 378.21 Td (229) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 378.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 364.20 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.75 364.21 Td (\(2,108) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.00 364.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.50 364.21 Td (\(780) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 364.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.25 364.21 Td (\(11,354) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 364.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 364.21 Td (\(2,192) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 364.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 350.21 Td (Net \(income\) loss attributable to noncontrolling interests) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 334.50 350.21 Td (\(3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.00 350.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.50 350.21 Td (\(3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 350.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.50 350.21 Td (\(6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 350.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 350.21 Td (\(6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 350.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 336.20 Td (Net income \(loss\) attributable to common stockholders) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 280.00 336.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.75 336.21 Td (\(2,111) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.00 336.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 336.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.50 336.21 Td (\(783) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 336.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 336.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.25 336.21 Td (\(11,360) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 336.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.00 336.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 336.21 Td (\(2,198) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 336.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 322.20 Td (Basic and diluted income \(loss\) per common share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 280.00 322.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 323.25 322.21 Td (\(0.06) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.00 322.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 322.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.25 322.21 Td (\(0.05) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 322.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 322.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.25 322.21 Td (\(0.36) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 322.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.00 322.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 322.21 Td (\(0.15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 322.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 308.21 Td (Weighted average number of common shares outstanding) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 317.25 308.21 Td (34,582) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.25 308.21 Td (16,014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 308.21 Td (31,985) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 308.21 Td (14,277) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 294.21 Td (Cash distributions declared per Class A share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 280.00 294.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.25 294.21 Td (0.15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 294.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 398.25 294.21 Td (0.14) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 294.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.25 294.21 Td (0.29) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.00 294.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.25 294.21 Td (0.29) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 280.21 Td (Cash distributions declared per Class T share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 280.00 280.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.25 280.21 Td (0.13) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 280.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 398.25 280.21 Td (0.12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 280.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.25 280.21 Td (0.25) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.00 280.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.25 280.21 Td (0.24) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 266.21 Td (Cash distributions declared per Class I share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 280.00 266.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.25 266.21 Td (0.10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 266.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.00 266.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 266.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.25 266.21 Td (0.10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.00 266.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 266.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 238.20 Td (Comprehensive income \(loss\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 224.21 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 280.00 224.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.75 224.21 Td (\(2,108) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.00 224.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 224.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.50 224.21 Td (\(780) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 224.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 224.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.25 224.21 Td (\(11,354) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 224.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.00 224.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 224.21 Td (\(2,192) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 224.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 210.21 Td (Other comprehensive income \(loss\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 196.21 Td (Foreign currency translation adjustment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 321.75 196.21 Td (3,732) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.50 196.21 Td (\(912) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 196.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.75 196.21 Td (4,150) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 196.21 Td (715) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 182.20 Td (Comprehensive income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 280.00 182.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 321.75 182.21 Td (1,624) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 182.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.75 182.21 Td (\(1,692) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 182.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 182.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.75 182.21 Td (\(7,204) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 182.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.00 182.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 182.21 Td (\(1,477) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 182.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 168.21 Td (Comprehensive \(income\) loss attributable to noncontrolling) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 159.21 Td (interests) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 334.50 159.21 Td (\(3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.00 159.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.50 159.21 Td (\(3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 159.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.50 159.21 Td (\(6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 159.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 159.21 Td (\(6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 159.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 145.20 Td (Comprehensive income \(loss\) attributable to common) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 136.20 Td (stockholders) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 280.00 136.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 321.75 136.21 Td (1,621) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 136.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.75 136.21 Td (\(1,695) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 136.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 136.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.75 136.21 Td (\(7,210) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 136.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.00 136.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 136.21 Td (\(1,483) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 136.21 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.25 108.25 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 33.60 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.60 740.25 Td (HINES GLOBAL) Tj ET Q q 0 0 0 rg BT 312.46 740.25 Td ( REIT) Tj ET Q q 0 0 0 rg BT 339.23 740.25 Td ( II, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.65 728.25 Td (CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 294.76 728.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 329.31 728.25 Td (A) Tj ET Q q 0 0 0 rg BT 335.79 728.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 400.71 728.25 Td ( EQUITY) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.85 716.25 Td (For) Tj ET Q q 0 0 0 rg BT 214.22 716.25 Td ( the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.55 716.25 Td (Six Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.46 716.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.96 716.25 Td (June30, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.02 716.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 716.25 Td (2016) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 704.25 Td (\(UNAUDITED\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.00 692.25 Td (\(In thousands\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 22.00 633.75 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 633.75 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 633.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 633.75 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 633.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 633.75 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 633.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 633.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 633.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 633.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 633.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 633.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 529.00 633.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 533.00 633.75 56.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 22.00 621.75 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 22.00 609.75 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 609.75 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 609.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 609.75 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 609.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 609.75 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 609.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 609.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 609.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 609.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 609.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 609.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 529.00 609.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 533.00 609.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 22.00 585.75 145.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 585.75 67.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 585.75 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 585.75 67.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 585.75 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 585.75 46.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 585.75 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 585.75 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 585.75 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 585.75 56.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 585.75 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 585.75 56.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 529.00 585.75 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 533.00 585.75 56.00 -20.00 re f /GS0 gs 1 1 1 rg /GS0 gs 22.00 565.75 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 22.00 553.75 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 553.75 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 553.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 553.75 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 553.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 553.75 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 553.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 553.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 553.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 553.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 553.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 553.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 529.00 553.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 533.00 553.75 56.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 22.00 541.75 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 22.00 529.75 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 529.75 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 529.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 529.75 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 529.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 529.75 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 529.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 529.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 529.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 529.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 529.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 529.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 529.00 529.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 533.00 529.75 56.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 667.75 m 234 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 650.75 m 234 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234 667.75 m 238 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234 650.75 m 238 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 667.75 m 305 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 650.75 m 305 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305 667.75 m 309 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 667.75 m 355 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 667.75 m 359 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 667.75 m 409 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 667.75 m 413 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 667.75 m 469 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 667.75 m 473 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 667.75 m 529 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 633.75 m 234 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 633.75 m 305 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 633.75 m 355 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 633.75 m 409 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 633.75 m 469 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 633.75 m 529 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533 633.75 m 589 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 529.75 m 234 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 518.75 m 234 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 516.75 m 234 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 529.75 m 305 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 518.75 m 305 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 516.75 m 305 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 529.75 m 355 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 518.75 m 355 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 516.75 m 355 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 529.75 m 409 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 518.75 m 409 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 516.75 m 409 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 529.75 m 469 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 518.75 m 469 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 516.75 m 469 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 529.75 m 529 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 518.75 m 529 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 516.75 m 529 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533 529.75 m 589 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533 518.75 m 589 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533 516.75 m 589 516.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 227.40 672.20 Td (Hines Global REIT II, Inc. Stockholders) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 24.50 654.90 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.70 655.20 Td (Common Shares) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 314.40 652.87 Td (Additional) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 319.80 645.37 Td (Paid-in) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 319.60 637.87 Td (Capital) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 362.25 660.17 Td (Accumulated) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 362.45 652.67 Td (Distributions) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 364.70 645.17 Td (in Excess of) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 368.90 637.67 Td (Earnings) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 419.25 660.17 Td (Accumulated) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 430.95 652.67 Td (Other) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 415.55 645.17 Td (Comprehensive) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 417.85 637.67 Td (Income \(Loss\)) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 492.30 652.87 Td (Total) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 478.65 645.37 Td (Stockholders) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 489.65 637.87 Td (Equity) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 536.35 645.37 Td (Noncontrolling) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 546.60 637.87 Td (Interests) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 189.20 637.87 Td (Shares) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 257.85 637.87 Td (Amount) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 24.50 625.87 Td (Balance as of January 1, 2017) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 210.35 625.90 Td (26,542) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 240.50 625.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 294.50 625.90 Td (26) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 311.50 625.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 327.60 625.90 Td (224,134) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 361.50 625.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 382.85 625.90 Td (\(31,222) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 406.00 625.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.50 625.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 446.60 625.90 Td (\(2,755) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 466.00 625.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 475.50 625.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 501.60 625.90 Td (190,183) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 535.50 625.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 578.50 625.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 24.50 613.90 Td (Issuance of common shares) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 210.35 613.90 Td (10,166) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 294.50 613.90 Td (10) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 327.60 613.90 Td (100,128) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 398.50 613.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 458.50 613.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 501.60 613.90 Td (100,138) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 578.50 613.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 24.50 601.90 Td (Distributions declared) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 223.50 601.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 294.50 601.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 344.50 601.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 386.60 601.90 Td (\(8,699) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 406.00 601.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 458.50 601.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 506.60 601.90 Td (\(8,699) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 526.00 601.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 579.75 601.90 Td (\(6) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 586.00 601.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 24.50 589.90 Td (Redemption of common shares) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 217.25 589.90 Td (\(125) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 231.00 589.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 294.50 589.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 332.60 589.90 Td (\(1,198) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 352.00 589.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 398.50 589.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 458.50 589.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 506.60 589.90 Td (\(1,198) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 526.00 589.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 578.50 589.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 24.50 577.40 Td (Selling commissions, dealer manager fees and) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 24.50 569.90 Td (distribution and stockholder servicing fees) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 223.50 569.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 294.50 569.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 332.60 569.90 Td (\(7,968) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 352.00 569.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 398.50 569.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 458.50 569.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 506.60 569.90 Td (\(7,968) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 526.00 569.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 578.50 569.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 24.50 557.90 Td (Issuer costs) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 223.50 557.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 294.50 557.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 332.60 557.90 Td (\(2,386) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 352.00 557.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 398.50 557.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 458.50 557.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 506.60 557.90 Td (\(2,386) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 526.00 557.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 578.50 557.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 24.50 545.90 Td (Net income \(loss\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 223.50 545.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 294.50 545.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 344.50 545.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 382.85 545.90 Td (\(11,360) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 406.00 545.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 458.50 545.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 502.85 545.90 Td (\(11,360) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 526.00 545.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 582.25 545.90 Td (6) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 24.50 533.90 Td (Foreign currency translation adjustment) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 223.50 533.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 294.50 533.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 344.50 533.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 398.50 533.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 449.10 533.90 Td (4,150) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 509.10 533.90 Td (4,150) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 578.50 533.90 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 24.50 521.87 Td (Balance as of June 30, 2017) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 210.35 521.90 Td (36,583) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 240.50 521.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 294.50 521.90 Td (36) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 311.50 521.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 327.60 521.90 Td (312,710) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 361.50 521.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 382.85 521.90 Td (\(51,281) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 406.00 521.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.50 521.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 449.10 521.90 Td (1,395) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 475.50 521.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 501.60 521.90 Td (262,860) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 535.50 521.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 578.50 521.90 Td () Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 22.00 447.75 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 447.75 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 447.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 447.75 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 447.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 447.75 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 447.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 447.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 447.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 447.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 447.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 447.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 529.00 447.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 533.00 447.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 22.00 423.75 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 423.75 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 423.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 423.75 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 423.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 423.75 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 423.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 423.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 423.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 423.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 423.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 423.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 529.00 423.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 533.00 423.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 22.00 399.75 145.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 399.75 67.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 399.75 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 399.75 67.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 399.75 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 399.75 46.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 399.75 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 399.75 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 399.75 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 399.75 56.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 399.75 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 399.75 56.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 529.00 399.75 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 533.00 399.75 56.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 22.00 367.75 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 367.75 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 367.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 367.75 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 367.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 367.75 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 367.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 367.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 367.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 367.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 367.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 367.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 529.00 367.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 533.00 367.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 22.00 343.75 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 343.75 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 343.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 343.75 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 343.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 343.75 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 343.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 343.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 343.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 343.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 343.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 343.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 529.00 343.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 533.00 343.75 56.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 481.75 m 234 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 467.75 m 234 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234 481.75 m 238 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234 467.75 m 238 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 481.75 m 305 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 467.75 m 305 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305 481.75 m 309 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 481.75 m 355 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 481.75 m 359 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 481.75 m 409 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 481.75 m 413 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 481.75 m 469 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 481.75 m 473 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 481.75 m 529 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 447.75 m 234 447.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 447.75 m 305 447.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 447.75 m 234 447.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 447.75 m 305 447.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 447.75 m 355 447.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 447.75 m 409 447.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 447.75 m 469 447.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 447.75 m 529 447.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533 447.75 m 589 447.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 343.75 m 234 343.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 332.75 m 234 332.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 330.75 m 234 330.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 343.75 m 305 343.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 332.75 m 305 332.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 330.75 m 305 330.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 343.75 m 355 343.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 332.75 m 355 332.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 330.75 m 355 330.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 343.75 m 409 343.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 332.75 m 409 332.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 330.75 m 409 330.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 343.75 m 469 343.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 332.75 m 469 332.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 330.75 m 469 330.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 343.75 m 529 343.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 332.75 m 529 332.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 330.75 m 529 330.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533 343.75 m 589 343.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533 332.75 m 589 332.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533 330.75 m 589 330.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 227.40 486.20 Td (Hines Global REIT II, Inc. Stockholders) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 24.50 471.90 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 205.70 472.20 Td (Common Shares) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 314.40 466.87 Td (Additional) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 319.80 459.37 Td (Paid-in) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 319.60 451.87 Td (Capital) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 362.25 474.17 Td (Accumulated) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 362.45 466.67 Td (Distributions) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 364.70 459.17 Td (in Excess of) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 368.90 451.67 Td (Earnings) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 419.25 474.17 Td (Accumulated) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 430.95 466.67 Td (Other) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 415.55 459.17 Td (Comprehensive) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 417.85 451.67 Td (Income \(Loss\)) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 492.30 466.87 Td (Total) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 478.65 459.37 Td (Stockholders) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 489.65 451.87 Td (Equity) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 536.35 459.37 Td (Noncontrolling) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 546.60 451.87 Td (Interests) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 189.20 451.87 Td (Shares) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 257.85 451.87 Td (Amount) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 24.50 439.87 Td (Balance as of January 1, 2016) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 210.35 439.90 Td (11,061) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 240.50 439.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 294.50 439.90 Td (11) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 311.50 439.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 331.35 439.90 Td (91,577) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 361.50 439.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 386.60 439.90 Td (\(9,757) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 406.00 439.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.50 439.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 446.60 439.90 Td (\(1,392) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 466.00 439.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 475.50 439.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 505.35 439.90 Td (80,439) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 535.50 439.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 578.50 439.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 24.50 427.90 Td (Issuance of common shares) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 214.10 427.90 Td (6,756) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 298.25 427.90 Td (7) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 331.35 427.90 Td (65,791) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 398.50 427.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 458.50 427.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 505.35 427.90 Td (65,798) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 578.50 427.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 24.50 415.90 Td (Distributions declared) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 223.50 415.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 294.50 415.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 344.50 415.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 386.60 415.90 Td (\(3,993) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 406.00 415.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 458.50 415.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 506.60 415.90 Td (\(3,993) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 526.00 415.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 579.75 415.90 Td (\(6) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 586.00 415.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 24.50 403.90 Td (Redemption of Common Shares) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 221.00 403.90 Td (\(24) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 231.00 403.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 294.50 403.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 338.25 403.90 Td (\(234) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 352.00 403.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 398.50 403.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 458.50 403.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 512.25 403.90 Td (\(234) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 526.00 403.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 578.50 403.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 24.50 391.40 Td (Selling commissions, dealer manager fees and) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 24.50 383.90 Td (distribution and stockholder servicing fees) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 223.50 383.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 294.50 383.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 332.60 383.90 Td (\(6,460) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 352.00 383.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 398.50 383.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 458.50 383.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 506.60 383.90 Td (\(6,460) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 526.00 383.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 578.50 383.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 24.50 371.90 Td (Issuer costs) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 223.50 371.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 294.50 371.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 332.60 371.90 Td (\(1,475) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 352.00 371.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 398.50 371.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 458.50 371.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 506.60 371.90 Td (\(1,475) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 526.00 371.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 578.50 371.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 24.50 359.90 Td (Net income \(loss\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 223.50 359.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 294.50 359.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 344.50 359.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 386.60 359.90 Td (\(2,198) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 406.00 359.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 458.50 359.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 506.60 359.90 Td (\(2,198) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 526.00 359.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 582.25 359.90 Td (6) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 24.50 347.90 Td (Foreign currency translation adjustment) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 223.50 347.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 294.50 347.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 344.50 347.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 398.50 347.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 454.75 347.90 Td (715) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 514.75 347.90 Td (715) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 578.50 347.90 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 24.50 335.87 Td (Balance as of June 30, 2016) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 210.35 335.90 Td (17,793) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 240.50 335.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 294.50 335.90 Td (18) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 311.50 335.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 327.60 335.90 Td (149,199) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 361.50 335.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 382.85 335.90 Td (\(15,948) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 406.00 335.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.50 335.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 452.25 335.90 Td (\(677) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 466.00 335.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 475.50 335.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 501.60 335.90 Td (132,592) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 535.50 335.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 578.50 335.90 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.25 308.25 Td (See notes to the condensed consolidated financial statements.) Tj ET Q endstream endobj 13 0 obj <> endobj 14 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 (4) Tj ET Q 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 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 198.85 718.25 Td (For) Tj ET Q q 0 0 0 rg BT 214.22 718.25 Td ( the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.55 718.25 Td (Six Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.46 718.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.96 718.25 Td (June30, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.02 718.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 718.25 Td (2016) Tj ET Q BT /F2 10.00 Tf ET 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 49.50 653.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 653.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 653.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 653.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 625.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 625.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 625.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 625.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 597.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 597.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 597.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 597.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 569.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 569.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 569.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 569.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 541.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 541.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 541.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 541.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 513.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 513.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 513.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 513.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 485.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 485.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 485.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 485.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 457.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 457.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 457.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 457.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 429.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 429.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 429.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 429.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 401.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 401.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 401.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 401.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 373.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 373.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 373.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 373.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 345.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 345.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 345.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 345.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 308.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 308.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 308.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 308.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 280.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 280.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 280.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 280.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 252.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 252.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 252.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 252.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 224.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 224.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 224.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 224.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 196.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 196.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 196.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 196.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 168.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 168.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 168.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 168.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 140.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 140.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 140.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 140.75 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 397.5 681.75 m 477.5 681.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 681.75 m 561.5 681.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 485.75 m 477.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 471.75 m 477.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 485.75 m 561.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 471.75 m 561.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 415.75 m 477.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 401.75 m 477.5 401.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 415.75 m 561.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 401.75 m 561.5 401.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 196.75 m 477.5 196.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 196.75 m 477.5 196.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 182.75 m 477.5 182.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 196.75 m 561.5 196.75 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 397.5 168.75 m 477.5 168.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 168.75 m 561.5 168.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 140.75 m 477.5 140.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 127.75 m 477.5 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 125.75 m 477.5 125.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 140.75 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 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 52.00 686.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.00 686.20 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 512.00 686.20 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.10 672.20 Td (\(In thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 658.20 Td (CASH FLOWS FROM OPERATING ACTIVITIES:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 644.21 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.00 644.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.25 644.21 Td (\(11,354) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 644.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 644.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 644.21 Td (\(2,192) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 644.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 630.21 Td (Adjustments to reconcile net income \(loss\) to net cash from \(used in\) operating activities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 616.21 Td (Depreciation and amortization) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.25 616.21 Td (14,609) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 616.21 Td (4,204) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 602.21 Td (Foreign currency \(gains\) losses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.50 602.21 Td (\(295) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 602.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 602.21 Td (\(49) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 602.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 588.21 Td (\(Gain\) loss on derivative instruments) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.00 588.21 Td (74) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 588.21 Td (4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 574.21 Td (Changes in assets and liabilities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.00 560.21 Td (Change in other assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.50 560.21 Td (\(493) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 560.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 560.21 Td (134) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.00 546.21 Td (Change in tenant and other receivables) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.75 546.21 Td (\(2,675) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 546.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.50 546.21 Td (\(143) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 546.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.00 532.21 Td (Change in deferred leasing costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.50 532.21 Td (\(476) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 532.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 532.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.00 518.21 Td (Change in accounts payable and accrued expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.75 518.21 Td (5,016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 518.21 Td (296) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.00 504.21 Td (Change in other liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.50 504.21 Td (503) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 504.21 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.00 490.21 Td (Change in due to affiliates) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.75 490.21 Td (\(1,128) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 490.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 490.21 Td (42) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 476.21 Td (Net cash from \(used in\) operating activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.75 476.21 Td (3,781) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 476.21 Td (2,297) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 462.20 Td (CASH FLOWS FROM INVESTING ACTIVITIES:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.00 462.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 462.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 448.21 Td (Investments in acquired properties and lease intangibles) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 441.75 448.21 Td (\(131,758) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 448.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 448.21 Td (\(56,518) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 448.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 434.21 Td (Capital expenditures at operating properties) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.50 434.21 Td (\(420) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 434.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 434.21 Td (\(53) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 434.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 420.21 Td (Deposits on investment property) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.00 420.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 420.21 Td (\(5,780) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 420.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 406.21 Td (Net cash used in investing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 441.75 406.21 Td (\(132,178) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 406.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 406.21 Td (\(62,351) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 406.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 392.20 Td (CASH FLOWS FROM FINANCING ACTIVITIES:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.00 392.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 392.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 378.21 Td (Proceeds from issuance of common stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.25 378.21 Td (96,882) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 378.21 Td (66,023) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 364.21 Td (Redemption of common shares) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.75 364.21 Td (\(1,196) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 364.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.50 364.21 Td (\(234) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 364.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 350.21 Td (Payment of issuer costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.75 350.21 Td (\(2,319) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 350.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 350.21 Td (\(2,837) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 350.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 336.21 Td (Reimbursement of issuer costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.00 336.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 336.21 Td (4,050) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 322.21 Td (Payment of selling commissions, dealer manager fees and distribution and stockholder) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 313.21 Td (servicing fees) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.75 313.21 Td (\(4,798) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 313.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 313.21 Td (\(4,944) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 313.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 299.21 Td (Distributions paid to stockholders and noncontrolling interests) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.75 299.21 Td (\(3,866) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 299.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 299.21 Td (\(1,826) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 299.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 285.21 Td (Proceeds from notes payable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.25 285.21 Td (24,386) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 285.21 Td (34,300) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 271.21 Td (Payments on notes payable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.50 271.21 Td (\(819) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 271.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 271.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 257.21 Td (Proceeds from related party note payable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.75 257.21 Td (7,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 257.21 Td (3,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 243.21 Td (Payments on related party note payable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.25 243.21 Td (\(63,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 243.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 243.21 Td (\(3,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 243.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 229.21 Td (Change in security deposit liability) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.00 229.21 Td (\(18) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 229.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 229.21 Td (20) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 215.21 Td (Deferred financing costs paid) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.50 215.21 Td (\(405) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 215.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.50 215.21 Td (\(253) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 215.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 201.21 Td (Payments related to interest rate contracts) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.50 201.21 Td (\(169) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 201.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 201.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 187.21 Td (Net cash from financing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.25 187.21 Td (51,678) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 187.21 Td (94,299) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 173.20 Td (Effect of exchange rate changes on cash, restricted cash and cash equivalents) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.50 173.21 Td (745) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 173.21 Td (72) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 159.20 Td (Net change in cash, restricted cash and cash equivalents) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.25 159.21 Td (\(75,974) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 159.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 159.21 Td (34,317) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 145.20 Td (Cash, restricted cash and cash equivalents, beginning of period) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.25 145.21 Td (99,713) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 145.21 Td (18,789) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 131.20 Td (Cash, restricted cash and cash equivalents, end of period) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.00 131.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.25 131.21 Td (23,739) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 131.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 131.21 Td (53,106) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.25 104.45 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 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 130.95 730.25 Td (NOTES) Tj ET Q q 0 0 0 rg BT 167.17 730.25 Td (T) Tj ET Q q 0 0 0 rg BT 173.66 730.25 Td (O ) Tj ET Q q 0 0 0 rg BT 183.76 730.25 Td (THE CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 332.49 730.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 411.67 730.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 425.66 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 432.14 730.25 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.65 718.25 Td (For) Tj ET Q q 0 0 0 rg BT 191.02 718.25 Td ( the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.17 718.25 Td (Thr) Tj ET Q q 0 0 0 rg BT 225.65 718.25 Td (ee and Six) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.99 718.25 Td ( Months Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.07 718.25 Td (June30, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.13 718.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.26 718.25 Td (2016) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (1.ORGANIZA) Tj ET Q q 0 0 0 rg BT 116.76 694.25 Td (TION) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 670.25 Td (The accompanying interim unaudited condensed consolidated financial information has been pr) Tj ET Q q 0 0 0 rg BT 452.58 670.25 Td (epar) Tj ET Q q 0 0 0 rg BT 470.53 670.25 Td (ed accor) Tj ET Q q 0 0 0 rg BT 504.87 670.25 Td (ding to the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (rules and r) Tj ET Q q 0 0 0 rg BT 93.52 658.25 Td (egulations of the United States Securities and Exchange Commission \(SEC\). In the opinion of management, all ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (adjustments and eliminations, consisting only of normal r) Tj ET Q q 0 0 0 rg BT 280.19 646.25 Td (ecurring adjustments, necessary to pr) Tj ET Q q 0 0 0 rg BT 430.63 646.25 Td (esent fairly and in conformity ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (with accounting principles generally accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 328.65 634.25 Td (America) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.52 634.25 Td ( \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 372.79 634.25 Td (GAAP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.34 634.25 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 406.11 634.25 Td ( the financial position of Hines Global ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 70.93 622.25 Td ( II, Inc. as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 124.53 622.25 Td (June30, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 180.90 622.25 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 200.90 622.25 Td (December31, 2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 279.49 622.25 Td (, the r) Tj ET Q q 0 0 0 rg BT 302.73 622.25 Td (esults of operations for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 412.45 622.25 Td (thr) Tj ET Q q 0 0 0 rg BT 423.75 622.25 Td (ee and six) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 463.74 622.25 Td ( months ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 524.00 622.25 Td (June30, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 610.25 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 90.00 610.25 Td (2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 110.00 610.25 Td ( and cash flows for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 203.33 610.25 Td (six months ended) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 272.21 610.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 274.71 610.25 Td (June30, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 331.09 610.25 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 351.09 610.25 Td (2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 371.09 610.25 Td ( have been included. The r) Tj ET Q q 0 0 0 rg BT 479.30 610.25 Td (esults of operations ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (for such interim periods ar) Tj ET Q q 0 0 0 rg BT 157.41 598.25 Td (e not necessarily indicative of the r) Tj ET Q q 0 0 0 rg BT 297.55 598.25 Td (esults for the full year) Tj ET Q q 0 0 0 rg BT 384.21 598.25 Td (. Certain information and footnote ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (disclosur) Tj ET Q q 0 0 0 rg BT 86.30 586.25 Td (es normally included in financial statements pr) Tj ET Q q 0 0 0 rg BT 274.24 586.25 Td (epar) Tj ET Q q 0 0 0 rg BT 292.20 586.25 Td (ed in accor) Tj ET Q q 0 0 0 rg BT 336.81 586.25 Td (dance with GAAP) Tj ET Q q 0 0 0 rg BT 408.28 586.25 Td ( have been condensed or omitted ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (accor) Tj ET Q q 0 0 0 rg BT 72.40 574.25 Td (ding to such rules and r) Tj ET Q q 0 0 0 rg BT 167.30 574.25 Td (egulations. For further information, r) Tj ET Q q 0 0 0 rg BT 320.00 574.25 Td (efer to the financial statements and footnotes for the year ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.38 562.25 Td (December31, 2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 154.97 562.25 Td ( included in Hines Global REIT) Tj ET Q q 0 0 0 rg BT 281.71 562.25 Td ( II, Inc.) Tj ET Q q 0 0 0 rg BT 313.18 562.25 Td (s ) Tj ET Q q 0 0 0 rg BT 319.39 562.25 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 50.00 550.25 Td (December31, 2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 128.59 550.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 526.25 Td (Hines Global REIT) Tj ET Q q 0 0 0 rg BT 145.58 526.25 Td ( II, Inc. \(the Company\), was formed as a Maryland corporation on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.32 526.25 Td (July31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.49 526.25 Td ( for the purpose of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (engaging in the business of investing in and owning commercial real estate properties and other real estate investments. ) Tj ET Q q 0 0 0 rg BT 533.01 514.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (Company conducts substantially all of its operations through Hines Global REIT) Tj ET Q q 0 0 0 rg BT 373.11 502.25 Td ( II Properties, LP) Tj ET Q q 0 0 0 rg BT 441.61 502.25 Td ( \(the Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (Partnership\). Beginning with its taxable year ended December 31, 2015, the Company has operated and intends to continue to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (operate in a manner to qualify as a real estate investment trust \(REIT\) for federal income tax purposes. ) Tj ET Q q 0 0 0 rg BT 474.10 478.25 Td (The business of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (Company is managed by Hines Global REIT) Tj ET Q q 0 0 0 rg BT 229.23 466.25 Td ( II ) Tj ET Q q 0 0 0 rg BT 240.34 466.25 Td (Advisors LP) Tj ET Q q 0 0 0 rg BT 290.25 466.25 Td ( \(the Advisor\), an af) Tj ET Q q 0 0 0 rg BT 379.76 466.25 Td (filiate of Hines Interests Limited Partnership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (\(Hines\), pursuant to the ) Tj ET Q q 0 0 0 rg BT 155.25 454.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 194.42 454.25 Td (Agreement between the Company) Tj ET Q q 0 0 0 rg BT 330.11 454.25 Td (, the ) Tj ET Q q 0 0 0 rg BT 349.28 454.25 Td (Advisor and the Operating Partnership \(defined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (below\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 418.25 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.17 418.25 Td (August20, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.56 418.25 Td (, the Company commenced an of) Tj ET Q q 0 0 0 rg BT 280.56 418.25 Td (fering of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.55 418.25 Td ($2.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.66 418.25 Td ( of its common stock \(the Of) Tj ET Q q 0 0 0 rg BT 505.90 418.25 Td (fering\) in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (any combination of Class ) Tj ET Q q 0 0 0 rg BT 153.88 406.25 Td (A) Tj ET Q q 0 0 0 rg BT 160.55 406.25 Td ( shares \(Class ) Tj ET Q q 0 0 0 rg BT 221.92 406.25 Td (A) Tj ET Q q 0 0 0 rg BT 228.59 406.25 Td ( Shares\) and Class ) Tj ET Q q 0 0 0 rg BT 308.95 406.25 Td (T) Tj ET Q q 0 0 0 rg BT 314.88 406.25 Td ( shares \(Class ) Tj ET Q q 0 0 0 rg BT 376.63 406.25 Td (T) Tj ET Q q 0 0 0 rg BT 382.55 406.25 Td ( Shares\) of the Company) Tj ET Q q 0 0 0 rg BT 489.19 406.25 Td (s common stock. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (The Company amended its Of) Tj ET Q q 0 0 0 rg BT 170.35 394.25 Td (fering, ef) Tj ET Q q 0 0 0 rg BT 206.81 394.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 235.96 394.25 Td (April 28, 2017, such that it is now of) Tj ET Q q 0 0 0 rg BT 382.99 394.25 Td (fering up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.15 394.25 Td ($2.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.26 394.25 Td ( in 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 in any combination of Class ) Tj ET Q q 0 0 0 rg BT 225.26 382.25 Td (A) Tj ET Q q 0 0 0 rg BT 231.93 382.25 Td ( Shares, Class ) Tj ET Q q 0 0 0 rg BT 290.08 382.25 Td (T) Tj ET Q q 0 0 0 rg BT 296.01 382.25 Td ( Shares and Class I shares \(Class I Shares\) of the Company) Tj ET Q q 0 0 0 rg BT 544.00 382.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (common stock. ) Tj ET Q q 0 0 0 rg BT 115.92 370.25 Td (The Company engaged Hines Securities, Inc. \(the Dealer Manager\), an af) Tj ET Q q 0 0 0 rg BT 418.67 370.25 Td (filiate of the ) Tj ET Q q 0 0 0 rg BT 469.48 370.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 501.30 370.25 Td (, to serve as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (the dealer manager for the Of) Tj ET Q q 0 0 0 rg BT 167.81 358.25 Td (fering and market its shares. ) Tj ET Q q 0 0 0 rg BT 285.28 358.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.17 358.25 Td (August7, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.56 358.25 Td (, the Company had received gross of) Tj ET Q q 0 0 0 rg BT 516.73 358.25 Td (fering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.87 346.25 Td ($379.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.76 346.25 Td ( from the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.79 346.25 Td (38.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.68 346.25 Td ( shares. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.61 346.25 Td (Note 7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.55 346.25 Td ( Stockholders) Tj ET Q q 0 0 0 rg BT 423.35 346.25 Td ( Equity for additional information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (regarding the Company) Tj ET Q q 0 0 0 rg BT 147.20 334.25 Td (s Of) Tj ET Q q 0 0 0 rg BT 163.96 334.25 Td (fering.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 310.25 Td (The Company intends to invest the net proceeds from the Of) Tj ET Q q 0 0 0 rg BT 309.98 310.25 Td (fering in a diversified portfolio of quality commercial real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (estate properties and other real estate investments throughout the United States and internationally) Tj ET Q q 0 0 0 rg BT 442.57 298.25 Td (. ) Tj ET Q q 0 0 0 rg BT 449.52 298.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.96 298.25 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.79 298.25 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (Company owned direct investments in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.36 286.25 Td (seven) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.13 286.25 Td ( properties totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.17 286.25 Td (2.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.06 286.25 Td ( square feet that were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.07 286.25 Td (97%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.40 286.25 Td ( leased. See the table in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (Item 2. Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 208.44 274.25 Td (Analysis of Financial Condition and Results of Operations Executive Summary for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (additional information regarding each of the properties in which the Company owned an interest as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.88 262.25 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.71 262.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 238.25 Td (2. SUMMAR) Tj ET Q q 0 0 0 rg BT 107.75 238.25 Td (Y) Tj ET Q q 0 0 0 rg BT 114.60 238.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 130.62 238.25 Td ( SIGNIFICANT) Tj ET Q q 0 0 0 rg BT 199.62 238.25 Td ( ) Tj ET Q q 0 0 0 rg BT 201.57 238.25 Td (ACCOUNTING POLICIES) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 214.25 Td (Basis of Pr) Tj ET Q q 0 0 0 rg BT 111.58 214.25 Td (esentation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 190.25 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 49.50 178.25 Td (the accounts of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 190.12 178.25 Td ( II, Inc. and the Operating Partnership \(over which the Company exercises financial and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.25 Td (operating control\). ) Tj ET Q q 0 0 0 rg BT 128.37 166.25 Td (All intercompany balances and transactions have been eliminated in consolidation. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 142.25 Td (T) Tj ET Q q 0 0 0 rg BT 72.14 142.25 Td (enant and Other Receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 118.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.94 118.25 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.77 118.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.21 118.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.80 118.25 Td (, in addition to the straight-line rent receivable discussed below) Tj ET Q q 0 0 0 rg BT 498.41 118.25 Td (, tenant and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.25 Td (other receivables consisted of a receivable from the Company) Tj ET Q q 0 0 0 rg BT 299.40 106.25 Td (s transfer agent related to of) Tj ET Q q 0 0 0 rg BT 411.12 106.25 Td (fering proceeds not yet received of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.25 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 94.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.83 94.25 Td ($1.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.72 94.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 219.38 94.25 Td (.) 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 /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 742.10 Td (Deferr) Tj ET Q q 0 0 0 rg BT 93.79 742.10 Td (ed Financing Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 718.10 Td (Deferred financing costs consist of direct costs incurred in obtaining debt financing. ) Tj ET Q q 0 0 0 rg BT 408.33 718.10 Td (These costs are presented as a direct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (reduction from the related debt liability for permanent mortgages and presented as an asset for revolving credit arrangements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (In total, deferred financing costs had a carrying value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.35 694.10 Td ($1.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.24 694.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.68 694.10 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.57 694.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.73 694.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.56 694.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 694.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 682.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 122.16 682.10 Td (. ) Tj ET Q q 0 0 0 rg BT 129.48 682.10 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 521.12 682.10 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (interest method, over the terms of the obligations. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 646.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 93.15 646.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 622.10 Td (Other assets included the following \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 596.60 322.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 596.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 596.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 596.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 566.60 322.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 566.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 566.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 566.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 566.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 537.60 322.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 537.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 537.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 537.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 537.60 90.00 -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 376 596.6 m 468 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 596.6 m 563 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 522.6 m 468 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 522.6 m 563 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 508.6 m 468 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 506.6 m 468 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 508.6 m 563 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 506.6 m 563 506.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 601.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.45 601.28 Td (June 30, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.15 601.28 Td (December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 586.27 Td (Deposits on investment property ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 185.26 590.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.50 586.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 586.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.50 586.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 586.27 Td (5,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 571.27 Td (Prepaid insurance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 571.27 Td (155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 571.27 Td (219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 556.27 Td (Prepaid property taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 556.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 556.27 Td (74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 542.17 Td (Deferred tax assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 542.17 Td (641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 542.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 527.27 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 527.27 Td (307) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 527.27 Td (277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 512.27 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.50 512.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.65 512.27 Td (1,103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.50 512.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 512.27 Td (5,570) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.90 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 488.90 Td (As of December31, 2016, this amount consisted of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.46 488.90 Td ($5.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.35 488.90 Td ( earnest money deposit in connection with the acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 476.90 Td (of Rookwood in January 2017. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.04 476.90 Td (Note 3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.98 476.90 Td ( Investment Property for additional information regarding the acquisition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 464.90 Td (Rookwood.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 440.90 Td (Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 416.90 Td (The Company recognizes rental revenue on a straight-line basis over the life of the lease including rent holidays, if any) Tj ET Q q 0 0 0 rg BT 542.80 416.90 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.90 Td (Straight-line rent receivables were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.44 404.90 Td ($3.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.33 404.90 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.77 404.90 Td ($2.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.66 404.90 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.82 404.90 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 404.90 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.09 404.90 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.67 404.90 Td (, respectively) Tj ET Q q 0 0 0 rg BT 537.33 404.90 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.90 Td (Straight-line rent receivable consists of the dif) Tj ET Q q 0 0 0 rg BT 234.26 392.90 Td (ference between the tenants) Tj ET Q q 0 0 0 rg BT 347.62 392.90 Td ( rents calculated on a straight-line basis from the date ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.90 Td (of acquisition or lease commencement over the remaining terms of the related leases and the tenants) Tj ET Q q 0 0 0 rg BT 452.77 380.90 Td ( actual rents due under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.90 Td (lease agreements and is included in tenant and other receivables in the accompanying consolidated balance sheets. Revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.90 Td (associated with operating expense recoveries are recognized in the period in which the expenses are incurred based upon the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.90 Td (tenant lease provisions. Revenues relating to lease termination fees are recognized on a straight-line basis amortized from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.90 Td (time that a tenant) Tj ET Q q 0 0 0 rg BT 121.42 332.90 Td (s right to occupy the leased space is modified through the end of the revised lease term.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 308.90 Td (Other revenues consist primarily of parking revenue, insurance proceeds, administrative fees, and tenant reimbursements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.90 Td (related to utilities, insurance, and other operating expenses. Parking revenue represents amounts generated from contractual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.90 Td (and transient parking and is recognized in accordance with contractual terms or as services are rendered. Other revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.90 Td (relating to tenant reimbursements are recognized in the period that the expense is incurred.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 248.90 Td (Reclassifications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 224.90 Td (In connection with recent amendments to the Financial ) Tj ET Q q 0 0 0 rg BT 289.10 224.90 Td (Accounting Standards Board \(F) Tj ET Q q 0 0 0 rg BT 419.72 224.90 Td (ASB\) ) Tj ET Q q 0 0 0 rg BT 448.89 224.90 Td (Accounting Standards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.90 Td (Codification \(the Codification\) regarding the presentation of restricted cash in the statements of cash flows that the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.90 Td (adopted as of December 31, 2016, the Company reclassified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.04 200.90 Td ($24,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.54 200.90 Td ( of restricted cash on the statement of cash flows from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.90 Td (investing activities to the cash and cash equivalent balances as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.47 188.90 Td (June30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.30 188.90 Td ( to be consistent with the presentation of cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.90 Td (and cash equivalent balances as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.44 176.90 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.27 176.90 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 152.90 Td (Recent ) Tj ET Q q 0 0 0 rg BT 97.02 152.90 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 154.69 152.90 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 128.90 Td (In May 2014, the F) Tj ET Q q 0 0 0 rg BT 143.70 128.90 Td (ASB, issued ) Tj ET Q q 0 0 0 rg BT 195.10 128.90 Td (Accounting Standards Update \(ASU\) 2014-09 to provide guidance on recognizing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.90 Td (revenue from contracts with customers. ) Tj ET Q q 0 0 0 rg BT 209.82 116.90 Td (This ) Tj ET Q q 0 0 0 rg BT 229.55 116.90 Td (ASU) Tj ET Q q 0 0 0 rg BT 252.33 116.90 Td (s core objective is for an entity to recognize revenue based on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.90 Td (consideration it expects to receive in exchange for goods or services. ) Tj ET Q q 0 0 0 rg BT 327.00 104.90 Td (The amendments also replace prior guidance regarding the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.90 Td (recognition of revenue from sales of real estate, except for revenue from sales that are part of a sale-leaseback transaction. ) Tj ET Q q 0 0 0 rg BT 542.70 92.90 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.90 Td (Company has not had any sales or partial sales of real estate since its inception. Subsequent to ) Tj ET Q q 0 0 0 rg BT 427.74 80.90 Td (ASU 2014-09, the F) Tj ET Q q 0 0 0 rg BT 508.11 80.90 Td (ASB has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.90 Td (issued multiple ) Tj ET Q q 0 0 0 rg BT 112.28 68.90 Td (ASUs clarifying multiple aspects of the new revenue recognition standard, which include the deferral of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.90 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 56.90 Td (fective date by one year) Tj ET Q q 0 0 0 rg BT 152.19 56.90 Td (, and additional guidance for partial sales of non-financial assets. ) Tj ET Q q 0 0 0 rg BT 414.14 56.90 Td (These amendments are ef) Tj ET Q q 0 0 0 rg BT 515.86 56.90 Td (fective for ) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (fiscal years, and interim periods within those years, beginning after December 15, 2017, with retrospective or modified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (retrospective adoption. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 706.10 Td (Expanded quantitative and qualitative disclosures regarding revenue recognition will be required for contracts that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (subject to this pronouncement. ) Tj ET Q q 0 0 0 rg BT 174.57 694.10 Td (The Company is currently evaluating each of its revenue streams to identify dif) Tj ET Q q 0 0 0 rg BT 491.52 694.10 Td (ferences in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (timing, measurement or presentation of revenue recognition under the new standard, and has elected the modified retrospective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (method of adoption. Rental income from leasing arrangements is specifically excluded from ) Tj ET Q q 0 0 0 rg BT 420.22 670.10 Td (ASU 2014-09, and will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (evaluated by the Company in its adoption of the lease accounting standard, ) Tj ET Q q 0 0 0 rg BT 351.37 658.10 Td (ASU 2016-02 \(described below\). Once ) Tj ET Q q 0 0 0 rg BT 509.66 658.10 Td (ASU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (2016-02 goes into ef) Tj ET Q q 0 0 0 rg BT 131.80 646.10 Td (fect, the new revenue standard, ) Tj ET Q q 0 0 0 rg BT 258.14 646.10 Td (ASU 2014-09, may apply to executory costs and other components of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (revenue due under leases that are deemed to be non-lease components \(such as common area maintenance and provision of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (utilities\), even when the revenue for such activities is not separately stipulated in the lease. In that case, the revenue from these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (items previously recognized on a straight-line basis under current lease guidance would be recognized under the new revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (guidance as the related services are delivered. ) Tj ET Q q 0 0 0 rg BT 234.41 598.10 Td (As a result, while the total revenue recognized over time would not dif) Tj ET Q q 0 0 0 rg BT 516.64 598.10 Td (fer under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (the new guidance, the recognition pattern would be dif) Tj ET Q q 0 0 0 rg BT 267.86 586.10 Td (ferent. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 562.10 Td (In February 2016, the F) Tj ET Q q 0 0 0 rg BT 161.46 562.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 210.37 562.10 Td (ASU 2016-02 which will require companies that lease assets to recognize on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (balance sheet the right-of-use assets and related lease liabilities. ) Tj ET Q q 0 0 0 rg BT 307.00 550.10 Td (The accounting by companies that own the assets leased by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (lessee \(the lessor\) will remain lar) Tj ET Q q 0 0 0 rg BT 181.77 538.10 Td (gely unchanged from current GAAP) Tj ET Q q 0 0 0 rg BT 326.17 538.10 Td (. ) Tj ET Q q 0 0 0 rg BT 330.99 538.10 Td (The new standard requires a modified retrospective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (transition approach for all leases existing at, or entered into after) Tj ET Q q 0 0 0 rg BT 307.06 526.10 Td (, the date of initial application, with an option to use certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (transition relief. ) Tj ET Q q 0 0 0 rg BT 115.69 514.10 Td (The guidance is ef) Tj ET Q q 0 0 0 rg BT 189.08 514.10 Td (fective for public entities for fiscal years beginning after December 15, 2018 and interim ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (periods within those fiscal years. Early adoption is permitted. ) Tj ET Q q 0 0 0 rg BT 297.32 502.10 Td (The Company is in the process of evaluating the impact that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (adoption of ) Tj ET Q q 0 0 0 rg BT 97.27 490.10 Td (ASU 2016-02 will have on the Company) Tj ET Q q 0 0 0 rg BT 263.92 490.10 Td (s consolidated financial statements relating to its lessor leases and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (lessee leases, if any) Tj ET Q q 0 0 0 rg BT 127.15 478.10 Td (. ) Tj ET Q q 0 0 0 rg BT 131.97 478.10 Td (The Company has currently identified certain areas the Company believes may be impacted by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (adoption of ) Tj ET Q q 0 0 0 rg BT 99.77 466.10 Td (ASU 2016-02, which include:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 442.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 442.10 Td (The bifurcation of lease arrangements in which contractual amounts due are on a gross basis and the amount under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 430.10 Td (contract is not allocated between rental and expense reimbursements, such as real estate taxes and insurance. ) Tj ET Q q 0 0 0 rg BT 522.37 430.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 418.10 Td (process would be based on the underlying fair values of these items.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 394.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 394.10 Td (The Company has a ground lease agreement in which the Company is the lessee for land underneath Bishop) Tj ET Q q 0 0 0 rg BT 520.66 394.10 Td (s Square ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 382.10 Td (that the Company currently accounts for as an operating lease. Upon adoption of ) Tj ET Q q 0 0 0 rg BT 409.85 382.10 Td (ASU 2016-02, the Company will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 370.10 Td (record any rights and obligations under this lease as an asset and liability at fair value in the Company) Tj ET Q q 0 0 0 rg BT 496.50 370.10 Td (s consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 358.10 Td (balance sheets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 334.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 334.10 Td (Determination of costs to be capitalized associated with leases. ) Tj ET Q q 0 0 0 rg BT 339.31 334.10 Td (ASU 2016-02 will limit the capitalization associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 322.10 Td (with certain costs to costs that are a direct result of obtaining a lease. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 298.10 Td (In October 2016, the F) Tj ET Q q 0 0 0 rg BT 157.57 298.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 206.47 298.10 Td (ASU 2016-16 which removes the prohibition in ) Tj ET Q q 0 0 0 rg BT 399.51 298.10 Td (ASC 740 against the immediate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (recognition of the current and deferred income tax ef) Tj ET Q q 0 0 0 rg BT 260.89 286.10 Td (fects of intra-entity transfers of assets other than inventory) Tj ET Q q 0 0 0 rg BT 494.05 286.10 Td (. ) Tj ET Q q 0 0 0 rg BT 501.37 286.10 Td (The ) Tj ET Q q 0 0 0 rg BT 518.87 286.10 Td (ASU is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (intended to reduce the complexity of ) Tj ET Q q 0 0 0 rg BT 198.34 274.10 Td (ASC 740 and the diversity in practice related to the tax consequences of certain types of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (intra-entity asset transfers. ) Tj ET Q q 0 0 0 rg BT 159.74 262.10 Td (ASU 2016-16 will be ef) Tj ET Q q 0 0 0 rg BT 255.66 262.10 Td (fective for annual periods beginning after December 31, 2017. ) Tj ET Q q 0 0 0 rg BT 509.83 262.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (Company plans to adopt ) Tj ET Q q 0 0 0 rg BT 148.94 250.10 Td (ASU 2016-16 beginning January 1, 2018 and expects to record deferred tax assets and related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (valuation allowances upon adoption related to its subsidiaries in Ireland.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 214.10 Td (In January 2017, the F) Tj ET Q q 0 0 0 rg BT 156.46 214.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 205.37 214.10 Td (ASU 2017-01 to clarify the definition of a business with the objective of adding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions \(or disposals\) of assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (or businesses. ) Tj ET Q q 0 0 0 rg BT 109.87 190.10 Td (The Company expects that most of its real estate transactions completed after the Company) Tj ET Q q 0 0 0 rg BT 478.37 190.10 Td (s adoption of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (guidance will be accounted for using the asset acquisition guidance and, accordingly) Tj ET Q q 0 0 0 rg BT 387.07 178.10 Td (, acquisition fees and expenses related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (those acquisitions will be capitalized. ) Tj ET Q q 0 0 0 rg BT 204.00 166.10 Td (The amendments to the Codification will be ef) Tj ET Q q 0 0 0 rg BT 390.16 166.10 Td (fective for public entities for annual and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (interim periods in fiscal years beginning after December 15, 2017 and early adoption is permitted with prospective application. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 Td (The Company expects to adopt ) Tj ET Q q 0 0 0 rg BT 175.86 142.10 Td (ASU 2017-01 beginning January 1, 2018.) 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 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (3. INVESTMENT) Tj ET Q q 0 0 0 rg BT 129.56 742.25 Td ( PROPER) Tj ET Q q 0 0 0 rg BT 172.81 742.25 Td (TY) 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 amounts as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.01 718.25 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.84 718.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.28 718.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.86 718.25 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 680.75 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 680.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 680.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 680.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 650.75 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 650.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 650.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 650.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 620.75 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 620.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 620.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 620.75 90.00 -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 377.5 680.75 m 467.5 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 680.75 m 561.5 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 680.75 m 561.5 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 650.75 m 467.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 650.75 m 561.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 620.75 m 467.5 620.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 620.75 m 561.5 620.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 606.75 m 467.5 606.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 604.75 m 467.5 604.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 606.75 m 561.5 606.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 604.75 m 561.5 604.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 685.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.95 685.43 Td (June 30, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.65 685.43 Td (December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 670.42 Td (Buildings and improvements ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 170.05 674.95 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 670.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 670.42 Td (429,509) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 670.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 670.42 Td (256,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 655.42 Td (Less: accumulated depreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.80 655.47 Td (\(11,931) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 655.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 655.47 Td (\(6,337) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 655.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 640.42 Td (Buildings and improvements, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 640.42 Td (417,578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 640.42 Td (250,115) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 625.42 Td (Land) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 625.42 Td (85,109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 625.42 Td (33,760) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 610.42 Td (Investment property, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 610.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 610.42 Td (502,687) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 610.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 610.42 Td (283,875) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.05 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 587.05 Td (Included in buildings and improvements is approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.57 587.05 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.46 587.05 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.90 587.05 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.79 587.05 Td ( of construction-in-progress related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 575.05 Td (to a planned expansion at Bishop) Tj ET Q q 0 0 0 rg BT 203.25 575.05 Td (s Square as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.57 575.05 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.40 575.05 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.84 575.05 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.43 575.05 Td (, respectively) Tj ET Q q 0 0 0 rg BT 468.09 575.05 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 551.05 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.83 551.05 Td (January 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.43 551.05 Td (, the Company acquired Rookwood, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.35 551.05 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.35 551.05 Td ( contiguous shopping centers located in Cincinnati, Ohio. ) Tj ET Q q 0 0 0 rg BT 528.85 551.05 Td (The net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.05 Td (purchase price was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.57 539.05 Td ($193.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.47 539.05 Td (, exclusive of transaction costs and working capital reserves. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.61 539.05 Td (Rookwood) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.50 539.05 Td ( consists of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.00 539.05 Td (590,501) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.50 539.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.05 Td (square feet that is, in the aggregate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.11 527.05 Td (96%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.44 527.05 Td ( leased. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.86 527.05 Td (Note 4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.80 527.05 Td ( Recent ) Tj ET Q q 0 0 0 rg BT 333.51 527.05 Td (Acquisitions of Real Estate for additional information on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.05 Td (Rookwood.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 491.05 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.83 491.05 Td (March 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.43 491.05 Td (, the Company acquired the Montrose Student Residences, a Class-A) Tj ET Q q 0 0 0 rg BT 402.65 491.05 Td ( student housing asset located in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.05 Td (Dublin, Ireland. ) Tj ET Q q 0 0 0 rg BT 118.41 479.05 Td (The net purchase price for the Montrose Student Residences was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 479.05 Td (37.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.89 479.05 Td ( \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.98 479.05 Td ($40.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.87 479.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.05 Td (assuming a rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.53 467.05 Td ($1.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.03 467.05 Td ( per EUR as of the acquisition date\), exclusive of transaction costs and working capital reserves. ) Tj ET Q q 0 0 0 rg BT 538.01 467.05 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.05 Td (Montrose Student Residences consists of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.37 455.05 Td (210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.37 455.05 Td ( beds and is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.81 455.05 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.14 455.05 Td ( leased. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.06 455.05 Td (Note 4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.00 455.05 Td ( Recent ) Tj ET Q q 0 0 0 rg BT 427.71 455.05 Td (Acquisitions of Real Estate for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.05 Td (additional information on the Montrose Student Residences.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 419.05 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 419.05 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.27 419.05 Td (, the cost basis and accumulated amortization related to lease intangibles are as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 351.55 262.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 351.55 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 351.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 351.55 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 351.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 351.55 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 321.55 262.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 321.55 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 321.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 321.55 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 321.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 321.55 76.00 -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 311.5 381.55 m 401.5 381.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 381.55 m 405.5 381.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 381.55 m 481.5 381.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 381.55 m 485.5 381.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 381.55 m 561.5 381.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 351.55 m 401.5 351.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 351.55 m 481.5 351.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 351.55 m 561.5 351.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 321.55 m 401.5 321.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 321.55 m 481.5 321.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 321.55 m 561.5 321.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 307.55 m 401.5 307.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 305.55 m 401.5 305.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 307.55 m 481.5 307.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 305.55 m 481.5 305.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 307.55 m 561.5 307.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 305.55 m 561.5 305.55 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 386.22 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.60 386.23 Td (Lease Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 371.22 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.80 356.23 Td (In-Place Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.05 366.23 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.45 356.23 Td (Lease ) Tj ET Q q 0 0 0 rg BT 442.84 356.23 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.05 366.23 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.10 356.23 Td (Lease Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 356.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 341.22 Td (Cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.00 341.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 341.22 Td (114,956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 341.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 341.22 Td (4,704) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 341.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 341.27 Td (\(17,233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 341.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 326.22 Td (Less: accumulated amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.80 326.27 Td (\(18,639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 326.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 326.27 Td (\(893) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 326.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 326.22 Td (1,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 311.22 Td (Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.00 311.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 311.22 Td (96,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 311.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 311.22 Td (3,811) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 311.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 311.27 Td (\(15,297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 311.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 283.05 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 283.05 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.03 283.05 Td (, the cost basis and accumulated amortization related to lease intangibles were as follows \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.05 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 203.55 262.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 203.55 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 203.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 203.55 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 203.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 203.55 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 173.55 262.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 173.55 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 173.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 173.55 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 173.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 173.55 76.00 -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 311.5 233.54999999999995 m 401.5 233.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 233.54999999999995 m 405.5 233.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 233.54999999999995 m 481.5 233.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 233.54999999999995 m 485.5 233.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 233.54999999999995 m 561.5 233.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 203.54999999999995 m 401.5 203.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 203.54999999999995 m 481.5 203.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 203.54999999999995 m 561.5 203.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 173.54999999999995 m 401.5 173.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 173.54999999999995 m 481.5 173.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 173.54999999999995 m 561.5 173.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 159.54999999999995 m 401.5 159.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 157.54999999999995 m 401.5 157.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 159.54999999999995 m 481.5 159.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 157.54999999999995 m 481.5 157.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 159.54999999999995 m 561.5 159.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 157.54999999999995 m 561.5 157.54999999999995 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 238.22 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.60 238.23 Td (Lease Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 223.22 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.80 208.23 Td (In-Place Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.05 218.23 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.45 208.23 Td (Lease ) Tj ET Q q 0 0 0 rg BT 442.84 208.23 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.05 218.23 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.10 208.23 Td (Lease Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 208.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 193.22 Td (Cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.00 193.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 193.22 Td (84,473) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 193.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 193.22 Td (3,230) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 193.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 193.27 Td (\(3,224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 193.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 178.22 Td (Less: accumulated amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.80 178.27 Td (\(11,238) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 178.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 178.27 Td (\(395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 178.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 178.22 Td (803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 163.22 Td (Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.00 163.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 163.22 Td (73,235) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 163.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 163.22 Td (2,835) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 163.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 163.27 Td (\(2,421) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 163.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 135.05 Td (Amortization expense of in-place leases was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.49 135.05 Td ($4.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.38 135.05 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.82 135.05 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.71 135.05 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.09 135.05 Td (three months ended June 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.73 135.05 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 123.05 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 123.05 Td (, respectively) Tj ET Q q 0 0 0 rg BT 122.66 123.05 Td (. Net amortization of out-of-market leases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.38 123.05 Td (resulted in an increase to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.78 123.05 Td ( rental revenue of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.52 123.05 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.41 123.05 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 111.05 Td ($93,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 111.05 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.88 111.05 Td (three months ended June 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.52 111.05 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.96 111.05 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.96 111.05 Td (, respectively) Tj ET Q q 0 0 0 rg BT 342.62 111.05 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 87.05 Td (Amortization expense of in-place leases was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.49 87.05 Td ($9.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.38 87.05 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.82 87.05 Td ($2.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.71 87.05 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.09 87.05 Td (six months ended June 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.41 87.05 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 75.05 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 75.05 Td (, respectively) Tj ET Q q 0 0 0 rg BT 122.66 75.05 Td (. Net amortization of out-of-market leases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.38 75.05 Td (resulted in an increase to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.78 75.05 Td ( rental revenue of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.52 75.05 Td ($0.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.41 75.05 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 63.05 Td ($185,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 63.05 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.88 63.05 Td (six months ended June 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.20 63.05 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.64 63.05 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.64 63.05 Td (, respectively) Tj ET Q q 0 0 0 rg BT 339.30 63.05 Td (.) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (Anticipated amortization of the Company) Tj ET Q q 0 0 0 rg BT 237.40 742.10 Td (s in-place leases and out-of-market leases, net for the period from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.30 742.10 Td (July 1, 2017 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (through December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.19 730.10 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 354.05 730.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.05 730.10 Td ( through December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.75 730.10 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.75 730.10 Td ( are as follows \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 671.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 671.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 671.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 671.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 641.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 641.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 641.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 641.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 611.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 611.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 611.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 611.60 76.00 -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 391.5 671.6 m 481.5 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 671.6 m 561.5 671.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.75 676.28 Td (In-Place Lease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.05 686.28 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.80 676.28 Td (Leases, Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 661.27 Td (July 1, 2017 through December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.00 661.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 661.27 Td (8,232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 661.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.30 661.32 Td (\(486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 661.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 646.27 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 646.27 Td (13,962) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.30 646.32 Td (\(912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 646.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 631.27 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 631.27 Td (11,032) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.30 631.32 Td (\(939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 631.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 616.27 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 616.27 Td (7,783) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 616.32 Td (\(1,225) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 616.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 601.27 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 601.27 Td (5,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 601.32 Td (\(1,051) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 601.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 573.10 Td (Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 549.10 Td (The Company has entered into non-cancelable lease agreements with tenants for space. ) Tj ET Q q 0 0 0 rg BT 421.20 549.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.64 549.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.47 549.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 537.10 Td (approximate fixed future minimum rentals for the period from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.31 537.10 Td (July 1, 2017 through December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.18 537.10 Td (, for each of the years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 525.10 Td (ending December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.30 525.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.30 525.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.41 525.10 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.41 525.10 Td ( and thereafter related to the Company) Tj ET Q q 0 0 0 rg BT 371.01 525.10 Td (s commercial properties are as follows \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 513.10 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 466.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 466.60 90.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 49.50 451.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 436.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 436.60 90.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 49.50 421.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 406.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 406.60 90.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 49.50 391.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 376.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 376.60 90.00 -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 471.5 466.6 m 561.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 376.6 m 561.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 362.6 m 561.5 362.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 360.6 m 561.5 360.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 471.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.15 481.28 Td (Fixed Future) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.25 471.28 Td (Minimum Rentals) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 456.27 Td (July 1, 2017 through December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 456.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 456.27 Td (19,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 441.27 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 441.27 Td (37,956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 426.27 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 426.27 Td (33,221) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 411.27 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 411.27 Td (25,956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 396.27 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 396.27 Td (21,276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 381.27 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 381.27 Td (92,658) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 366.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 366.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 366.27 Td (230,830) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 338.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.55 338.10 Td (six months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.54 338.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.04 338.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.87 338.10 Td (, the Company did not earn more than 10% of its revenue from any individual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.10 Td (tenant.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 302.10 Td (Of the Company) Tj ET Q q 0 0 0 rg BT 137.43 302.10 Td (s total rental revenue for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.38 302.10 Td (six months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.38 302.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.88 302.10 Td (June30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.71 302.10 Td (, approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.97 302.10 Td (34%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 302.10 Td ( was earned from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 290.10 Td (Commissioner of Public ) Tj ET Q q 0 0 0 rg BT 149.54 290.10 Td (W) Tj ET Q q 0 0 0 rg BT 158.18 290.10 Td (orks in Ireland, a state agency of Ireland, whose lease expires in 2028, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.41 290.10 Td (17%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.74 290.10 Td ( was earned from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 278.10 Td (Acushnet, a tenant in the manufacturing industry) Tj ET Q q 0 0 0 rg BT 244.58 278.10 Td (, whose lease expires in 2019, and approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.96 278.10 Td (12%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.29 278.10 Td ( was earned from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (International Financial Data Services, an investor record-keeping and transfer agency provider) Tj ET Q q 0 0 0 rg BT 427.50 266.10 Td (, whose lease expires in 2024.) Tj ET Q 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (4. RECENT) Tj ET Q q 0 0 0 rg BT 103.99 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 105.94 742.25 Td (ACQUISITIONS OF) Tj ET Q q 0 0 0 rg BT 195.87 742.25 Td ( REAL) Tj ET Q q 0 0 0 rg BT 225.60 742.25 Td ( EST) Tj ET Q q 0 0 0 rg BT 246.26 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 252.74 742.25 Td (TE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 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 50.00 706.25 Td (price of each property acquired in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.71 706.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.71 706.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.15 706.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.15 706.25 Td ( as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 644.75 95.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 144.50 644.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 644.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 644.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 644.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 644.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 644.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 644.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 644.75 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 644.75 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 644.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 644.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 644.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 644.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 644.75 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 607.75 95.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 144.50 607.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 607.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 607.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 607.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 607.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 607.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 607.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 607.75 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 607.75 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 607.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 607.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 607.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 607.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 607.75 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 579.75 95.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 144.50 579.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 579.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 579.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 579.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 579.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 579.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 579.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 579.75 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 579.75 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 579.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 579.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 579.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 579.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 579.75 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 542.75 95.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 144.50 542.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 542.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 542.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 542.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 542.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 542.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 542.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 542.75 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 542.75 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 542.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 542.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 542.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 542.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 542.75 43.00 -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 49.5 658.75 m 144.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148.5 658.75 m 194.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 658.75 m 255.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 658.75 m 309.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 658.75 m 367.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 658.75 m 446.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 658.75 m 514.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 658.75 m 561.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 644.75 m 144.5 644.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 579.75 m 144.5 579.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 70.25 662.98 Td (Property Name) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 151.40 670.98 Td (Acquisition) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 163.00 662.98 Td (Date) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 204.35 670.98 Td (Building and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.65 662.98 Td (Impr) Tj ET Q q 0 0 0 rg BT 219.28 662.98 Td (ovements) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 251.28 666.61 Td ( ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 274.85 662.98 Td (Land) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.00 678.98 Td (In-place) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.20 670.98 Td (Lease) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 320.85 662.98 Td (Intangibles) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.80 678.98 Td (Out-of-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 389.80 670.98 Td (Market Lease) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.35 662.98 Td (Intangibles, Net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.85 686.98 Td (Discount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.40 678.98 Td (\(premium\) on) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.30 670.98 Td (assumed) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.40 662.98 Td (mortgage loan) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 530.75 662.98 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 87.50 649.20 Td (2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 635.21 Td (Rookwood) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 154.95 635.21 Td (1/6/2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 201.00 635.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 222.75 635.21 Td (132,466) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 262.00 635.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 281.25 635.21 Td (45,320) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 635.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 339.25 635.21 Td (27,477) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.00 635.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.25 635.21 Td (\(12,275) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.00 635.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 635.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.50 635.21 Td (740) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.00 635.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 635.21 Td (193,728) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 621.21 Td (Montrose Student ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 612.21 Td (Residences) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 92.49 616.29 Td ( \(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 152.70 612.21 Td (3/24/2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 201.00 612.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 227.25 612.21 Td (33,705) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 262.00 612.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 285.75 612.21 Td (5,691) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 612.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 343.75 612.21 Td (1,282) Tj ET Q BT /F1 5.85 Tf ET q 0 0 0 rg BT 370.00 616.85 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.00 612.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 612.21 Td (\(56) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.00 612.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 612.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.00 612.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.00 612.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 612.21 Td (40,622) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 87.50 584.20 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 570.21 Td (Domain Apartments) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 152.70 570.21 Td (1/29/2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 201.00 570.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 227.25 570.21 Td (50,790) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 262.00 570.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 285.75 570.21 Td (5,690) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 570.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 343.75 570.21 Td (1,640) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.00 570.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.00 570.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 570.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.00 570.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.00 570.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 570.21 Td (58,120) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 556.21 Td (Cottonwood Corporate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 547.21 Td (Center) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 154.95 547.21 Td (7/5/2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 201.00 547.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 227.25 547.21 Td (98,758) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 262.00 547.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 281.25 547.21 Td (13,600) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 547.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 339.25 547.21 Td (26,550) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.00 547.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.50 547.21 Td (290) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 547.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.00 547.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.00 547.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 547.21 Td (139,198) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 533.21 Td (Goodyear Crossing II) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 152.70 533.21 Td (8/18/2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 201.00 533.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 227.25 533.21 Td (41,620) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 262.00 533.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 285.75 533.21 Td (7,270) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 533.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 343.75 533.21 Td (5,280) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.00 533.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.75 533.21 Td (2,030) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 533.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.00 533.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.00 533.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 533.21 Td (56,200) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 510.05 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 510.05 Td (For the Montrose Student Residences, which was denominated in Euros, amounts have been translated at an exchange rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 498.05 Td (based on the rate in ef) Tj ET Q q 0 0 0 rg BT 155.84 498.05 Td (fect on the acquisition date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 474.05 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 474.05 Td (Includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.38 474.05 Td ($0.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.27 474.05 Td ( related to the retail areas of the Montrose Student Residences that have average lease terms between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 462.05 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 462.05 Td ( years and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.04 462.05 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.04 462.05 Td ( years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 438.05 Td (The purchase price allocations for the Company) Tj ET Q q 0 0 0 rg BT 262.93 438.05 Td (s 2017 and 2016 acquisitions, with the exception of the Domain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 426.05 Td (Apartments and Cottonwood Corporate Center) Tj ET Q q 0 0 0 rg BT 236.78 426.05 Td (, are preliminary and subject to change until the Company finalizes the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 414.05 Td (allocations, which will be no later than twelve months from the acquisition dates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 390.05 Td (The weighted average amortization period for the intangible assets and liabilities acquired in connection with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.29 390.05 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.29 390.05 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.05 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 378.05 Td ( acquisitions, as of the date of the respective acquisition, was as follows \(in years\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 329.55 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 329.55 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 329.55 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 329.55 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 329.55 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 329.55 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 329.55 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 299.55 140.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 299.55 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 299.55 122.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 299.55 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 299.55 122.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 299.55 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 299.55 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 271.55 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 271.55 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 271.55 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 271.55 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 271.55 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 271.55 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 271.55 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 241.55 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 241.55 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 241.55 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 241.55 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 241.55 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 241.55 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 241.55 110.00 -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 195.5 343.54999999999995 m 317.5 343.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 343.54999999999995 m 445.5 343.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 343.54999999999995 m 561.5 343.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 329.54999999999995 m 189.5 329.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 271.54999999999995 m 189.5 271.54999999999995 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.80 348.23 Td (In-Place Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.15 358.23 Td (Above-Market Lease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.65 348.23 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.70 358.23 Td (Below-Market Lease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.60 348.23 Td (Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 334.23 Td (2017 Acquisitions:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 319.22 Td (Rookwood) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.75 319.22 Td (8.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.25 319.22 Td (16.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.25 319.22 Td (13.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 304.22 Td (Montrose Student Residences) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 170.87 308.75 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.75 304.22 Td (6.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 304.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.25 304.22 Td (18.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 276.23 Td (2016 Acquisitions:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 261.22 Td (Domain Apartments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.75 261.22 Td (0.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 261.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 261.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 246.22 Td (Cottonwood Corporate Center) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.75 246.22 Td (4.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.75 246.22 Td (8.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.75 246.22 Td (4.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 231.22 Td (Goodyear Crossing II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.75 231.22 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.75 231.22 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 231.22 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.05 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 203.05 Td (The residential portion of the Montrose Student Residences has a weighted average in-place lease period of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.08 203.05 Td (0.2 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.17 203.05 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 191.05 Td (there was no below-market lease liability assigned to the residential portion of the Montrose Student Residences.) Tj ET Q 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 68.00 742.10 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 518.43 742.10 Td (six ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (months ended June 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.16 730.10 Td (, which are included in the Company) Tj ET Q q 0 0 0 rg BT 314.39 730.10 Td (s condensed consolidated statements of operations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (comprehensive income \(loss\) for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.56 718.10 Td (three and six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.66 718.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.48 718.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.31 718.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 678.60 136.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.50 678.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 678.60 102.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 678.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 678.60 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 678.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 678.60 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 648.60 136.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.50 648.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 648.60 102.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 648.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 648.60 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 648.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 648.60 131.00 -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 49.5 678.6 m 185.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 678.6 m 426.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 678.6 m 561.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 678.6 m 426.5 678.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.25 698.28 Td (For the Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.15 698.28 Td (For the Six Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 683.28 Td (2017 Acquisitions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.00 683.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.45 683.28 Td (June 30, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.45 683.28 Td (June 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 668.27 Td (Rookwood) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.00 668.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.00 668.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 668.27 Td (4,866) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.00 668.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 668.27 Td (9,647) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 653.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.00 653.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.00 653.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.80 653.32 Td (\(1,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 653.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.00 653.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 653.32 Td (\(6,704) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 653.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 638.27 Td (Montrose Student Residences) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.00 638.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.00 638.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 638.27 Td (759) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.00 638.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 638.27 Td (832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.00 623.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.00 623.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.30 623.32 Td (\(174) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 623.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.00 623.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 623.32 Td (\(2,421) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 623.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 595.10 Td (The following unaudited consolidated information is presented to give ef) Tj ET Q q 0 0 0 rg BT 359.69 595.10 Td (fect to the Company) Tj ET Q q 0 0 0 rg BT 443.83 595.10 Td (s 2017 acquisitions as if the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.10 Td (acquisitions had occurred on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.19 583.10 Td (January1, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.79 583.10 Td (. ) Tj ET Q q 0 0 0 rg BT 238.11 583.10 Td (The pro forma net income \(loss\) was adjusted to exclude acquisition-related fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.10 Td (and expenses of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.37 571.10 Td ($7.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.26 571.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.64 571.10 Td (six months ended June 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.96 571.10 Td (. ) Tj ET Q q 0 0 0 rg BT 329.78 571.10 Td (There were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.52 571.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.52 571.10 Td ( acquisition-related fees and expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td (excluded for the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.28 559.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.11 559.10 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.22 559.10 Td (six months ended June 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.54 559.10 Td (, the pro forma net loss was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (adjusted to include acquisition-related fees and expenses of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.92 547.10 Td ($7.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.81 547.10 Td ( relating to the 2017 acquisitions, as if these fees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (expenses had been incurred as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.39 535.10 Td (January1, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.99 535.10 Td (. ) Tj ET Q q 0 0 0 rg BT 252.81 535.10 Td (There were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.55 535.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.55 535.10 Td ( acquisition-related fees and expenses included for the three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.33 523.10 Td (June30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.16 523.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 499.10 Td (The information below is not necessarily indicative of what the actual results of operations would have been had the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (Company completed this acquisition on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.37 487.10 Td (January1, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.97 487.10 Td (, nor does it purport to represent the Company) Tj ET Q q 0 0 0 rg BT 462.43 487.10 Td (s future operations \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 421.60 176.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 421.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 421.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 421.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 421.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 421.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 421.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 421.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 421.60 80.00 -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 229.5 421.6 m 309.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 421.6 m 393.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 421.6 m 477.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 421.6 m 561.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229.5 421.6 m 309.5 421.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.75 455.28 Td (For the Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 455.28 Td (For the Six Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.20 441.28 Td (June 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.20 441.28 Td (June 30,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 426.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.35 426.28 Td (Pro Forma 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.35 426.28 Td (Pro Forma 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.35 426.28 Td (Pro Forma 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.35 426.28 Td (Pro Forma 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 411.27 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.00 411.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.15 411.27 Td (14,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.00 411.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.15 411.27 Td (3,865) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.00 411.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 411.27 Td (29,492) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 411.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 411.27 Td (18,725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 396.27 Td (Net income \(loss\) attributable to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 386.27 Td (stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.00 386.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.80 386.32 Td (\(2,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 386.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.00 386.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.80 386.32 Td (\(2,004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 386.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.00 386.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 386.32 Td (\(5,258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 386.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 386.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 386.32 Td (\(14,224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 386.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 358.10 Td (The table below includes the amounts of revenue and net income \(loss\) of the acquisition completed during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.54 358.10 Td (six months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (ended June 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.21 346.10 Td (, which are included in the Company) Tj ET Q q 0 0 0 rg BT 282.45 346.10 Td (s condensed consolidated statements of operations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (comprehensive income \(loss\) for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.56 334.10 Td (three and six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.66 334.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.48 334.10 Td (June30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.31 334.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 294.60 136.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.50 294.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 294.60 102.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 294.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 294.60 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 294.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 294.60 131.00 -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 49.5 294.6 m 185.5 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 294.6 m 426.5 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 294.6 m 561.5 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 294.6 m 426.5 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 294.6 m 561.5 294.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.25 314.28 Td (For the Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.15 314.28 Td (For the Six Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 299.28 Td (2016 Acquisitions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.00 299.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.45 299.28 Td (June 30, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.45 299.28 Td (June 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 284.27 Td (Domain Apartments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.00 284.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.00 284.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 284.27 Td (1,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.00 284.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 284.27 Td (1,934) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 269.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.00 269.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.00 269.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.30 269.32 Td (\(658) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 269.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.00 269.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 269.32 Td (\(1,333) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 269.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 241.10 Td (The following unaudited consolidated information is presented to give ef) Tj ET Q q 0 0 0 rg BT 359.69 241.10 Td (fect to the Company) Tj ET Q q 0 0 0 rg BT 443.83 241.10 Td (s acquisition completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.10 Td (during the six months ended June 30, 2016 as if the acquisition had occurred on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.60 229.10 Td (January1, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.20 229.10 Td (. ) Tj ET Q q 0 0 0 rg BT 442.52 229.10 Td (The pro forma net income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.10 Td (\(loss\) was adjusted to exclude acquisition-related fees and expenses of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.35 217.10 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.24 217.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.68 217.10 Td ($1.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.57 217.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.95 217.10 Td (three and six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.04 217.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.10 Td (months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.33 205.10 Td (June30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.16 205.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 216.82 205.10 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.92 205.10 Td (six months ended June 30,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.75 205.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.25 205.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.25 205.10 Td (, the pro forma net loss was adjusted to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.10 Td (include acquisition-related fees and expenses of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.81 193.10 Td ($1.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.71 193.10 Td (, relating to this 2016 acquisition, as if these fees and expenses had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.10 Td (been incurred as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.85 181.10 Td (January1, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.45 181.10 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.56 181.10 Td (three months ended June 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.20 181.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.20 181.10 Td ($0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.09 181.10 Td ( of acquisition-related fees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.10 Td (expenses were included.) Tj ET Q 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 68.00 730.10 Td (The information below is not necessarily indicative of what the actual results of operations would have been had the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (Company completed this acquisition on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.37 718.10 Td (January1, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.97 718.10 Td (, nor does it purport to represent the Company) Tj ET Q q 0 0 0 rg BT 462.43 718.10 Td (s future operations \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 652.60 176.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 652.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 652.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 652.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 652.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 652.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 652.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 652.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 652.60 80.00 -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 230.5 652.6 m 310.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 652.6 m 394.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 652.6 m 478.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 652.6 m 562.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 652.6 m 394.5 652.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.75 686.28 Td (For) Tj ET Q q 0 0 0 rg BT 265.12 686.28 Td ( the ) Tj ET Q q 0 0 0 rg BT 283.27 686.28 Td (Thr) Tj ET Q q 0 0 0 rg BT 299.75 686.28 Td (ee Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.65 686.28 Td (For the Six Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.20 672.28 Td (June 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.20 672.28 Td (June 30,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 657.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.35 657.28 Td (Pro Forma 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.35 657.28 Td (Pro Forma 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.35 657.28 Td (Pro Forma 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.35 657.28 Td (Pro Forma 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 642.27 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.00 642.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.15 642.27 Td (3,865) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 642.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.15 642.27 Td (3,838) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 642.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 642.27 Td (7,635) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 642.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 642.27 Td (6,227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 627.27 Td (Net income \(loss\) attributable to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 617.27 Td (stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.00 617.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.30 617.32 Td (\(426) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 617.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 617.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.30 617.32 Td (\(966) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 617.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 617.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.30 617.32 Td (\(639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 617.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 617.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 617.32 Td (\(8,752) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 617.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (5. DEBT) Tj ET Q q 0 0 0 rg BT 89.55 589.10 Td ( FINANCING) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 565.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 565.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.27 565.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.71 565.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.30 565.10 Td (, the Company had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.60 565.10 Td ($324.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.49 565.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.93 565.10 Td ($254.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.82 565.10 Td ( of debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (outstanding, with a weighted average years to maturity of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.71 553.10 Td (4.2 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.81 553.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.25 553.10 Td (4.3 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.35 553.10 Td (, and a weighted average interest rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.10 Td (2.57%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.83 541.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.27 541.10 Td (2.37%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.10 541.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 173.76 541.10 Td (. ) Tj ET Q q 0 0 0 rg BT 181.08 541.10 Td (The following table provides additional information regarding the Company) Tj ET Q q 0 0 0 rg BT 488.78 541.10 Td (s debt outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 529.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.72 529.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.55 529.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.99 529.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.57 529.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 473.60 101.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 473.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 155.50 473.60 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 473.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 473.60 38.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 473.60 13.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 473.60 43.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 473.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 473.60 62.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 473.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 473.60 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 473.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 473.60 65.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 473.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 473.60 64.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 449.60 101.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 449.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 155.50 449.60 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 449.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 449.60 38.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 449.60 13.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 449.60 43.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 449.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 449.60 62.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 449.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 449.60 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 449.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 449.60 65.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 449.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 449.60 64.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 425.60 101.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 425.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 155.50 425.60 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 425.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 425.60 38.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 425.60 13.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 425.60 43.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 425.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 425.60 62.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 425.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 425.60 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 425.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 425.60 65.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 425.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 425.60 64.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 401.60 101.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 401.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 155.50 401.60 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 401.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 401.60 38.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 401.60 13.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 401.60 43.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 401.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 401.60 62.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 401.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 401.60 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 401.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 401.60 65.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 401.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 401.60 64.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 377.60 101.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 377.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 155.50 377.60 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 377.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 377.60 38.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 377.60 13.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 377.60 43.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 377.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 377.60 62.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 377.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 377.60 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 377.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 377.60 65.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 377.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 377.60 64.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 353.60 156.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 353.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 353.60 38.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 353.60 13.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 353.60 43.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 353.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 353.60 62.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 353.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 353.60 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 353.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 353.60 65.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 353.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 353.60 64.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 329.60 156.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 329.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 329.60 38.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 329.60 13.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 329.60 43.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 329.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 329.60 62.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 329.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 329.60 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 329.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 329.60 65.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 329.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 329.60 64.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 305.60 156.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 305.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 305.60 38.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 305.60 13.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 305.60 43.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 305.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 305.60 62.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 305.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 305.60 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 305.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 305.60 65.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 305.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 305.60 64.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 485.6 m 151.5 485.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 155.5 485.6 m 206.5 485.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 485.6 m 248.5 485.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 485.6 m 304.5 485.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 485.6 m 370.5 485.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 485.6 m 425.5 485.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 485.6 m 494.5 485.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 485.6 m 562.5 485.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 389.6 m 494.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 389.6 m 562.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 377.6 m 494.5 377.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 377.6 m 562.5 377.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 353.6 m 494.5 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 353.6 m 562.5 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 353.6 m 494.5 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 341.6 m 494.5 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 353.6 m 562.5 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 341.6 m 562.5 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 305.6 m 494.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 294.6 m 494.5 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 292.6 m 494.5 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 305.6 m 562.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 294.6 m 562.5 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 292.6 m 562.5 292.6 l s BT /F2 7.00 Tf ET q 0 0 0 rg BT 53.00 489.66 Td (Description) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 158.85 503.66 Td (Origination or) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 162.60 496.66 Td (Assumption) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 173.50 489.66 Td (Date) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 215.35 496.66 Td (Maturity) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 222.00 489.66 Td (Date) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 266.90 510.66 Td (Maximum) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 265.25 503.66 Td (Capacity in) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 266.35 496.66 Td (Functional) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 268.15 489.66 Td (Currency) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 319.50 496.66 Td (Interest Rate) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 321.65 489.66 Td (Description) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 380.00 503.66 Td (Interest Rate) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 379.25 496.66 Td (as of June 30,) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 392.50 489.66 Td (2017) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 428.00 489.66 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 447.65 503.66 Td (Principal) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.00 496.66 Td (Outstanding at) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 441.15 489.66 Td (June 30, 2017) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 516.15 503.66 Td (Principal) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 507.50 496.66 Td (Outstanding at) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 501.75 489.66 Td (December 31, 2016) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 53.00 477.66 Td (Secured Mortgage Debt) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 203.00 477.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 213.00 477.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.00 477.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 428.00 477.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 432.00 477.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 501.00 477.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 465.65 Td (Bishop's Square) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 168.05 465.65 Td (3/3/2015) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 216.55 465.65 Td (3/2/2022) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 264.00 465.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 282.40 465.65 Td (55,200) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 312.00 465.65 Td (Euribor + 1.30% ) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 360.66 468.82 Td (\(1\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 390.45 465.65 Td (1.30%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 432.00 465.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.40 465.65 Td (63,055) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 501.00 465.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 540.40 465.65 Td (58,048) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 453.65 Td (Domain Apartments) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 166.30 453.65 Td (1/29/2016) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 214.80 453.65 Td (1/29/2020) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 264.00 453.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 282.40 453.65 Td (34,300) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 318.45 453.65 Td (Libor + 1.60%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 390.45 453.65 Td (2.82%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.40 453.65 Td (34,300) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 540.40 453.65 Td (34,300) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 441.65 Td (Cottonwood Corporate Center) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 168.05 441.65 Td (7/5/2016) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 216.55 441.65 Td (8/1/2023) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 264.00 441.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 282.40 441.65 Td (78,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 331.00 441.65 Td (Fixed) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 390.45 441.65 Td (2.98%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.40 441.65 Td (76,642) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 540.40 441.65 Td (77,461) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 429.65 Td (Goodyear Crossing II) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 166.30 429.65 Td (8/18/2016) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 214.80 429.65 Td (8/18/2021) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 264.00 429.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 282.40 429.65 Td (29,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 318.45 429.65 Td (Libor + 2.00%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 390.45 429.65 Td (3.05%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.40 429.65 Td (29,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 540.40 429.65 Td (29,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 417.65 Td (Rookwood Commons) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 168.05 417.65 Td (1/6/2017) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 216.55 417.65 Td (7/1/2020) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 264.00 417.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 282.40 417.65 Td (67,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 331.00 417.65 Td (Fixed) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 390.45 417.65 Td (3.13%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.40 417.65 Td (67,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 552.65 417.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 405.65 Td (Rookwood Pavilion) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 168.05 405.65 Td (1/6/2017) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 216.55 405.65 Td (7/1/2020) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 264.00 405.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 282.40 405.65 Td (29,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 331.00 405.65 Td (Fixed) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 390.45 405.65 Td (2.87%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.40 405.65 Td (29,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 552.65 405.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 393.65 Td (Montrose Student Residences) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 166.30 393.65 Td (3/24/2017) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 214.80 393.65 Td (3/23/2022) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 264.00 393.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 282.40 393.65 Td (22,605) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 312.00 393.65 Td (Euribor + 1.85% ) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 360.66 396.82 Td (\(2\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 390.45 393.65 Td (1.85%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.40 393.65 Td (25,822) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 552.65 393.65 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 59.00 381.66 Td (Notes Payable) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 229.00 381.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 399.50 381.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 432.00 381.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 468.90 381.65 Td (324,819) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 501.00 381.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 536.90 381.65 Td (198,809) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 53.00 369.66 Td (Affiliate Note Payable) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 357.65 Td (Credit Facility with Hines) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 164.55 357.65 Td (12/15/2014) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 213.05 357.65 Td (12/15/2017) Tj ET Q BT /F1 4.55 Tf ET q 0 0 0 rg BT 251.00 361.22 Td (\(3\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 264.00 357.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 282.40 357.65 Td (75,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 327.30 357.65 Td (Variable) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 390.45 357.65 Td (2.80%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 484.65 357.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 540.40 357.65 Td (56,000) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 59.00 345.66 Td (Total Note Payable to Affiliate) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 432.00 345.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 484.65 345.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 501.00 345.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 540.40 345.65 Td (56,000) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 59.00 333.66 Td (Total Principal Outstanding) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 432.00 333.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 468.90 333.65 Td (324,819) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 501.00 333.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 536.90 333.65 Td (254,809) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 321.65 Td (Unamortized discount) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 115.01 324.82 Td (\(4\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 478.80 321.70 Td (\(634) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 491.65 321.65 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 552.65 321.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 309.65 Td (Unamortized financing fees) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 473.55 309.70 Td (\(1,381) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 491.65 309.65 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 546.80 309.70 Td (\(994) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 559.65 309.65 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 59.00 297.66 Td (Total) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 432.00 297.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 468.90 297.65 Td (322,804) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 501.00 297.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 536.90 297.65 Td (253,815) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.90 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 274.90 Td (The Company entered into a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.35 274.90 Td (2.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.18 274.90 Td ( Euribor interest rate cap agreement at the loan origination date as an economic hedge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 262.90 Td (against the variability of future interest rates on this borrowing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.90 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 238.90 Td (On the loan origination date, the Company entered into a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.21 238.90 Td (1.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.04 238.90 Td ( Euribor interest rate cap agreement for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.69 238.90 Td (17.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.58 238.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 226.90 Td (\(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.59 226.90 Td ($19.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.48 226.90 Td ( assuming a rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.51 226.90 Td ($1.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.01 226.90 Td ( per EUR as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.94 226.90 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.77 226.90 Td (\) as an economic hedge against the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 214.90 Td (variability of future interest rates on this borrowing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.90 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 190.90 Td (Each advance under the credit facility with Hines \(the Hines Credit Facility\) must be repaid within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.98 190.90 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 190.90 Td ( months, subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 178.90 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.44 178.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.94 178.90 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.61 178.90 Td (-month extension at the option of the Company and subject to the satisfaction of certain conditions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 166.90 Td (Notwithstanding that each advance under the Hines Credit Facility matures six months after it is made, the Company is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 154.90 Td (required to repay each advance under the Hines Credit Facility with proceeds from its public of) Tj ET Q q 0 0 0 rg BT 449.08 154.90 Td (fering as such proceeds are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 142.90 Td (raised, unless the Company) Tj ET Q q 0 0 0 rg BT 177.33 142.90 Td (, through the Operating Partnership, enters into a revolving credit facility \(the OP) Tj ET Q q 0 0 0 rg BT 506.87 142.90 Td ( Facility\), at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 130.90 Td (which point the Company may use such proceeds from its public of) Tj ET Q q 0 0 0 rg BT 338.04 130.90 Td (fering to repay the OP) Tj ET Q q 0 0 0 rg BT 426.54 130.90 Td ( Facility) Tj ET Q q 0 0 0 rg BT 458.94 130.90 Td (, if any) Tj ET Q q 0 0 0 rg BT 486.33 130.90 Td (, prior to repaying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 118.90 Td (any advances under its credit facility with Hines. ) Tj ET Q q 0 0 0 rg BT 268.31 118.90 Td (The Hines Credit Facility also permits voluntary prepayment of principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 106.90 Td (and accrued interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.90 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 82.90 Td (The Company assumed notes payable in connection with its acquisition of Rookwood, which were recorded at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 70.90 Td (estimated fair value as of the date of acquisition. ) Tj ET Q q 0 0 0 rg BT 266.92 70.90 Td (The dif) Tj ET Q q 0 0 0 rg BT 295.89 70.90 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 68.00 58.90 Td (outstanding is amortized over the term of the related notes.) 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 /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (Rookwood) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (In connection with the acquisition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.41 718.10 Td (Rookwood) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.30 718.10 Td (, the Company entered into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.38 718.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.38 718.10 Td ( loanassumption and modification ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (agreements, with Nationwide Life Insurance Company \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.64 706.10 Td (Nationwide) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.30 706.10 Td (\), and with CLP-SPF Rookwood Commons, LLC and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (CLP-SPF Rookwood Pavilion, LLC. Pursuant to the loans, the Company assumed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.61 694.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.61 694.10 Td ( secured mortgage facilities with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (combined original principal amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.90 682.10 Td ($96.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.80 682.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td (Interest accrued on the unpaid principal balance of the Rookwood Commons and Rookwood Pavilion secured mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (facilities is due and payable on the first day of each month commencing in February 2017. ) Tj ET Q q 0 0 0 rg BT 416.38 646.10 Td (The Rookwood Commons and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (Rookwood Pavilion secured mortgage facilities have fixedinterest rates of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.02 634.10 Td (3.13%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.85 634.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.29 634.10 Td (2.87%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.12 634.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 474.78 634.10 Td (, and mature on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (July1, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.17 622.10 Td (. Each secured mortgage facility may be prepaid in full, subject to certain conditions, including but not limited to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (providing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.39 610.10 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.39 610.10 Td ( days) Tj ET Q q 0 0 0 rg BT 124.80 610.10 Td ( advance written notice to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.60 610.10 Td (Nationwide) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.25 610.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td (Montr) Tj ET Q q 0 0 0 rg BT 92.63 586.10 Td (ose Student Residences) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 562.10 Td (In connection with the acquisition of the Montrose Student Residences, the Company entered into a secured facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (agreement \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.63 550.10 Td (Montrose Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.01 550.10 Td (\) with ) Tj ET Q q 0 0 0 rg BT 218.37 550.10 Td (W) Tj ET Q q 0 0 0 rg BT 227.01 550.10 Td (ells Far) Tj ET Q q 0 0 0 rg BT 256.55 550.10 Td (go Bank, National ) Tj ET Q q 0 0 0 rg BT 331.54 550.10 Td (Association London Branch, for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.90 550.10 Td (22.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.79 550.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (\(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.59 538.10 Td ($24.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.48 538.10 Td ( assuming a rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.51 538.10 Td ($1.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.01 538.10 Td ( per EUR as of the date of the agreement\). Commencing on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.71 538.10 Td (May1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 526.10 Td (, interest payments are due and payable each quarter and repayment of principal is due upon the maturity of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.33 526.10 Td (Montrose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.55 514.10 Td ( on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.55 514.10 Td (March23, 2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.15 514.10 Td (. ) Tj ET Q q 0 0 0 rg BT 166.47 514.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.52 514.10 Td (Montrose Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.90 514.10 Td ( has a floating interest rate of EURIBOR plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.58 514.10 Td (1.85%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.41 514.10 Td ( through September ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (2019. Commencing in October 2019, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.08 502.10 Td (Montrose Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.47 502.10 Td ( will have a floating interest rate of EURIBOR plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.75 502.10 Td (1.85%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.58 502.10 Td ( or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.91 502.10 Td (2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.24 502.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (depending upon certain debt yield metrics. ) Tj ET Q q 0 0 0 rg BT 225.32 490.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.37 490.10 Td (Montrose Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.75 490.10 Td ( may be prepaid in full, or in part, subject to a prepayment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (fee if it is prepaid during the first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.96 478.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.96 478.10 Td ( years. In addition, pursuant to the terms of the Montrose Facility) Tj ET Q q 0 0 0 rg BT 462.59 478.10 Td (, the Company entered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (into a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 466.10 Td (17.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.89 466.10 Td ( \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.98 466.10 Td ($19.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.87 466.10 Td ( assuming a rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.90 466.10 Td ($1.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.40 466.10 Td ( per EUR as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.33 466.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.16 466.10 Td (\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.99 466.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.54 466.10 Td (-year interest rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (cap agreement, which ef) Tj ET Q q 0 0 0 rg BT 147.54 454.10 Td (fectively caps the EURIBOR interest rate on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.04 454.10 Td (Montrose Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.42 454.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.20 454.10 Td (1.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.03 454.10 Td (, to limit exposure to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (interest rate fluctuations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 418.10 Td (Hines Cr) Tj ET Q q 0 0 0 rg BT 104.02 418.10 Td (edit Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 394.10 Td (For the period from January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.69 394.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.69 394.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.80 394.10 Td (June 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.63 394.10 Td (, the Company made draws of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.10 394.10 Td ($7.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.99 394.10 Td ( and payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.09 394.10 Td ($63.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 382.10 Td ( under the Hines Credit Facility) Tj ET Q q 0 0 0 rg BT 204.60 382.10 Td (. ) Tj ET Q q 0 0 0 rg BT 209.05 382.10 Td (As a result, the Company had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.86 382.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.86 382.10 Td ( outstanding balance under the Hines Credit Facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.66 370.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.49 370.10 Td (. ) Tj ET Q q 0 0 0 rg BT 131.94 370.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 181.84 370.10 Td (, from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.78 370.10 Td (July 1,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.45 370.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.95 370.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.95 370.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.51 370.10 Td (August14, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.90 370.10 Td (, the Company had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.94 370.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.94 370.10 Td ( additional borrowings and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (made ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.16 358.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.16 358.10 Td ( additional payments under the Hines Credit Facility) Tj ET Q q 0 0 0 rg BT 293.18 358.10 Td (, which resulted in the Company continuing to have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.59 358.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.59 358.10 Td ( outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (balance under the Hines Credit Facility as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.50 346.10 Td (August14, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.89 346.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 322.10 Td (Financial Covenants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 298.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 127.71 298.10 Td (s loan documents for the debt described in the table above contain customary events of default, with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (corresponding grace periods, including payment defaults, bankruptcy-related defaults, and customary covenants, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (limitations on liens and indebtedness and maintenance of certain financial ratios. ) Tj ET Q q 0 0 0 rg BT 377.77 274.10 Td (The Company is not aware of any instances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (of noncompliance with financial covenants as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.32 262.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 262.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 238.10 Td (Principal Payments on Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 214.10 Td (The Companyis requiredto make the following principal payments on its outstanding notes payable for the period from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (July 1, 2017 through December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.86 202.10 Td (, for each of the years ending December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.28 202.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.28 202.10 Td ( through December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.98 202.10 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.98 202.10 Td ( and for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (the period thereafter \(in thousands\).) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 128.60 97.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 128.60 111.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 128.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 128.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 128.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 128.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 128.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 128.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 128.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 128.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 128.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 128.60 60.00 -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 146.5 152.60000000000002 m 257.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 152.60000000000002 m 261.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 152.60000000000002 m 319.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 152.60000000000002 m 323.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 152.60000000000002 m 376.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 152.60000000000002 m 380.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 152.60000000000002 m 433.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 152.60000000000002 m 437.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 152.60000000000002 m 497.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 152.60000000000002 m 501.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 152.60000000000002 m 561.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146.5 128.60000000000002 m 257.5 128.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 152.60000000000002 m 319.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 128.60000000000002 m 319.5 128.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 152.60000000000002 m 376.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 128.60000000000002 m 376.5 128.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 152.60000000000002 m 433.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 128.60000000000002 m 433.5 128.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 152.60000000000002 m 497.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 128.60000000000002 m 497.5 128.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 128.60000000000002 m 561.5 128.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 157.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.30 157.28 Td (Payments Due by Year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 133.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.65 143.28 Td (July 1, 2017 through) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.15 133.28 Td (December 31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.00 133.28 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.50 133.28 Td (2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 133.28 Td (2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.00 133.28 Td (2021) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.10 133.28 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 118.27 Td (Principal payments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.00 118.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.65 118.27 Td (831) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.00 118.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.15 118.27 Td (1,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 118.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 118.27 Td (1,751) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.00 118.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.10 118.27 Td (132,104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.00 118.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 118.27 Td (30,859) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 118.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 118.27 Td (157,574) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 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 /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (6. DERIV) Tj ET Q q 0 0 0 rg BT 92.94 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 99.42 742.25 Td (TIVE INSTRUMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 718.25 Td (The Company entered into interest rate cap agreements in connection with the Bishop) Tj ET Q q 0 0 0 rg BT 413.51 718.25 Td (s Square Facility and the Montrose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (Facility) Tj ET Q q 0 0 0 rg BT 79.40 706.25 Td (. ) Tj ET Q q 0 0 0 rg BT 86.72 706.25 Td (The interest rate cap agreements were entered into as an economic hedge against the variability of future interest rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (on its variable interest rate borrowings.) Tj ET Q q 0 0 0 rg BT 210.94 694.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 270.65 694.25 Td (s interest rate cap contracts have economically limited the interest rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (on the loan to which they relate.) Tj ET Q q 0 0 0 rg BT 182.89 682.25 Td (The Company has not designated this derivative as a hedge for accounting purposes. ) Tj ET Q q 0 0 0 rg BT 525.67 682.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (Company has not entered into a master netting arrangement with its third-party counterparty and does not of) Tj ET Q q 0 0 0 rg BT 482.53 670.25 Td (fset on its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td (condensed consolidated balance sheets the fair value amount recorded for its derivative instrument. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.74 658.25 Td (Note 9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.68 658.25 Td ( Fair ) Tj ET Q q 0 0 0 rg BT 526.11 658.25 Td (V) Tj ET Q q 0 0 0 rg BT 532.22 658.25 Td (alue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (Measurements for additional information regarding the fair value of the Company) Tj ET Q q 0 0 0 rg BT 379.95 646.25 Td (s interest rate contracts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 622.25 Td (The table below provides additional information regarding the Company) Tj ET Q q 0 0 0 rg BT 360.76 622.25 Td (s interest rate contracts \(in thousands, except ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.25 Td (percentages\).) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 560.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 137.00 560.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.00 560.75 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.00 560.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.00 560.75 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 560.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 560.75 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 560.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 560.75 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 560.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 560.75 58.00 -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 50 584.75 m 137 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137 584.75 m 141 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 141 584.75 m 244 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 560.75 m 137 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 141 560.75 m 244 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 560.75 m 351 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 560.75 m 413 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 560.75 m 500 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 560.75 m 562 560.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 589.43 Td (Interest Rate Contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.50 589.43 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.50 589.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.50 589.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.50 589.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 565.43 Td (Type) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.85 565.43 Td (Effective Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.65 565.43 Td (Expiration Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 575.43 Td (Notional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.95 565.43 Td (Amount ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 398.45 569.96 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.15 575.43 Td (Interest Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.80 565.43 Td (Received) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.55 575.43 Td (Pay Rate /) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.20 565.43 Td (Strike Rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 550.42 Td (Interest rate cap) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.70 550.42 Td (March 3, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.65 550.42 Td (April 25, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.50 550.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 550.42 Td (63,055) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.05 550.42 Td (EURIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 550.42 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 550.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 535.42 Td (Interest rate cap) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.20 535.42 Td (March 24, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.20 535.42 Td (March 23, 2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.50 535.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 535.42 Td (19,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.05 535.42 Td (EURIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 535.42 Td (1.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 535.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.05 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 512.05 Td (For notional amounts denominated in a foreign currency) Tj ET Q q 0 0 0 rg BT 292.62 512.05 Td (, amounts have been translated at a rate based on the rate in ef) Tj ET Q q 0 0 0 rg BT 540.11 512.05 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 500.05 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 500.05 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.83 500.05 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 476.05 Td (7. ST) Tj ET Q q 0 0 0 rg BT 72.05 476.05 Td (OCKHOLDERS) Tj ET Q q 0 0 0 rg BT 146.32 476.05 Td ( EQUITY) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 452.05 Td (Class I Shar) Tj ET Q q 0 0 0 rg BT 117.08 452.05 Td (es of Common Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 428.05 Td (On ) Tj ET Q q 0 0 0 rg BT 82.17 428.05 Td (April 26, 2017, the Company) Tj ET Q q 0 0 0 rg BT 202.16 428.05 Td (s board of directors authorized and approved a reclassification of the Company) Tj ET Q q 0 0 0 rg BT 520.66 428.05 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 416.05 Td (common stock in order to add ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.20 416.05 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.20 416.05 Td ( additional classes of common shares, Class I Shares of the Company) Tj ET Q q 0 0 0 rg BT 467.14 416.05 Td (s common stock, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.05 Td ($0.001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 404.05 Td ( par value per share and Class J shares of the Company) Tj ET Q q 0 0 0 rg BT 300.49 404.05 Td (s common stock, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.49 404.05 Td ($0.001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.99 404.05 Td ( par value per share \(the Class J ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.05 Td (Shares\). ) Tj ET Q q 0 0 0 rg BT 89.25 392.05 Td (The Company amended its charter on ) Tj ET Q q 0 0 0 rg BT 241.43 392.05 Td (April 27, 2017 to ef) Tj ET Q q 0 0 0 rg BT 320.40 392.05 Td (fect this reclassification. ) Tj ET Q q 0 0 0 rg BT 420.18 392.05 Td (The Class ) Tj ET Q q 0 0 0 rg BT 461.85 392.05 Td (A) Tj ET Q q 0 0 0 rg BT 468.52 392.05 Td ( Shares, Class ) Tj ET Q q 0 0 0 rg BT 526.67 392.05 Td (T) Tj ET Q q 0 0 0 rg BT 532.59 392.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.05 Td (Shares, Class I Shares and Class J Shares have the same voting rights and rights upon liquidation, although distributions are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.05 Td (expected to dif) Tj ET Q q 0 0 0 rg BT 109.24 368.05 Td (fer due to the distribution and stockholder servicing fees payable with respect to Class ) Tj ET Q q 0 0 0 rg BT 456.19 368.05 Td (T) Tj ET Q q 0 0 0 rg BT 462.11 368.05 Td ( Shares and Class I ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.05 Td (Shares, which will reduce distributions. ) Tj ET Q q 0 0 0 rg BT 210.63 356.05 Td (The Company amended its Of) Tj ET Q q 0 0 0 rg BT 330.97 356.05 Td (fering, ef) Tj ET Q q 0 0 0 rg BT 367.44 356.05 Td (fective ) Tj ET Q q 0 0 0 rg BT 396.59 356.05 Td (April 28, 2017, such that the Company is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.05 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 344.05 Td (fering up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.30 344.05 Td ($2.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.42 344.05 Td ( in shares of its common stock in any combination of Class ) Tj ET Q q 0 0 0 rg BT 391.72 344.05 Td (A) Tj ET Q q 0 0 0 rg BT 398.39 344.05 Td ( Shares, Class ) Tj ET Q q 0 0 0 rg BT 456.54 344.05 Td (T) Tj ET Q q 0 0 0 rg BT 462.47 344.05 Td ( Shares and Class I ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.05 Td (Shares. ) Tj ET Q q 0 0 0 rg BT 81.48 332.05 Td (The Company is not of) Tj ET Q q 0 0 0 rg BT 173.51 332.05 Td (fering Class J Shares pursuant to the Of) Tj ET Q q 0 0 0 rg BT 331.91 332.05 Td (fering. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 308.05 Td (Common Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 284.05 Td (The tables below provide information regarding the issuances and redemptions of each class of the Company) Tj ET Q q 0 0 0 rg BT 507.04 284.05 Td (s common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.05 Td (stock during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.93 272.05 Td (six months ended June 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.26 272.05 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.70 272.05 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.70 272.05 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 237.55 103.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 153.50 237.55 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 237.55 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 237.55 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 237.55 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 237.55 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 237.55 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 237.55 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 237.55 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 237.55 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 237.55 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 237.55 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 237.55 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 237.55 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 237.55 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 237.55 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 237.55 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 237.55 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 237.55 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 237.55 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 213.55 103.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 153.50 213.55 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 213.55 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 213.55 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 213.55 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 213.55 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 213.55 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 213.55 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 213.55 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 213.55 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 213.55 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 213.55 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 213.55 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 213.55 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 213.55 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 213.55 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 213.55 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 213.55 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 213.55 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 213.55 37.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 153.5 249.54999999999995 m 190.5 249.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 249.54999999999995 m 194.5 249.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 249.54999999999995 m 234.5 249.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 249.54999999999995 m 275.5 249.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 249.54999999999995 m 279.5 249.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 249.54999999999995 m 316.5 249.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 249.54999999999995 m 357.5 249.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 249.54999999999995 m 361.5 249.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 249.54999999999995 m 398.5 249.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 249.54999999999995 m 439.5 249.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 249.54999999999995 m 443.5 249.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 249.54999999999995 m 480.5 249.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 249.54999999999995 m 521.5 249.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 249.54999999999995 m 525.5 249.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 249.54999999999995 m 562.5 249.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 153.5 237.54999999999995 m 190.5 237.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 237.54999999999995 m 234.5 237.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 237.54999999999995 m 275.5 237.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 237.54999999999995 m 316.5 237.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 237.54999999999995 m 357.5 237.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 237.54999999999995 m 398.5 237.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 237.54999999999995 m 439.5 237.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 237.54999999999995 m 480.5 237.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 237.54999999999995 m 521.5 237.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 237.54999999999995 m 562.5 237.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 153.5 237.54999999999995 m 190.5 237.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 153.5 201.54999999999995 m 190.5 201.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 153.5 190.54999999999995 m 190.5 190.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 153.5 188.54999999999995 m 190.5 188.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 201.54999999999995 m 234.5 201.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 190.54999999999995 m 234.5 190.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 188.54999999999995 m 234.5 188.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 201.54999999999995 m 275.5 201.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 190.54999999999995 m 275.5 190.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 188.54999999999995 m 275.5 188.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 201.54999999999995 m 316.5 201.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 190.54999999999995 m 316.5 190.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 188.54999999999995 m 316.5 188.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 201.54999999999995 m 357.5 201.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 190.54999999999995 m 357.5 190.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 188.54999999999995 m 357.5 188.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 201.54999999999995 m 398.5 201.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 190.54999999999995 m 398.5 190.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 188.54999999999995 m 398.5 188.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 201.54999999999995 m 439.5 201.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 190.54999999999995 m 439.5 190.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 188.54999999999995 m 439.5 188.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 201.54999999999995 m 480.5 201.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 190.54999999999995 m 480.5 190.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 188.54999999999995 m 480.5 188.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 201.54999999999995 m 521.5 201.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 190.54999999999995 m 521.5 190.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 188.54999999999995 m 521.5 188.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 201.54999999999995 m 562.5 201.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 190.54999999999995 m 562.5 190.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 188.54999999999995 m 562.5 188.54999999999995 l s BT /F2 7.50 Tf ET q 0 0 0 rg BT 181.70 253.67 Td (Class A) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 265.15 253.67 Td (Class T) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 348.05 253.67 Td (Class I) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 429.60 253.67 Td (Class J) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 514.80 253.67 Td (Total) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 160.70 241.67 Td (Shares) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 200.85 241.67 Td (Amount) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 245.70 241.67 Td (Shares) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 284.35 241.67 Td (Amount) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 327.70 241.67 Td (Shares) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 366.35 241.67 Td (Amount) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 409.70 241.67 Td (Shares) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 448.35 241.67 Td (Amount) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 491.70 241.67 Td (Shares) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 530.35 241.67 Td (Amount) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 53.00 229.67 Td (Balance as of January 1, 2017) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 166.85 229.70 Td (16,468) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 197.00 229.70 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 224.00 229.70 Td (16) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 251.85 229.70 Td (10,074) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 282.00 229.70 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 306.00 229.70 Td (10) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 347.00 229.70 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 364.00 229.70 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 388.00 229.70 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 429.00 229.70 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 446.00 229.70 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 470.00 229.70 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 497.85 229.70 Td (26,542) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 528.00 229.70 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 552.00 229.70 Td (26) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 217.70 Td (Issuance of common shares) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 170.60 217.70 Td (2,921) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 227.75 217.70 Td (3) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 255.60 217.70 Td (7,232) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 309.75 217.70 Td (7) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 347.00 217.70 Td (13) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 388.00 217.70 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 429.00 217.70 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 470.00 217.70 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 497.85 217.70 Td (10,166) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 552.00 217.70 Td (10) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 205.70 Td (Redemption of common shares) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 173.75 205.70 Td (\(116) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 187.50 205.70 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 224.00 205.70 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 266.25 205.70 Td (\(9) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 272.50 205.70 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 306.00 205.70 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 347.00 205.70 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 388.00 205.70 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 429.00 205.70 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 470.00 205.70 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 504.75 205.70 Td (\(125) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 518.50 205.70 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 552.00 205.70 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 53.00 193.67 Td (Balance as of June 30, 2017) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 166.85 193.70 Td (19,273) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 197.00 193.70 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 224.00 193.70 Td (19) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 251.85 193.70 Td (17,297) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 282.00 193.70 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 306.00 193.70 Td (17) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 347.00 193.70 Td (13) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 364.00 193.70 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 388.00 193.70 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 429.00 193.70 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 446.00 193.70 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 470.00 193.70 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 497.85 193.70 Td (36,583) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 528.00 193.70 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 552.00 193.70 Td (36) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 143.55 126.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 143.55 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 143.55 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 143.55 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 143.55 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 143.55 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 143.55 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 143.55 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 143.55 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 143.55 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 143.55 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 143.55 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 119.55 126.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 119.55 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 119.55 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 119.55 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 119.55 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 119.55 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 119.55 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 119.55 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 119.55 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 119.55 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 119.55 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 119.55 61.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 155.54999999999995 m 236.5 155.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 155.54999999999995 m 240.5 155.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 155.54999999999995 m 301.5 155.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 155.54999999999995 m 366.5 155.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 155.54999999999995 m 370.5 155.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 155.54999999999995 m 431.5 155.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 155.54999999999995 m 496.5 155.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 155.54999999999995 m 500.5 155.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 155.54999999999995 m 561.5 155.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 143.54999999999995 m 236.5 143.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 143.54999999999995 m 301.5 143.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 143.54999999999995 m 366.5 143.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 143.54999999999995 m 431.5 143.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 155.54999999999995 m 496.5 155.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 143.54999999999995 m 496.5 143.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 143.54999999999995 m 236.5 143.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 143.54999999999995 m 301.5 143.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 143.54999999999995 m 366.5 143.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 143.54999999999995 m 431.5 143.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 143.54999999999995 m 561.5 143.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 107.54999999999995 m 236.5 107.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 96.54999999999995 m 236.5 96.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 94.54999999999995 m 236.5 94.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 107.54999999999995 m 301.5 107.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 96.54999999999995 m 301.5 96.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 94.54999999999995 m 301.5 94.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 107.54999999999995 m 366.5 107.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 96.54999999999995 m 366.5 96.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 94.54999999999995 m 366.5 94.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 107.54999999999995 m 431.5 107.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 96.54999999999995 m 431.5 96.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 94.54999999999995 m 431.5 94.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 107.54999999999995 m 496.5 107.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 96.54999999999995 m 496.5 96.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 94.54999999999995 m 496.5 94.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 107.54999999999995 m 561.5 107.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 96.54999999999995 m 561.5 96.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 94.54999999999995 m 561.5 94.54999999999995 l s BT /F2 7.50 Tf ET q 0 0 0 rg BT 226.20 159.67 Td (Class A) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 356.15 159.67 Td (Class T) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 489.80 159.67 Td (Total) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 194.70 147.67 Td (Shares) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 257.35 147.67 Td (Amount) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 324.70 147.67 Td (Shares) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 387.35 147.67 Td (Amount) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 454.70 147.67 Td (Shares) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 517.35 147.67 Td (Amount) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 52.00 135.67 Td (Balance as of January 1, 2016) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 212.85 135.70 Td (10,274) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 243.00 135.70 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 291.00 135.70 Td (10) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 352.25 135.70 Td (787) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 373.00 135.70 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 424.75 135.70 Td (1) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 472.85 135.70 Td (11,061) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 503.00 135.70 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 551.00 135.70 Td (11) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 52.00 123.70 Td (Issuance of common shares) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 216.60 123.70 Td (3,712) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 294.75 123.70 Td (4) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 346.60 123.70 Td (3,044) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 424.75 123.70 Td (3) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 476.60 123.70 Td (6,756) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 554.75 123.70 Td (7) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 52.00 111.70 Td (Redemption of Common Shares) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 223.50 111.70 Td (\(24) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 233.50 111.70 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 291.00 111.70 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 356.00 111.70 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 421.00 111.70 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 483.50 111.70 Td (\(24) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 493.50 111.70 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 551.00 111.70 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 52.00 99.67 Td (Balance as of June 30, 2016) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 212.85 99.70 Td (13,962) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 243.00 99.70 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 291.00 99.70 Td (14) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 346.60 99.70 Td (3,831) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 373.00 99.70 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 424.75 99.70 Td (4) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 472.85 99.70 Td (17,793) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 503.00 99.70 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 551.00 99.70 Td (18) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 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 /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 77.04 718.10 Td (ith the authorization of its board of directors, the Company declares distributions daily) Tj ET Q q 0 0 0 rg BT 422.14 718.10 Td (. ) Tj ET Q q 0 0 0 rg BT 429.09 718.10 Td (All distributions were or will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (paid in cash or reinvested in shares of the Company) Tj ET Q q 0 0 0 rg BT 259.67 706.10 Td (s common stock for those participating in the Company) Tj ET Q q 0 0 0 rg BT 484.63 706.10 Td (s distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (reinvestment plan and have been or will be paid or issued, respectively) Tj ET Q q 0 0 0 rg BT 332.59 694.10 Td (, on the first business day following the completion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (the month to which they relate. Distributions reinvested pursuant to the distribution reinvestment plan were or will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (reinvested in shares of the same class as the shares on which the distributions are being made. Some or all of the cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (distributions may be paid from sources other than cash flows from operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td (The tables below outline the distribution rates declared per share, per day for Class ) Tj ET Q q 0 0 0 rg BT 401.51 634.10 Td (A) Tj ET Q q 0 0 0 rg BT 408.18 634.10 Td ( Shares, Class ) Tj ET Q q 0 0 0 rg BT 466.33 634.10 Td (T) Tj ET Q q 0 0 0 rg BT 472.25 634.10 Td ( Shares and Class I ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (Shares. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 565.60 94.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 143.50 565.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 147.50 565.60 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 565.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 565.60 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 565.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 565.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 565.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 565.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 565.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 565.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 537.60 94.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 143.50 537.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 147.50 537.60 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 537.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 537.60 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 537.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 537.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 537.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 537.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 537.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 537.60 72.00 -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 49.5 597.6 m 143.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147.5 597.6 m 225.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229.5 597.6 m 320.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 597.6 m 324.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 597.6 m 399.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 597.6 m 485.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 597.6 m 489.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 597.6 m 561.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 565.6 m 143.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 597.6 m 147.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147.5 565.6 m 225.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229.5 565.6 m 320.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 565.6 m 399.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 565.6 m 403.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 565.6 m 485.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 565.6 m 561.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 565.6 m 143.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147.5 565.6 m 225.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229.5 565.6 m 320.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 565.6 m 399.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 565.6 m 403.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 565.6 m 485.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 565.6 m 561.5 565.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 105.65 602.28 Td (Class A Shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.55 602.28 Td (Class T Shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.80 602.28 Td (Class I Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 570.05 Td (Period Declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 152.35 588.05 Td (Distribution Rate) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 158.10 579.05 Td (Per Share, Per) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.25 570.05 Td (Day) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 232.00 570.05 Td (Period Declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 327.85 588.05 Td (Distribution Rate ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 333.60 579.05 Td (Per) Tj ET Q q 0 0 0 rg BT 346.92 579.05 Td ( Shar) Tj ET Q q 0 0 0 rg BT 367.52 579.05 Td (e, Per) Tj ET Q q 0 0 0 rg BT 389.34 579.05 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 350.30 570.05 Td (Day) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 365.80 574.13 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 406.00 570.05 Td (Period Declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.45 588.05 Td (Distribution ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.75 579.05 Td (Rate Per) Tj ET Q q 0 0 0 rg BT 528.32 579.05 Td ( Shar) Tj ET Q q 0 0 0 rg BT 548.91 579.05 Td (e, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 506.05 570.05 Td (Per) Tj ET Q q 0 0 0 rg BT 519.37 570.05 Td ( Day) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 537.12 574.13 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 556.06 Td (4/1/2017 - 8/31/2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 150.00 556.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 174.75 556.06 Td (0.001653699) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 232.00 556.06 Td (4/1/2017 - 8/31/2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 327.00 556.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.75 556.06 Td (0.001653699) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.00 556.06 Td (5/1/2017 - 8/31/2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 556.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 510.75 556.06 Td (0.001653699) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 542.06 Td (5/1/2016 - 3/31/2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 150.00 542.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 174.75 542.06 Td (0.001594766) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 232.00 542.06 Td (5/1/2016 - 3/31/2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 327.00 542.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.75 542.06 Td (0.001594766) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.45 542.06 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 517.45 542.06 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 528.06 Td (10/1/2014 - 4/30/2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 150.00 528.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 174.75 528.06 Td (0.001575342) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 232.00 528.06 Td (8/24/2015 - 4/30/2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 327.00 528.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.75 528.06 Td (0.001575342) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.45 528.06 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 517.45 528.06 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 500.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 500.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 91.99 500.10 Td (T) Tj ET Q q 0 0 0 rg BT 97.92 500.10 Td ( Shares and Class I Shares are subject to an ongoing distribution and stockholder servicing fee payable to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 488.10 Td (Dealer Manager of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.01 488.10 Td (1.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.84 488.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.28 488.10 Td (0.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.11 488.10 Td ( per annum of the gross of) Tj ET Q q 0 0 0 rg BT 316.91 488.10 Td (fering price per share \(or) Tj ET Q q 0 0 0 rg BT 415.90 488.10 Td (, if the Company is no longer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 476.10 Td (of) Tj ET Q q 0 0 0 rg BT 76.15 476.10 Td (fering primary shares, the then-current NA) Tj ET Q q 0 0 0 rg BT 245.91 476.10 Td (V) Tj ET Q q 0 0 0 rg BT 252.95 476.10 Td ( per share, if any has been disclosed\), respectively) Tj ET Q q 0 0 0 rg BT 452.78 476.10 Td (. ) Tj ET Q q 0 0 0 rg BT 460.09 476.10 Td (The distribution rate is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 464.10 Td (the rate prior to deduction of the distribution and stockholder servicing fees payable with respect to Class ) Tj ET Q q 0 0 0 rg BT 491.32 464.10 Td (T) Tj ET Q q 0 0 0 rg BT 497.24 464.10 Td ( Shares and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 452.10 Td (Class I Shares. ) Tj ET Q q 0 0 0 rg BT 131.98 452.10 Td (The actual per share, per day distribution rate for Class ) Tj ET Q q 0 0 0 rg BT 354.22 452.10 Td (T) Tj ET Q q 0 0 0 rg BT 360.15 452.10 Td ( Shares and Class I Shares will vary based on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 440.10 Td (total amount of distribution and stockholder servicing fees payable for that particular period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 416.10 Td (The following table outlines the Company) Tj ET Q q 0 0 0 rg BT 239.91 416.10 Td (s total distributions declared to stockholders for each of the quarters ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.61 404.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.61 404.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.05 404.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.05 404.10 Td (, including the breakout between the distributions declared in cash and those reinvested pursuant to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 392.10 Td (s distribution reinvestment plan \(in thousands\).) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 327.60 230.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 327.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 327.60 86.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 327.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 327.60 105.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 327.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 327.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 299.60 230.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 299.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 299.60 86.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 299.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 299.60 105.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 299.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 299.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 271.60 230.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 271.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 271.60 86.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 271.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 271.60 105.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 271.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 271.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 243.60 230.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 243.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 243.60 86.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 243.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 243.60 105.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 243.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 243.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 215.60 230.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 215.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 215.60 86.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 215.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 215.60 105.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 215.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 215.60 79.00 -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 283.5 355.6 m 369.5 355.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 355.6 m 373.5 355.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 355.6 m 478.5 355.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 355.6 m 482.5 355.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 355.6 m 561.5 355.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 341.6 m 279.5 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 341.6 m 369.5 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 341.6 m 478.5 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 341.6 m 561.5 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 327.6 m 279.5 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 299.6 m 369.5 299.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 299.6 m 478.5 299.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 299.6 m 561.5 299.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 286.6 m 369.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 284.6 m 369.5 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 286.6 m 478.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 284.6 m 478.5 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 286.6 m 561.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 284.6 m 561.5 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 271.6 m 279.5 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 215.60000000000002 m 478.5 215.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 215.60000000000002 m 561.5 215.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 215.60000000000002 m 369.5 215.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 202.60000000000002 m 369.5 202.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 200.60000000000002 m 369.5 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 215.60000000000002 m 478.5 215.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 202.60000000000002 m 478.5 202.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 200.60000000000002 m 478.5 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 215.60000000000002 m 561.5 215.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 202.60000000000002 m 561.5 202.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 200.60000000000002 m 561.5 200.60000000000002 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 360.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.95 360.05 Td (Stockholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 346.05 Td (Distributions for the Three Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 289.85 346.05 Td (Cash Distributions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 378.10 346.05 Td (Distributions Reinvested) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 493.35 346.05 Td (Total Declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 332.05 Td (2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 318.06 Td (June 30, 2017) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 102.25 322.14 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 286.00 318.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.75 318.06 Td (2,225) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.00 318.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.75 318.06 Td (2,565) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 318.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 318.06 Td (4,790) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 304.06 Td (March 31, 2017) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 109.24 308.14 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.75 304.06 Td (1,833) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.75 304.06 Td (2,076) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 304.06 Td (3,909) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 290.06 Td (Total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 286.00 290.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.75 290.06 Td (4,058) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.00 290.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.75 290.06 Td (4,641) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 290.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 290.06 Td (8,699) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 276.05 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 262.06 Td (December 31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 286.00 262.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.75 262.06 Td (1,608) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.00 262.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.75 262.06 Td (1,744) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 262.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 262.06 Td (3,352) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 248.06 Td (September 30, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.75 248.06 Td (1,340) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.75 248.06 Td (1,427) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 248.06 Td (2,767) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 234.06 Td (June 30, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.75 234.06 Td (1,107) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.75 234.06 Td (1,128) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 234.06 Td (2,235) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 220.06 Td (March 31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.50 220.06 Td (871) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.50 220.06 Td (887) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 220.06 Td (1,758) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 206.06 Td (Total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 286.00 206.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.75 206.06 Td (4,926) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.00 206.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.75 206.06 Td (5,186) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 206.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 206.06 Td (10,112) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 178.10 Td (Includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.38 178.10 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.27 178.10 Td ( of distributions that were declared on March 23, 2017 with respect to daily record dates for each day ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 166.10 Td (during the month of ) Tj ET Q q 0 0 0 rg BT 149.66 166.10 Td (April 2017, which were paid in cash or reinvested in shares on May 1, 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 142.10 Td (Includes distributions declared as of daily record dates for the three months ended March 31, 2017, but excludes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.53 142.10 Td ($1.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 130.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.89 130.10 Td ( of distributions that were declared on March 23, 2017 with respect to daily record dates for each day during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 118.10 Td (month of ) Tj ET Q q 0 0 0 rg BT 106.33 118.10 Td (April 2017. ) Tj ET Q q 0 0 0 rg BT 157.26 118.10 Td (These ) Tj ET Q q 0 0 0 rg BT 183.09 118.10 Td (April 2017 distributions were paid in cash or reinvested in shares on May 1, 2017.) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (8. RELA) Tj ET Q q 0 0 0 rg BT 89.54 742.25 Td (TED P) Tj ET Q q 0 0 0 rg BT 117.97 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 132.06 742.25 Td (TY) Tj ET Q q 0 0 0 rg BT 145.58 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 147.90 742.25 Td (TRANSACTIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (The table below outlines feesand expense reimbursements incurred that are payable by the Company to Hines and its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 706.25 Td (filiates for the periods indicated below \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 632.75 128.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 177.50 632.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.50 632.75 60.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 632.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 632.75 60.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 632.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 632.75 60.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 632.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 632.75 60.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 632.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 632.75 60.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 632.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 632.75 60.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 586.75 128.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 177.50 586.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.50 586.75 60.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 586.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 586.75 60.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 586.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 586.75 60.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 586.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 586.75 60.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 586.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 586.75 60.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 586.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 586.75 60.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 549.75 128.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 177.50 549.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.50 549.75 60.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 549.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 549.75 60.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 549.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 549.75 60.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 549.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 549.75 60.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 549.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 549.75 60.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 549.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 549.75 60.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 503.75 128.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 177.50 503.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.50 503.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 503.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 503.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 503.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 503.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 503.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 503.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 503.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 503.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 503.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 503.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 475.75 128.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 177.50 475.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.50 475.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 475.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 475.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 475.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 475.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 475.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 475.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 475.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 475.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 475.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 475.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 439.75 128.00 -41.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 177.50 439.75 4.00 -41.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.50 439.75 60.00 -41.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 439.75 4.00 -41.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 439.75 60.00 -41.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 439.75 4.00 -41.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 439.75 60.00 -41.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 439.75 4.00 -41.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 439.75 60.00 -41.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 439.75 4.00 -41.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 439.75 60.00 -41.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 439.75 4.00 -41.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 439.75 60.00 -41.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 669.75 m 241.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 669.75 m 245.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 669.75 m 305.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 669.75 m 309.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 669.75 m 369.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 669.75 m 373.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 669.75 m 433.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 669.75 m 241.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 655.75 m 241.5 655.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 669.75 m 245.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 655.75 m 245.5 655.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 669.75 m 305.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 655.75 m 305.5 655.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 655.75 m 369.5 655.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 655.75 m 373.5 655.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 655.75 m 433.5 655.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 655.75 m 497.5 655.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 655.75 m 501.5 655.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 655.75 m 561.5 655.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 632.75 m 177.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 632.75 m 241.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 632.75 m 305.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 632.75 m 369.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 632.75 m 433.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 655.75 m 497.5 655.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 632.75 m 497.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 632.75 m 561.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 632.75 m 241.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 398.75 m 497.5 398.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 398.75 m 561.5 398.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 398.75 m 241.5 398.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 385.75 m 241.5 385.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 383.75 m 241.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 398.75 m 305.5 398.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 385.75 m 305.5 385.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 383.75 m 305.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 398.75 m 369.5 398.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 385.75 m 369.5 385.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 383.75 m 369.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 398.75 m 433.5 398.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 385.75 m 433.5 385.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 383.75 m 433.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 385.75 m 497.5 385.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 383.75 m 497.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 385.75 m 561.5 385.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 383.75 m 561.5 383.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 289.80 674.20 Td (Incurred) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 184.90 660.20 Td (Three Months Ended June 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 318.35 660.20 Td (Six Months Ended June 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.70 660.20 Td (Unpaid as of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 637.20 Td (Type and Recipient) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 202.00 637.20 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 266.00 637.20 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.00 637.20 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.00 637.20 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.85 637.20 Td (June 30, 2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 504.80 646.20 Td (December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.00 637.20 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 623.21 Td (Selling Commissions- Dealer) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 614.21 Td (Manager) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 184.00 614.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 217.75 614.21 Td (1,388) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 248.00 614.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 281.75 614.21 Td (1,427) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.00 614.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.75 614.21 Td (3,035) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.00 614.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.75 614.21 Td (2,761) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 614.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 614.21 Td (21) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.00 614.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 614.21 Td (54) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 600.21 Td (Dealer Manager Fee- Dealer) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 591.21 Td (Manager) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 224.50 591.21 Td (557) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 281.75 591.21 Td (1,022) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.75 591.21 Td (1,260) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.75 591.21 Td (1,837) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 489.50 591.21 Td (5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 591.21 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 577.21 Td (Distribution & Stockholder) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 568.21 Td (Servicing Fee- Dealer Manager) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 217.75 568.21 Td (1,615) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 281.75 568.21 Td (1,862) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.75 568.21 Td (3,673) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.75 568.21 Td (1,862) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.75 568.21 Td (7,836) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 568.21 Td (4,636) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 554.21 Td (Issuer Costs- the Advisor) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 217.75 554.21 Td (1,260) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 288.50 554.21 Td (874) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.75 554.21 Td (2,386) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.75 554.21 Td (1,475) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.75 554.21 Td (4,851) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 554.21 Td (4,785) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 540.21 Td (Acquisition Fee- the Advisor and) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 531.21 Td (affiliates of Hines) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.00 531.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.00 531.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.75 531.21 Td (5,273) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.75 531.21 Td (1,308) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 531.21 Td (38) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 531.21 Td (1,265) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 517.21 Td (Asset Management Fee- the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 508.21 Td (Advisor and af) Tj ET Q q 0 0 0 rg BT 105.32 508.21 Td (filiates of Hines ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 165.06 512.29 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 217.75 508.21 Td (1,221) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.00 508.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.75 508.21 Td (2,383) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.00 508.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.75 508.21 Td (1,302) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 508.21 Td (941) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 494.21 Td (Other) Tj ET Q q 0 0 0 rg BT 72.31 494.21 Td (- the ) Tj ET Q q 0 0 0 rg BT 90.31 494.21 Td (Advisor ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 121.56 498.29 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 224.50 494.21 Td (216) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 288.50 494.21 Td (194) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.50 494.21 Td (493) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.50 494.21 Td (364) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.50 494.21 Td (165) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 494.21 Td (295) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 480.21 Td (Interest expense- Hines ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 138.72 484.29 Td (\(3\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 224.50 480.21 Td (107) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.00 480.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.50 480.21 Td (388) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.50 480.21 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 480.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 480.21 Td (37) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 466.21 Td (Property Management Fee- Hines) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 224.50 466.21 Td (193) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.00 466.21 Td (12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.50 466.21 Td (381) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.00 466.21 Td (24) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.00 466.21 Td (\(15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.00 466.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 466.21 Td (\(19) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 466.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 444.21 Td (Leasing Fee - Hines) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.00 444.21 Td (10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.00 444.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.00 444.21 Td (18) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.00 444.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 444.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 444.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 430.21 Td (Expense Reimbursement- Hines) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 421.21 Td (\(with respect to management and) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 412.21 Td (operations of the Company's) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 403.21 Td (properties\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 224.50 403.21 Td (311) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.00 403.21 Td (86) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.50 403.21 Td (671) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.50 403.21 Td (171) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 403.21 Td (91) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 403.21 Td (145) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 389.20 Td (Total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 184.00 389.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 217.75 389.21 Td (6,878) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 248.00 389.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 281.75 389.21 Td (5,477) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.00 389.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.25 389.21 Td (19,961) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.00 389.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.75 389.21 Td (9,804) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 389.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.25 389.21 Td (14,294) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.00 389.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 389.21 Td (12,141) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 361.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 361.25 Td (The ) Tj ET Q q 0 0 0 rg BT 85.50 361.25 Td (Advisor did ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.50 361.25 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.50 361.25 Td (t waive any asset management fees payable to it during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.47 361.25 Td (three and six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.56 361.25 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.39 361.25 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.22 361.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 349.25 Td (and waived all of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.36 349.25 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.25 349.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.69 349.25 Td ($0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.58 349.25 Td ( in asset management fees payable to it during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.74 349.25 Td (three and six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.83 349.25 Td ( months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 337.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.38 337.25 Td (June30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.21 337.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 202.87 337.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 319.25 Td (Includes amounts the ) Tj ET Q q 0 0 0 rg BT 154.93 319.25 Td (Advisor paid on behalf of the Company such as general and administrative expenses and acquisition-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 307.25 Td (related expenses. ) Tj ET Q q 0 0 0 rg BT 141.12 307.25 Td (These amounts are generally reimbursed to the ) Tj ET Q q 0 0 0 rg BT 330.22 307.25 Td (Advisor during the month following the period in which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 295.25 Td (they are incurred.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.25 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 277.25 Td (Includes amounts paid related to the Hines Credit Facility) Tj ET Q q 0 0 0 rg BT 298.41 277.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 253.25 Td (9.F) Tj ET Q q 0 0 0 rg BT 67.87 253.25 Td (AIR ) Tj ET Q q 0 0 0 rg BT 88.52 253.25 Td (V) Tj ET Q q 0 0 0 rg BT 94.45 253.25 Td (ALUE MEASUREMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 229.25 Td (Fair values determined by Level 1 inputs utilize quoted prices \(unadjusted\)in active markets for identical assets or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.25 Td (liabilities the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.25 Td (prices included in Level 1 that are observable for the asset or liability) Tj ET Q q 0 0 0 rg BT 326.47 205.25 Td (, either directly or indirectly) Tj ET Q q 0 0 0 rg BT 438.28 205.25 Td (. Level 2 inputs include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.25 Td (quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.25 Td (liability) Tj ET Q q 0 0 0 rg BT 80.46 181.25 Td (, such as interest rates and yield curves observable at commonly quoted intervals. Level 3 inputs are unobservable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.25 Td (inputs for the asset or liability) Tj ET Q q 0 0 0 rg BT 169.05 169.25 Td (, and include situations where there is little, if any) Tj ET Q q 0 0 0 rg BT 368.07 169.25 Td (, market activity for the asset or liability) Tj ET Q q 0 0 0 rg BT 527.93 169.25 Td (. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.25 Td (instances in which the inputs used to measure fair value may fall into dif) Tj ET Q q 0 0 0 rg BT 340.02 157.25 Td (ferent levels of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 494.84 157.25 Td (, the level in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.25 Td (fair value hierarchy within which the fair value measurement in its entirety has been determined is based on the lowest level ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.25 Td (input significant to the fair value measurement in its entirety) Tj ET Q q 0 0 0 rg BT 291.23 133.25 Td (. ) Tj ET Q q 0 0 0 rg BT 298.54 133.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 358.26 133.25 Td (s assessment of the significance of a particular ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.25 Td (input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability) Tj ET Q q 0 0 0 rg BT 535.87 121.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 742.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.27 742.10 Td (, the Company estimated that the fair value of its notes payable, excluding deferred financing costs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (which had a book value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.30 730.10 Td ($324.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.19 730.10 Td (, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.24 730.10 Td ($321.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.14 730.10 Td (. ) Tj ET Q q 0 0 0 rg BT 306.08 730.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.53 730.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.11 730.10 Td (, the Company estimated that the fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (value of its notes payable, excluding deferred financing costs, which had a book value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.94 718.10 Td ($254.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.83 718.10 Td (, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.88 718.10 Td ($251.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.77 718.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Management has utilized available market information such as interest rate and spread assumptions of notes payable with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (similar terms and remaining maturities, to estimate the amounts required to be disclosed. ) Tj ET Q q 0 0 0 rg BT 409.36 694.10 Td (Although the Company has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (determined that 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 522.81 682.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 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 468.65 670.10 Td (, the Company has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (assessed the significance of the impact of the credit quality adjustments on the overall valuations of the fair market value of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (notes payable and has determined they are not significant. Other financial instruments not measured at fair value on a recurring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (basis include cash and cash equivalents, restricted cash, tenant and other receivables, accounts payable and accrued expenses, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (other liabilities, due to af) Tj ET Q q 0 0 0 rg BT 150.07 622.10 Td (filiates and distributions payable. ) Tj ET Q q 0 0 0 rg BT 287.64 622.10 Td (The carrying value of these items reasonably approximates their fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (value based on their highly-liquid nature and/or short-term maturities. Due to the short-term nature of these instruments, Level ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (1 inputs are utilized to estimate the fair value of the cash and cash equivalents and restricted cash and Level 2 inputs are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (utilized to estimate the fair value of the remaining financial instruments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (10. REPOR) Tj ET Q q 0 0 0 rg BT 102.15 562.10 Td (T) Tj ET Q q 0 0 0 rg BT 108.08 562.10 Td (ABLE SEGMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 538.10 Td (As described previously) Tj ET Q q 0 0 0 rg BT 164.00 538.10 Td (, the Company intends to invest the net proceeds from the Of) Tj ET Q q 0 0 0 rg BT 407.65 538.10 Td (fering in a diversified portfolio of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (quality commercial real estate properties and other real estate investments throughout the United States and internationally) Tj ET Q q 0 0 0 rg BT 540.02 526.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 109.71 514.10 Td (s current business consists of owning, operating, acquiring, developing, investing in, and disposing of real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 80.28 502.10 Td (All of the Company) Tj ET Q q 0 0 0 rg BT 162.77 502.10 Td (s consolidated revenues and property operating expenses as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.08 502.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.91 502.10 Td ( are from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 490.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.06 490.10 Td (seven) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.83 490.10 Td ( consolidated real estate properties owned as of that date. ) Tj ET Q q 0 0 0 rg BT 353.52 490.10 Td (As a result, the Company) Tj ET Q q 0 0 0 rg BT 457.67 490.10 Td (s operating segments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (have been classified into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.07 478.10 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.74 478.10 Td ( reportable segments: domestic of) Tj ET Q q 0 0 0 rg BT 297.52 478.10 Td (fice investments, domestic multi-family investments, domestic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (retail investments, domestic other investments, international of) Tj ET Q q 0 0 0 rg BT 301.43 466.10 Td (fice investments, and international multi-family investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 442.10 Td (The tables below provide additional information related to each of the Company) Tj ET Q q 0 0 0 rg BT 392.07 442.10 Td (s segments \(in thousands\) and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (reconciliation to the Company) Tj ET Q q 0 0 0 rg BT 174.14 430.10 Td (s net income \(loss\), as applicable. Corporate-Level ) Tj ET Q q 0 0 0 rg BT 386.28 430.10 Td (Accounts includes amounts incurred by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (the corporate-level entities which are not allocated to any of the reportable segments.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 350.60 188.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.50 350.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 350.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 350.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 350.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 350.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 350.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 350.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 320.60 188.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.50 320.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 320.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 320.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 320.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 320.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 320.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 320.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 290.60 188.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.50 290.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 290.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 290.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 290.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 290.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 290.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 290.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 260.60 188.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.50 260.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 260.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 260.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 260.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 260.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 260.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 260.60 78.00 -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 237.5 380.6 m 315.5 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 380.6 m 319.5 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 380.6 m 397.5 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 380.6 m 479.5 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 380.6 m 483.5 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 380.6 m 561.5 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 380.6 m 315.5 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 365.6 m 315.5 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 380.6 m 397.5 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 365.6 m 397.5 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 365.6 m 479.5 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 365.6 m 561.5 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 350.6 m 237.5 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 260.6 m 315.5 260.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 246.60000000000002 m 315.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 244.60000000000002 m 315.5 244.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 260.6 m 397.5 260.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 246.60000000000002 m 397.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 244.60000000000002 m 397.5 244.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 260.6 m 479.5 260.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 246.60000000000002 m 479.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 244.60000000000002 m 479.5 244.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 260.6 m 561.5 260.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 246.60000000000002 m 561.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 244.60000000000002 m 561.5 244.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 385.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 385.28 Td (Three Months Ended June 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.50 385.28 Td (Six Months Ended June 30,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 370.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.00 370.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 370.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 370.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.00 370.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 355.28 Td (Total Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 355.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 355.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 340.27 Td (Domestic office investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.00 340.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 340.27 Td (3,806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.00 340.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 340.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 340.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 340.27 Td (7,596) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 340.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 340.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 325.27 Td (Domestic multi-family investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 325.27 Td (1,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 325.27 Td (1,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 325.27 Td (2,341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 325.27 Td (1,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 310.27 Td (Domestic retail investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 310.27 Td (4,866) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 310.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 310.27 Td (9,647) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 310.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 295.27 Td (Domestic other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 295.27 Td (1,911) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 295.27 Td (601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 295.27 Td (3,822) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 295.27 Td (1,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 280.27 Td (International office investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 280.27 Td (2,224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 280.27 Td (2,104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 280.27 Td (4,291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 280.27 Td (4,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 265.27 Td (International multi-family investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 265.27 Td (759) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 265.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 265.27 Td (832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 265.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 250.28 Td (Total Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.00 250.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.15 250.27 Td (14,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.00 250.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 250.27 Td (3,865) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 250.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 250.27 Td (28,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 250.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 250.27 Td (7,283) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 222.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.11 222.10 Td (three and six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.20 222.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.03 222.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.86 222.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.30 222.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.30 222.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 367.68 222.10 Td (s total revenue was attributable to the following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 210.10 Td (countries:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 157.60 190.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 157.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 157.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 157.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 157.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 157.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 157.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 157.60 76.00 -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 239.5 185.60000000000002 m 317.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 185.60000000000002 m 321.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 185.60000000000002 m 399.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 185.60000000000002 m 485.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 185.60000000000002 m 317.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 171.60000000000002 m 317.5 171.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 185.60000000000002 m 321.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 185.60000000000002 m 399.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 171.60000000000002 m 399.5 171.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 185.60000000000002 m 481.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 171.60000000000002 m 481.5 171.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 185.60000000000002 m 561.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 171.60000000000002 m 561.5 171.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 157.60000000000002 m 239.5 157.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 157.60000000000002 m 239.5 157.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.45 190.28 Td (Three Months Ended June 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.50 190.28 Td (Six Months Ended June 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.00 176.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.00 176.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.00 176.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.00 176.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 162.28 Td (Total Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 147.27 Td (United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 147.27 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 147.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 147.27 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 147.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 147.27 Td (82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 147.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 147.27 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 147.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 132.27 Td (Ireland) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 132.27 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 132.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 132.27 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 132.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 132.27 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 132.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 132.27 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 132.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 41 0 obj <> endobj 42 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 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 68.00 742.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.11 742.10 Td (three and six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.20 742.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.03 742.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.86 742.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.30 742.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.30 742.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 367.68 742.10 Td (s property revenues in excess of expenses by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (segment were as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 674.60 188.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.50 674.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 674.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 674.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 674.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 674.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 674.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 674.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 644.60 188.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.50 644.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 644.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 644.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 644.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 644.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 644.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 644.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 614.60 188.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.50 614.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 614.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 614.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 614.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 614.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 614.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 614.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 584.60 188.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.50 584.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 584.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 584.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 584.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 584.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 584.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 584.60 78.00 -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 237.5 704.6 m 315.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 704.6 m 319.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 704.6 m 397.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 704.6 m 479.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 704.6 m 483.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 704.6 m 561.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 704.6 m 315.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 689.6 m 315.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 704.6 m 397.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 689.6 m 397.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 689.6 m 479.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 689.6 m 561.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 674.6 m 237.5 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 584.6 m 315.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 570.6 m 315.5 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 568.6 m 315.5 568.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 584.6 m 397.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 570.6 m 397.5 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 568.6 m 397.5 568.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 584.6 m 479.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 570.6 m 479.5 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 568.6 m 479.5 568.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 584.6 m 561.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 570.6 m 561.5 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 568.6 m 561.5 568.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 709.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 709.28 Td (Three Months Ended June 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.50 709.28 Td (Six Months Ended June 30,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 694.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.00 694.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 694.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 694.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.00 694.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 679.28 Td (Pr) Tj ET Q q 0 0 0 rg BT 62.37 679.28 Td (operty r) Tj ET Q q 0 0 0 rg BT 96.89 679.28 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 220.21 683.81 Td ( \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 679.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 664.27 Td (Domestic office investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.00 664.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 664.27 Td (2,584) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.00 664.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 664.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 664.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 664.27 Td (5,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 664.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 664.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 649.27 Td (Domestic multi-family investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 649.27 Td (764) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 649.27 Td (697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 649.27 Td (1,509) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 649.27 Td (1,227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 634.27 Td (Domestic retail investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 634.27 Td (2,136) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 634.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 634.27 Td (5,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 634.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 619.27 Td (Domestic other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 619.27 Td (1,477) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 619.27 Td (460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 619.27 Td (2,946) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 619.27 Td (908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 604.27 Td (International office investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 604.27 Td (1,771) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 604.27 Td (1,733) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 604.27 Td (3,394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 604.27 Td (3,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 589.27 Td (International multi-family investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 589.27 Td (517) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 589.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 589.27 Td (579) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 589.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 574.28 Td (Property revenues in excess of expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.00 574.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 574.27 Td (9,249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.00 574.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 574.27 Td (2,890) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 574.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 574.27 Td (18,706) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 574.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 574.27 Td (5,568) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.90 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 550.90 Td (Revenues less property operating expenses, real property taxes and property management fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 526.90 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 526.90 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.27 526.90 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.71 526.90 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.30 526.90 Td (, the Company) Tj ET Q q 0 0 0 rg BT 307.68 526.90 Td (s total assets by segment were as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 486.40 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 486.40 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 486.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 486.40 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 456.40 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 456.40 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 456.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 456.40 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 426.40 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 426.40 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 426.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 426.40 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 396.40 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 396.40 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 396.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 396.40 90.00 -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 377.5 501.4 m 467.5 501.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 501.4 m 561.5 501.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 486.4 m 377.5 486.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 381.4 m 467.5 381.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 367.4 m 467.5 367.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 365.4 m 467.5 365.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 381.4 m 561.5 381.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 367.4 m 561.5 367.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 365.4 m 561.5 365.4 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 506.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.95 506.08 Td (June 30, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.65 506.08 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 491.08 Td (Total Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 491.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 491.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 476.07 Td (Domestic office investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 476.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 476.07 Td (134,483) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 476.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 476.07 Td (137,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 461.07 Td (Domestic multi-family investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 461.07 Td (54,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 461.07 Td (55,201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 446.07 Td (Domestic retail investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 446.07 Td (205,580) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 446.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 431.07 Td (Domestic other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 431.07 Td (76,134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 431.07 Td (78,182) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 416.07 Td (International office investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 416.07 Td (108,422) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 416.07 Td (99,002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 401.07 Td (International multi-family investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 401.07 Td (45,095) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 401.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 386.07 Td (Corporate-level accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 386.07 Td (11,159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 386.07 Td (100,553) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 371.08 Td (Total Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 371.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 371.07 Td (635,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 371.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 371.07 Td (470,345) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 342.90 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 342.90 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.27 342.90 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.71 342.90 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.30 342.90 Td (, the Company) Tj ET Q q 0 0 0 rg BT 307.68 342.90 Td (s total assets were attributable to the following countries:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 304.40 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 304.40 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 304.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 304.40 90.00 -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 377.5 318.4 m 467.5 318.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 318.4 m 561.5 318.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 304.4 m 377.5 304.4 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.95 323.08 Td (June 30, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.65 323.08 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 309.08 Td (Total Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 294.07 Td (United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 294.07 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 294.07 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 294.07 Td (79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 294.07 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 279.07 Td (Ireland) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 279.07 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 279.07 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 279.07 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 279.07 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 43 0 obj <> endobj 44 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 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 /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.11 742.10 Td (three and six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.20 742.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.03 742.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.86 742.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.30 742.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.30 742.10 Td ( the Company) Tj ET Q q 0 0 0 rg BT 365.18 742.10 Td (s reconciliation of the Company) Tj ET Q q 0 0 0 rg BT 496.26 742.10 Td (s property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (revenues in excess of expenses to the Company) Tj ET Q q 0 0 0 rg BT 243.00 730.10 Td (s net income \(loss\) is as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 665.60 188.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.50 665.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 665.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 665.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 665.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 665.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 665.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 665.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 635.60 188.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.50 635.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 635.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 635.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 635.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 635.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 635.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 635.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 605.60 188.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.50 605.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 605.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 605.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 605.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 605.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 605.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 605.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 575.60 188.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.50 575.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 575.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 575.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 575.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 575.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 575.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 575.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 545.60 188.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.50 545.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 545.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 545.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 545.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 545.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 545.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 545.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 515.60 188.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.50 515.60 78.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 515.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 515.60 78.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 515.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 515.60 78.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 515.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 515.60 78.00 -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 237.5 704.6 m 315.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 704.6 m 397.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 704.6 m 315.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 689.6 m 315.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 704.6 m 319.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 704.6 m 397.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 689.6 m 397.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 704.6 m 479.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 689.6 m 479.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 704.6 m 483.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 704.6 m 561.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 689.6 m 561.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 665.6 m 237.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 665.6 m 237.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 515.6 m 315.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 491.6 m 315.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 489.6 m 315.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 515.6 m 397.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 491.6 m 397.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 489.6 m 397.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 515.6 m 479.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 491.6 m 479.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 489.6 m 479.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 515.6 m 561.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 491.6 m 561.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 489.6 m 561.5 489.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 709.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 709.28 Td (Three Months Ended June 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.50 709.28 Td (Six Months Ended June 30,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 694.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.00 694.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 694.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 694.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.00 694.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 680.28 Td (Reconciliation to property revenue in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 670.28 Td (excess of expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 670.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 670.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 655.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.00 655.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.80 655.32 Td (\(2,108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 655.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.00 655.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.30 655.32 Td (\(780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 655.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 655.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.80 655.32 Td (\(11,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 655.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 655.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 655.32 Td (\(2,192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 655.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 640.27 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 640.27 Td (7,611) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 640.27 Td (2,360) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 640.27 Td (14,905) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 640.27 Td (4,311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 625.27 Td (Acquisition related expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 625.27 Td (230) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 625.27 Td (357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 625.27 Td (2,091) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 625.27 Td (440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 610.27 Td (Asset management and acquisition fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 610.27 Td (1,221) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 610.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 610.27 Td (7,656) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 610.27 Td (1,336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 595.27 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 595.27 Td (517) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 595.27 Td (465) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 595.27 Td (1,279) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 595.27 Td (973) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 580.27 Td (\(Gain\) loss on derivative instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.65 580.27 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 580.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 580.27 Td (74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 580.27 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 565.27 Td (Foreign currency \(gains\) losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.30 565.32 Td (\(234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 565.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 565.27 Td (89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.30 565.32 Td (\(295) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 565.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.30 565.32 Td (\(49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 565.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 550.27 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 550.27 Td (2,314) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 550.27 Td (428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 550.27 Td (4,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 550.27 Td (786) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 535.27 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.30 535.32 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 535.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.30 535.32 Td (\(30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 535.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 535.32 Td (\(13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 535.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.30 535.32 Td (\(41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 535.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 520.27 Td (\(Benefit\) provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.30 520.32 Td (\(325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 520.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 520.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.30 520.32 Td (\(229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 520.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 520.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 505.27 Td (Total property revenues in excess of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 495.27 Td (expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.00 495.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 495.27 Td (9,249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.00 495.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 495.27 Td (2,890) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 495.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 495.27 Td (18,706) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 495.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 495.27 Td (5,568) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 467.10 Td (1) Tj ET Q q 0 0 0 rg BT 54.45 467.10 Td (1. SUPPLEMENT) Tj ET Q q 0 0 0 rg BT 134.55 467.10 Td (AL) Tj ET Q q 0 0 0 rg BT 147.89 467.10 Td ( CASH FLOW) Tj ET Q q 0 0 0 rg BT 211.04 467.10 Td ( DISCLOSURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 443.10 Td (Supplemental cash flow disclosures for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.40 443.10 Td (six months ended June 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.73 443.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.17 443.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.17 443.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 378.60 362.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 378.60 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 378.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 378.60 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 349.60 362.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 349.60 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 349.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 349.60 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 319.60 362.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 319.60 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 319.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 319.60 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 289.60 362.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 289.60 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 289.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 289.60 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 259.60 362.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 259.60 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 259.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 259.60 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 219.60 362.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 219.60 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 219.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 219.60 73.00 -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 411.5 406.6 m 484.5 406.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 406.6 m 488.5 406.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 406.6 m 561.5 406.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 392.6 m 484.5 392.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 406.6 m 561.5 406.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 392.6 m 561.5 392.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.50 411.28 Td (Six Months Ended June 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.50 397.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.50 397.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 383.28 Td (Supplemental Disclosure of Cash Flow Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 368.27 Td (Cash paid for interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 368.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 368.27 Td (4,087) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 368.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 368.27 Td (648) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 354.28 Td (Supplemental Schedule of Non-Cash Investing and Financing Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 339.27 Td (Distributions declared and unpaid) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 339.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 339.27 Td (1,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 339.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 339.27 Td (797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 324.27 Td (Distributions reinvested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 324.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 324.27 Td (4,386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 324.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 324.27 Td (1,856) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 309.27 Td (Shares tendered for redemption) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 309.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 309.27 Td (147) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 309.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 309.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 294.27 Td (Other receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 294.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 294.27 Td (500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 294.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 294.27 Td (869) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 279.27 Td (Non-cash net liabilities assumed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 279.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 279.27 Td (1,652) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 279.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 279.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 264.27 Td (Assumption of mortgage upon acquisition of property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 264.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 264.27 Td (95,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 264.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 264.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 249.27 Td (Offering costs payable to the Advisor) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 249.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 249.27 Td (67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 249.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 249.27 Td (1,340) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 234.27 Td (Selling commissions, dealer manager fees and distribution and stockholder servicing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 224.27 Td (fees payable to the Dealer Manager) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 224.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 224.27 Td (3,226) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 224.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 224.27 Td (1,826) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 209.27 Td (Equipment acquired under capital lease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 209.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 209.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 209.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 209.27 Td (215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 194.27 Td (Accrued capital additions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 194.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 194.27 Td (218) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 194.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 194.27 Td (34) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (12. COMMITMENTS ) Tj ET Q q 0 0 0 rg BT 149.45 166.10 Td (AND CONTINGENCIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 142.10 Td (The Company may be subject to various legal proceedings and claims that arise in the ordinary course of business. ) Tj ET Q q 0 0 0 rg BT 531.31 142.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (matters are generally covered by insurance. ) Tj ET Q q 0 0 0 rg BT 228.62 130.10 Td (While the resolution of these matters cannot be predicted with certainty) Tj ET Q q 0 0 0 rg BT 513.98 130.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (management believes the final outcome of such matters will not have a material adverse ef) Tj ET Q q 0 0 0 rg BT 412.46 118.10 Td (fect on the Company) Tj ET Q q 0 0 0 rg BT 498.82 118.10 Td (s condensed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (consolidated financial statements.) 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 BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (13. SUBSEQUENT) Tj ET Q q 0 0 0 rg BT 134.07 742.25 Td ( EVENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td (Public Offering) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 694.25 Td (The Company expects to file a registration statement on Form S-1) Tj ET Q q 0 0 0 rg BT 331.51 694.25 Td (1 with the Securities and Exchange Commission for a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (follow-on public of) Tj ET Q q 0 0 0 rg BT 127.08 682.25 Td (fering on or before ) Tj ET Q q 0 0 0 rg BT 204.28 682.25 Td (August 18, 2017, and in connection therewith, on ) Tj ET Q q 0 0 0 rg BT 403.97 682.25 Td (August 9, 2017, the Company) Tj ET Q q 0 0 0 rg BT 526.74 682.25 Td (s board ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (of directors approved the extension of the Of) Tj ET Q q 0 0 0 rg BT 228.98 670.25 Td (fering until a date to be determined in its sole discretion. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.50 634.25 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 and the notes ther) Tj ET Q q 0 0 0 rg BT 381.25 706.25 Td (eto included in Item 1 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 Form 10-Q. The following discussion should also be r) Tj ET Q q 0 0 0 rg BT 310.74 694.25 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 Form 10-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, 2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 441.43 670.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 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 \(the Securities ) Tj ET Q q 0 0 0 rg BT 205.52 610.25 Td (Act\), as amended, and Section21E of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 461.54 610.25 Td (Act of 1934, as amended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (\(the Exchange ) Tj ET Q q 0 0 0 rg BT 113.86 598.25 Td (Act\), as amended. Such statements include statements concerning future financial performance and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (distributions, future debt and financing levels, acquisitions and investment objectives, payments toHines Global REIT) Tj ET Q q 0 0 0 rg BT 524.45 586.25 Td ( II ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (Advisors LP) Tj ET Q q 0 0 0 rg BT 99.91 574.25 Td ( \(the Advisor\), and its af) Tj ET Q q 0 0 0 rg BT 206.36 574.25 Td (filiates and other plans and objectives of management for future operations or economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (performance, or assumptions or forecasts related thereto as well as all other statements that are not historical statements. ) Tj ET Q q 0 0 0 rg BT 535.49 562.25 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (statements are only predictions. ) Tj ET Q q 0 0 0 rg BT 181.45 550.25 Td (W) Tj ET Q q 0 0 0 rg BT 190.09 550.25 Td (e caution that forward-looking statements are not guarantees. ) Tj ET Q q 0 0 0 rg BT 438.89 550.25 Td (Actual events or our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (investments and results of operations could dif) Tj ET Q q 0 0 0 rg BT 236.45 538.25 Td (fer materially from those expressed or implied in forward-looking statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (Forward-looking statements are typically identified by the use of terms such as may) Tj ET Q q 0 0 0 rg BT 389.26 526.25 Td (, should, expect, could, intend, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (plan, anticipate, estimate, believe, continue, predict, potential or the negative of such terms and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (comparable terminology) Tj ET Q q 0 0 0 rg BT 147.37 502.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 478.25 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 50.00 466.25 Td (plans, estimates, assumptions and beliefs that involve numerous risks and uncertainties. ) Tj ET Q q 0 0 0 rg BT 404.66 466.25 Td (Assumptions relating to the foregoing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 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 50.00 442.25 Td (future financing and future business decisions, all of which are dif) Tj ET Q q 0 0 0 rg BT 314.46 442.25 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 50.00 430.25 Td (are beyond our control. ) Tj ET Q q 0 0 0 rg BT 147.75 430.25 Td (Any of the assumptions underlying forward-looking statements could prove to be inaccurate. ) Tj ET Q q 0 0 0 rg BT 524.14 430.25 Td (T) Tj ET Q q 0 0 0 rg BT 529.55 430.25 Td (o the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (extent that our assumptions dif) Tj ET Q q 0 0 0 rg BT 173.13 418.25 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 50.00 406.25 Td (to generate positive cash flow from operations, pay distributions to our shareholders and maintain the value of any real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (investments and real estate-related investments in which we may hold an interest in the future, may be significantly hindered.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 370.25 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 438.26 370.25 Td (fer materially from those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (presented in certain forward-looking statements:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 338.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 337.42 Td (Our current offering is a best efforts offering and as such, the risk that we will not be able to accomplish our) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 327.42 Td (business objectives and that the poor performance of a single investment will materially adversely affect our overall) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 317.42 Td (investment performance, will increase if only a small number of shares are purchased in the offering;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 299.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 298.42 Td (Whether we will have the opportunity to invest offering anddistribution reinvestment plan proceeds to acquire) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 288.42 Td (properties or other investments or whether such proceeds will be needed to redeem shares or for other purposes, and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 278.42 Td (if proceeds are available for investment, our ability to make such investments in a timely manner and at appropriate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 268.42 Td (amounts that provide acceptable returns;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 250.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 249.42 Td (Competition for tenants and real estate investment opportunities, including competition with Hines Global REIT,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 239.42 Td (Inc. and other programs sponsored by or affiliated with Hines Interests Limited Partnership \(Hines\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 221.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 220.42 Td (Our reliance on our Advisor, Hines and affiliates of Hines for our day-to-day operations and the selection of real) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 210.42 Td (estate investments, and our Advisors ability to attract and retain high-quality personnel who can provide service at a) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 200.42 Td (level acceptable to us;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 182.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 181.42 Td (Risks associated with conflicts of interests that result from our relationship with our Advisor and Hines, as well as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 171.42 Td (conflicts of interests certain of our officers and directors face relating to the positions they hold with other entities;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 153.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 152.42 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 91.00 142.42 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 91.00 132.42 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 70.00 114.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 113.42 Td (The availability and timing of distributions we may pay is uncertain and cannot be assured;) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 49 0 obj <> endobj 50 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 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 70.00 739.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 738.17 Td (Our distributions have been paid using cash flows from financing activities, including proceeds from our public) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 728.17 Td (offering, as well as cash from the waiver of fees by our Advisor, and some or all of the distributions we pay in the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 718.17 Td (future may be paid from similar sources or sources such as cash advances by our Advisor, cash resulting from a) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 708.17 Td (waiver or deferral of fees, borrowings and/or proceeds from the offering. When we pay distributions from sources) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 698.17 Td (other than our cash flow from operations, we will have less funds available for the acquisition of properties, and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 688.17 Td (your overall return may be reduced;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 669.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 669.17 Td (Risks associated with debt and our ability to secure financing;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 651.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 650.17 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 91.00 640.17 Td (and other acts of violence, which may affect the markets in which we and our tenants operate;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 611.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 621.17 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 91.00 611.17 Td (adequate insurance at reasonable and appropriate rates;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 593.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 592.17 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 91.00 582.17 Td (distributions and make additional investments;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 564.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 563.17 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 91.00 553.17 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 91.00 543.17 Td (company;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 525.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 524.17 Td (International investment risks, including the burden of complying with a wide variety of foreign laws and the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 514.17 Td (uncertainty of such laws, the tax treatment of transaction structures, political and economic instability, foreign) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 504.17 Td (currency fluctuations, and inflation and governmental measures to curb inflation may adversely affect our) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 494.17 Td (operations and our ability to make distributions;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 476.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 475.17 Td (The lack of liquidity associated with our assets; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 457.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 456.17 Td (Our ability to qualify as a real estate investment trust \(REIT\) for federal income tax purposes.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 428.00 Td (These risks are more fully discussed in, and all forward-looking statements should be read in light of, all of the risk factors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 416.00 Td (discussed in Risk Factors in our ) Tj ET Q q 0 0 0 rg BT 188.32 416.00 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 384.66 416.00 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.24 416.00 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 392.00 Td (Y) Tj ET Q q 0 0 0 rg BT 74.22 392.00 Td (ou are cautioned not to place undue reliance on any forward-looking statements included in this Quarterly Report on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.00 Td (Form10-Q. ) Tj ET Q q 0 0 0 rg BT 101.67 380.00 Td (All forward-looking statements are made as of the date of this Quarterly Report on Form10-Q and the risk that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.00 Td (actual results will dif) Tj ET Q q 0 0 0 rg BT 133.96 368.00 Td (fer materially from the expectations expressed in this Quarterly Report on Form10-Q may increase with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.00 Td (the passage of time. In light of the significant uncertainties inherent in the forward-looking statements included in this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.00 Td (Quarterly Report on Form10-Q, the inclusion of such forward-looking statements should not be regarded as a representation by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.00 Td (us or any other person that the objectives and plans set forth in this Quarterly Report on Form10-Q will be achieved. ) Tj ET Q q 0 0 0 rg BT 522.67 332.00 Td (All ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.00 Td (subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.00 Td (qualified in their entirety by reference to these risks and uncertainties. Each forward-looking statement speaks only as of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.00 Td (date of the particular statement, and we do not undertake to update any forward-looking statement.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 272.00 Td (Executive Summary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 248.00 Td (Hines Global REIT) Tj ET Q q 0 0 0 rg BT 145.58 248.00 Td ( II, Inc. \(Hines Global II and, together with its consolidated subsidiaries, we, us or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.00 Td (Company\) was formed in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.30 236.00 Td (July 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.47 236.00 Td ( to invest in a diversified portfolio of quality commercial real estate properties and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.00 Td (real estate investments located throughout the United States and internationally) Tj ET Q q 0 0 0 rg BT 366.21 224.00 Td (. In ) Tj ET Q q 0 0 0 rg BT 383.98 224.00 Td (August 2014, we commenced an of) Tj ET Q q 0 0 0 rg BT 525.43 224.00 Td (fering of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.00 Td (up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.78 212.00 Td ($2.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.89 212.00 Td ( of our common stock \(the Of) Tj ET Q q 0 0 0 rg BT 242.01 212.00 Td (fering\) in any combination of Class ) Tj ET Q q 0 0 0 rg BT 390.31 212.00 Td (A) Tj ET Q q 0 0 0 rg BT 396.98 212.00 Td ( shares \(Class ) Tj ET Q q 0 0 0 rg BT 458.36 212.00 Td (A) Tj ET Q q 0 0 0 rg BT 465.03 212.00 Td ( Shares\) and Class ) Tj ET Q q 0 0 0 rg BT 545.39 212.00 Td (T) Tj ET Q q 0 0 0 rg BT 551.31 212.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.00 Td (shares \(Class ) Tj ET Q q 0 0 0 rg BT 109.25 200.00 Td (T) Tj ET Q q 0 0 0 rg BT 115.18 200.00 Td ( Shares\). ) Tj ET Q q 0 0 0 rg BT 159.42 200.00 Td (W) Tj ET Q q 0 0 0 rg BT 168.06 200.00 Td (e amended our Of) Tj ET Q q 0 0 0 rg BT 239.79 200.00 Td (fering, ef) Tj ET Q q 0 0 0 rg BT 276.26 200.00 Td (fective ) Tj ET Q q 0 0 0 rg BT 305.41 200.00 Td (April 28, 2017, such that we are now of) Tj ET Q q 0 0 0 rg BT 464.08 200.00 Td (fering up to $2.5 billion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.00 Td (in shares of our common stock in any combination of Class ) Tj ET Q q 0 0 0 rg BT 289.69 188.00 Td (A) Tj ET Q q 0 0 0 rg BT 296.36 188.00 Td ( Shares, Class ) Tj ET Q q 0 0 0 rg BT 354.51 188.00 Td (T) Tj ET Q q 0 0 0 rg BT 360.43 188.00 Td ( Shares and Class I Shares \(Class I Shares\). ) Tj ET Q q 0 0 0 rg BT 547.71 188.00 Td (W) Tj ET Q q 0 0 0 rg BT 556.35 188.00 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.00 Td (engaged Hines Securities, Inc. \(the Dealer Manager\), an af) Tj ET Q q 0 0 0 rg BT 293.31 176.00 Td (filiate of our ) Tj ET Q q 0 0 0 rg BT 345.24 176.00 Td (Advisor) Tj ET Q q 0 0 0 rg BT 377.06 176.00 Td (, to serve as the dealer manager for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.00 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 164.00 Td (fering and market our shares. ) Tj ET Q q 0 0 0 rg BT 181.72 164.00 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.61 164.00 Td (August7, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.00 164.00 Td (, we have received gross of) Tj ET Q q 0 0 0 rg BT 375.66 164.00 Td (fering proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.91 164.00 Td ($379.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.80 164.00 Td ( from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.00 Td (sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.88 152.00 Td (38.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.77 152.00 Td ( shares. See Subsequent Events for additional information regarding an update to the Of) Tj ET Q q 0 0 0 rg BT 500.54 152.00 Td (fering.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 128.00 Td (On February 27, 2017, our board of directors determined a new net asset value \(NA) Tj ET Q q 0 0 0 rg BT 406.05 128.00 Td (V\) per share of our common stock of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.00 Td ($9.65, based on the number of shares issued and outstanding as of December31, 2016, which represents a 6.9% increase over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.00 Td (the previously determined NA) Tj ET Q q 0 0 0 rg BT 170.07 104.00 Td (V) Tj ET Q q 0 0 0 rg BT 177.11 104.00 Td ( per share of $9.03 as of February 29, 2016. ) Tj ET Q q 0 0 0 rg BT 356.88 104.00 Td (The new NA) Tj ET Q q 0 0 0 rg BT 407.25 104.00 Td (V) Tj ET Q q 0 0 0 rg BT 414.29 104.00 Td ( per share reflects an 8.3% increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.00 Td (in the aggregate appraised value of our real estate investments when compared to the purchase price of our real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.00 Td (investments excluding closing costs, transaction fees and additional capital investments since acquisition. ) Tj ET Q q 0 0 0 rg BT 476.67 80.00 Td (This 8.3% net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.00 Td (increase resulted from a 10.6% appreciation in the aggregate appraised values of our real estate investments since their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 56.00 Td (purchase, which was of) Tj ET Q q 0 0 0 rg BT 143.68 56.00 Td (fset by 2.3% dilution resulting from the devaluation of the Euro against the U.S dollar) Tj ET Q q 0 0 0 rg BT 486.94 56.00 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 68.00 730.10 Td (Hines is committed to our success and we have executed dif) Tj ET Q q 0 0 0 rg BT 308.30 730.10 Td (ferent agreements described below between Hines and its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 718.10 Td (filiates to reduce costs and to ensure our product remains competitive in the marketplace.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 694.10 Td (e, our Dealer Manager and our ) Tj ET Q q 0 0 0 rg BT 201.31 694.10 Td (Advisor have entered into a Dealer Manager ) Tj ET Q q 0 0 0 rg BT 380.95 694.10 Td (Agreement, pursuant to which our ) Tj ET Q q 0 0 0 rg BT 519.81 694.10 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (will pay a portion of the dealer manager fees payable to our Dealer Manager in an amount equal to 1.5% of the gross of) Tj ET Q q 0 0 0 rg BT 527.98 682.10 Td (fering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (proceeds with respect to Class ) Tj ET Q q 0 0 0 rg BT 173.03 670.10 Td (A) Tj ET Q q 0 0 0 rg BT 179.70 670.10 Td ( Shares and Class ) Tj ET Q q 0 0 0 rg BT 252.29 670.10 Td (T) Tj ET Q q 0 0 0 rg BT 258.21 670.10 Td ( Shares sold in the primary Of) Tj ET Q q 0 0 0 rg BT 378.56 670.10 Td (fering on and after ) Tj ET Q q 0 0 0 rg BT 454.64 670.10 Td (August2, 2016. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (addition, under the Dealer Manager ) Tj ET Q q 0 0 0 rg BT 194.39 658.10 Td (Agreement, the ) Tj ET Q q 0 0 0 rg BT 257.98 658.10 Td (Advisor has agreed to pay all of the dealer manager fees payable to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Dealer Manager with respect to Class I Shares, in an amount equal to up to 1.50% of the gross proceeds of the Class I Shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (sold in the primary of) Tj ET Q q 0 0 0 rg BT 136.47 634.10 Td (fering. Our ) Tj ET Q q 0 0 0 rg BT 185.35 634.10 Td (Advisor will not be reimbursed by us in any way for the payment of such dealer manager ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td (Also, the ) Tj ET Q q 0 0 0 rg BT 106.06 598.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 145.23 598.10 Td (Agreement was amended, ef) Tj ET Q q 0 0 0 rg BT 258.88 598.10 Td (fective February29, 2016, to reflect that we will not reimburse our ) Tj ET Q q 0 0 0 rg BT 528.25 598.10 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (for the cumulative issuer costs incurred in connection with our or) Tj ET Q q 0 0 0 rg BT 310.86 586.10 Td (ganization and public of) Tj ET Q q 0 0 0 rg BT 407.59 586.10 Td (ferings, in excess of 2.5% of gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 574.10 Td (fering proceeds from our public of) Tj ET Q q 0 0 0 rg BT 195.98 574.10 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 230.69 574.10 Td (As a result, on ) Tj ET Q q 0 0 0 rg BT 290.41 574.10 Td (April14, 2016, our ) Tj ET Q q 0 0 0 rg BT 369.30 574.10 Td (Advisor reimbursed us for $4.0 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (issuer costs that we had previously reimbursed to our ) Tj ET Q q 0 0 0 rg BT 264.68 562.10 Td (Advisor in excess of this 2.5% cap. From inception through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.26 562.10 Td (June30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 550.10 Td (, we have reimbursed our ) Tj ET Q q 0 0 0 rg BT 173.30 550.10 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.02 550.10 Td ($8.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.91 550.10 Td ( in issuer costs out of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.13 550.10 Td ($13.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.02 550.10 Td ( in issuer costs incurred by our ) Tj ET Q q 0 0 0 rg BT 522.72 550.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 554.39 550.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td (Further) Tj ET Q q 0 0 0 rg BT 97.04 526.10 Td (, commencing with the quarter ended December 31, 2014, our ) Tj ET Q q 0 0 0 rg BT 347.24 526.10 Td (Advisor agreed to waive the asset management fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (for each quarter through December 31, 2016, to the extent that our modified funds from operations \(MFFO\), for a particular ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 77.92 502.10 Td (, as disclosed in our ) Tj ET Q q 0 0 0 rg BT 159.02 502.10 Td (Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as applicable, amounts to less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (than 100% of the aggregate distributions declared to our stockholders for such quarter) Tj ET Q q 0 0 0 rg BT 393.23 490.10 Td (. Our ) Tj ET Q q 0 0 0 rg BT 418.23 490.10 Td (Advisor also has agreed to waive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (the asset management fees otherwise payable to it for the quarter ended March31, 2017 to the extent that our MFFO for such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 77.92 466.10 Td (, as reduced to reflect the distribution and stockholder servicing fees payable for such quarter) Tj ET Q q 0 0 0 rg BT 449.88 466.10 Td (, as disclosed in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (Quarterly Report on Form 10-Q, amounts to less than 100% of the aggregate distributions declared to our stockholders for that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 77.76 442.10 Td (. ) Tj ET Q q 0 0 0 rg BT 84.71 442.10 Td (As a result of these fee waivers, cash flows from operations that would have been paid to our ) Tj ET Q q 0 0 0 rg BT 458.77 442.10 Td (Advisor for asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (management feesmay be available to pay distributions to stockholders. ) Tj ET Q q 0 0 0 rg BT 340.30 430.10 Td (These fee waivers are not deferrals and accordingly) Tj ET Q q 0 0 0 rg BT 545.93 430.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (any fees that are waived will not be paid to our ) Tj ET Q q 0 0 0 rg BT 239.66 418.10 Td (Advisor in cash at any time in the future. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 394.10 Td (The table below outlines, with respect to each of the quarters during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.63 394.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.63 394.10 Td (, the asset management fees earned by our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (Advisor before application of the waivers, the amounts waived pursuant to the asset management fee waivers described above, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (if any) Tj ET Q q 0 0 0 rg BT 72.40 370.10 Td (, and the asset management fees that were earned by our ) Tj ET Q q 0 0 0 rg BT 299.53 370.10 Td (Advisor after application of the waivers \(in thousands\). Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (Advisor did ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.00 358.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.00 358.10 Td (t waive any asset management fees payable to it during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.97 358.10 Td (three and six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.07 358.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.89 358.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.72 358.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 311.60 206.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 311.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 311.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 311.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 311.60 108.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 311.60 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 311.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 281.60 206.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 281.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 281.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 281.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 281.60 108.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 281.60 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 281.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 251.60 206.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 251.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 251.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 251.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 251.60 108.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 251.60 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 251.60 95.00 -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 49.5 311.6 m 255.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 311.6 m 347.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 311.6 m 459.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 311.6 m 561.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 251.60000000000002 m 561.5 251.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 251.60000000000002 m 347.5 251.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 237.60000000000002 m 347.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 235.60000000000002 m 347.5 235.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 251.60000000000002 m 459.5 251.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 237.60000000000002 m 459.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 235.60000000000002 m 459.5 235.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 251.60000000000002 m 561.5 251.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 237.60000000000002 m 561.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 235.60000000000002 m 561.5 235.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 316.28 Td (For the Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.30 326.28 Td (Asset Management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.70 316.28 Td (Fee Pr) Tj ET Q q 0 0 0 rg BT 297.55 316.28 Td (e-W) Tj ET Q q 0 0 0 rg BT 314.77 316.28 Td (aiver) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.55 326.28 Td (Asset Management Fee ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.85 316.28 Td (W) Tj ET Q q 0 0 0 rg BT 398.30 316.28 Td (aived) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 326.28 Td (Asset Management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.45 316.28 Td (Fee Post-W) Tj ET Q q 0 0 0 rg BT 527.04 316.28 Td (aiver) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 301.27 Td (December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 301.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 301.27 Td (751) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 301.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 301.27 Td (242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 301.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 301.27 Td (509) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 286.27 Td (September 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 286.27 Td (708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 286.27 Td (269) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 286.27 Td (439) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 271.27 Td (June 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 271.27 Td (377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 271.27 Td (377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 271.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 256.27 Td (March 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 256.27 Td (364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 256.27 Td (364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 256.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 241.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 241.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.15 241.27 Td (2,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 241.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 241.27 Td (1,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 241.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 241.27 Td (948) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 53 0 obj <> endobj 54 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 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 68.00 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 742.10 Td (e intend to meet our primary investment objectives by investing in a portfolio of real estate properties and other real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (estate investments that relate to properties that are generally diversified by geographic area, lease expirations and tenant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (industries. ) Tj ET Q q 0 0 0 rg BT 96.21 718.10 Td (The following table provides additional information regarding each of the properties in which we owned an interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.66 706.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.49 706.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 666.60 123.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 666.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 666.60 76.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 666.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 666.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 666.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 666.60 76.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 666.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 666.60 69.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 666.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 666.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 666.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 666.60 42.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 640.60 123.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 640.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 640.60 76.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 640.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 640.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 640.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 640.60 76.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 640.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 640.60 69.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 640.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 640.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 640.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 640.60 42.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 614.60 123.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 614.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 614.60 76.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 614.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 614.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 614.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 614.60 76.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 614.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 614.60 69.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 614.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 614.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 614.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 614.60 42.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 588.60 123.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 588.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 588.60 76.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 588.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 588.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 588.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 588.60 76.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 588.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 588.60 69.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 588.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 588.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 588.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 588.60 42.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 666.6 m 172.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 666.6 m 252.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 666.6 m 307.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 666.6 m 387.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 666.6 m 460.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 666.6 m 515.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 666.6 m 561.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 575.6 m 515.5 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 575.6 m 561.5 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 563.6 m 515.5 563.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 561.6 m 515.5 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 563.6 m 561.5 563.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 561.6 m 561.5 561.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 670.83 Td (Property) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 179.00 670.83 Td (Location) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.35 678.83 Td (Investment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.10 670.83 Td (Type) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.15 686.83 Td (Date ) Tj ET Q q 0 0 0 rg BT 333.70 686.83 Td (Acquir) Tj ET Q q 0 0 0 rg BT 357.56 686.83 Td (ed/ Net ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.40 678.83 Td (Pur) Tj ET Q q 0 0 0 rg BT 336.14 678.83 Td (chase Price) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.75 670.83 Td (\(in millions\)) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 365.87 674.46 Td ( \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.35 686.83 Td (Estimated Going-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.90 678.83 Td (in Capitalization ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.80 670.83 Td (Rate) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 429.79 674.46 Td ( \(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.35 678.83 Td (Leasable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.00 670.83 Td (Square Feet) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.95 678.83 Td (Percent) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.00 670.83 Td (Leased) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 657.85 Td (2819 Loker Avenue East) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 179.00 657.85 Td (Carlsbad, California) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 266.15 657.85 Td (Industrial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.75 657.85 Td (12/2014; $25.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.15 657.85 Td (6.5%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.25 657.85 Td (161,310) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 542.30 657.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 657.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 644.85 Td (Bishop's Square) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 179.00 644.85 Td (Dublin, Ireland) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.35 644.85 Td (Office) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.75 644.85 Td (3/2015; $103.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.15 644.85 Td (6.1%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.25 644.85 Td (153,387) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 542.30 644.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 644.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 631.85 Td (Domain Apartments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 179.00 631.85 Td (Las Vegas, Nevada) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.80 631.85 Td (Multi-family) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.75 631.85 Td (1/2016; $58.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.15 631.85 Td (5.5%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.25 631.85 Td (331,038) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 631.85 Td (95) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 631.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 618.85 Td (Cottonwood Corporate Center) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 179.00 618.85 Td (Salt Lake City, Utah) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.35 618.85 Td (Office) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.75 618.85 Td (7/2016; $139.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.15 618.85 Td (6.9%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.25 618.85 Td (490,030) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 618.85 Td (94) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 618.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 605.85 Td (Goodyear Crossing II) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 179.00 605.85 Td (Phoenix, Arizona) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 266.15 605.85 Td (Industrial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.75 605.85 Td (8/2016; $56.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.15 605.85 Td (8.5%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.25 605.85 Td (820,384) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 542.30 605.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 605.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 592.85 Td (Rookwood) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 179.00 592.85 Td (Cincinnati, Ohio) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.90 592.85 Td (Retail) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.75 592.85 Td (1/2017; $193.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.15 592.85 Td (6.0%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.25 592.85 Td (590,501) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 592.85 Td (96) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 592.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 579.85 Td (Montrose Student Residences) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 179.00 579.85 Td (Dublin, Ireland) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.80 579.85 Td (Multi-family) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.75 579.85 Td (3/2017; $40.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.15 579.85 Td (5.5%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.25 579.85 Td (87,607) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 579.85 Td (93) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 579.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 566.83 Td (Total for All Investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.00 566.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.25 566.85 Td (2,634,257) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 566.85 Td (97) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 566.85 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 539.10 Td (The net purchase price for Bishop) Tj ET Q q 0 0 0 rg BT 206.56 539.10 Td (s Square and the Montrose Student Residences were denominated in Euros and have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 527.10 Td (been translated at an exchange rate based on the rate in ef) Tj ET Q q 0 0 0 rg BT 297.98 527.10 Td (fect on the acquisition date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 503.10 Td (The estimated going-in capitalization rate is determined as of the date of acquisition by dividing the projected property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 491.10 Td (revenues in excess of expenses for the first fiscal year by the net purchase price \(excluding closing costs and taxes\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 479.10 Td (Property revenues in excess of expenses includes all projected operating revenues \(rental income, tenant reimbursements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 467.10 Td (parking and any other property-related income\) less all projected operating expenses \(property operating and maintenance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 455.10 Td (expenses, property taxes, insurance and property management fees\). ) Tj ET Q q 0 0 0 rg BT 345.49 455.10 Td (The projected property revenues in excess of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 443.10 Td (expenses includes assumptions which may not be indicative of the actual future performance of the property) Tj ET Q q 0 0 0 rg BT 500.27 443.10 Td (, including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 431.10 Td (assumption that the tenants will perform under their lease agreements during the 12months following our acquisition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 419.10 Td (the properties and assumptions concerning estimates of timing and rental rates related to re-leasing vacant space.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td (Critical ) Tj ET Q q 0 0 0 rg BT 84.71 395.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 136.10 395.10 Td (Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 371.10 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 50.00 359.10 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 50.00 347.10 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 50.00 335.10 Td (policies involves the exercise of judgments regarding assumptions as to future uncertainties. ) Tj ET Q q 0 0 0 rg BT 423.24 335.10 Td (Actual results could materially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 323.10 Td (fer from these estimates. For a discussion of recent accounting pronouncements, see ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.21 323.10 Td (Note 2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 323.10 Td ( Summary of Significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.10 Td (Accounting Policies, to the accompanying condensed consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 406.02 311.10 Td (Also, a disclosure of our critical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.10 Td (accounting policies is included in our ) Tj ET Q q 0 0 0 rg BT 201.64 299.10 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 397.97 299.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.56 299.10 Td ( in Management) Tj ET Q q 0 0 0 rg BT 544.32 299.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.10 Td (Discussion and ) Tj ET Q q 0 0 0 rg BT 112.78 287.10 Td (Analysis of Financial Condition and Results of Operations. Unless described below) Tj ET Q q 0 0 0 rg BT 448.75 287.10 Td (, there have been no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.10 Td (significant changes to our policies during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.74 275.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.74 275.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 251.10 Td (FinancialCondition, ) Tj ET Q q 0 0 0 rg BT 140.30 251.10 Td (Liquidityand ) Tj ET Q q 0 0 0 rg BT 201.44 251.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 235.61 251.10 Td (Resour) Tj ET Q q 0 0 0 rg BT 265.98 251.10 Td (ces) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 227.10 Td (Our principal demands for funds are to make real estate investments, for the payment of operating expenses and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.10 Td (distributions, and for the payment of principal and interest on any indebtedness we incur) Tj ET Q q 0 0 0 rg BT 403.25 215.10 Td (. Generally) Tj ET Q q 0 0 0 rg BT 449.52 215.10 Td (, we expect to meet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.10 Td (operating cash needs from our cash flows from operating activities, and we expect to fund our investments using proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.10 Td (the Of) Tj ET Q q 0 0 0 rg BT 75.09 191.10 Td (fering and debt proceeds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 167.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 167.10 Td (e expect that once we have fully invested the proceeds of the Of) Tj ET Q q 0 0 0 rg BT 332.46 167.10 Td (fering and other potential subsequent of) Tj ET Q q 0 0 0 rg BT 491.40 167.10 Td (ferings, our debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.10 Td (financing, including our pro rata share of the debt financing of entities in which we invest, will be in the range of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 143.10 Td (40%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.59 143.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.37 143.10 Td (60%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.70 143.10 Td ( of the aggregate value of our real estate investments and other assets. Financing for acquisitions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.10 Td (and investments may be obtained at the time an asset is acquired or an investment is made or at such later time as determined to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.10 Td (be appropriate. In addition, debt financing may be used from time to time for property improvements, lease inducements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.10 Td (tenant improvements and other working capital needs. ) Tj ET Q q 0 0 0 rg BT 271.33 107.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 321.23 107.10 Td (, the amount of debt placed on an individual property or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.10 Td (related to a particular investment, including our pro rata share of the amount of debt incurred by an individual entity in which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.10 Td (we invest, may be less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.92 83.10 Td (40%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.25 83.10 Td ( or more than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.34 83.10 Td (60%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.67 83.10 Td ( of the value of such property/investment or the value of the assets owned by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 71.10 Td (such entity) Tj ET Q q 0 0 0 rg BT 92.95 71.10 Td (, depending on market conditions and other factors. Our aggregate borrowings, secured and unsecured, must be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 59.10 Td (reasonable in relation to our net assets and must be reviewed by our board of directors at least quarterly) Tj ET Q q 0 0 0 rg BT 463.10 59.10 Td (. ) Tj ET Q q 0 0 0 rg BT 470.05 59.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.49 59.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.32 59.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (our portfolio was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.64 742.10 Td (48%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.97 742.10 Td ( leveraged, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.33 742.10 Td (based on the most recent appraised values of our real estate investments or net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (purchase prices for properties acquired subsequent to December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.78 730.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (Notwithstanding the above, depending on market conditions and other factors, we may choose not to place debt on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (portfolio or our assets and may choose not to borrow to finance our operations or to acquire properties. ) Tj ET Q q 0 0 0 rg BT 466.00 694.10 Td (Any indebtedness we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (do incur will likely be subject to continuing covenants, and we will likely be required to make continuing representations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (warranties about our company in connection with such debt. Moreover) Tj ET Q q 0 0 0 rg BT 335.35 670.10 Td (, some or all of our debt may be secured by some or all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (of our assets. If we default in the payment of interest or principal on any such debt, breach any representation or warranty in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (connection with any borrowing or violate any covenant in any loan document, our lender may accelerate the maturity of such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (debt requiring us to immediately repay all outstanding principal. If we are unable to make such payment, our lender could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (foreclose on our assets that are pledged as collateral to such lender) Tj ET Q q 0 0 0 rg BT 315.73 622.10 Td (. ) Tj ET Q q 0 0 0 rg BT 323.05 622.10 Td (The lender could also sue us or force us into bankruptcy) Tj ET Q q 0 0 0 rg BT 546.78 622.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (Any such event would have a material adverse ef) Tj ET Q q 0 0 0 rg BT 246.41 610.10 Td (fect on the value of an investment in our common shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td (The discussions below provide additional details regarding our cash flows.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 562.10 Td (Cash Flows from Operating ) Tj ET Q q 0 0 0 rg BT 176.43 562.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 538.10 Td (Our properties generate cash flow in the form of rental revenues, which are used to pay direct leasing costs, property-level ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (operating expenses and interest payments. Property-level operating expenses consist primarily of salaries and wages of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (property management personnel, utilities, cleaning, insurance, security and building maintenance costs, property management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (and leasing fees, and property taxes. ) Tj ET Q q 0 0 0 rg BT 199.67 502.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 249.58 502.10 Td (, we incur general and administrative expenses, acquisition fees and expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (and asset management fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 466.10 Td (Net cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.21 466.10 Td (provided by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.25 466.10 Td ( operating activities was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.67 466.10 Td ($3.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.56 466.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.94 466.10 Td (six months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.93 466.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.43 466.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.26 466.10 Td ( compared to net cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (provided by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.05 454.10 Td ( operating activities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.24 454.10 Td ($2.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.13 454.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.51 454.10 Td (six months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 454.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.00 454.10 Td (June30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.83 454.10 Td (. Our operating cash flows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.64 454.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.39 454.10 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.89 442.10 Td ( between these periods primarily due to our acquisition of additional properties. ) Tj ET Q q 0 0 0 rg BT 421.59 442.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 471.49 442.10 Td (, we paid acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (fees and acquisition-related expenses totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.10 430.10 Td ($8.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.99 430.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.43 430.10 Td ($1.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.32 430.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.70 430.10 Td (six months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.70 430.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.20 430.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.03 430.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.46 430.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.46 430.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 418.10 Td (, which reduced our operating cash flows for each respective period. Under) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 400.87 418.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.37 418.10 Td (U.S generally accepted) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 495.83 418.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.33 418.10 Td (accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (principles \(GAAP\), acquisition fees and acquisition-related expenses are expensed and therefore reduce cash flows from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (operating activities. However) Tj ET Q q 0 0 0 rg BT 170.11 394.10 Td (, we fund these expenses with proceeds from the Of) Tj ET Q q 0 0 0 rg BT 377.09 394.10 Td (fering and/or acquisition-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (indebtedness. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 358.10 Td (Cash Flows from Investing ) Tj ET Q q 0 0 0 rg BT 173.10 358.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 334.10 Td (Net cash used in investing activities for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.96 334.10 Td (six months ended June 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.28 334.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.72 334.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.72 334.10 Td ( were primarily due to the following:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 310.10 Td (Six months ended June 30, 2017) Tj ET Q BT /F3 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 292.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 292.10 Td (Payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.33 292.10 Td ($131.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.22 292.10 Td ( related to the acquisition of Rookwood and the Montrose Student Residences.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 268.10 Td (Six months ended June 30, 2016) Tj ET Q BT /F3 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 250.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 250.10 Td (Payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.33 250.10 Td ($56.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.22 250.10 Td ( related to the acquisition of the Domain ) Tj ET Q q 0 0 0 rg BT 351.51 250.10 Td (Apartments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 232.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 232.10 Td (Payment of a $4.8 million earnest money deposit in connection with the acquisition of Cottonwood Corporate Center) Tj ET Q q 0 0 0 rg BT 554.12 232.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 220.10 Td (which we acquired in July 2016, and payment of a $1.0 million earnest money deposit in connection with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 208.10 Td (acquisition of Goodyear Crossing II, which we acquired in ) Tj ET Q q 0 0 0 rg BT 322.61 208.10 Td (August 2016.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 184.10 Td (Cash Flows from Financing ) Tj ET Q q 0 0 0 rg BT 178.11 184.10 Td (Activities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 160.10 Td (Initial Public Offering) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 136.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.55 136.10 Td (six months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.54 136.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.04 136.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.87 136.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.31 136.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.31 136.10 Td (, we raised gross proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.33 136.10 Td ($96.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.22 136.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.66 136.10 Td ($66.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.55 136.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 124.10 Td (, from the Of) Tj ET Q q 0 0 0 rg BT 149.69 124.10 Td (fering, excluding proceeds from the distribution reinvestment plan. In addition, during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.60 124.10 Td (six months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.88 112.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 112.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.21 112.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.65 112.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.65 112.10 Td (, we redeemed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.17 112.10 Td ($1.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.06 112.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.50 112.10 Td ($0.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.39 112.10 Td ( shares of our common stock pursuant to our share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td (redemption program, respectively) Tj ET Q q 0 0 0 rg BT 184.58 100.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 76.10 Td (In addition to the investing activities described previously) Tj ET Q q 0 0 0 rg BT 299.25 76.10 Td (, we use proceeds from the Of) Tj ET Q q 0 0 0 rg BT 419.30 76.10 Td (fering to make certain payments to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.28 64.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 97.10 64.10 Td (, our Dealer Manager and Hines and their af) Tj ET Q q 0 0 0 rg BT 273.23 64.10 Td (filiates during the various phases of our or) Tj ET Q q 0 0 0 rg BT 442.18 64.10 Td (ganization and operation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 52.10 Td (During the or) Tj ET Q q 0 0 0 rg BT 103.70 52.10 Td (ganization and of) Tj ET Q q 0 0 0 rg BT 172.93 52.10 Td (fering stage, these include, without limitation, payments to our Dealer Manager for selling ) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (commissions, dealer manager fees, distribution and stockholder servicing fees and payments to our ) Tj ET Q q 0 0 0 rg BT 447.95 742.10 Td (Advisor for reimbursement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (of issuer costs. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.71 730.10 Td (six months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.70 730.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.20 730.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.03 730.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.47 730.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.47 730.10 Td (, we made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.44 730.10 Td ($7.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.33 730.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.77 730.10 Td ($7.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.66 730.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 718.10 Td (, for selling commissions, dealer manager fees, distribution and stockholder servicing fees and issuer costs related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (to the Of) Tj ET Q q 0 0 0 rg BT 85.37 706.10 Td (fering. ) Tj ET Q q 0 0 0 rg BT 116.56 706.10 Td (These selling commissions and dealer manager fees are lower for Class ) Tj ET Q q 0 0 0 rg BT 404.34 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 410.27 706.10 Td ( Shares and Class I Shares of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (common stock than for Class ) Tj ET Q q 0 0 0 rg BT 168.60 694.10 Td (A) Tj ET Q q 0 0 0 rg BT 175.27 694.10 Td ( Shares. ) Tj ET Q q 0 0 0 rg BT 211.75 694.10 Td (Therefore, the decrease in the payment of these fees and commissions noted above is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (primarily due to a higher proportion of Class ) Tj ET Q q 0 0 0 rg BT 231.45 682.10 Td (T) Tj ET Q q 0 0 0 rg BT 237.38 682.10 Td ( Shares and Class I Shares being sold during the current period. ) Tj ET Q q 0 0 0 rg BT 496.03 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 504.67 682.10 Td (e also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (amended our Dealer Manager ) Tj ET Q q 0 0 0 rg BT 171.05 670.10 Td (Agreement in July 2016 to reduce the dealer manager fees payable by us on the sale of Class ) Tj ET Q q 0 0 0 rg BT 543.71 670.10 Td (A) Tj ET Q q 0 0 0 rg BT 550.38 670.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (Shares and Class ) Tj ET Q q 0 0 0 rg BT 120.09 658.10 Td (T) Tj ET Q q 0 0 0 rg BT 126.02 658.10 Td ( Shares, and no dealer manager fees are payable by us with respect to Class I Shares. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td (Finally) Tj ET Q q 0 0 0 rg BT 95.69 634.10 Td (, our ) Tj ET Q q 0 0 0 rg BT 115.96 634.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 155.13 634.10 Td (Agreement was amended, ef) Tj ET Q q 0 0 0 rg BT 268.79 634.10 Td (fective February 29, 2016, to cap the amount which we will reimburse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.28 622.10 Td (Advisor for the cumulative issuer costs incurred in connection with our or) Tj ET Q q 0 0 0 rg BT 360.86 622.10 Td (ganization and our public of) Tj ET Q q 0 0 0 rg BT 473.42 622.10 Td (ferings at 2.5% of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (gross proceeds from our public of) Tj ET Q q 0 0 0 rg BT 185.06 610.10 Td (fering. ) Tj ET Q q 0 0 0 rg BT 213.39 610.10 Td (As a result of the cap on reimbursement as a percentage of gross of) Tj ET Q q 0 0 0 rg BT 481.72 610.10 Td (fering proceeds, on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (April 14, 2016, our ) Tj ET Q q 0 0 0 rg BT 128.89 598.10 Td (Advisor reimbursed us for$4.0 millionin issuer costs that we had previously reimbursed in excess of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (new 2.5% cap. ) Tj ET Q q 0 0 0 rg BT 110.82 586.10 Td (As we raise additional of) Tj ET Q q 0 0 0 rg BT 210.61 586.10 Td (fering proceeds, we expect to reimburse our ) Tj ET Q q 0 0 0 rg BT 388.32 586.10 Td (Advisor for the $4.0 million in issuer costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (they recently repaid to us to the extent such costs do not exceed 2.5% of gross of) Tj ET Q q 0 0 0 rg BT 372.79 574.10 Td (fering proceeds from our public of) Tj ET Q q 0 0 0 rg BT 510.62 574.10 Td (ferings.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 550.10 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td (W) Tj ET Q q 0 0 0 rg BT 77.04 526.10 Td (ith the authorization of our board of directors, we declare distributions daily) Tj ET Q q 0 0 0 rg BT 380.19 526.10 Td (. ) Tj ET Q q 0 0 0 rg BT 387.14 526.10 Td (All distributions were or will be paid in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (cash or reinvested in shares of our common stock for those participating in our distribution reinvestment plan and have been or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (will be paid or issued, respectively) Tj ET Q q 0 0 0 rg BT 188.20 502.10 Td (, on the first business day following the completion of the month to which they relate. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (Distributions reinvested pursuant to our distribution reinvestment plan were or will be reinvested in shares of the same class as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (the shares on which the distributions are being made. Some or all of the cash distributions may be paid from sources other than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (cash flows from operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 442.10 Td (The tables below outline the distribution rates declared per share, per day since October 1, 2014 and the annualized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (distribution rates for each Class ) Tj ET Q q 0 0 0 rg BT 178.58 430.10 Td (A) Tj ET Q q 0 0 0 rg BT 185.25 430.10 Td ( Share and Class ) Tj ET Q q 0 0 0 rg BT 253.95 430.10 Td (T) Tj ET Q q 0 0 0 rg BT 259.88 430.10 Td ( Share.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 371.60 315.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 371.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 371.60 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 371.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 371.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 341.60 315.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 341.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 341.60 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 341.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 341.60 84.00 -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 49.5 405.6 m 364.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 405.6 m 368.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 405.6 m 473.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 405.6 m 477.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 405.6 m 561.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 371.6 m 364.5 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 371.6 m 473.5 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 371.6 m 561.5 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 371.6 m 364.5 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 371.6 m 473.5 371.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 410.28 Td (Class A Shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 376.28 Td (Period Declared) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.45 386.28 Td (Distribution Rate Per) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.30 376.28 Td (Share, Per Day) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.50 396.28 Td (Annualized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.60 386.28 Td (Distribution Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.90 376.28 Td (Per Share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 361.06 Td (4/1/2017 - 8/31/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 361.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 361.27 Td (0.001653699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 361.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 361.27 Td (0.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 346.27 Td (5/1/2016 - 3/31/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 346.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 346.27 Td (0.001594766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 346.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 346.27 Td (0.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 331.27 Td (10/1/2014 - 4/30/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 331.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 331.27 Td (0.001575342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 331.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 331.27 Td (0.57) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 256.60 315.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 256.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 256.60 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 256.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 256.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 226.60 315.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 226.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 226.60 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 226.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 226.60 84.00 -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 49.5 290.6 m 364.5 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 290.6 m 368.5 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 290.6 m 473.5 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 290.6 m 477.5 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 290.6 m 561.5 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 256.6 m 364.5 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 256.6 m 473.5 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 256.6 m 561.5 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 256.6 m 364.5 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 256.6 m 473.5 256.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.55 295.28 Td (Class T Shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 261.28 Td (Period Declared) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.70 281.28 Td (Gross Distribution) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.25 271.28 Td (Rate Per Share, Per) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.85 261.28 Td (Day) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.05 281.28 Td (Net ) Tj ET Q q 0 0 0 rg BT 502.99 281.28 Td (Annualized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.60 271.28 Td (Distribution Rate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.30 261.28 Td (Per) Tj ET Q q 0 0 0 rg BT 508.10 261.28 Td ( Shar) Tj ET Q q 0 0 0 rg BT 530.99 261.28 Td (e) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 535.42 265.81 Td ( \(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 246.06 Td (4/1/2017 - 8/31/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 246.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 246.27 Td (0.001653699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 246.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 246.27 Td (0.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 231.27 Td (5/1/2016 - 3/31/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 231.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 231.27 Td (0.001594766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 231.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 231.27 Td (0.48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 216.27 Td (8/24/2015 - 4/30/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 216.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 216.27 Td (0.001575342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 216.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 216.27 Td (0.47) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 141.60 313.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 141.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 141.60 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 141.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 141.60 84.00 -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 50.5 175.60000000000002 m 363.5 175.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 175.60000000000002 m 367.5 175.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 175.60000000000002 m 472.5 175.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 175.60000000000002 m 476.5 175.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 175.60000000000002 m 560.5 175.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 141.60000000000002 m 363.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 141.60000000000002 m 472.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 141.60000000000002 m 560.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 141.60000000000002 m 363.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 141.60000000000002 m 472.5 141.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.80 180.28 Td (Class I Shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 146.28 Td (Period Declared) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.70 166.28 Td (Gross Distribution) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.25 156.28 Td (Rate Per Share, Per) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.85 146.28 Td (Day) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.05 166.28 Td (Net ) Tj ET Q q 0 0 0 rg BT 501.99 166.28 Td (Annualized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.60 156.28 Td (Distribution Rate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.30 146.28 Td (Per) Tj ET Q q 0 0 0 rg BT 507.10 146.28 Td ( Shar) Tj ET Q q 0 0 0 rg BT 529.99 146.28 Td (e) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 534.42 150.81 Td ( \(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 131.06 Td (5/1/2017 - 8/31/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 131.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 131.27 Td (0.001653699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 131.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 131.27 Td (0.58) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 103.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 103.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 91.99 103.10 Td (T) Tj ET Q q 0 0 0 rg BT 97.92 103.10 Td ( Shares are subject to an ongoing distribution and stockholder servicing fee payable to the Dealer Manager of 1.0% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 91.10 Td (per annum of the gross of) Tj ET Q q 0 0 0 rg BT 170.29 91.10 Td (fering price per share \(or) Tj ET Q q 0 0 0 rg BT 269.28 91.10 Td (, if we are no longer of) Tj ET Q q 0 0 0 rg BT 360.46 91.10 Td (fering primary shares, the then-current NA) Tj ET Q q 0 0 0 rg BT 530.21 91.10 Td (V) Tj ET Q q 0 0 0 rg BT 537.25 91.10 Td ( per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 79.10 Td (share, if any has been disclosed\). For purposes of calculating the net annualized distribution rate per share, we deduct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 67.10 Td (from the gross annualized distribution rate per share an amount equal to 1.0% of the gross of) Tj ET Q q 0 0 0 rg BT 438.55 67.10 Td (fering price, assuming a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 55.10 Td (constant, per share of) Tj ET Q q 0 0 0 rg BT 153.34 55.10 Td (fering price $10.06. ) Tj ET Q q 0 0 0 rg BT 234.52 55.10 Td (The actual distribution rate for Class ) Tj ET Q q 0 0 0 rg BT 383.19 55.10 Td (T) Tj ET Q q 0 0 0 rg BT 389.12 55.10 Td ( Shares will vary based on the actual per ) 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 68.00 742.10 Td (share of) Tj ET Q q 0 0 0 rg BT 99.75 742.10 Td (fering price in ef) Tj ET Q q 0 0 0 rg BT 166.48 742.10 Td (fect and the total amount of distribution and stockholder servicing fees payable. ) Tj ET Q q 0 0 0 rg BT 490.09 742.10 Td (The actual net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (annualized distribution rate per share will be higher or lower than the rates presented depending on the price paid by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (stockholder for the shares. ) Tj ET Q q 0 0 0 rg BT 178.34 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 186.98 718.10 Td (e sold shares at varying prices during the periods presented in the table, all of which were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (lower than the current per share of) Tj ET Q q 0 0 0 rg BT 205.53 706.10 Td (fering price.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (Class I Shares are subject to an ongoing distribution and stockholder servicing fee payable to the Dealer Manager of 0.25% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td (per annum of the gross of) Tj ET Q q 0 0 0 rg BT 170.29 670.10 Td (fering price per share \(or) Tj ET Q q 0 0 0 rg BT 269.28 670.10 Td (, if we are no longer of) Tj ET Q q 0 0 0 rg BT 360.46 670.10 Td (fering primary shares, the then-current NA) Tj ET Q q 0 0 0 rg BT 530.21 670.10 Td (V) Tj ET Q q 0 0 0 rg BT 537.25 670.10 Td ( per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td (share, if any has been disclosed\). For purposes of calculating the net annualized distribution rate per share, we deduct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (from the gross annualized distribution rate per share an amount equal to 0.25% of the gross of) Tj ET Q q 0 0 0 rg BT 443.55 646.10 Td (fering price, assuming a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td (constant, per share of) Tj ET Q q 0 0 0 rg BT 153.34 634.10 Td (fering price $9.73. ) Tj ET Q q 0 0 0 rg BT 229.52 634.10 Td (The actual distribution rate for Class I Shares will vary based on the actual per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (share of) Tj ET Q q 0 0 0 rg BT 99.75 622.10 Td (fering price in ef) Tj ET Q q 0 0 0 rg BT 166.48 622.10 Td (fect and the total amount of distribution and stockholder servicing fees payable. ) Tj ET Q q 0 0 0 rg BT 490.09 622.10 Td (The actual net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (annualized distribution rate per share will be higher or lower than the rates presented depending on the price paid by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td (stockholder for the shares. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td (Distributions paid to stockholders during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.09 574.10 Td (three months ended June 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.73 574.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.17 574.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.17 574.10 Td ( were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.60 574.10 Td ($4.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.49 574.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.93 574.10 Td ($2.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 562.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 131.55 562.10 Td (, including those reinvested in shares pursuant to our distribution reinvestment plan. Distributions paid to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (stockholders during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.37 550.10 Td (six months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.37 550.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.87 550.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.70 550.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.14 550.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.14 550.10 Td ( were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.56 550.10 Td ($8.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.46 550.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.89 550.10 Td ($3.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.79 550.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 508.45 550.10 Td (, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (those reinvested in shares pursuant to our distribution reinvestment plan. ) Tj ET Q q 0 0 0 rg BT 345.32 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 353.96 538.10 Td (e have not generated suf) Tj ET Q q 0 0 0 rg BT 450.95 538.10 Td (ficient cash flows from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (operations to fully fund distributions paid. ) Tj ET Q q 0 0 0 rg BT 223.69 526.10 Td (Therefore some or all of our distributions have been and may continue to be paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (from other sources, such as proceeds from our debt financings, proceeds from the Of) Tj ET Q q 0 0 0 rg BT 388.88 514.10 Td (fering, cash advances by our ) Tj ET Q q 0 0 0 rg BT 504.95 514.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 536.77 514.10 Td (, cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (resulting from a waiver or deferral of fees and/or proceeds from the sale of assets. ) Tj ET Q q 0 0 0 rg BT 382.19 502.10 Td (W) Tj ET Q q 0 0 0 rg BT 390.83 502.10 Td (e have not placed a cap on the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (distributions that may be paid from any of these sources. For example, for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.76 490.10 Td (six months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.75 490.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.25 490.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.08 490.10 Td (, we funded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.51 490.10 Td (45%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.84 490.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (of total distributions with cash flows from financing activities, which included of) Tj ET Q q 0 0 0 rg BT 374.20 478.10 Td (fering proceeds. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.72 478.10 Td (six months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.72 478.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (June30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.83 466.10 Td (, we funded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.26 466.10 Td (44%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.59 466.10 Td ( of total distributions with cash flows from financing activities, which includes of) Tj ET Q q 0 0 0 rg BT 499.18 466.10 Td (fering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (proceeds. ) Tj ET Q q 0 0 0 rg BT 92.49 454.10 Td (As described previously) Tj ET Q q 0 0 0 rg BT 188.48 454.10 Td (, we paid acquisitions fees and acquisition-related expenses totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.73 454.10 Td ($8.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.63 454.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.06 454.10 Td ($1.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 442.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.27 442.10 Td (six months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.26 442.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.76 442.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.59 442.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.03 442.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.03 442.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 330.69 442.10 Td (. ) Tj ET Q q 0 0 0 rg BT 337.64 442.10 Td (Acquisition fees and acquisition-related expenses are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (expensed and therefore reduce cash flows from operating activities. However) Tj ET Q q 0 0 0 rg BT 361.42 430.10 Td (, we fund such acquisition fees and acquisition-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (related expenses with proceeds from the Of) Tj ET Q q 0 0 0 rg BT 223.64 418.10 Td (fering and/or acquisition-related indebtedness.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 394.10 Td (The following table outlines our total distributions declared to stockholders for each of the quarters during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.67 394.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.67 394.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.10 394.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.10 394.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (including the breakout between the distributions declared in cash and those reinvested pursuant to our distribution reinvestment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (plan \(in thousands, except percentages\).) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 310.60 165.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 310.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 310.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 310.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 310.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 310.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 310.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 310.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 310.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 310.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 310.60 33.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 310.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 310.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 310.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 310.60 33.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 282.60 165.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 282.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 282.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 282.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 282.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 282.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 282.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 282.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 282.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 282.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 282.60 33.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 282.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 282.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 282.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 282.60 33.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 254.60 165.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 254.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 254.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 254.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 254.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 254.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 254.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 254.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 254.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 254.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 254.60 33.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 254.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 254.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 254.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 254.60 33.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 226.60 165.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 226.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 226.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 226.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 226.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 226.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 226.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 226.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 226.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 226.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 226.60 33.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 226.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 226.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 226.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 226.60 33.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 198.60 165.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 198.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 198.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 198.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 198.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 198.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 198.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 198.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 198.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 198.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 198.60 33.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 198.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 198.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 198.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 198.60 33.00 -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 218.5 345.6 m 271.5 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 345.6 m 275.5 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 345.6 m 330.5 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 345.6 m 334.5 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 345.6 m 383.5 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 345.6 m 435.5 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 345.6 m 439.5 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 345.6 m 472.5 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 345.6 m 476.5 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 345.6 m 524.5 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 345.6 m 528.5 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 345.6 m 561.5 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 324.6 m 214.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 345.6 m 271.5 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 324.6 m 271.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 345.6 m 330.5 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 324.6 m 330.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 324.6 m 383.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 324.6 m 435.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 324.6 m 439.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 324.6 m 472.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 324.6 m 524.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 324.6 m 528.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 324.6 m 561.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 324.6 m 214.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 310.6 m 214.5 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 324.6 m 271.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 324.6 m 330.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 324.6 m 383.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 324.6 m 439.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 324.6 m 528.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 282.6 m 271.5 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 269.6 m 271.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 267.6 m 271.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 282.6 m 330.5 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 269.6 m 330.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 267.6 m 330.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 282.6 m 383.5 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 269.6 m 383.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 267.6 m 383.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 282.6 m 435.5 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 269.6 m 435.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 267.6 m 435.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 282.6 m 472.5 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 269.6 m 472.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 267.6 m 472.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 282.6 m 524.5 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 269.6 m 524.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 267.6 m 524.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 282.6 m 561.5 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 269.6 m 561.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 267.6 m 561.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 254.60000000000002 m 214.5 254.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 198.60000000000002 m 271.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 185.60000000000002 m 271.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 183.60000000000002 m 271.5 183.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 198.60000000000002 m 330.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 185.60000000000002 m 330.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 183.60000000000002 m 330.5 183.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 198.60000000000002 m 383.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 185.60000000000002 m 383.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 183.60000000000002 m 383.5 183.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 198.60000000000002 m 435.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 185.60000000000002 m 435.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 183.60000000000002 m 435.5 183.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 198.60000000000002 m 472.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 185.60000000000002 m 472.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 183.60000000000002 m 472.5 183.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 198.60000000000002 m 524.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 185.60000000000002 m 524.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 183.60000000000002 m 524.5 183.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 198.60000000000002 m 561.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 185.60000000000002 m 561.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 183.60000000000002 m 561.5 183.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 349.85 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 275.45 350.05 Td (Stockholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.65 350.05 Td (Sour) Tj ET Q q 0 0 0 rg BT 473.99 350.05 Td (ces) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 485.48 354.13 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 328.83 Td (Distributions for the Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 235.80 336.83 Td (Cash) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 222.05 328.83 Td (Distributions) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 280.05 336.83 Td (Distributions) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 283.80 328.83 Td (Reinvested) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.75 336.83 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 343.20 328.83 Td (Declared) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.35 336.83 Td (Cash Flows From) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.15 328.83 Td (Operating Activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.35 336.83 Td (Cash Flows From) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.60 328.83 Td (Financing Activities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 315.05 Td (2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 301.06 Td (June 30, 2017) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 102.25 305.14 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 221.00 301.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.75 301.06 Td (2,225) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 301.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 306.75 301.06 Td (2,565) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 337.00 301.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 301.06 Td (4,790) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.00 301.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.75 301.06 Td (4,793) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 301.06 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.50 301.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 479.00 301.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 301.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 301.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 301.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 287.06 Td (March 31, 2017) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 109.24 291.14 Td (\(3\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.75 287.06 Td (1,833) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 306.75 287.06 Td (2,076) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 287.06 Td (3,909) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.00 287.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.50 287.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.50 287.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.75 287.06 Td (3,912) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.00 287.06 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 287.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 273.06 Td (Total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 221.00 273.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.75 273.06 Td (4,058) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 273.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 306.75 273.06 Td (4,641) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 337.00 273.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 273.06 Td (8,699) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.00 273.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.75 273.06 Td (4,793) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.50 273.06 Td (55) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.50 273.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 479.00 273.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.75 273.06 Td (3,912) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 273.06 Td (45) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 273.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 259.05 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 245.06 Td (December 31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 221.00 245.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.75 245.06 Td (1,608) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 245.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 306.75 245.06 Td (1,744) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 337.00 245.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 245.06 Td (3,352) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.00 245.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.50 245.06 Td (379) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.50 245.06 Td (11) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.50 245.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 479.00 245.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.75 245.06 Td (2,976) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 245.06 Td (89) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 245.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 231.06 Td (September 30, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.75 231.06 Td (1,340) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 306.75 231.06 Td (1,427) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 231.06 Td (2,767) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.75 231.06 Td (1,449) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.50 231.06 Td (52) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.50 231.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.75 231.06 Td (1,321) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 231.06 Td (48) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 231.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 217.06 Td (June 30, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.75 217.06 Td (1,107) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 306.75 217.06 Td (1,128) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 217.06 Td (2,235) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.75 217.06 Td (2,238) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 217.06 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.50 217.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 217.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 217.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 217.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 203.06 Td (March 31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 254.50 203.06 Td (871) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.50 203.06 Td (887) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 203.06 Td (1,758) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.00 203.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.50 203.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.50 203.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.75 203.06 Td (1,761) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.00 203.06 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 203.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 189.06 Td (Total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 221.00 189.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.75 189.06 Td (4,926) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 189.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 306.75 189.06 Td (5,186) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 337.00 189.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 355.25 189.06 Td (10,112) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.00 189.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.75 189.06 Td (4,066) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.50 189.06 Td (40) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.50 189.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 479.00 189.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.75 189.06 Td (6,058) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 189.06 Td (60) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 189.06 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 161.10 Td (Includes sources used to fund distributions paid to noncontrolling interests.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 137.10 Td (Includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.38 137.10 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.27 137.10 Td ( of distributions that were declared on March 23, 2017 with respect to daily record dates for each day ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 125.10 Td (during the month of ) Tj ET Q q 0 0 0 rg BT 149.66 125.10 Td (April 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 101.10 Td (Includes distributions declared as of daily record dates for the three months ended March 31, 2017, but excludes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.53 101.10 Td ($1.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 89.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.89 89.10 Td ( of distributions that were declared on March 23, 2017 with respect to daily record dates for each day during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 77.10 Td (month of ) Tj ET Q q 0 0 0 rg BT 106.33 77.10 Td (April 2017. ) Tj ET Q q 0 0 0 rg BT 157.26 77.10 Td (These ) Tj ET Q q 0 0 0 rg BT 183.09 77.10 Td (April 2017 distributions were paid in cash or reinvested in shares on May 1, 2017.) 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 (Commencing with the quarter ended December 31, 2014, our ) Tj ET Q q 0 0 0 rg BT 315.43 742.10 Td (Advisor agreed to waive the asset management fees for each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (quarter through December 31, 2016, to the extent that our MFFO, for a particular quarter) Tj ET Q q 0 0 0 rg BT 405.32 730.10 Td (, as disclosed in our ) Tj ET Q q 0 0 0 rg BT 486.43 730.10 Td (Annual Report on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (Form 10-K or Quarterly Report on Form 10-Q, as applicable, amounts to less than 100% of the aggregate distributions declared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (to our stockholders for such quarter) Tj ET Q q 0 0 0 rg BT 191.91 706.10 Td (. Our ) Tj ET Q q 0 0 0 rg BT 216.91 706.10 Td (Advisor has also agreed to waive the asset management fees otherwise payable to it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (for the quarter ended March31, 2017 to the extent that our MFFO for such quarter) Tj ET Q q 0 0 0 rg BT 380.06 694.10 Td (, as reduced to reflect the distribution and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (stockholder servicing fees payable for such quarter) Tj ET Q q 0 0 0 rg BT 253.41 682.10 Td (, as disclosed in our Quarterly Report on Form 10-Q, amounts to less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (100% of the aggregate distributions declared to our stockholders for that quarter) Tj ET Q q 0 0 0 rg BT 370.18 670.10 Td (. ) Tj ET Q q 0 0 0 rg BT 379.63 670.10 Td (As a result of these fee waivers, cash flows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (from operations that would have been paid to our ) Tj ET Q q 0 0 0 rg BT 249.12 658.10 Td (Advisor for asset management feesmay be available to pay distributions to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (stockholders. ) Tj ET Q q 0 0 0 rg BT 107.87 646.10 Td (These fee waivers are not deferrals and accordingly) Tj ET Q q 0 0 0 rg BT 313.50 646.10 Td (, any fees that are waived will not be paid to our ) Tj ET Q q 0 0 0 rg BT 508.16 646.10 Td (Advisor in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (cash at any time in the future.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (The table below provides additional information regarding our asset management fees and related waivers with respect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (each of the quarters in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.35 598.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.35 598.10 Td ( \(in thousands\). Our ) Tj ET Q q 0 0 0 rg BT 245.79 598.10 Td (Advisor did ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.79 598.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.79 598.10 Td (t waive any asset management fees payable to it during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (three and six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.09 586.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.92 586.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.75 586.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 551.60 206.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 551.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 551.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 551.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 551.60 108.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 551.60 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 551.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 521.60 206.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 521.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 521.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 521.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 521.60 108.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 521.60 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 521.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 491.60 206.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 491.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 491.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 491.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 491.60 108.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 491.60 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 491.60 95.00 -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 49.5 551.6 m 255.5 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 551.6 m 347.5 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 551.6 m 459.5 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 551.6 m 561.5 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 491.6 m 561.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 491.6 m 347.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 477.6 m 347.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 475.6 m 347.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 491.6 m 459.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 477.6 m 459.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 475.6 m 459.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 491.6 m 561.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 477.6 m 561.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 475.6 m 561.5 475.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 556.28 Td (For the Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.30 566.28 Td (Asset Management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.70 556.28 Td (Fee Pr) Tj ET Q q 0 0 0 rg BT 297.55 556.28 Td (e-W) Tj ET Q q 0 0 0 rg BT 314.77 556.28 Td (aiver) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.55 566.28 Td (Asset Management Fee ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.85 556.28 Td (W) Tj ET Q q 0 0 0 rg BT 398.30 556.28 Td (aived) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 566.28 Td (Asset Management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.45 556.28 Td (Fee Post-W) Tj ET Q q 0 0 0 rg BT 527.04 556.28 Td (aiver) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 541.27 Td (December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 541.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 541.27 Td (751) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 541.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 541.27 Td (242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 541.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 541.27 Td (509) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 526.27 Td (September 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 526.27 Td (708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 526.27 Td (269) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 526.27 Td (439) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 511.27 Td (June 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 511.27 Td (377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 511.27 Td (377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 511.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 496.27 Td (March 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 496.27 Td (364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 496.27 Td (364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 496.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 481.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 481.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.15 481.27 Td (2,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 481.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 481.27 Td (1,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 481.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 481.27 Td (948) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 453.10 Td (Debt Financings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 429.10 Td (As mentioned previously) Tj ET Q q 0 0 0 rg BT 167.89 429.10 Td (, our portfolio was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.53 429.10 Td (48%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.86 429.10 Td ( leveraged as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.38 429.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.21 429.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.04 429.10 Td (based on the most recent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 417.10 Td (appraised values of our real estate investments or net purchase prices for properties acquired subsequent to December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.88 417.10 Td (\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 405.10 Td (with a weighted average interest rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.21 405.10 Td (2.57%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.04 405.10 Td (. Below is additional information regarding our loan activity for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.25 405.10 Td (six months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 393.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.88 393.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 393.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.21 393.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.65 393.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.65 393.10 Td (. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.08 393.10 Td (Note 5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.02 393.10 Td ( Debt Financing for additional information regarding our outstanding debt.) 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 68 367.7669921875 m 196.8623046875 367.7669921875 l s q 0 0 0 rg BT 68.00 369.10 Td (Six months ended June 30, 2017) Tj ET Q BT /F3 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 351.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 351.10 Td (W) Tj ET Q q 0 0 0 rg BT 103.64 351.10 Td (e assumed $96.0 million in mortgage loans related to the acquisition of Rookwood.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 336.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 336.10 Td (W) Tj ET Q q 0 0 0 rg BT 103.64 336.10 Td (e entered into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.56 336.10 Td ($24.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.45 336.10 Td ( of permanent mortgage financing related to the acquisition of the Montrose Student ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 324.10 Td (Residences and paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.14 324.10 Td ($0.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.03 324.10 Td ( to purchase an interest rate cap to ef) Tj ET Q q 0 0 0 rg BT 374.45 324.10 Td (fectively cap the Euribor interest rate at 1.25% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 312.10 Td (with a notional amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.82 312.10 Td (17.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.71 312.10 Td ( \(approximately $18.3 million assuming a rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.72 312.10 Td ($1.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.22 312.10 Td ( per EUR as of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 300.10 Td (date of the agreement\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 285.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 285.10 Td (W) Tj ET Q q 0 0 0 rg BT 103.64 285.10 Td (e made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.39 285.10 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.28 285.10 Td ( in financing costs related to the mortgage loans at Rookwood and the Montrose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 273.10 Td (Student Residences.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 258.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 258.10 Td (W) Tj ET Q q 0 0 0 rg BT 103.64 258.10 Td (e borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.40 258.10 Td ($7.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.29 258.10 Td ( under the Hines Credit Facility and made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.90 258.10 Td ($63.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.79 258.10 Td ( on this facility) Tj ET Q q 0 0 0 rg BT 535.41 258.10 Td (. ) Tj ET Q q 0 0 0 rg BT 542.73 258.10 Td (W) Tj ET Q q 0 0 0 rg BT 551.37 258.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 246.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.94 246.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.94 246.10 Td ( outstanding balance under this facility as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.33 246.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.16 246.10 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 68 217.76699218750002 m 196.8623046875 217.76699218750002 l s q 0 0 0 rg BT 68.00 219.10 Td (Six months ended June 30, 2016) Tj ET Q BT /F3 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 201.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 201.10 Td (W) Tj ET Q q 0 0 0 rg BT 103.64 201.10 Td (e entered into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.56 201.10 Td ($34.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.45 201.10 Td ( of permanent mortgage financing related to the acquisition of the Domain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 189.10 Td (Apartments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 174.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 174.10 Td (W) Tj ET Q q 0 0 0 rg BT 103.64 174.10 Td (e borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.40 174.10 Td ($3.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.29 174.10 Td ( under the Hines Credit Facility and made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.90 174.10 Td ($3.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.79 174.10 Td ( on this facility) Tj ET Q q 0 0 0 rg BT 530.41 174.10 Td (. No ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 162.10 Td (amounts were outstanding under this facility as of June 30, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 147.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 147.10 Td (W) Tj ET Q q 0 0 0 rg BT 103.64 147.10 Td (e made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.39 147.10 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.28 147.10 Td ( for financing costs related to our mortgage loan on the Domain ) Tj ET Q q 0 0 0 rg BT 491.88 147.10 Td (Apartments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 120.10 Td (Results of Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 96.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 96.10 Td (e owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.74 96.10 Td (seven) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.50 96.10 Td ( properties that were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.91 96.10 Td (97%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.24 96.10 Td ( leased as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.89 96.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.72 96.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.42 96.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.41 96.10 Td ( properties that were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.82 96.10 Td (99%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.15 96.10 Td ( leased as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 84.10 Td (June30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.66 84.10 Td (. ) Tj ET Q q 0 0 0 rg BT 123.61 84.10 Td (As we are currently in the acquisition phase of our life cycle, changes in our results of operations related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.10 Td (our properties are primarily due to the acquisition of properties. ) Tj ET Q q 0 0 0 rg BT 308.81 72.10 Td (Amounts recorded in our condensed consolidated statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.10 Td (of operations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.86 60.10 Td (three and six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.96 60.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.78 60.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.61 60.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.05 60.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.05 60.10 Td ( are due to the following:) 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 59.00 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 82.41 742.10 Td (otal revenues, property operating expenses, real property taxes, property management fees, depreciation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 730.10 Td (amortization, and interest expense relate to the operation of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.74 730.10 Td (seven) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.51 730.10 Td ( properties since December 2014.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 706.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 706.10 Td (Acquisition-related expenses represent costs related to the acquisition of our real estate investments, including those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 694.10 Td (properties which we may acquire in future periods. ) Tj ET Q q 0 0 0 rg BT 285.64 694.10 Td (These costs vary significantly from one acquisition to the next and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 682.10 Td (generally tend to be higher for our international acquisitions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 658.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 658.10 Td (e expect to pay monthly asset management fees to our ) Tj ET Q q 0 0 0 rg BT 303.90 658.10 Td (Advisor based on an annual fee equal to 0.75% of \(i\) the cost of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 646.10 Td (our real estate investments or \(ii\) with respect to our real estate investments included in our board of directors) Tj ET Q q 0 0 0 rg BT 518.34 646.10 Td ( most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 634.10 Td (recent determination of an NA) Tj ET Q q 0 0 0 rg BT 197.88 634.10 Td (V) Tj ET Q q 0 0 0 rg BT 204.92 634.10 Td ( per share, the most recently determined value of such real estate investments, net of any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 622.10 Td (applicable waivers by our ) Tj ET Q q 0 0 0 rg BT 181.97 622.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 213.79 622.10 Td (, as described previously) Tj ET Q q 0 0 0 rg BT 312.00 622.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 598.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 598.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 598.10 Td (e pay our ) Tj ET Q q 0 0 0 rg BT 124.79 598.10 Td (Advisor acquisition fees equal to 2.25% of the purchase price of our real estate investments. ) Tj ET Q q 0 0 0 rg BT 494.96 598.10 Td (Acquisition fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 586.10 Td (for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.88 586.10 Td (six months ended June 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.20 586.10 Td ( were higher than those for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.88 586.10 Td (six months ended June 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.21 586.10 Td ( due to an increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 574.10 Td (in our acquisition activity) Tj ET Q q 0 0 0 rg BT 178.83 574.10 Td (. ) Tj ET Q q 0 0 0 rg BT 186.15 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 194.79 574.10 Td (e acquired two properties for an aggregate purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.45 574.10 Td ($234.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.34 574.10 Td ( during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.17 574.10 Td (six ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 562.10 Td (months ended June 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.16 562.10 Td (, as compared to one property for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.66 562.10 Td ($58.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.55 562.10 Td ( during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.38 562.10 Td (six months ended June 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.71 562.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 538.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 538.10 Td (General and administrative expenses for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.27 538.10 Td (six months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.26 538.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.76 538.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.59 538.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.03 538.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.03 538.10 Td ( primarily consist of legal and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 526.10 Td (accounting fees, costs and expenses associated with our board of directors, transfer agent costs and insurance costs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 514.10 Td (Certain of these costs are variable and will increase in the future as we continue to raise capital and make additional real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 502.10 Td (estate investments.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 478.10 Td (Funds from Operations and Modified Funds from Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 454.10 Td (Funds from Operations \(FFO\) is a non-GAAP) Tj ET Q q 0 0 0 rg BT 260.94 454.10 Td ( financial performance measure defined by the National ) Tj ET Q q 0 0 0 rg BT 485.85 454.10 Td (Association of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (Real Estate Investment ) Tj ET Q q 0 0 0 rg BT 144.51 442.10 Td (T) Tj ET Q q 0 0 0 rg BT 150.27 442.10 Td (rusts \(NAREIT\) and is 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 50.00 430.10 Td (performance of a real estate company) Tj ET Q q 0 0 0 rg BT 199.55 430.10 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 50.00 418.10 Td (amortization, as applied in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 252.44 418.10 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 50.00 406.10 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 50.00 394.10 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 50.00 382.10 Td (inflation, interest rates, the business cycle, unemployment and consumer spending, it is management) Tj ET Q q 0 0 0 rg BT 454.90 382.10 Td (s view) Tj ET Q q 0 0 0 rg BT 480.08 382.10 Td (, and we believe the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 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 50.00 358.10 Td (historical cost accounting alone is insuf) Tj ET Q q 0 0 0 rg BT 207.84 358.10 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 50.00 346.10 Td (impairment char) Tj ET Q q 0 0 0 rg BT 115.63 346.10 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 50.00 334.10 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 50.00 322.10 Td (as it allows for comparisons, year to year) Tj ET Q q 0 0 0 rg BT 213.99 322.10 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 50.00 310.10 Td (rental rates, operating costs, general and administrative expenses and interest costs. ) Tj ET Q q 0 0 0 rg BT 387.39 310.10 Td (A) Tj ET Q q 0 0 0 rg BT 394.06 310.10 Td ( property will be evaluated for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (impairment if events or circumstances indicate that the carrying amount may not be recoverable \(i.e. the carrying amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (exceeds the total estimated undiscounted future cash flows from the property\). Undiscounted future cash flows are based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (anticipated operating performance, including estimated future net rental and lease revenues, net proceeds on the sale of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (property) Tj ET Q q 0 0 0 rg BT 83.23 262.10 Td (, and certain other ancillary cash flows. ) Tj ET Q q 0 0 0 rg BT 245.21 262.10 Td (While impairment char) Tj ET Q q 0 0 0 rg BT 337.76 262.10 Td (ges are excluded from the calculation of FFO as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (described above, stockholders are cautioned that due to the limited term of our operations, it could be dif) Tj ET Q q 0 0 0 rg BT 468.86 250.10 Td (ficult to recover any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (impairment char) Tj ET Q q 0 0 0 rg BT 115.63 238.10 Td (ges.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 214.10 Td (In addition to FFO, management uses MFFO, as defined by the Investment Program ) Tj ET Q q 0 0 0 rg BT 407.13 214.10 Td (Association, \(the IP) Tj ET Q q 0 0 0 rg BT 489.80 214.10 Td (A\), as a non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 76.86 202.10 Td ( supplemental financial performance measure to evaluate our operating performance. ) Tj ET Q q 0 0 0 rg BT 421.52 202.10 Td (The IP) Tj ET Q q 0 0 0 rg BT 447.54 202.10 Td (A) Tj ET Q q 0 0 0 rg BT 454.21 202.10 Td ( has recommended the use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (of MFFO as a supplemental measure for publicly registered, non-listed REIT) Tj ET Q q 0 0 0 rg BT 357.84 190.10 Td (s to enhance the assessment of the operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (performance of a non-listed REIT) Tj ET Q q 0 0 0 rg BT 184.76 178.10 Td (. MFFO is not equivalent to our net income or loss as determined under GAAP) Tj ET Q q 0 0 0 rg BT 501.94 178.10 Td (, and MFFO ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (may not be useful as a measure of the long-term operating performance of our investments or as a comparative measure to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (other publicly registered, non-listed REIT) Tj ET Q q 0 0 0 rg BT 216.76 154.10 Td (s if we do not continue to operate with a limited life and tar) Tj ET Q q 0 0 0 rg BT 454.01 154.10 Td (geted exit strategy) Tj ET Q q 0 0 0 rg BT 526.67 154.10 Td (, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (currently intended and described herein. MFFO includes funds generated by the operations of our real estate investments and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (funds used in our corporate-level operations. MFFO is based on FFO, but includes certain additional adjustments which we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (believe are appropriate. Such items include reversing the ef) Tj ET Q q 0 0 0 rg BT 289.72 118.10 Td (fects of straight-line rent revenue recognition, fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (adjustments to derivative instruments that do not qualify for hedge accounting treatment and certain other items as described ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (below) Tj ET Q q 0 0 0 rg BT 73.79 94.10 Td (. Some of these adjustments are necessary to address changes in the accounting and reporting rules under GAAP) Tj ET Q q 0 0 0 rg BT 525.79 94.10 Td ( such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (the accounting for acquisition-related expenses from a capitalization/depreciation model to an expensed-as-incurred model that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (were put into ef) Tj ET Q q 0 0 0 rg BT 112.85 70.10 Td (fect in 2009 and other changes to GAAP) Tj ET Q q 0 0 0 rg BT 274.94 70.10 Td ( rules for real estate subsequent to the establishment of NAREIT) Tj ET Q q 0 0 0 rg BT 535.98 70.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (definition of FFO. ) Tj ET Q q 0 0 0 rg BT 127.88 58.10 Td (These changes in the accounting and reporting rules under GAAP) Tj ET Q q 0 0 0 rg BT 390.48 58.10 Td ( af) Tj ET Q q 0 0 0 rg BT 400.57 58.10 Td (fected all industries, and as a result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (these changes, acquisition fees and expenses are typically accounted for as operating expenses under GAAP) Tj ET Q q 0 0 0 rg BT 481.24 46.10 Td (. Management ) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (believes these fees and expenses do not af) Tj ET Q q 0 0 0 rg BT 217.81 742.10 Td (fect our overall long-term operating performance. ) Tj ET Q q 0 0 0 rg BT 421.43 742.10 Td (These changes also have prompted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (a significant increase in the magnitude of non-cash and non-operating items included in FFO, as defined. Such items include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (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 68.00 694.10 Td (Other adjustments included in MFFO are necessary to address issues that are common to publicly registered, non-listed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 71.52 682.10 Td (s. Publicly registered, non-listed REIT) Tj ET Q q 0 0 0 rg BT 227.18 682.10 Td (s typically have a significant amount of acquisition activity and are substantially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (more dynamic during their initial years of investment and operations. ) Tj ET Q q 0 0 0 rg BT 331.97 670.10 Td (While other start-up entities may also experience ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (significant acquisition activity during their initial years, we believe that non-listed REIT) Tj ET Q q 0 0 0 rg BT 401.99 658.10 Td (s like us are unique in that they have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (limited life with tar) Tj ET Q q 0 0 0 rg BT 127.30 646.10 Td (geted exit strategies within a relatively limited time frame after the acquisition activity ceases. ) Tj ET Q q 0 0 0 rg BT 508.65 646.10 Td (W) Tj ET Q q 0 0 0 rg BT 517.29 646.10 Td (e will use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (the proceeds raised in our of) Tj ET Q q 0 0 0 rg BT 163.39 634.10 Td (ferings to make real estate investments, and intend to begin the process of considering our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (alternatives for the execution of a Liquidity Event \(i.e., a sale of our assets, our sale or mer) Tj ET Q q 0 0 0 rg BT 412.75 622.10 Td (ger) Tj ET Q q 0 0 0 rg BT 425.12 622.10 Td (, a listing of our shares on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (national securities exchange, or another similar transaction\) five to eight years following the end of the Of) Tj ET Q q 0 0 0 rg BT 474.40 610.10 Td (fering. ) Tj ET Q q 0 0 0 rg BT 505.60 610.10 Td (Thus, as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (limited life REIT) Tj ET Q q 0 0 0 rg BT 118.69 598.10 Td ( we will not continuously purchase assets and will have a limited life.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td (The purchase of properties, and the corresponding expenses associated with that process, including acquisition fees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (expenses, is a key operational feature of our business plan to generate operational income and cash flows in order to make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (distributions to our stockholders. MFFO excludes acquisition fees payable to our ) Tj ET Q q 0 0 0 rg BT 378.01 550.10 Td (Advisor and acquisition expenses. Under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 76.12 538.10 Td (, acquisition fees and expenses are characterized as operating expenses in determining operating net income. ) Tj ET Q q 0 0 0 rg BT 514.65 538.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (expenses are paid in cash by us, and therefore such funds will not be available to distribute to our stockholders. ) Tj ET Q q 0 0 0 rg BT 499.05 526.10 Td (All paid and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (accrued acquisition fees and expenses with respect to the acquisition of a property negatively impact our operating performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (during the period in which the property is acquired and will have negative ef) Tj ET Q q 0 0 0 rg BT 356.11 502.10 Td (fects on returns to our stockholders, the potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (for future distributions, and future cash flows, unless earnings from operations or net sales proceeds from the disposition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (other properties are generated to cover the purchase price of the property) Tj ET Q q 0 0 0 rg BT 340.60 478.10 Td (, the related acquisition fees and expenses and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (costs related to such property) Tj ET Q q 0 0 0 rg BT 166.54 466.10 Td (. In addition, if we acquire a property after all of) Tj ET Q q 0 0 0 rg BT 362.11 466.10 Td (fering proceeds from the Of) Tj ET Q q 0 0 0 rg BT 473.55 466.10 Td (fering have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (invested, there will not be any of) Tj ET Q q 0 0 0 rg BT 181.17 454.10 Td (fering proceeds to pay the corresponding acquisition-related costs. ) Tj ET Q q 0 0 0 rg BT 451.09 454.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 500.42 454.10 Td (, unless our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (Advisor determines to waive the payment of any then-outstanding acquisition-related costs otherwise payable to our ) Tj ET Q q 0 0 0 rg BT 516.82 442.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 548.64 442.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (such costs will be paid from additional debt, operational earnings or cash flow) Tj ET Q q 0 0 0 rg BT 362.32 430.10 Td (, net proceeds from the sale of properties, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (ancillary cash flows. ) Tj ET Q q 0 0 0 rg BT 137.29 418.10 Td (Therefore, MFFO may not be an accurate indicator of our operating performance, especially during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (periods in which properties are being acquired. Since MFFO excludes acquisition fees and expenses, MFFO would only be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (comparable to the operations of non-listed REIT) Tj ET Q q 0 0 0 rg BT 243.13 394.10 Td (s that have completed their acquisition activity and have other similar operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (characteristics.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 358.10 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 50.00 346.10 Td (potential future investments. In addition, management uses MFFO to evaluate and establish our distribution policy and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (sustainability thereof. Further) Tj ET Q q 0 0 0 rg BT 170.68 334.10 Td (, we believe MFFO is one of several measures that may be useful to investors in evaluating the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (potential performance of our portfolio following the conclusion of the acquisition phase, as it excludes acquisition fees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (expenses, as described herein.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 286.10 Td (MFFO has limitations as a performance measure in an of) Tj ET Q q 0 0 0 rg BT 295.82 286.10 Td (fering such as ours where the price of a share of common stock is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (a stated value and there is no net asset value determination during the of) Tj ET Q q 0 0 0 rg BT 338.33 274.10 Td (fering stage and for a period thereafter) Tj ET Q q 0 0 0 rg BT 491.59 274.10 Td (. MFFO is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (useful in assisting management and investors in assessing the sustainability \(that is, the capacity to continue to be maintained\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (of operating performance in future operating periods, and in particular) Tj ET Q q 0 0 0 rg BT 330.60 250.10 Td (, after the of) Tj ET Q q 0 0 0 rg BT 379.28 250.10 Td (fering and acquisition stages are complete ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (and net asset value is disclosed. MFFO is not a useful measure in evaluating net asset value because impairments are taken into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (account in determining net asset value but not in determining MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 202.10 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 451.98 202.10 Td ( methodology in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 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 50.00 178.10 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 50.00 166.10 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 454.50 166.10 Td (, but rather should be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (reviewed in conjunction with these and other GAAP) Tj ET Q q 0 0 0 rg BT 259.30 154.10 Td ( measurements. Further) Tj ET Q q 0 0 0 rg BT 355.54 154.10 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 50.00 142.10 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 50.00 130.10 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 59.00 106.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 106.10 Td (As we are currently in the acquisition phase of our life cycle, acquisition costs and other adjustments that are increases to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 94.10 Td (MFFO are, and may continue to be, a significant use of cash and dilutive to the value of an investment in our shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 70.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 70.10 Td (MFFO excludes acquisition fees payable to our ) Tj ET Q q 0 0 0 rg BT 268.35 70.10 Td (Advisor and acquisition expenses. ) Tj ET Q q 0 0 0 rg BT 409.44 70.10 Td (Although these amounts reduce net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 58.10 Td (income, we generally fund such costs with proceeds from the Of) Tj ET Q q 0 0 0 rg BT 334.80 58.10 Td (fering and/or acquisition-related indebtedness and do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 46.10 Td (not consider these fees and expenses in the evaluation of our operating performance and determining MFFO.) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 730.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 730.10 Td (e use an interest rate cap as an economic hedge against the variability of interest rates on one of our variable interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 718.10 Td (rate borrowings. ) Tj ET Q q 0 0 0 rg BT 146.99 718.10 Td (Although we expect to hold this instrument to maturity) Tj ET Q q 0 0 0 rg BT 366.31 718.10 Td (, if we were to settle this instrument currently) Tj ET Q q 0 0 0 rg BT 547.55 718.10 Td (, it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 706.10 Td (would have an impact on our operating performance. ) Tj ET Q q 0 0 0 rg BT 293.59 706.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 343.49 706.10 Td (, this derivative instrument is measured at fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 694.10 Td (on a quarterly basis in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 261.67 694.10 Td (. MFFO excludes gains \(losses\) related to changes in the estimated value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 682.10 Td (of our derivative instrument because such adjustments may not be reflective of ongoing operations and may reflect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 670.10 Td (unrealized impacts on our operating performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 646.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 646.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 646.10 Td (e utilize the definition of FFO as set forth by NAREIT) Tj ET Q q 0 0 0 rg BT 303.20 646.10 Td ( and the definition of MFFO as set forth by the IP) Tj ET Q q 0 0 0 rg BT 500.87 646.10 Td (A. Our FFO ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 634.10 Td (and MFFO as presented may not be comparable to amounts calculated by other REIT) Tj ET Q q 0 0 0 rg BT 418.15 634.10 Td (s, if they use dif) Tj ET Q q 0 0 0 rg BT 482.13 634.10 Td (ferent approaches.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 610.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 610.10 Td (Our business is subject to volatility in the real estate markets and general economic conditions, and adverse changes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 598.10 Td (those conditions could have a material adverse impact on our business, results of operations and MFFO. ) Tj ET Q q 0 0 0 rg BT 497.75 598.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 547.09 598.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 586.10 Td (the predictive nature of MFFO is uncertain and past performance may not be indicative of future results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 562.10 Td (Neither the SEC, NAREIT) Tj ET Q q 0 0 0 rg BT 175.02 562.10 Td ( nor any regulatory body has passed judgment on the acceptability of the adjustments that we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (use to calculate FFO or MFFO. In the future, the SEC, NAREIT) Tj ET Q q 0 0 0 rg BT 309.51 550.10 Td ( or a regulatory body may decide to standardize the allowable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (adjustments across the non-listed REIT) Tj ET Q q 0 0 0 rg BT 207.01 538.10 Td ( industry and we would have to adjust our calculation and characterization of FFO or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 502.10 Td (The following section presents our calculation of FFO and MFFO attributable to common stockholders and provides ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (additional information related to our operations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.04 490.10 Td (three and six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.14 490.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.96 490.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.79 490.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.23 490.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.23 490.10 Td ( and the period from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (inception through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.32 478.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.15 478.10 Td ( \(in thousands, except per share amounts\). ) Tj ET Q q 0 0 0 rg BT 351.88 478.10 Td (As we are in the capital raising and acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (phase of our operations, FFO and MFFO are not useful in comparing operations for the periods presented below) Tj ET Q q 0 0 0 rg BT 498.14 466.10 Td (. ) Tj ET Q q 0 0 0 rg BT 505.46 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 514.10 466.10 Td (e expect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (revenues and expenses to increase in future periods as we raise additional of) Tj ET Q q 0 0 0 rg BT 354.71 454.10 Td (fering proceeds and use them to make additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (real estate investments.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 394.60 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 394.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 394.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 394.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 394.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 394.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 394.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 394.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 394.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 394.60 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 366.60 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 366.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 366.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 366.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 366.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 366.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 366.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 366.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 366.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 366.60 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 329.60 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 329.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 329.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 329.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 329.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 329.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 329.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 329.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 329.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 329.60 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 301.60 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 301.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 301.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 301.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 301.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 301.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 301.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 301.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 301.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 301.60 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 273.60 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 273.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 273.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 273.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 273.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 273.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 273.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 273.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 273.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 273.60 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 236.60 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 236.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 236.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 236.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 236.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 236.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 236.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 236.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 236.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 236.60 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 199.60 225.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 199.60 45.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 199.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 199.60 45.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 199.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 199.60 45.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 199.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 199.60 45.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 199.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 199.60 91.00 -23.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 408.6 m 319.5 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 408.6 m 323.5 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 408.6 m 368.5 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 408.6 m 417.5 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 408.6 m 421.5 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 408.6 m 466.5 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 394.6 m 319.5 394.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 394.6 m 368.5 394.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 394.6 m 417.5 394.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 394.6 m 466.5 394.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 394.6 m 561.5 394.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 394.6 m 368.5 394.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 352.6 m 319.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 352.6 m 368.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 352.6 m 417.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 352.6 m 466.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 352.6 m 561.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 259.6 m 319.5 259.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 259.6 m 368.5 259.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 259.6 m 417.5 259.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 259.6 m 466.5 259.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 259.6 m 561.5 259.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 237.60000000000002 m 319.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 235.60000000000002 m 319.5 235.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 237.60000000000002 m 368.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 235.60000000000002 m 368.5 235.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 237.60000000000002 m 417.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 235.60000000000002 m 417.5 235.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 237.60000000000002 m 466.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 235.60000000000002 m 466.5 235.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 237.60000000000002 m 561.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 235.60000000000002 m 561.5 235.60000000000002 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 413.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 280.05 422.05 Td (Three Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.95 413.05 Td (June 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.45 422.05 Td (Six Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.95 413.05 Td (June 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.05 423.00 Td (Period from July 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.75 414.00 Td (2013 \(date of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 479.70 405.00 Td (inception\) through) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.35 396.05 Td (June 30, 2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.50 399.05 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.50 399.05 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.50 399.05 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.50 399.05 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 385.06 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 385.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 292.75 385.06 Td (\(2,108) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 385.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 385.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.50 385.06 Td (\(780) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.00 385.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.00 385.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.25 385.06 Td (\(11,354) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 385.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 385.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 439.75 385.06 Td (\(2,192) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.00 385.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.00 385.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 385.06 Td (\(29,661) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 385.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 371.06 Td (Depreciation and amortization ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 183.95 375.14 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 295.75 371.06 Td (7,611) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.75 371.06 Td (2,360) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.25 371.06 Td (14,905) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.75 371.06 Td (4,311) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 371.06 Td (34,533) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 357.06 Td () Tj ET Q q 0 0 0 rg BT 71.75 357.06 Td (Adjustments for noncontrolling interests) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 217.48 361.14 Td ( \(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.50 357.06 Td (\(8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 357.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.50 357.06 Td (\(6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.00 357.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.00 357.06 Td (\(15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 357.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.50 357.06 Td (\(7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.00 357.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 357.06 Td (182) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 343.06 Td (Funds From Operations attributable to common) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 334.06 Td (stockholders) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 295.75 334.06 Td (5,495) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.75 334.06 Td (1,574) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.75 334.06 Td (3,536) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.75 334.06 Td (2,112) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 334.06 Td (5,054) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 320.06 Td (Loss \(gain\) on derivative instruments) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 204.47 324.14 Td ( \(3\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.00 320.06 Td (27) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 320.06 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.00 320.06 Td (74) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.50 320.06 Td (4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 320.06 Td (121) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 306.06 Td (Loss \(gain\) on foreign currency) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 183.96 310.14 Td ( \(4\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 299.50 306.06 Td (\(157) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 306.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.00 306.06 Td (83) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.50 306.06 Td (\(233) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 306.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 306.06 Td (\(45) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.00 306.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.50 306.06 Td (\(233) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 306.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 292.06 Td (Other components of revenues and expenses) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 230.20 296.14 Td ( \(5\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 299.50 292.06 Td (\(567) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 292.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.50 292.06 Td (\(256) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.00 292.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.75 292.06 Td (\(1,194) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 292.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 292.06 Td (\(515) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.00 292.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 292.06 Td (\(4,168) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 292.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 278.06 Td (Acquisition fees and expenses ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 180.97 282.14 Td (\(6\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.50 278.06 Td (229) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.50 278.06 Td (357) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.75 278.06 Td (7,363) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.75 278.06 Td (1,747) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 278.06 Td (20,760) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 264.06 Td (Adjustments for noncontrolling interests ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 217.98 268.14 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.00 264.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.00 264.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.50 264.06 Td (\(4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 264.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.50 264.06 Td (\(2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.00 264.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 264.06 Td (\(83) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 264.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 250.06 Td (Modified Funds From Operations attributable to common) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 241.06 Td (stockholders) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 241.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 295.75 241.06 Td (5,027) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 241.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.75 241.06 Td (1,759) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.00 241.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.75 241.06 Td (9,542) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 241.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.75 241.06 Td (3,301) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.00 241.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 241.06 Td (21,451) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 227.06 Td (Basic and diluted income \(loss\) per common share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 227.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 297.25 227.06 Td (\(0.06) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 227.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 227.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 346.25 227.06 Td (\(0.05) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.00 227.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.00 227.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.25 227.06 Td (\(0.36) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 227.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 227.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.25 227.06 Td (\(0.15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.00 227.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.00 227.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 227.06 Td (\(2.86) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 227.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 213.06 Td (Funds From Operations attributable to common) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 204.06 Td (stockholders per common share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 204.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 300.25 204.06 Td (0.16) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 204.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 349.25 204.06 Td (0.10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.00 204.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 398.25 204.06 Td (0.11) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 204.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.25 204.06 Td (0.15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.00 204.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.25 204.06 Td (0.49) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 190.06 Td (Modified Funds From Operations attributable to common) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 181.06 Td (stockholders per common share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 181.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 300.25 181.06 Td (0.15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 181.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 349.25 181.06 Td (0.11) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.00 181.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 398.25 181.06 Td (0.30) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 181.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.25 181.06 Td (0.23) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.00 181.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.25 181.06 Td (2.08) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 167.06 Td (Weighted average shares outstanding) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 291.25 167.06 Td (34,582) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 340.25 167.06 Td (16,014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.25 167.06 Td (31,985) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.25 167.06 Td (14,277) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 167.06 Td (10,303) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.10 Td (Notes to the table:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 115.10 Td (Represents the depreciation and amortization of real estate assets. Historical cost accounting for real estate assets in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 103.10 Td (accordance with GAAP) Tj ET Q q 0 0 0 rg BT 162.59 103.10 Td ( implicitly assumes that the value of real estate assets diminishes predictably over time. Since real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 91.10 Td (estate values have historically risen or fallen with market conditions, we believe that such depreciation and amortization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 79.10 Td (may be of limited relevance in evaluating current operating performance and, as such, these items are excluded from our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 67.10 Td (determination of FFO.) 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 50.00 742.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (Includes income attributable to noncontrolling interests and all adjustments to eliminate the noncontrolling interests) Tj ET Q q 0 0 0 rg BT 533.54 742.10 Td ( share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (of the adjustments to convert our net loss to FFO and MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (Represents components of net income \(loss\) related to the estimated changes in the values of our interest rate contract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td (derivative. ) Tj ET Q q 0 0 0 rg BT 115.30 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 123.94 694.10 Td (e have excluded this change in value from our evaluation of our operating performance and MFFO because ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (such adjustments may not be reflective of our ongoing performance and may reflect unrealized impacts on our operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td (performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (Represents components of net income \(loss\) primarily resulting from transactions that are denominated in currencies other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td (than our functional currencies. ) Tj ET Q q 0 0 0 rg BT 194.99 634.10 Td (W) Tj ET Q q 0 0 0 rg BT 203.63 634.10 Td (e have excluded these changes in value from our evaluation of our operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (performance and MFFO because such adjustments may not be reflective of our ongoing performance and may reflect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (unrealized impacts on our operating performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td (Includes the 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 68.00 574.10 Td (performance and determining MFFO for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.39 574.10 Td (three and six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.49 574.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.31 574.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.14 574.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.58 574.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.58 574.10 Td ( and the period from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 562.10 Td (inception through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.32 562.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.15 562.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 514.60 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 514.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 514.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 514.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 514.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 514.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 514.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 514.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 514.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 514.60 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 486.60 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 486.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 486.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 486.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 486.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 486.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 486.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 486.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 486.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 486.60 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 458.60 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 458.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 458.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 458.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 458.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 458.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 458.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 458.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 458.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 458.60 91.00 -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 274.5 528.6 m 319.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 528.6 m 323.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 528.6 m 368.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 528.6 m 417.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 528.6 m 421.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 528.6 m 466.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 514.6 m 319.5 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 514.6 m 368.5 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 514.6 m 417.5 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 514.6 m 466.5 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 514.6 m 561.5 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 458.6 m 319.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 458.6 m 368.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 458.6 m 417.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 458.6 m 466.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 458.6 m 561.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 445.6 m 319.5 445.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 443.6 m 319.5 443.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 445.6 m 368.5 445.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 443.6 m 368.5 443.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 445.6 m 417.5 445.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 443.6 m 417.5 443.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 445.6 m 466.5 445.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 443.6 m 466.5 443.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 445.6 m 561.5 445.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 443.6 m 561.5 443.6 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 533.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 280.05 542.05 Td (Three Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.95 533.05 Td (June 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.45 542.05 Td (Six Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.95 533.05 Td (June 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.05 543.00 Td (Period fr) Tj ET Q q 0 0 0 rg BT 510.62 543.00 Td (om July 31, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.75 534.00 Td (2013 \(date of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 479.70 525.00 Td (inception\) thr) Tj ET Q q 0 0 0 rg BT 532.28 525.00 Td (ough ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.35 516.05 Td (June 30, 2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.50 519.05 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.50 519.05 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.50 519.05 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.50 519.05 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 505.86 Td (Straight-line rent adjustment ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 157.23 509.94 Td (\(a\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 505.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 299.50 505.06 Td (\(360) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 505.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 505.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.50 505.06 Td (\(164) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.00 505.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.00 505.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.50 505.06 Td (\(760) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 505.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 505.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 505.06 Td (\(333) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.00 505.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.00 505.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 505.06 Td (\(3,289) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 505.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 491.86 Td (Amortization of lease incentives ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 170.96 495.94 Td (\(b\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.00 491.06 Td (22) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 491.06 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.00 491.06 Td (29) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.50 491.06 Td (3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 491.06 Td (36) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 477.86 Td (Amortization of out-of-market leases) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 185.70 481.94 Td ( \(b\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 299.50 477.06 Td (\(282) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 477.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 353.00 477.06 Td (\(93) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.00 477.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.50 477.06 Td (\(569) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 477.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 477.06 Td (\(185) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.00 477.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 477.06 Td (\(1,021) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 477.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 463.86 Td (Other) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.00 463.06 Td (53) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.00 463.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.50 463.06 Td (106) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 463.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 463.06 Td (106) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 449.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 449.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 299.50 449.06 Td (\(567) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 449.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 449.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.50 449.06 Td (\(256) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.00 449.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.00 449.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.75 449.06 Td (\(1,194) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 449.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 449.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 449.06 Td (\(515) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.00 449.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.00 449.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 449.06 Td (\(4,168) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 449.06 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 425.90 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 425.90 Td (Represents the adjustments to rental revenue as required by GAAP) Tj ET Q q 0 0 0 rg BT 344.06 425.90 Td ( to recognize minimum lease payments on a straight-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 413.90 Td (line basis over the respective lease terms. ) Tj ET Q q 0 0 0 rg BT 247.03 413.90 Td (W) Tj ET Q q 0 0 0 rg BT 255.67 413.90 Td (e have excluded these adjustments from our evaluation of our operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 401.90 Td (performance and in determining MFFO because we believe that the rent that is billable during the current period is a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 389.90 Td (more relevant measure of our operating performance for such period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 365.90 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 365.90 Td (Represents the amortization of lease incentives and out-of-market leases.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 341.90 Td (\(6\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 341.90 Td (Represents acquisition expenses and acquisition fees paid to our ) Tj ET Q q 0 0 0 rg BT 326.55 341.90 Td (Advisor which are expensed in our condensed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 329.90 Td (consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 225.56 329.90 Td (W) Tj ET Q q 0 0 0 rg BT 234.20 329.90 Td (e fund such costs with proceeds from the Of) Tj ET Q q 0 0 0 rg BT 410.64 329.90 Td (fering and/or acquisition-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 317.90 Td (indebtedness, and therefore do not consider these expenses in evaluating our operating performance and determining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 305.90 Td (MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 281.90 Td (Set forth below is additional information relating to certain items excluded from the analysis above which may be helpful ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 269.90 Td (in assessing our operating results:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 245.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 245.90 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.61 245.90 Td (three and six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.70 245.90 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.53 245.90 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.36 245.90 Td (, we incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.33 245.90 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.22 245.90 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.66 245.90 Td ($0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.55 245.90 Td ( in distribution and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 233.90 Td (stockholder servicing fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 209.90 Td (In addition, commencing with the quarter ended December 31, 2014, our ) Tj ET Q q 0 0 0 rg BT 361.80 209.90 Td (Advisor agreed to waive the asset management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 197.90 Td (fees for each quarter through December 31, 2016, to the extent that our MFFO, for a particular quarter) Tj ET Q q 0 0 0 rg BT 458.90 197.90 Td (, as disclosed in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 185.90 Td (Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as applicable, amounts to less than 100% of the aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.90 Td (distributions declared to our stockholders for such quarter) Tj ET Q q 0 0 0 rg BT 280.78 173.90 Td (. Our ) Tj ET Q q 0 0 0 rg BT 305.78 173.90 Td (Advisor has also agreed to waive the asset management fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.90 Td (otherwise payable to it for the quarter ended March31, 2017 to the extent that our MFFO for such quarter) Tj ET Q q 0 0 0 rg BT 473.37 161.90 Td (, as reduced to reflect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.90 Td (the distribution and stockholder servicing fees payable for such quarter) Tj ET Q q 0 0 0 rg BT 333.68 149.90 Td (, as disclosed in our Quarterly Report on Form 10-Q, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.90 Td (amounts to less than 100% of the aggregate distributions declared to our stockholders for that quarter) Tj ET Q q 0 0 0 rg BT 454.06 137.90 Td (.) 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 68.00 730.10 Td (The table below provides additional information regarding our asset management fees and related waivers, for the periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (presented below \(in thousands\). Our ) Tj ET Q q 0 0 0 rg BT 199.69 718.10 Td (Advisor did ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.69 718.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.69 718.10 Td (t waive any asset management fees payable to it during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.67 718.10 Td (three and six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.76 718.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.33 706.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.16 706.10 Td (. ) Tj ET Q q 0 0 0 rg BT 171.10 706.10 Td (As a result of these fee waivers, cash flows from operations that would have been paid to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Advisor for asset management feesmay be available to pay distributions to stockholders. ) Tj ET Q q 0 0 0 rg BT 411.12 694.10 Td (These fee waivers are not deferrals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (and accordingly) Tj ET Q q 0 0 0 rg BT 113.49 682.10 Td (, any fees that are waived will not be paid to our ) Tj ET Q q 0 0 0 rg BT 308.15 682.10 Td (Advisor in cash at any time in the future. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 647.60 206.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 647.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 647.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 647.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 647.60 108.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 647.60 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 647.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 617.60 206.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 617.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 617.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 617.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 617.60 108.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 617.60 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 617.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 587.60 206.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 587.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 587.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 587.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 587.60 108.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 587.60 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 587.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 558.60 206.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 558.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 558.60 88.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 558.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 558.60 108.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 558.60 7.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 558.60 95.00 -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 49.5 647.6 m 255.5 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 647.6 m 347.5 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 647.6 m 459.5 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 647.6 m 561.5 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 587.6 m 561.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 587.6 m 347.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 573.6 m 347.5 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 571.6 m 347.5 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 587.6 m 459.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 573.6 m 459.5 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 571.6 m 459.5 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 587.6 m 561.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 573.6 m 561.5 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 571.6 m 561.5 571.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 652.28 Td (For the Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.30 662.28 Td (Asset Management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.70 652.28 Td (Fee Pr) Tj ET Q q 0 0 0 rg BT 297.55 652.28 Td (e-W) Tj ET Q q 0 0 0 rg BT 314.77 652.28 Td (aiver) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.55 662.28 Td (Asset Management Fee ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.85 652.28 Td (W) Tj ET Q q 0 0 0 rg BT 398.30 652.28 Td (aived) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 662.28 Td (Asset Management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.45 652.28 Td (Fee Post-W) Tj ET Q q 0 0 0 rg BT 527.04 652.28 Td (aiver) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 637.27 Td (December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 637.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 637.27 Td (751) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 637.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 637.27 Td (242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 637.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 637.27 Td (509) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 622.27 Td (September 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 622.27 Td (708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 622.27 Td (269) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 622.27 Td (439) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 607.27 Td (June 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 607.27 Td (377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 607.27 Td (377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 607.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 592.27 Td (March 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 592.27 Td (364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 592.27 Td (364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 592.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 577.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 577.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.15 577.27 Td (2,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 577.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 577.27 Td (1,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 577.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 577.27 Td (948) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 548.27 Td (Period from July 31, 2013 \(date of inception\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 538.27 Td (through June 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 538.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.15 538.27 Td (5,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 538.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 538.27 Td (1,851) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 538.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 538.27 Td (3,636) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 510.10 Td (As noted previously) Tj ET Q q 0 0 0 rg BT 147.90 510.10 Td (, our cash flows from operations have been and may continue to be insuf) Tj ET Q q 0 0 0 rg BT 438.19 510.10 Td (ficient to fund distributions to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (stockholders. ) Tj ET Q q 0 0 0 rg BT 107.87 498.10 Td (W) Tj ET Q q 0 0 0 rg BT 116.50 498.10 Td (e may continue to choose to use proceeds from our debt financings, proceeds from the Of) Tj ET Q q 0 0 0 rg BT 473.99 498.10 Td (fering, cash advances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 486.10 Td (from our ) Tj ET Q q 0 0 0 rg BT 87.22 486.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 119.04 486.10 Td (, cash resulting from a waiver or deferral of fees and/or proceeds from the sale of assets to fund distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (to our stockholders. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.26 474.10 Td (six months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.26 474.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.76 474.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.59 474.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.03 474.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.03 474.10 Td (, we funded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.46 474.10 Td (45%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.79 474.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.22 474.10 Td (44%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.55 474.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 491.22 474.10 Td (, of total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (distributions with cash flows from financing activities, which includes of) Tj ET Q q 0 0 0 rg BT 341.99 462.10 Td (fering proceeds. Our ) Tj ET Q q 0 0 0 rg BT 426.40 462.10 Td (Advisor waived $0.7 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 450.10 Td (asset management fees payable to it for the six months ended June 30, 2016. ) Tj ET Q q 0 0 0 rg BT 358.08 450.10 Td (W) Tj ET Q q 0 0 0 rg BT 366.71 450.10 Td (e have not placed a cap on the amount of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 438.10 Td (distributions that may be paid from sources other than cash flows from operations, including proceeds from our debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td (financings, proceeds from the Of) Tj ET Q q 0 0 0 rg BT 181.72 426.10 Td (fering, cash advances by our ) Tj ET Q q 0 0 0 rg BT 297.79 426.10 Td (Advisor and cash resulting from a waiver or deferral of fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 402.10 Td (From inception through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.49 402.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.32 402.10 Td (, we declared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.84 402.10 Td ($21.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.73 402.10 Td ( of distributions to our stockholders, compared to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 390.10 Td (total aggregate FFO of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.31 390.10 Td ($5.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.20 390.10 Td ( and our total aggregate net loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.71 390.10 Td ($29.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.61 390.10 Td ( for that period. During the Of) Tj ET Q q 0 0 0 rg BT 509.73 390.10 Td (fering and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.10 Td (investment stages, we incur acquisition fees and expenses in connection with our real estate investments, which are recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.10 Td (reductions to net income \(loss\) and FFO. From inception through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.08 366.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.91 366.10 Td (, we incurred acquisition fees and expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.10 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.05 354.10 Td ($20.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.94 354.10 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.55 354.10 Td (six months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.55 354.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.05 354.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.88 354.10 Td (, we declared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.40 354.10 Td ($8.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.29 354.10 Td ( of distributions to our stockholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.10 Td (compared to our total aggregate FFO of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.34 342.10 Td ($3.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.23 342.10 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.84 342.10 Td (six months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.84 342.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.34 342.10 Td (June30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.17 342.10 Td (, we declared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.69 342.10 Td ($4.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.58 342.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.10 Td (distributions to our stockholders compared to our total aggregate FFO of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.00 330.10 Td ($2.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.89 330.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (Related Party ) Tj ET Q q 0 0 0 rg BT 111.46 306.10 Td (T) Tj ET Q q 0 0 0 rg BT 117.39 306.10 Td (ransactions and ) Tj ET Q q 0 0 0 rg BT 186.86 306.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 203.33 306.10 Td (eements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 282.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 282.10 Td (e have entered into agreements with our ) Tj ET Q q 0 0 0 rg BT 238.52 282.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 270.34 282.10 Td (, Dealer Manager and Hines and its af) Tj ET Q q 0 0 0 rg BT 421.77 282.10 Td (filiates, whereby we pay certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 270.10 Td (fees and reimbursements to these entities during the various phases of our or) Tj ET Q q 0 0 0 rg BT 355.85 270.10 Td (ganization and operation. During the or) Tj ET Q q 0 0 0 rg BT 515.90 270.10 Td (ganization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 258.10 Td (and of) Tj ET Q q 0 0 0 rg BT 75.09 258.10 Td (fering stage, these include payments to our Dealer Manager for selling commissions, the dealer manager fee, distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 246.10 Td (and stockholder servicing fees, and payments to our ) Tj ET Q q 0 0 0 rg BT 259.67 246.10 Td (Advisor for reimbursement of issuer costs. During the acquisition and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 234.10 Td (operational stages, these include payments for certain services related to acquisitions, financing and management of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 222.10 Td (investments and operations provided to us by our ) Tj ET Q q 0 0 0 rg BT 248.86 222.10 Td (Advisor and Hines and its af) Tj ET Q q 0 0 0 rg BT 362.83 222.10 Td (filiates pursuant to various agreements we have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 210.10 Td (entered into with these entities. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.63 210.10 Td (Note 8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.56 210.10 Td ( Related Party ) Tj ET Q q 0 0 0 rg BT 295.03 210.10 Td (T) Tj ET Q q 0 0 0 rg BT 300.79 210.10 Td (ransactions in Item 1 of this Quarterly Report on Form 10-Q, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 198.10 Td (well as Note 8 Related Party ) Tj ET Q q 0 0 0 rg BT 178.96 198.10 Td (T) Tj ET Q q 0 0 0 rg BT 184.71 198.10 Td (ransactions in our ) Tj ET Q q 0 0 0 rg BT 257.75 198.10 Td (Annual Report on Form 10-K for the year ended December 31, 2016 for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 186.10 Td (additional information concerning our related party transactions and agreements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 162.10 Td (Off-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 129.43 162.10 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 138.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 138.10 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.27 138.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.71 138.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.30 138.10 Td (, we had no of) Tj ET Q q 0 0 0 rg BT 303.04 138.10 Td (f-balance sheet arrangements that have or are reasonably likely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 126.10 Td (to have a current or future ef) Tj ET Q q 0 0 0 rg BT 164.20 126.10 Td (fect on our financial condition, changes in financial condition, revenues or expenses, results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 114.10 Td (operations, liquidity) Tj ET Q q 0 0 0 rg BT 129.90 114.10 Td (, capital expenditures or capital resources.) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Subsequent Events) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td (Public Offering) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 694.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 694.25 Td (e expect to file a registration statement on Form S-1) Tj ET Q q 0 0 0 rg BT 283.76 694.25 Td (1 with the Securities and Exchange Commission for a follow-on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (public of) Tj ET Q q 0 0 0 rg BT 85.14 682.25 Td (fering on or before ) Tj ET Q q 0 0 0 rg BT 162.34 682.25 Td (August 18, 2017, and in connection therewith, on ) Tj ET Q q 0 0 0 rg BT 362.03 682.25 Td (August 9, 2017, our board of directors approved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (the extension of the Of) Tj ET Q q 0 0 0 rg BT 140.96 670.25 Td (fering until a date to be determined in its sole discretion. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (Item3.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 79.99 646.25 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 0 rg BT 254.63 646.25 Td (About Market Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.25 Td (Market risk includes risks that arise from changes in interest rates, foreign currency exchange rates, commodity prices, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (equity prices and other market changes that af) Tj ET Q q 0 0 0 rg BT 233.91 610.25 Td (fect market-sensitive instruments. In pursuing our business plan, we believe that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (interest rate risk, currency risk and real estate valuation risk are the primary market risks to which we are exposed. ) Tj ET Q q 0 0 0 rg BT 512.33 598.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.83 586.25 Td (, we were exposed to the market risks listed below) Tj ET Q q 0 0 0 rg BT 306.79 586.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 562.25 Td (Inter) Tj ET Q q 0 0 0 rg BT 87.07 562.25 Td (est ) Tj ET Q q 0 0 0 rg BT 100.68 562.25 Td (Rate ) Tj ET Q q 0 0 0 rg BT 121.50 562.25 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 538.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 538.25 Td (e are exposed to the ef) Tj ET Q q 0 0 0 rg BT 166.13 538.25 Td (fects of interest rate changes primarily as a result of debt used to maintain liquidity and fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (expansion of our real estate investment portfolio and operations. ) Tj ET Q q 0 0 0 rg BT 311.88 526.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.32 526.25 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 526.25 Td (, we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.25 526.25 Td ($152.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.14 526.25 Td ( of variable-rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (debt outstanding. If 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 403.78 514.25 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.67 514.25 Td ( in interest expense. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 502.25 Td (, we have entered into interest rate caps to limit our exposure to rising interest rates related to our mortgage loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (secured by Bishop) Tj ET Q q 0 0 0 rg BT 126.66 490.25 Td (s Square and the Montrose Student Residences. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.28 490.25 Td (Note 5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.22 490.25 Td ( Debt Financing in the Notes to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (Condensed Consolidated Financial Statements for more information concerning our outstanding debt.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 454.25 Td (For) Tj ET Q q 0 0 0 rg BT 82.63 454.25 Td (eign ) Tj ET Q q 0 0 0 rg BT 102.35 454.25 Td (Curr) Tj ET Q q 0 0 0 rg BT 121.43 454.25 Td (ency ) Tj ET Q q 0 0 0 rg BT 142.24 454.25 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 430.25 Td (Our investments in Bishop) Tj ET Q q 0 0 0 rg BT 177.72 430.25 Td (s Square and the Montrose Student Residences are subject to the ef) Tj ET Q q 0 0 0 rg BT 445.52 430.25 Td (fects of exchange rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (movements between the Euro and the U.S. dollar) Tj ET Q q 0 0 0 rg BT 245.94 418.25 Td (, which may af) Tj ET Q q 0 0 0 rg BT 305.18 418.25 Td (fect future costs and cash flows as well as amounts translated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (into U.S. dollars for inclusion in our condensed consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 382.25 406.25 Td (W) Tj ET Q q 0 0 0 rg BT 390.89 406.25 Td (e have entered into mortgage loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (denominated in Euros for these investments, which provides a natural hedge with regard to changes in exchange rates between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (the Euro and U.S. dollar and reduces our exposure to exchange rate dif) Tj ET Q q 0 0 0 rg BT 333.05 382.25 Td (ferences. ) Tj ET Q q 0 0 0 rg BT 373.31 382.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 423.21 382.25 Td (, we are typically a net receiver of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (Euros, and, as a result, our foreign operations benefit from a weaker U.S. dollar and are adversely af) Tj ET Q q 0 0 0 rg BT 450.78 370.25 Td (fected by a stronger U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (dollar) Tj ET Q q 0 0 0 rg BT 72.77 358.25 Td (. Based upon our analysis, a 10% immediate, unfavorable change in the exchange rate between the Euro and U.S. dollar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (would have decreased the net book value of our investment in Bishop) Tj ET Q q 0 0 0 rg BT 331.32 346.25 Td (s Square and the Montrose Student Residences by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 334.25 Td ($4.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.15 334.25 Td ( and would have reduced the net income \(loss\) of Bishop) Tj ET Q q 0 0 0 rg BT 389.65 334.25 Td (s Square and the Montrose Student ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (Residences by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.99 322.25 Td ($320,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.49 322.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 298.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 93.83 298.25 Td (Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 274.25 Td (As described elsewhere in this Quarterly Report on Form 10-Q, our ) Tj ET Q q 0 0 0 rg BT 340.16 274.25 Td (Advisor agreed to waive the asset management fee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (otherwise payable to it pursuant to our ) Tj ET Q q 0 0 0 rg BT 205.80 262.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 244.97 262.25 Td (Agreement for each of the quarters in 2014 through 2016 and the first quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (of 2017, to the extent that our MFFO for such quarter) Tj ET Q q 0 0 0 rg BT 263.73 250.25 Td (, as reduced to reflect the distribution and stockholder servicing fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (payable for such quarter) Tj ET Q q 0 0 0 rg BT 146.50 238.25 Td (, as disclosed in our ) Tj ET Q q 0 0 0 rg BT 227.60 238.25 Td (Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as applicable, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (amounts to less than 100% of the aggregate distributions declared for such quarter) Tj ET Q q 0 0 0 rg BT 378.24 226.25 Td (. ) Tj ET Q q 0 0 0 rg BT 385.56 226.25 Td (There can be no assurances that our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (Advisor will elect to continue this waiver in future periods, and if not, cash available to pay distributions in future periods may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (be reduced.) 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 (Item4.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 79.99 742.25 Td (Controls and Procedures) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 89.82 718.25 Td (e Contr) Tj ET Q q 0 0 0 rg BT 122.13 718.25 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 165.29 718.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 194.55 718.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 694.25 Td (In accordance with Exchange ) Tj ET Q q 0 0 0 rg BT 187.94 694.25 Td (Act Rules13a-15 and 15d-15, we carried out an evaluation, under the supervision and with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (the participation of management, including our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 318.34 682.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 430.90 682.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 448.81 682.25 Td (, of the ef) Tj ET Q q 0 0 0 rg BT 486.95 682.25 Td (fectiveness of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, our Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 102.85 658.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 215.41 658.25 Td (ficer concluded that our disclosure controls and procedures were ef) Tj ET Q q 0 0 0 rg BT 483.73 658.25 Td (fective as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.83 646.25 Td (, to provide reasonable assurance that information required to be disclosed in our reports filed or submitted under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (the Exchange ) Tj ET Q q 0 0 0 rg BT 106.09 634.25 Td (Act is \(i\)recorded, processed, summarized and reported within the time periods specified in the Securities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (Exchange Commission) Tj ET Q q 0 0 0 rg BT 145.27 622.25 Td (s rules and forms, and \(ii\)accumulated and communicated to our management, including our Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 102.85 610.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 215.41 610.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 233.32 610.25 Td (, as appropriate to allow timely decisions regarding required disclosure.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (Change in Internal Contr) Tj ET Q q 0 0 0 rg BT 158.99 586.25 Td (ols) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 562.25 Td (No changes have occurred in our internal controls over financial reporting \(asdefined in Rule13a-15\(f\) of the Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (Act\) during the quarter ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.79 550.25 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.62 550.25 Td ( that has materially af) Tj ET Q q 0 0 0 rg BT 313.07 550.25 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 494.48 550.25 Td (fect, our internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 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 50.00 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 55.37 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 69.46 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 75.95 742.25 Td ( II - OTHER INFORMA) Tj ET Q q 0 0 0 rg BT 181.32 742.25 Td (TION) 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, we or our subsidiaries may become subject to legal proceedings, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (claims or disputes. ) Tj ET Q q 0 0 0 rg BT 129.16 682.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.05 682.25 Td (August14, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.44 682.25 Td (, neither we nor any of our subsidiaries were a party to any material pending legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (proceedings.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (Item1A. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 89.21 646.25 Td (Risk Factors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 622.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 622.25 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 q 0 0 0 rg BT 529.07 622.25 Td (Annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.25 Td (Report on Form 10-K for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.90 610.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.48 610.25 Td (. ) Tj ET Q q 0 0 0 rg BT 299.80 610.25 Td (W) Tj ET Q q 0 0 0 rg BT 308.84 610.25 Td (ith the exception of the risk factors set forth below) Tj ET Q q 0 0 0 rg BT 510.08 610.25 Td (, there have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.25 Td (been no material changes to the risk factors set forth under Part I, Item 1A, Risk Factors in our ) Tj ET Q q 0 0 0 rg BT 438.56 598.25 Td (Annual Report on Form 10-K ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.25 Td (for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.46 586.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.04 586.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 562.25 Td (W) Tj ET Q q 0 0 0 rg BT 75.65 562.25 Td (e of) Tj ET Q q 0 0 0 rg BT 90.74 562.25 Td (fer two share redemption programs for stockholders seeking liquidity of their shares. However) Tj ET Q q 0 0 0 rg BT 480.20 562.25 Td (, there is no public ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 Td (market for our common shares; therefore, it will be dif) Tj ET Q q 0 0 0 rg BT 274.32 550.25 Td (ficult for our stockholders to sell their shares and, if they are able to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 538.25 Td (sell their shares, they will likely sell them at a substantial discount.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 514.25 Td (There is no public market for our common shares, and we do not expect one to develop. ) Tj ET Q q 0 0 0 rg BT 429.88 514.25 Td (W) Tj ET Q q 0 0 0 rg BT 438.52 514.25 Td (e have a share redemption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 Td (program, applicable to both Class ) Tj ET Q q 0 0 0 rg BT 186.14 502.25 Td (A) Tj ET Q q 0 0 0 rg BT 192.81 502.25 Td ( Shares and Class ) Tj ET Q q 0 0 0 rg BT 265.40 502.25 Td (T) Tj ET Q q 0 0 0 rg BT 271.33 502.25 Td ( Shares and a share redemption program applicable to Class I Shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td (and Class J Shares, but each is limited in terms of the amount of shares which may be redeemed. It will therefore be dif) Tj ET Q q 0 0 0 rg BT 529.18 490.25 Td (ficult ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (for our stockholders) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 130.04 478.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.54 478.25 Td (to sell their shares of common stock promptly or at all. ) Tj ET Q q 0 0 0 rg BT 356.11 478.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 406.01 478.25 Td (, our charter contains restrictions on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (the ownership and transfer of our shares, and these restrictions may limit the ability of our stockholders) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 463.01 466.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.51 466.25 Td (to sell their shares. If ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.25 Td (our stockholders) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 115.88 454.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.38 454.25 Td (are able to sell their shares, they may only be able to sell them at a substantial discount from the price they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.25 Td (paid. ) Tj ET Q q 0 0 0 rg BT 74.04 442.25 Td (This may be the result, in part, of the fact that the amount of funds available for investment are reduced by funds used to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.25 Td (pay certain up-front fees and expenses, including or) Tj ET Q q 0 0 0 rg BT 256.47 430.25 Td (ganization and of) Tj ET Q q 0 0 0 rg BT 325.71 430.25 Td (fering costs, such as issuer costs, selling commissions, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.25 Td (the dealer manager fees and acquisition fees and expenses in connection with our public of) Tj ET Q q 0 0 0 rg BT 412.52 418.25 Td (ferings. Unless our aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.25 Td (investments increase in value to compensate for these up-front fees and expenses, which may not occur) Tj ET Q q 0 0 0 rg BT 462.29 406.25 Td (, it is unlikely that our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.25 Td (stockholders will be able to sell their shares, without incurring a substantial loss. Our stockholders may also experience ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.25 Td (substantial losses if we dispose of our assets or in connection with a liquidation event. ) Tj ET Q q 0 0 0 rg BT 398.43 382.25 Td (W) Tj ET Q q 0 0 0 rg BT 407.06 382.25 Td (e cannot assure our stockholders that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.25 Td (their shares will ever appreciate in value to equal the price they paid for their shares. ) Tj ET Q q 0 0 0 rg BT 391.96 370.25 Td (Thus, prospective stockholders should ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.25 Td (consider our common shares as illiquid and a long-term investment, and they must be prepared to hold their shares for an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 Td (indefinite length of time. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 322.25 Td (The availability and timing of distributions to our stockholders is uncertain and cannot be assured.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 298.25 Td (There is no assurance that distributions will continue to be authorized and paid. ) Tj ET Q q 0 0 0 rg BT 395.74 298.25 Td (W) Tj ET Q q 0 0 0 rg BT 404.37 298.25 Td (e cannot assure our stockholders that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.25 Td (we will have suf) Tj ET Q q 0 0 0 rg BT 115.13 286.25 Td (ficient cash to pay distributions to our stockholders or that the amount of any such distributions will increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 Td (over time. In addition, the distribution and stockholder servicing fees payable with respect to Class ) Tj ET Q q 0 0 0 rg BT 449.78 274.25 Td (T) Tj ET Q q 0 0 0 rg BT 455.71 274.25 Td ( Shares and Class I Shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (issued in the primary of) Tj ET Q q 0 0 0 rg BT 144.30 262.25 Td (fering will reduce the amount of funds available for distribution with respect to all Class ) Tj ET Q q 0 0 0 rg BT 499.86 262.25 Td (T) Tj ET Q q 0 0 0 rg BT 505.79 262.25 Td ( Shares and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 Td (Class I Shares, as applicable \(including Class ) Tj ET Q q 0 0 0 rg BT 233.17 250.25 Td (T) Tj ET Q q 0 0 0 rg BT 239.10 250.25 Td ( Shares and Class I Shares issued pursuant to the distribution reinvestment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.25 Td (plan\). Further) Tj ET Q q 0 0 0 rg BT 106.58 238.25 Td (, because the distribution and stockholder servicing fees payable with respect to Class ) Tj ET Q q 0 0 0 rg BT 451.86 238.25 Td (T) Tj ET Q q 0 0 0 rg BT 457.79 238.25 Td ( Shares are higher than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 Td (those payable with respect to Class I Shares, distributions with respect to Class ) Tj ET Q q 0 0 0 rg BT 367.60 226.25 Td (T) Tj ET Q q 0 0 0 rg BT 373.53 226.25 Td ( Shares will be lower than distributions with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.25 Td (respect to Class I Shares. Should we fail for any reason to distribute at least 90% of our REIT) Tj ET Q q 0 0 0 rg BT 425.90 214.25 Td ( taxable income, we would not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.25 Td (qualify for the favorable tax treatment accorded to REIT) Tj ET Q q 0 0 0 rg BT 274.81 202.25 Td (s.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 178.25 Td (The ability of our stockholders to have their shares redeemed is limited under our share redemption programs and may ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 166.25 Td (be more limited for holders of Class ) Tj ET Q q 0 0 0 rg BT 198.85 166.25 Td (A) Tj ET Q q 0 0 0 rg BT 204.97 166.25 Td ( Shares and Class T Shares than for holders of Class I Shares and Class J Shares. If ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 154.25 Td (our stockholders are able to have their shares redeemed, it may be at a price that is less than the price our stockholders paid ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 142.25 Td (for the shares and the then-current market value of the shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 118.25 Td (Each of our share redemption programs contains significant restrictions and limitations. For example, only stockholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.25 Td (who purchase their shares directly from us or who received their shares through a non-cash transaction, not in the secondary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.25 Td (market, are eligible to participate, holders of Class ) Tj ET Q q 0 0 0 rg BT 253.32 94.25 Td (A) Tj ET Q q 0 0 0 rg BT 259.99 94.25 Td ( Shares and Class ) Tj ET Q q 0 0 0 rg BT 332.58 94.25 Td (T) Tj ET Q q 0 0 0 rg BT 338.51 94.25 Td ( Shares must generally hold their shares for a minimum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.25 Td (of one year before they can participate in our share redemption program and if holders of Class I Shares and Class J Shares do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.25 Td (not hold their shares for a minimum of one year) Tj ET Q q 0 0 0 rg BT 240.44 70.25 Td (, then they will only be eligible for redemption at 95% of the redemption price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.25 Td (that would otherwise apply) Tj ET Q q 0 0 0 rg BT 157.44 58.25 Td (. ) Tj ET Q q 0 0 0 rg BT 164.76 58.25 Td (The terms of our share redemption program applicable to Class I Shares and Class J Shares may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 46.25 Td (provide holders of Class I Shares and Class J Shares with a greater opportunity to have their shares redeemed than holders of ) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 73.12 742.10 Td (A) Tj ET Q q 0 0 0 rg BT 79.79 742.10 Td ( Shares and Class ) Tj ET Q q 0 0 0 rg BT 152.38 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 158.30 742.10 Td ( Shares. ) Tj ET Q q 0 0 0 rg BT 194.78 742.10 Td (The limit on the amount of shares that may be redeemed under our share redemption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (program applicable to Class I Shares and Class J Shares is higher than the limit on our share redemption program applicable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 73.12 718.10 Td (A) Tj ET Q q 0 0 0 rg BT 79.79 718.10 Td ( Shares and Class ) Tj ET Q q 0 0 0 rg BT 152.38 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 158.30 718.10 Td ( Shares. In addition, the funds available for redemptions under our share redemption program ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (applicable to Class ) Tj ET Q q 0 0 0 rg BT 126.99 706.10 Td (A) Tj ET Q q 0 0 0 rg BT 133.66 706.10 Td ( Shares and Class ) Tj ET Q q 0 0 0 rg BT 206.24 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 212.17 706.10 Td ( Shares are generally limited to funds received from the distribution reinvestment plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (in the prior month; whereas unless our board of directors determines otherwise, we intend to fund redemptions pursuant to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (share redemption program applicable to Class I Shares and Class J Shares from any available cash sources at our disposal. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (board of directors may terminate, suspend or amend each of the share redemption programs without stockholder approval. ) Tj ET Q q 0 0 0 rg BT 542.68 670.10 Td (As a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (result of these limitations, the redemption price our stockholders may receive upon any such redemption may not be indicative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (of the price our stockholders would receive if our shares were actively traded or if we were liquidated, and our stockholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (should not assume that they will be able to sell all or any portion of their shares back to us pursuant to our share redemption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (programs or to third parties at a price that reflects the then current market value of the shares or at all. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 598.10 Td (The U.S. Department of Labor) Tj ET Q q 0 0 0 rg BT 193.06 598.10 Td (, or DOL, has adopted certain amendments, including an amendment to the definition of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (fiduciary under the Employee Retirement Income Security ) Tj ET Q q 0 0 0 rg BT 302.17 586.10 Td (Act of 1974, as amended, or ERISA, and the Code, which ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (could impact our ability to raise significant additional capital in this of) Tj ET Q q 0 0 0 rg BT 340.18 574.10 Td (fering.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.50 550.10 Td (The DOL) Tj ET Q q 0 0 0 rg BT 109.73 550.10 Td ( has adopted certain amendments, including an amendment to the definition of fiduciary under ERISA) Tj ET Q q 0 0 0 rg BT 527.11 550.10 Td ( and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (Code. ) Tj ET Q q 0 0 0 rg BT 77.93 538.10 Td (The amendments have broadened the definition of fiduciary and have changed the prohibited transaction exemptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (relating to investments by employee benefit plans subject to ) Tj ET Q q 0 0 0 rg BT 291.76 526.10 Td (T) Tj ET Q q 0 0 0 rg BT 297.52 526.10 Td (itle I of ERISA) Tj ET Q q 0 0 0 rg BT 357.79 526.10 Td ( or retirement plans or accounts subject to Section ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (4975 of the Code \(including individual retirement accounts\). ) Tj ET Q q 0 0 0 rg BT 297.03 514.10 Td (The amendments took ef) Tj ET Q q 0 0 0 rg BT 395.99 514.10 Td (fect in 2016, with implementation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (scheduled to commence on ) Tj ET Q q 0 0 0 rg BT 160.02 502.10 Td (April 10, 2017 and continue through January 1, 2018; however) Tj ET Q q 0 0 0 rg BT 411.52 502.10 Td (, the initial implementation date was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (delayed until June 9, 2017. On February 3, 2017, a Presidential Memorandum was issued directing the DOL) Tj ET Q q 0 0 0 rg BT 482.38 490.10 Td ( to, among other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (things, examine the regulation to determine whether it may adversely af) Tj ET Q q 0 0 0 rg BT 336.72 478.10 Td (fect the ability of ) Tj ET Q q 0 0 0 rg BT 407.25 478.10 Td (Americans to gain access to market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (information and financial advice. ) Tj ET Q q 0 0 0 rg BT 184.54 466.10 Td (The outcome of this review by the DOL) Tj ET Q q 0 0 0 rg BT 344.41 466.10 Td ( and the ultimate impact of the final regulation are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (yet known, but if the regulation is implemented, it could negatively impact the sale of shares of our common stock to such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (employee benefit plans and retirement plans and accounts.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 418.10 Td (The United Kingdom) Tj ET Q q 0 0 0 rg BT 156.76 418.10 Td (s determination to exit the European Union could adversely af) Tj ET Q q 0 0 0 rg BT 412.98 418.10 Td (fect market rental rates and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (commercial real estate values in the United Kingdom and Europe.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 382.10 Td (On June 23, 2016, the United Kingdom held a non-binding referendum in which a majority of voters voted in favor of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (United Kingdom) Tj ET Q q 0 0 0 rg BT 119.77 370.10 Td (s exit from the European Union. On March 29, 2017, the United Kingdom gave formal notice of its exit from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (the European Union and commenced the two-year period of negotiations to determine the terms of the United Kingdom) Tj ET Q q 0 0 0 rg BT 531.31 358.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (relationship with the European Union after the exit, including, among other things, the terms of trade between the United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (Kingdom and the European Union. ) Tj ET Q q 0 0 0 rg BT 192.07 334.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 217.70 334.10 Td (fects of the exit will depend on any agreements the United Kingdom makes to retain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (access to European Union markets either during a transitional period or more permanently) Tj ET Q q 0 0 0 rg BT 409.84 322.10 Td (. ) Tj ET Q q 0 0 0 rg BT 414.66 322.10 Td (The announcement of the Brexit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (vote caused significant volatility in global stock markets and currency exchange rate fluctuations that resulted in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (strengthening of the U.S. dollar against foreign currencies in which we conduct business. ) Tj ET Q q 0 0 0 rg BT 408.12 298.10 Td (The strengthening of the U.S. dollar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (relative to other currencies such as the Euro may adversely af) Tj ET Q q 0 0 0 rg BT 295.33 286.10 Td (fect our results of operations and had an adverse impact on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (NA) Tj ET Q q 0 0 0 rg BT 62.65 274.10 Td (V) Tj ET Q q 0 0 0 rg BT 69.70 274.10 Td ( per share of our common stock determined as of December 31, 2016. In addition, the uncertainty caused by the Brexit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (vote and the notice of departure may:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.50 240.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 240.10 Td (adversely af) Tj ET Q q 0 0 0 rg BT 132.90 240.10 Td (fect European and worldwide economic and market conditions;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.50 228.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 228.10 Td (adversely af) Tj ET Q q 0 0 0 rg BT 132.90 228.10 Td (fect commercial property market rental rates in the United Kingdom and continental Europe;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.50 216.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 216.10 Td (adversely af) Tj ET Q q 0 0 0 rg BT 132.90 216.10 Td (fect commercial property market values in the United Kingdom and continental Europe;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.50 204.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 204.10 Td (adversely af) Tj ET Q q 0 0 0 rg BT 132.90 204.10 Td (fect the availability of financing for commercial properties in the United Kingdom and continental Europe, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 192.10 Td (which could reduce the price for which we are able to sell properties we have acquired in such geographic locations; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 180.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.50 168.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 168.10 Td (create further instability in global financial and foreign exchange markets, including volatility in the value of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 156.10 Td (sterling and euro.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 132.10 Td (Each of these ef) Tj ET Q q 0 0 0 rg BT 137.45 132.10 Td (fects may occur before the United Kingdom departs from the European Union because the capital and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.10 Td (credit markets are subject to volatility and disruption caused by the uncertainty introduced by the Brexit vote. ) Tj ET Q q 0 0 0 rg BT 491.88 120.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.32 120.10 Td (June30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 108.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 108.10 Td (26%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.83 108.10 Td ( of our real estate investment portfolio consisted of a property located in Dublin, Ireland \(based on the estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.10 Td (aggregate value of our real estate investments\). ) Tj ET Q q 0 0 0 rg BT 239.98 96.10 Td (A) Tj ET Q q 0 0 0 rg BT 246.65 96.10 Td ( decline in economic conditions could negatively impact commercial real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.10 Td (estate fundamentals and result in lower occupancy) Tj ET Q q 0 0 0 rg BT 250.44 84.10 Td (, lower rental rates and declining values in our portfolio, which could, among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.10 Td (other things, adversely af) Tj ET Q q 0 0 0 rg BT 150.40 72.10 Td (fect our business and financial condition.) 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 50.00 742.25 Td (Item2. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 82.49 742.25 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 68.00 718.25 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.55 718.25 Td (three months ended June 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.19 718.25 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 50.00 706.25 Td (the Securities ) Tj ET Q q 0 0 0 rg BT 106.10 706.25 Td (Act of 1933, as amended \(the Securities ) Tj ET Q q 0 0 0 rg BT 272.16 706.25 Td (Act\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 682.25 Td (Use of Pr) Tj ET Q q 0 0 0 rg BT 105.96 682.25 Td (oceeds fr) Tj ET Q q 0 0 0 rg BT 141.96 682.25 Td (om Register) Tj ET Q q 0 0 0 rg BT 189.64 682.25 Td (ed Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 658.25 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.17 658.25 Td (August20, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.56 658.25 Td (, the Registration Statement on Form S-1) Tj ET Q q 0 0 0 rg BT 312.34 658.25 Td (1 \(File No. 333-191) Tj ET Q q 0 0 0 rg BT 391.41 658.25 Td (106\) for the Of) Tj ET Q q 0 0 0 rg BT 451.49 658.25 Td (fering was declared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 646.25 Td (fective under the Securities ) Tj ET Q q 0 0 0 rg BT 168.66 646.25 Td (Act. ) Tj ET Q q 0 0 0 rg BT 190.42 646.25 Td (The Of) Tj ET Q q 0 0 0 rg BT 218.83 646.25 Td (fering commenced on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.97 646.25 Td (August20, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.36 646.25 Td ( and is currently expected to terminate on or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (before ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.49 634.25 Td (August20, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.88 634.25 Td (, unless extended by our board of directors. See Item 2. Management) Tj ET Q q 0 0 0 rg BT 429.07 634.25 Td (s Discussion and analysis of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (Financial Condition and Results of OperationsSubsequent Events for information concerning the extension of this Of) Tj ET Q q 0 0 0 rg BT 533.06 622.25 Td (fering.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 598.25 Td (From ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.62 598.25 Td (August20, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.01 598.25 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.12 598.25 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.95 598.25 Td (, we received gross proceeds of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.21 598.25 Td ($193.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.10 598.25 Td (through the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.88 586.25 Td (19.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.77 586.25 Td ( Class ) Tj ET Q q 0 0 0 rg BT 153.89 586.25 Td (A) Tj ET Q q 0 0 0 rg BT 160.56 586.25 Td ( Shares, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.72 586.25 Td ($165.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.61 586.25 Td ( through the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.31 586.25 Td (17.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.20 586.25 Td ( Class ) Tj ET Q q 0 0 0 rg BT 408.69 586.25 Td (T) Tj ET Q q 0 0 0 rg BT 414.62 586.25 Td ( Shares and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.22 586.25 Td ($125,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.72 586.25 Td ( through the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.88 574.25 Td (13,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.38 574.25 Td ( Class I Shares to the public in connection with the Of) Tj ET Q q 0 0 0 rg BT 322.54 574.25 Td (fering. Since ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.09 574.25 Td (August20, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.48 574.25 Td (, we have used proceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (from the Of) Tj ET Q q 0 0 0 rg BT 97.03 562.25 Td (fering to pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.62 562.25 Td ($22.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.51 562.25 Td ( of selling commissions and dealer manager fees, as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 562.25 Td ($8.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.89 562.25 Td ( of issuer costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (related to the Of) Tj ET Q q 0 0 0 rg BT 115.07 550.25 Td (fering. See Item 2. Management) Tj ET Q q 0 0 0 rg BT 256.13 550.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 325.30 550.25 Td (Analysis of Financial Condition and Results of Operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td ( Executive Summary for additional information regarding the amendment to our ) Tj ET Q q 0 0 0 rg BT 387.41 538.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 426.58 538.25 Td (Agreement executed in ) Tj ET Q q 0 0 0 rg BT 521.26 538.25 Td (April ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (2016 and ef) Tj ET Q q 0 0 0 rg BT 97.03 526.25 Td (fective February 29, 2016, which has reduced the amount of issuer costs payable to our ) Tj ET Q q 0 0 0 rg BT 447.76 526.25 Td (Advisor as a percentage of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (gross of) Tj ET Q q 0 0 0 rg BT 81.76 514.25 Td (fering proceeds. ) Tj ET Q q 0 0 0 rg BT 150.63 514.25 Td (As a result of the amendment to our ) Tj ET Q q 0 0 0 rg BT 296.15 514.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 335.32 514.25 Td (Agreement, our ) Tj ET Q q 0 0 0 rg BT 400.02 514.25 Td (Advisor reimbursed us for $4.0 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (in issuer costs that we had previously reimbursed to our ) Tj ET Q q 0 0 0 rg BT 274.96 502.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 306.63 502.25 Td (. See Item 2. Management) Tj ET Q q 0 0 0 rg BT 423.81 502.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 492.98 502.25 Td (Analysis of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (Financial Condition and Results of Operations Executive Summary for additional information regarding the amendment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (the Dealer Manager ) Tj ET Q q 0 0 0 rg BT 131.35 478.25 Td (Agreement, pursuant to which our ) Tj ET Q q 0 0 0 rg BT 270.21 478.25 Td (Advisor will pay a portion of the dealer manager fees payable to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (dealer manager) Tj ET Q q 0 0 0 rg BT 110.95 466.25 Td (, without reimbursement from us. ) Tj ET Q q 0 0 0 rg BT 249.63 466.25 Td (The selling commissions and dealer manager fees were not paid with respect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (to the shares sold through our distribution reinvestment plan. ) Tj ET Q q 0 0 0 rg BT 298.39 454.25 Td (The selling commissions and dealer manager fees were paid to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (our dealer manager) Tj ET Q q 0 0 0 rg BT 126.78 442.25 Td (, which is an af) Tj ET Q q 0 0 0 rg BT 187.41 442.25 Td (filiate of Hines and is wholly-owned, indirectly) Tj ET Q q 0 0 0 rg BT 376.44 442.25 Td (, by) Tj ET Q q 0 0 0 rg BT 390.79 442.25 Td (, or for the benefit of, our Chairman, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (Jef) Tj ET Q q 0 0 0 rg BT 61.48 430.25 Td (frey C. Hines and his father) Tj ET Q q 0 0 0 rg BT 171.60 430.25 Td (, Gerald D. Hines.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 406.25 Td (Net proceeds available for investment after the payment of the costs described above were approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.00 406.25 Td ($317.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.89 406.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 394.25 Td ( portion of these proceeds, along with proceeds from debt financing, were used to make approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.87 394.25 Td ($307.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.76 394.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (investments in real estate, including the purchase price of our investments, acquisition fees and expenses, and costs of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (leveraging each real estate investment. ) Tj ET Q q 0 0 0 rg BT 209.47 370.25 Td (W) Tj ET Q q 0 0 0 rg BT 218.11 370.25 Td (e had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.24 370.25 Td ($9.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.13 370.25 Td ( in uninvested of) Tj ET Q q 0 0 0 rg BT 417.89 370.25 Td (fering proceeds as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.96 370.25 Td (June30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 358.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 334.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.90 334.25 Td (, we have not generated suf) Tj ET Q q 0 0 0 rg BT 227.12 334.25 Td (ficient cash flow from operations to fully fund distributions paid. From inception ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.61 322.25 Td (June30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.44 322.25 Td (, a portion of our distributions have been funded with cash flows from financing activities, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (includes of) Tj ET Q q 0 0 0 rg BT 93.97 310.25 Td (fering proceeds. See Item 2. Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 338.76 310.25 Td (Analysis of Financial Condition and Results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (Operations Financial Condition, Liquidity and Capital Resources Distributions for a description of the sources that have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (been used to fund our distributions.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 262.25 Td (Issuer Redemptions of Equity Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 238.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 238.25 Td (e of) Tj ET Q q 0 0 0 rg BT 97.73 238.25 Td (fer a share redemption program applicable to Class ) Tj ET Q q 0 0 0 rg BT 303.77 238.25 Td (A) Tj ET Q q 0 0 0 rg BT 310.44 238.25 Td ( Shares and Class ) Tj ET Q q 0 0 0 rg BT 383.02 238.25 Td (T) Tj ET Q q 0 0 0 rg BT 388.95 238.25 Td ( Shares and a share redemption program ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (applicable to Class I Shares and Class J Shares, each of which may allow stockholders who have purchased shares from us or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (received their shares through a non-cash transaction, not in the secondary market, to have their shares redeemed subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (certain limitations and restrictions. ) Tj ET Q q 0 0 0 rg BT 191.17 202.25 Td (The terms of our share redemption programs are described more fully below) Tj ET Q q 0 0 0 rg BT 496.25 202.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.00 178.25 Td (Shar) Tj ET Q q 0 0 0 rg BT 96.38 178.25 Td (e Redemption Pr) Tj ET Q q 0 0 0 rg BT 168.41 178.25 Td (ogram ) Tj ET Q q 0 0 0 rg BT 198.12 178.25 Td (Applicable to Class ) Tj ET Q q 0 0 0 rg BT 282.30 178.25 Td (A) Tj ET Q q 0 0 0 rg BT 288.97 178.25 Td ( Shar) Tj ET Q q 0 0 0 rg BT 311.85 178.25 Td (es and Class ) Tj ET Q q 0 0 0 rg BT 366.41 178.25 Td (T) Tj ET Q q 0 0 0 rg BT 372.90 178.25 Td ( Shar) Tj ET Q q 0 0 0 rg BT 395.78 178.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 154.25 Td (Our share redemption program applicable to Class ) Tj ET Q q 0 0 0 rg BT 280.55 154.25 Td (A) Tj ET Q q 0 0 0 rg BT 287.22 154.25 Td ( shares and Class ) Tj ET Q q 0 0 0 rg BT 358.14 154.25 Td (T) Tj ET Q q 0 0 0 rg BT 364.07 154.25 Td ( Shares does not have a fixed expiration date, but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (it is subject to significant restrictions and limitations and our board of directors may terminate, suspend or amend the program ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (without stockholder approval. ) Tj ET Q q 0 0 0 rg BT 174.52 130.25 Td (W) Tj ET Q q 0 0 0 rg BT 183.15 130.25 Td (e may redeem shares on a monthly basis if the shares were held for at least one year and meet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (certain other conditions. ) Tj ET Q q 0 0 0 rg BT 151.36 118.25 Td (Any such redemptions will be limited to the amount required to redeem 5% of the shares outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (as of the same date in the prior calendar year) Tj ET Q q 0 0 0 rg BT 228.68 106.25 Td (, and unless our board of directors determines otherwise, redemptions will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (further limited to the amount of proceeds received from our distribution reinvestment plan in the month prior to the month in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (which the redemption request was received. Per the terms of our share redemption program, we may waive the one-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (holding requirement and limitations described above for share redemption requests made in connection with the bankruptcy) Tj ET Q q 0 0 0 rg BT 544.48 70.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (death or disability of a stockholder) Tj ET Q q 0 0 0 rg BT 188.58 58.25 Td (. No fees will be paid to Hines in connection with any redemption.) Tj ET Q 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 76.00 742.25 Td (Shar) Tj ET Q q 0 0 0 rg BT 96.38 742.25 Td (e Redemption Pr) Tj ET Q q 0 0 0 rg BT 168.41 742.25 Td (ogram ) Tj ET Q q 0 0 0 rg BT 198.12 742.25 Td (Applicable to Class I Shar) Tj ET Q q 0 0 0 rg BT 309.63 742.25 Td (es and Class J Shar) Tj ET Q q 0 0 0 rg BT 392.25 742.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 718.25 Td (Our share redemption program applicable to Class I shares and Class J Shares does not have a fixed expiration date, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 706.25 Td (but it is subject to significant restrictions and limitations and our board of directors may terminate, suspend or amend the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 694.25 Td (program without stockholder approval. Under our share redemption program applicable to Class I Shares and Class J Shares, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 682.25 Td (we may redeem during any calendar month Class I Shares and Class J Shares whose aggregate value \(based on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 670.25 Td (redemption price per share in ef) Tj ET Q q 0 0 0 rg BT 179.26 670.25 Td (fect when the redemption is ef) Tj ET Q q 0 0 0 rg BT 300.42 670.25 Td (fected\) is 2% of the aggregate NA) Tj ET Q q 0 0 0 rg BT 435.74 670.25 Td (V) Tj ET Q q 0 0 0 rg BT 442.78 670.25 Td ( of such classes of shares as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 658.25 Td (of the last calendar day of the previous month and during any calendar quarter whose aggregate value \(based on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 646.25 Td (redemption price per share in ef) Tj ET Q q 0 0 0 rg BT 179.26 646.25 Td (fect when the redemption is ef) Tj ET Q q 0 0 0 rg BT 300.42 646.25 Td (fected\) is up to 5% of NA) Tj ET Q q 0 0 0 rg BT 402.44 646.25 Td (V) Tj ET Q q 0 0 0 rg BT 409.48 646.25 Td ( of such classes of shares as of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 634.25 Td (last calendar day of the prior calendar quarter) Tj ET Q q 0 0 0 rg BT 233.30 634.25 Td (. During a given quarter) Tj ET Q q 0 0 0 rg BT 328.70 634.25 Td (, if in each of the first two months of such quarter the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 622.25 Td (2% redemption limit is reached and stockholders) Tj ET Q q 0 0 0 rg BT 250.09 622.25 Td ( redemptions are reduced pro rata for such months, then in the third and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 610.25 Td (final month of that quarter) Tj ET Q q 0 0 0 rg BT 157.12 610.25 Td (, the applicable limit for such month will likely be less than 2% of the NA) Tj ET Q q 0 0 0 rg BT 451.88 610.25 Td (V) Tj ET Q q 0 0 0 rg BT 458.92 610.25 Td ( applicable to all such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 598.25 Td (shares as of the last calendar day of the previous month because the redemptions for that month, combined with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 586.25 Td (redemptions in the previous two months, cannot exceed 5% of the NA) Tj ET Q q 0 0 0 rg BT 331.76 586.25 Td (V) Tj ET Q q 0 0 0 rg BT 338.80 586.25 Td ( of such classes of shares as of the last calendar day ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 574.25 Td (of the prior calendar quarter) Tj ET Q q 0 0 0 rg BT 163.61 574.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 550.25 Td (There is no minimum holding period for Class I Shares and Class J Shares. However) Tj ET Q q 0 0 0 rg BT 417.21 550.25 Td (, Class I Shares and/or Class J ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 538.25 Td (Shares that have not been outstanding for at least one year will be redeemed at 95% of the redemption price that would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 526.25 Td (otherwise apply) Tj ET Q q 0 0 0 rg BT 114.94 526.25 Td (. Upon request, we may waive the short-term holding discount in the case of the death or disability of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 514.25 Td (stockholder) Tj ET Q q 0 0 0 rg BT 98.10 514.25 Td (. ) Tj ET Q q 0 0 0 rg BT 105.42 514.25 Td (The discount also will be waived with respect to shares issued pursuant to our distribution reinvestment plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 502.25 Td (and any shares that we issue as stock dividends. No fees will be paid to Hines in connection with any redemption.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 478.25 Td (All eligible requests for redemptions that were received for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.79 478.25 Td (three months ended June 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.43 478.25 Td ( were redeemed using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (proceeds from our distribution reinvestment plan. See the full text of our share redemption programs, which are incorporated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (by reference as Exhibits 99.1 and 99.2 to this Quarterly Report on Form 10-Q, for all of the terms and conditions of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (programs. ) Tj ET Q q 0 0 0 rg BT 92.59 442.25 Td (The following table lists shares we redeemed under our share redemption program during the period covered by this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (report, including the average price paid per share.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 366.75 180.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 366.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 366.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 366.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 366.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 366.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 366.75 103.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 366.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 366.75 102.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 338.75 180.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 338.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 338.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 338.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 338.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 338.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 338.75 103.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 338.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 338.75 102.00 -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 49.5 366.75 m 229.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 366.75 m 294.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 366.75 m 348.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 366.75 m 455.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 366.75 m 561.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 366.75 m 229.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 366.75 m 294.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 366.75 m 348.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 366.75 m 455.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 366.75 m 561.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 324.75 m 294.5 324.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 324.75 m 455.5 324.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 324.75 m 294.5 324.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 311.75 m 294.5 311.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 309.75 m 294.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 324.75 m 455.5 324.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 311.75 m 455.5 311.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 309.75 m 455.5 309.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 371.20 Td (Period) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 236.60 389.20 Td (Total Number) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.70 380.20 Td (of Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 243.50 371.20 Td (Redeemed) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 307.30 389.20 Td (Average) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 303.10 380.20 Td (Price Paid) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.00 371.20 Td (Per Share) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 357.70 398.20 Td (Total Number of Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 363.70 389.20 Td (Purchased as Part of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 364.85 380.20 Td (Publicly Announced) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 368.05 371.20 Td (Plans of Programs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.05 398.20 Td (Maximum Number of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.50 389.20 Td (Shares that May Yet be) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.55 380.20 Td (Redeemed Under the) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.15 371.20 Td (Plans or Programs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 357.21 Td (April 1, 2017 to April 30, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 266.25 357.21 Td (59,466) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 301.00 357.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.25 357.21 Td (9.66) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.25 357.21 Td (59,466) Tj ET Q BT /F1 5.85 Tf ET q 0 0 0 rg BT 506.55 361.85 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 343.21 Td (May 1, 2017 to May 31, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 270.75 343.21 Td (9,158) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 301.00 343.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.25 343.21 Td (9.65) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.75 343.21 Td (9,158) Tj ET Q BT /F1 5.85 Tf ET q 0 0 0 rg BT 506.55 347.85 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 329.21 Td (June 1, 2017 to June 30, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 270.75 329.21 Td (8,161) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 301.00 329.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.25 329.21 Td (9.69) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.75 329.21 Td (8,161) Tj ET Q BT /F1 5.85 Tf ET q 0 0 0 rg BT 506.55 333.85 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 315.21 Td (Total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 266.25 315.21 Td (76,785) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 301.00 315.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.25 315.21 Td (76,785) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.00 315.21 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 287.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 287.25 Td (e limit the number of shares that may be redeemed quarterly under the programs as described above.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 263.25 Td (Item 3. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 263.25 Td (Defaults Upon Senior Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 239.25 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 215.25 Td (Item 4. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 215.25 Td (Mine Safety Disclosures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 191.25 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 167.25 Td (Item 5. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 167.25 Td (Other Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 143.25 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 119.25 Td (Item 6. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 119.25 Td (Exhibits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 95.25 Td (The exhibits required by this item are set forth on the ExhibitIndex attached hereto.) Tj ET Q endstream endobj 85 0 obj <> endobj 86 0 obj <> stream BT /F1 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 (40) 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 86.00 718.25 Td (Pursuant to the requirements of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 312.05 718.25 Td (Act of 1934, the registrant has duly caused this report to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (signed on its behalf by the undersigned thereunto duly authorized.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 638.75 m 314.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 638.75 m 397.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 578.75 m 314.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 578.75 m 397.5 578.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 673.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.00 673.42 Td (HINES GLOBAL REIT II, INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 658.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.00 658.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.00 658.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.00 658.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 658.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 643.42 Td (August 14, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.00 643.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.00 643.42 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.00 643.42 Td (/s/ Sherri W. Schugart) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 643.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 628.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.00 628.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.00 628.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.00 628.42 Td (Sherri W. Schugart) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 628.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 613.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.00 613.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.00 613.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.00 613.42 Td (President and Chief Executive Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 613.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 598.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.00 598.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.00 598.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.00 598.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 598.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 583.42 Td (August 14, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.00 583.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.00 583.42 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.00 583.42 Td (/s/ Ryan T. Sims) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.00 583.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 583.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 568.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.00 568.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.00 568.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.00 568.42 Td (Ryan T. Sims) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 568.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 553.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.00 553.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.00 553.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.00 553.42 Td (Chief Financial Officer and Secretary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 553.42 Td () Tj ET Q BT /F1 10.00 Tf ET endstream endobj 87 0 obj <> endobj 88 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 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 (41) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.15 742.25 Td (INDEX ) Tj ET Q q 0 0 0 rg BT 290.70 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 297.19 742.25 Td (O EXHIBITS) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 695.75 51.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.50 695.75 15.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 695.75 446.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 635.75 51.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.50 635.75 15.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 635.75 446.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 585.75 51.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.50 585.75 15.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 585.75 446.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 525.75 51.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.50 525.75 15.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 525.75 446.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 465.75 51.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.50 465.75 15.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 465.75 446.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 385.75 51.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.50 385.75 15.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 385.75 446.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 305.75 51.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.50 305.75 15.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 305.75 446.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 225.75 51.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.50 225.75 15.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 225.75 446.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 155.75 51.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.50 155.75 15.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 155.75 446.00 -45.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 695.75 m 100.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 115.5 695.75 m 561.5 695.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.65 710.43 Td (Exhibit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.10 700.43 Td (No.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.25 700.43 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.25 686.32 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.00 686.32 Td (Articles of Amendment and Restatement of Hines Global REIT II, Inc. \(filed as Exhibit 3.1 to Pre- Effective) Tj ET Q BT /F1 10.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.00 676.32 Td (Amendment No. 5 to the Registrant's Registration Statement on Form S-11, File No. 333-191106 \(the) Tj ET Q BT /F1 10.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.00 666.32 Td (Registration Statement\) on August 15, 2014 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 68.25 651.32 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.00 651.32 Td (Articles Supplementary of Hines Global REIT II, Inc. \(filed as Exhibit 3.1 to Post-Effective Amendment No.) Tj ET Q BT /F1 10.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.00 641.32 Td (1 to the Registration Statement on December 12, 2014 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 68.25 626.32 Td (3.3) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.00 626.32 Td (Amended and Restated Bylaws of Hines Global REIT II, Inc. \(filed as Exhibit 3.2 to Pre-Effective) Tj ET Q BT /F1 10.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.00 616.32 Td (Amendment No. 5 to the Registration Statement on August 15, 2014 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 68.25 601.32 Td (3.4) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.00 601.32 Td (Articles Supplementary of Hines Global REIT II, Inc. \(filed as Exhibit 3.1 to Post-Effective Amendment No.) Tj ET Q BT /F1 10.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.00 591.32 Td (6 to the Registration Statement on August 12, 2015 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 68.25 576.32 Td (3.5) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.00 576.32 Td (Amendment No. 1 to Amended and Restated Bylaws of Hines Global REIT II, Inc., dated September 23,) Tj ET Q BT /F1 10.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.00 566.32 Td (2015 \(filed as Exhibit 3.5 to Post-Effective Amendment No. 7 to the Registration Statement on November 17,) Tj ET Q BT /F1 10.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.00 556.32 Td (2015 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 68.25 541.32 Td (3.6) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.00 541.32 Td (Articles Supplementary of Hines Global REIT) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.61 541.32 Td ( II, Inc. \() Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 338.87 541.32 Td (filed as Exhibit 3.1 to Post-Ef) Tj ET Q q 0 0 0 rg BT 457.57 541.32 Td (fective ) Tj ET Q q 0 0 0 rg BT 486.72 541.32 Td (Amendment No. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 531.32 Td (12 to the Registration Statement on ) Tj ET Q q 0 0 0 rg BT 261.32 531.32 Td (April 28, 2017 and incorporated by reference herein) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.56 531.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 68.25 516.32 Td (4.1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.00 516.32 Td (Form of Subscription Agreement \(filed as Appendix B to the Prospectus filed on April 28, 2017 and) Tj ET Q BT /F1 10.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.00 506.32 Td (incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 68.25 491.32 Td (4.2) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.00 491.32 Td (Hines Global REIT II, Inc. Fifth Amended and Restated Distribution Reinvestment Plan, effective as of) Tj ET Q BT /F1 10.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.00 481.32 Td (October 31, 2016 \(filed as Exhibit 4.1 to the Registrants Current Report on Form 8-K filed on September 22,) Tj ET Q BT /F1 10.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.00 471.32 Td (2016 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 65.75 456.32 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 456.32 Td (Amendment No. 2 to Advisory Agreement, dated as of April 13, 2016 and effective as of February 29, 2016,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 446.32 Td (among Hines Global REIT II Advisors LP, Hines Global REIT II Properties LP, and Hines Global REIT II,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 436.32 Td (Inc. \(filed as Exhibit 10.1 to the Registrant's Current Report on Form 8-K on April 15, 2016 and incorporated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 426.32 Td (by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.75 411.32 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 411.32 Td (Loan Agreement, dated as of January 29, 2016 by and between Wells Fargo Bank, National Association, as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 401.32 Td (Lender and Hines Global REIT II 891 Coronado LLC, as Borrower \(filed as Exhibit 10.5 to the Registrant's) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 391.32 Td (Current Report on Form 8-K on February 4, 2016 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.75 376.32 Td (10.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 376.32 Td (Promissory Note, dated as of January 29, 2016 by and between Hines Global REIT II 891 Coronado LLC, as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 366.32 Td (borrower, and Wells Fargo Bank, National Association, as lender \(filed as Exhibit 10.6 to the Registrant's) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 356.32 Td (Current Report on Form 8-K on February 4, 2016 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.75 341.32 Td (10.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 341.32 Td (Amendment No. 3 to Selected Dealer Agreement, dated April 12, 2016, by and among Hines Global REIT II,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 331.32 Td (Inc., Hines Securities, Inc., Hines Global REIT II Advisors LP and Ameriprise Financial Services, Inc. \(filed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 321.32 Td (as Exhibit 10.23 to Post-Effective Amendment No. 8 to the Registration Statement on April 15, 2016 and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 311.32 Td (incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.75 296.32 Td (10.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 296.32 Td (Sale, Purchase and Escrow Agreement, dated as of May 13, 2016, by and between NOP Cottonwood) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 286.32 Td (Holdings, LLC, HGREIT II Cottonwood Center LLC, Commonwealth Land Title Insurance Company, Hines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 276.32 Td (Global REIT II Properties LP and National Office Partners LLC \(filed as Exhibit 10.1 to the Registrants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 266.32 Td (Current Report on Form 8-K filed May 19, 2016 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.75 251.32 Td (10.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 251.32 Td (Agreement of Purchase and Sale, dated as of June 24, 2016, by and between RT GOODYEAR, LLC and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 241.32 Td (HGREIT II Goodyear Crossing LLC \(filed as Exhibit 10.6 to the Registrants Quarterly Report on Form 10-Q) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 231.32 Td (on August 12, 2016 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.75 216.32 Td (10.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 216.32 Td (Loan Agreement, dated as of July 5, 2016 by and between Principal Life Insurance Company, as Lender and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 206.32 Td (HGREIT II Cottonwood Center LLC, as Borrower \(filed as Exhibit 10.26 to Post-Effective Amendment No.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 196.32 Td (10 to the Registration Statement on October 5, 2016 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.75 181.32 Td (10.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 181.32 Td (Term Loan Agreement, dated as of August 18, 2016 by and between SunTrust Bank, as Lender and HGREIT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 171.32 Td (II Goodyear Crossing LLC, as Borrower \(filed as Exhibit 10.27 to Post-Effective Amendment No. 10 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 161.32 Td (Registration Statement on October 5, 2016 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.75 146.32 Td (10.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 146.32 Td (Contract of Sale, dated as of September 16, 2016, by and between CLP-SPF Rookwood Commons, LLC and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 136.32 Td (CLP-SPF Rookwood Pavilion, LLC and HGREIT II Edmonson Road LLC and HGREIT II Madison Road) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 126.32 Td (LLC \(filed as Exhibit 10.28 to Post-Effective Amendment No. 10 to the Registration Statement on October 5,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 116.32 Td (2016 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.25 101.32 Td (10.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 101.32 Td (Form of Property Management and Leasing Agreement between Subsidiary of Hines Global REIT II and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 91.32 Td (Hines Interests Limited Partnership \(Domestic Office Properties\) \(filed as Exhibit 10.29 to Post-Effective) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 81.32 Td (Amendment No. 10 to the Registration Statement on October 5, 2016 and incorporated by reference herein\)) Tj ET Q endstream endobj 89 0 obj <> endobj 90 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 (42) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 747.50 51.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.50 747.50 15.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 747.50 446.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 659.50 51.00 -43.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.50 659.50 15.00 -43.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 659.50 446.00 -43.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 583.50 51.00 -31.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.50 583.50 15.00 -31.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 583.50 446.00 -31.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 519.50 51.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.50 519.50 15.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 519.50 446.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 429.50 51.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.50 429.50 15.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 429.50 446.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 357.50 51.00 -33.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.50 357.50 15.00 -33.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 357.50 446.00 -33.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 309.50 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.50 309.50 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 309.50 446.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 259.50 51.00 -55.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.50 259.50 15.00 -55.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 259.50 446.00 -55.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 189.50 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.50 189.50 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 189.50 446.00 -15.00 re f /GS0 gs BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.40 738.07 Td (10.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 738.07 Td (Form of Property Management and Leasing Agreement between Subsidiary of Hines Global REIT II and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 728.07 Td (Hines Interests Limited Partnership \(Domestic Multi-family and Industrial Properties\) \(filed as Exhibit 10.30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 718.07 Td (to Post-Effective Amendment No. 10 to the Registration Statement on October 5, 2016 and incorporated by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 708.07 Td (reference herein\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.25 693.07 Td (10.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 693.07 Td (Amendment No. 4 to Selected Dealer Agreement, dated as of December 8, 2016, by and among Hines Global) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 683.07 Td (REIT II, Inc., Hines Securities, Inc., Hines Global REIT II Advisors LP andAmeripriseFinancial Services,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 673.07 Td (Inc. \(filed as Exhibit 10.1 to the Registrants Current Report on Form 8-K on December 8, 2016 and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 663.07 Td (incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.25 650.07 Td (10.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 650.07 Td (Cost Reimbursement Agreement, dated as of December 8, 2016 and effective as of January 1, 2017, by and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 640.07 Td (among Hines Global REIT II, Inc., Hines Securities, Inc., Hines Global REIT II Advisors LP and American) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 630.07 Td (Enterprise Investment Services Inc. \(filed as Exhibit 10.2 to the Registrants Current Report on Form 8-K on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 620.07 Td (December 8, 2016 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.25 607.07 Td (10.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 607.07 Td (First Amendment to Uncommitted Loan Agreement, dated as of December 12, 2016, by and between Hines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 597.07 Td (Global REIT II, Inc., as borrower, and Hines Interests Limited Partnership, as lender \(filed as Exhibit 10.1 to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 587.07 Td (the Registrants Current Report on Form 8-K on December 12, 2016 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.25 574.07 Td (10.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 574.07 Td (Open End Mortgage and Security Agreement dated as of April 1, 2015 by and between Nationwide Life) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 564.07 Td (Insurance Company, as Lender, and CLP-SPF Rookwood Commons, LLC, as Borrower \(filed as Exhibit 10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 554.12 Td (to the Registrants Current Report on Form 8-K on January 6, 2017 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.25 543.07 Td (10.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 543.07 Td (Open End Mortgage and Security Agreement dated as of July 1, 2013 by and between Nationwide Life) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 533.07 Td (Insurance Company, as Lender, and CLP-SPF Rookwood Pavilion, LLC, as Borrower \(filed as Exhibit 10.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 523.07 Td (to the Registrants Current Report on Form 8-K on January 6, 2017 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.25 510.07 Td (10.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 509.17 Td (Assumption and Modification Agreement dated as of January 6, 2017, by and between Nationwide Life) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 499.17 Td (Insurance Company, as Lender, CLP-SPF Rookwood Pavilion LLC, as Original Borrower, and HGREIT II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 489.17 Td (Madison Road LLC, as Borrower \(filed as Exhibit 10.4 to the Registrants Current Report on Form 8-K on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 479.17 Td (January 6, 2017 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.25 465.07 Td (10.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 465.07 Td (Assumption and Modification Agreement dated as of January 6, 2017, by and between Nationwide Life) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 455.07 Td (Insurance Company, as Lender, CLP-SPF Rookwood Commons LLC, as Original Borrower, and HGREIT II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 445.07 Td (Edmondson Road LLC, as Borrower \(filed as Exhibit 10.5 to the Registrants Current Report on Form 8-K on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 435.07 Td (January 6, 2017 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.25 420.07 Td (10.19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 420.07 Td (Third Amended and Restated Agreement of Limited Partnership of Hines Global REIT II Properties LP, dated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 410.07 Td (as of April 28, 2017 \(filed as Exhibit 10.1 to Post-Effective Amendment No. 12 to the Registration Statement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 400.07 Td (on April 28, 2017 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.75 384.07 Td (99.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 384.07 Td (Hines Global REIT II, Inc. Share Redemption Program applicable to Class A shares and Class T shares,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 374.07 Td (effective as of May 31, 2017 \(filed as Exhibit 99.1 to Post-Effective Amendment No. 12 to the Registration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 364.07 Td (Statement on April 28, 2017 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.75 348.07 Td (99.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 348.07 Td (Hines Global REIT II, Inc. Share Redemption Program applicable to Class I shares and Class J shares,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 338.07 Td (effective as of May 1, 2017 \(filed as Exhibit 99.2 to Post-Effective Amendment No. 12 to the Registration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 328.07 Td (Statement on April 28, 2017 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.25 315.07 Td (31.1*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 315.07 Td (Certification) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.25 300.07 Td (31.2*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 300.07 Td (Certification) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.25 285.07 Td (32.1*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 285.07 Td (Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18U.S.C., Section 1350, as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 275.07 Td (adopted pursuant to Section 906 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 118.00 265.07 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 64.50 250.07 Td (101*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 250.07 Td (The following materials from Hines Global REIT II, Inc.s Quarterly Report on Form 10-Q for the quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 240.07 Td (ended June 30, 2017, filed on August 14, 2017, formatted in XBRL \(eXtensible Business Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 230.07 Td (Language\): \(i\) Condensed Consolidated Balance Sheets, \(ii\) Condensed Consolidated Statements of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 220.07 Td (Operations, \(iii\) Condensed Consolidated Statements of Equity \(Deficit\), \(iv\) Condensed Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 210.07 Td (Statements of Cash Flows, and \(v\) Notes to the Condensed Consolidated Financial Statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 180.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 180.07 Td (Filed herewith) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 91 0 obj <> endobj 92 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 Global REIT) Tj ET Q q 0 0 0 rg BT 387.97 646.25 Td ( II, 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 Rules 13a-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 Rules 13a-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; 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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.) 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Schugart) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 94.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 79.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 79.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.00 79.87 Td (President and Chief Executive Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 79.87 Td () Tj ET Q BT /F1 10.00 Tf ET endstream endobj 93 0 obj <> endobj 94 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.35 742.25 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 541.96 742.25 Td (31.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.70 718.25 Td (CER) Tj ET Q q 0 0 0 rg BT 286.46 718.25 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 320.72 718.25 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.05 706.25 Td (PURSUANT) Tj ET Q q 0 0 0 rg BT 284.32 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 286.64 706.25 Td (T) Tj ET Q q 0 0 0 rg BT 293.13 706.25 Td (O SECTION302 OF) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.55 694.25 Td (THE SARBANES-OXLEY) Tj ET Q q 0 0 0 rg BT 333.04 694.25 Td ( ) Tj ET Q q 0 0 0 rg BT 334.99 694.25 Td (ACT) Tj ET Q q 0 0 0 rg BT 355.92 694.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 371.93 694.25 Td ( 2002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (I, R) Tj ET Q q 0 0 0 rg BT 64.60 670.25 Td (yan ) Tj ET Q q 0 0 0 rg BT 81.36 670.25 Td (T) Tj ET Q q 0 0 0 rg BT 86.72 670.25 Td (. 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