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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 702.92 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 702.93 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 688.82 Td (99.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.00 688.82 Td (Unaudited pro forma condensed consolidated statements of operations for the six months ended June 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.00 678.82 Td (and for the year ended December31, 2016 for Hines Global REIT II, Inc. and the notes thereto.) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.30 742.25 Td (Exhibit 99.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.60 718.25 Td (HINES GLOBAL) Tj ET Q q 0 0 0 rg BT 312.46 718.25 Td ( REIT) Tj ET Q q 0 0 0 rg BT 339.23 718.25 Td ( II, INC.) 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0.9333333333333333 1 rg /GS0 gs 388.50 512.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 512.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 512.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 512.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 512.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 512.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 482.75 170.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 482.75 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 482.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 482.75 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 482.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 482.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 482.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 482.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 482.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 482.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 452.75 170.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 452.75 92.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 452.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 452.75 73.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 452.75 18.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 452.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 452.75 65.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 452.75 18.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 452.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 452.75 64.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 413.75 170.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 413.75 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 413.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 413.75 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 413.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 413.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 413.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 413.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 413.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 413.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 383.75 170.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 383.75 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 383.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 383.75 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 383.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 383.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 383.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 383.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 383.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 383.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 353.75 170.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 353.75 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 353.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 353.75 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 353.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 353.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 353.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 353.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 353.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 353.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 323.75 170.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 323.75 92.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 323.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 323.75 73.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 323.75 18.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 323.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 323.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 323.75 18.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 323.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 323.75 64.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 274.75 170.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 274.75 92.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 274.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 274.75 73.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 274.75 18.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 274.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 274.75 65.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 274.75 18.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 274.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 274.75 64.00 -24.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 661.75 m 311.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 661.75 m 388.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 661.75 m 475.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 661.75 m 561.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 602.75 m 311.5 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 602.75 m 388.5 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 602.75 m 475.5 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 602.75 m 561.5 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 602.75 m 475.5 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 602.75 m 561.5 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 467.75 m 311.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 467.75 m 388.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 467.75 m 475.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 467.75 m 561.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 452.75 m 311.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 452.75 m 388.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 467.75 m 475.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 452.75 m 475.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 467.75 m 561.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 452.75 m 561.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 338.75 m 311.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 338.75 m 388.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 338.75 m 475.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 338.75 m 561.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 298.75 m 311.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 275.75 m 311.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 273.75 m 311.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 298.75 m 388.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 275.75 m 388.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 273.75 m 388.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 298.75 m 475.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 275.75 m 475.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 273.75 m 475.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 298.75 m 561.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 275.75 m 561.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 273.75 m 561.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 273.75 m 311.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 275.75 m 311.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 273.75 m 388.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 275.75 m 388.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 273.75 m 475.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 275.75 m 475.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 251.75 m 475.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 249.75 m 475.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 273.75 m 561.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 275.75 m 561.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 251.75 m 561.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 249.75 m 561.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 249.75 m 311.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 251.75 m 311.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 226.75 m 311.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 224.75 m 311.5 224.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 249.75 m 388.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 251.75 m 388.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 226.75 m 388.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 224.75 m 388.5 224.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 249.75 m 475.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 251.75 m 475.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 226.75 m 475.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 224.75 m 475.5 224.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 249.75 m 561.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 251.75 m 561.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 226.75 m 561.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 224.75 m 561.5 224.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.50 676.43 Td (Six Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.95 666.43 Td (June 30, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.25 686.43 Td (Adjustments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.15 676.43 Td (for Rookwood) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.00 666.43 Td (Acquisition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.25 666.43 Td (Adjustments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.10 666.43 Td (Pro Forma) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.65 652.43 Td (\(in thousands, except per share amounts\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 637.43 Td (Revenues:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 637.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 622.42 Td (Rental revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.00 622.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.15 622.42 Td (28,082) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.00 622.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 622.42 Td (274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 622.42 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 622.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 622.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 622.42 Td (686) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 622.42 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 622.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 622.42 Td (29,042) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 607.42 Td (Other revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.65 607.42 Td (447) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 607.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 607.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 607.42 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 607.42 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 607.42 Td (450) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 592.42 Td (Total revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.15 592.42 Td (28,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 592.42 Td (274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 592.42 Td (689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 592.42 Td (29,492) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 577.43 Td (Expenses:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.00 577.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 577.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 562.42 Td (Property operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.15 562.42 Td (4,254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 562.42 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 562.42 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 562.42 Td (190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 562.42 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 562.42 Td (4,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 547.42 Td (Real property taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.15 547.42 Td (5,091) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 547.42 Td (102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 547.42 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 547.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 547.42 Td (5,193) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 532.42 Td (Property management fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.65 532.42 Td (478) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 532.42 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 532.42 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 532.42 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 532.42 Td (\(e\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 532.42 Td (500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 517.42 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.15 517.42 Td (14,905) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 517.42 Td (139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 517.42 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 517.42 Td (632) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 517.42 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 517.42 Td (15,676) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 502.42 Td (Acquisition related expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.15 502.42 Td (2,091) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 502.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.80 502.47 Td (\(1,863) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 502.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 502.42 Td (\(f\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 502.42 Td (228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 487.42 Td (Asset management and acquisition fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.15 487.42 Td (7,656) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 487.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.80 487.47 Td (\(5,214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 487.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 487.42 Td (\(g\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 487.42 Td (2,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 472.42 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.15 472.42 Td (1,279) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 472.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 472.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 472.42 Td (1,279) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 457.42 Td (Total expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.15 457.42 Td (35,754) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 457.42 Td (268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.80 457.47 Td (\(6,236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 457.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 457.42 Td (29,786) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 443.43 Td (Income \(loss\) before other income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 433.43 Td (\(expenses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.80 433.47 Td (\(7,225) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 433.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 433.42 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 433.42 Td (6,925) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.30 433.47 Td (\(294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 433.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 418.43 Td (Other income \(expenses\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.00 418.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 418.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 418.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 403.42 Td (Gain \(loss\) on derivative instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.30 403.47 Td (\(74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 403.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 403.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 403.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 403.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.30 403.47 Td (\(74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 403.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 388.42 Td (Foreign currency gains \(losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.65 388.42 Td (295) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 388.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 388.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 388.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 388.42 Td (295) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 373.42 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.80 373.47 Td (\(4,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 373.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.30 373.47 Td (\(61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 373.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 373.42 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 373.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.30 373.47 Td (\(446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 373.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 373.42 Td (\(h\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 373.47 Td (\(5,099) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 373.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 358.42 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.65 358.42 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 358.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 358.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 358.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 358.42 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 343.42 Td (Benefit \(provision\) for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.65 343.42 Td (229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 343.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 343.42 Td (501) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 343.42 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 343.42 Td (730) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 328.43 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.80 328.47 Td (\(11,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 328.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.30 328.47 Td (\(55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 328.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 328.42 Td (6,980) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 328.47 Td (\(4,429) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 328.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 313.42 Td (Net \(income\) loss attributable to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 303.42 Td (noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.30 303.47 Td (\(6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 303.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 303.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 303.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.30 303.47 Td (\(6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 303.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 289.43 Td (Net income \(loss\) attributable to) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 279.43 Td (common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.00 279.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.80 279.47 Td (\(11,360) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 279.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.00 279.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.30 279.47 Td (\(55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 279.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 279.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 279.42 Td (6,980) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 279.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 279.47 Td (\(4,435) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 279.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 265.43 Td (Basic and diluted income \(loss\) per) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 255.43 Td (common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.00 255.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.80 255.47 Td (\(0.36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 255.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.00 255.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 255.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 255.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 255.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 255.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 255.47 Td (\(0.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 255.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 240.42 Td (Weighted average number of common) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 230.42 Td (shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.15 230.42 Td (31,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 230.42 Td (31,985) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 202.25 Td (See notes to unaudited pro forma condensed consolidated statement of operations and notes to unaudited pro forma ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.35 190.25 Td (consolidated financial statements.) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.60 730.10 Td (Notes to Unaudited Pr) Tj ET Q q 0 0 0 rg BT 227.69 730.10 Td (o Forma Condensed Consolidated Statement of Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.40 718.10 Td (For) Tj ET Q q 0 0 0 rg BT 234.77 718.10 Td ( theSix Months Ended June 30, 2017) Tj ET Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 682.10 Td (o record the pro forma ef) Tj ET Q q 0 0 0 rg BT 191.46 682.10 Td (fect of the Company) Tj ET Q q 0 0 0 rg BT 276.16 682.10 Td (s acquisition of Rookwood based on its historical results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 670.10 Td (ofoperationsassuming that the acquisition had occurred on January 1, 2016. Depreciation and amortization were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td (calculated based on the fair values of the investment property using a useful life of 40 years and in place lease assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (and out of market lease assets and liabilities using a useful life of the remaining lease terms, which are preliminary and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td (subject to change.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 616.10 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 616.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 616.10 Td (o record the pro forma ef) Tj ET Q q 0 0 0 rg BT 191.46 616.10 Td (fect of the property management fee owed to an af) Tj ET Q q 0 0 0 rg BT 393.13 616.10 Td (filiate of Hines generally based on 3.0% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 604.10 Td (of gross revenues, assuming that the acquisition of Rookwood had occurred on January 1, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td (\(c\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 586.10 Td (o record the pro forma ef) Tj ET Q q 0 0 0 rg BT 191.46 586.10 Td (fect of interest expense assuming that the Company had borrowings of $56.0 million under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 574.10 Td (the credit facility with Hines and the assumption of two existing secured mortgage facilities from a third party totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 562.10 Td ($96.0 million related to the acquisition of Rookwood had been outstanding on January 1, 2016. ) Tj ET Q q 0 0 0 rg BT 469.09 562.10 Td (The adjustment also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 550.10 Td (includes the amortization of the fair value adjustment related to the assumed mortgages for Rookwood. ) Tj ET Q q 0 0 0 rg BT 500.70 550.10 Td (The weighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 538.10 Td (average interest rate for all of the borrowings used to acquire Rookwood was 2.86% at the date of acquisition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 520.10 Td (\(d\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 520.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 520.10 Td (o record the pro forma ef) Tj ET Q q 0 0 0 rg BT 191.46 520.10 Td (fect of the Company) Tj ET Q q 0 0 0 rg BT 276.16 520.10 Td (s acquisition of Montrose Student Residences based on its historical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 508.10 Td (results ofoperationsassuming that this acquisition had occurred on January 1, 2016. Depreciation and amortization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 496.10 Td (were calculated based on the fair value of the investment property using a useful life of 40 years and intangible lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 484.10 Td (assets and liabilities using a useful life of the remaining lease terms, which are preliminary and subject to change.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 466.10 Td (\(e\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 466.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 466.10 Td (o record the pro forma ef) Tj ET Q q 0 0 0 rg BT 191.46 466.10 Td (fect of the property management fee owed to an af) Tj ET Q q 0 0 0 rg BT 393.13 466.10 Td (filiate of Hines with respect to Montrose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 454.10 Td (Student Residences \(2.44% of gross revenue\), assuming that the acquisition had occurred on January 1, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 436.10 Td (\(f\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 436.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 436.10 Td (o eliminate the ef) Tj ET Q q 0 0 0 rg BT 160.92 436.10 Td (fect of non-recurring acquisition expenses recorded in relation to the Company) Tj ET Q q 0 0 0 rg BT 479.15 436.10 Td (s acquisitions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 418.10 Td (\(g\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 418.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 418.10 Td (o eliminate the ef) Tj ET Q q 0 0 0 rg BT 160.92 418.10 Td (fect of the non-recurring acquisition fees \(2.25% of the net purchase price of each acquisition\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 406.10 Td (recorded in relation to the Company) Tj ET Q q 0 0 0 rg BT 233.46 406.10 Td (s acquisitions acquired prior to July 1, 2017. In addition, these adjustments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 394.10 Td (reflect the pro forma ef) Tj ET Q q 0 0 0 rg BT 178.54 394.10 Td (fect of the asset management fee \(0.75% annually based on the purchase price or most recent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 382.10 Td (appraised value\) owed to an af) Tj ET Q q 0 0 0 rg BT 208.27 382.10 Td (filiate of Hines \(net of waivers\), assuming the Company) Tj ET Q q 0 0 0 rg BT 435.71 382.10 Td (s 2016 and 2017 acquisitions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 370.10 Td (had occurred on January 1, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 352.10 Td (\(h\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 352.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 352.10 Td (o record the pro forma ef) Tj ET Q q 0 0 0 rg BT 191.46 352.10 Td (fect of interest expense assuming that the Company had approximately $24.4 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 340.10 Td (permanent financing in place as of January 1, 2016 and borrowings of $7.0 million under the credit facility with Hines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 328.10 Td (related to the acquisition of Montrose Student Residences. ) Tj ET Q q 0 0 0 rg BT 324.10 328.10 Td (The weighted average interest rate for the borrowings used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 316.10 Td (to acquire Montrose Student Residences was 2.00% as of the date of acquisition of the property) Tj ET Q q 0 0 0 rg BT 467.47 316.10 Td (. If interest rates were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 304.10 Td (to increase by 1/8) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 156.81 308.63 Td (th) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.87 304.10 Td ( of a percent, interest expense would increase by approximately $39,250.) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.60 742.25 Td (HINES GLOBAL) Tj ET Q q 0 0 0 rg BT 312.46 742.25 Td ( REIT) Tj ET Q q 0 0 0 rg BT 339.23 742.25 Td ( II, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.20 730.25 Td (UNAUDITED PRO FORMA) Tj ET Q q 0 0 0 rg BT 220.09 730.25 Td ( CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 347.70 730.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 382.25 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 388.73 730.25 Td (TEMENT) Tj ET Q q 0 0 0 rg BT 431.89 730.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 447.90 730.25 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 484.66 730.25 Td (TIONS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.70 718.25 Td (For) Tj ET Q q 0 0 0 rg BT 238.07 718.25 Td ( the) Tj ET Q q 0 0 0 rg BT 256.03 718.25 Td (Y) Tj ET Q q 0 0 0 rg BT 262.14 718.25 Td (ear) Tj ET Q q 0 0 0 rg BT 275.83 718.25 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 351.75 718.25 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.25 718.25 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 632.75 165.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 632.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 632.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 632.75 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 632.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 632.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 632.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 632.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 632.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 632.75 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 602.75 165.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 602.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 602.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 602.75 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 602.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 602.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 602.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 602.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 602.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 602.75 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 572.75 165.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 572.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 572.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 572.75 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 572.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 572.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 572.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 572.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 572.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 572.75 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 542.75 165.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 542.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 542.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 542.75 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 542.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 542.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 542.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 542.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 542.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 542.75 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 512.75 165.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 512.75 90.00 -15.00 re f /GS0 gs 0.8 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1.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 661.75 m 304.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 661.75 m 381.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 661.75 m 466.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 661.75 m 561.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 602.75 m 304.5 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 602.75 m 381.5 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 602.75 m 466.5 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 602.75 m 561.5 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 602.75 m 466.5 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 602.75 m 561.5 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 467.75 m 304.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 467.75 m 381.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 467.75 m 466.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 467.75 m 561.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 452.75 m 304.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 452.75 m 381.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 467.75 m 466.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 452.75 m 466.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 467.75 m 561.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 452.75 m 561.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 338.75 m 304.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 338.75 m 381.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 338.75 m 466.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 338.75 m 561.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 338.75 m 466.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 338.75 m 561.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 298.75 m 381.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 298.75 m 466.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 298.75 m 304.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 275.75 m 304.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 273.75 m 304.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 298.75 m 381.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 275.75 m 381.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 273.75 m 381.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 298.75 m 466.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 275.75 m 466.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 273.75 m 466.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 298.75 m 561.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 275.75 m 561.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 273.75 m 561.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 273.75 m 304.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 275.75 m 304.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 273.75 m 381.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 275.75 m 381.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 273.75 m 466.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 275.75 m 466.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 251.75 m 466.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 249.75 m 466.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 273.75 m 561.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 275.75 m 561.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 251.75 m 561.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 249.75 m 561.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 249.75 m 304.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 251.75 m 304.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 226.75 m 304.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 224.75 m 304.5 224.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 249.75 m 381.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 251.75 m 381.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 226.75 m 381.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 224.75 m 381.5 224.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 249.75 m 466.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 251.75 m 466.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 226.75 m 466.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 224.75 m 466.5 224.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 249.75 m 561.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 251.75 m 561.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 226.75 m 561.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 224.75 m 561.5 224.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.90 676.43 Td (Year Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.65 666.43 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.25 686.43 Td (Adjustments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.15 676.43 Td (for Rookwood) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.00 666.43 Td (Acquisition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.25 666.43 Td (Adjustments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.60 666.43 Td (Pro Forma) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.15 652.43 Td (\(in thousands, except per share amounts\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 637.43 Td (Revenues:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 637.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 622.42 Td (Rental revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 622.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.15 622.42 Td (23,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 622.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 622.42 Td (20,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 622.42 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 622.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 622.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 622.42 Td (14,118) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 622.42 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 622.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 622.42 Td (57,847) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 607.42 Td (Other revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.65 607.42 Td (682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.65 607.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 607.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 607.42 Td (224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 607.42 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 607.42 Td (906) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 592.42 Td (Total revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.15 592.42 Td (24,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 592.42 Td (20,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 592.42 Td (14,342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 592.42 Td (58,753) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 577.43 Td (Expenses:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 577.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 577.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 562.42 Td (Property operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.15 562.42 Td (4,593) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.15 562.42 Td (1,775) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 562.42 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 562.42 Td (2,841) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 562.42 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 562.42 Td (9,209) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 547.42 Td (Real property taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.15 547.42 Td (1,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.15 547.42 Td (7,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 547.42 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 547.42 Td (1,313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 547.42 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 547.42 Td (10,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 532.42 Td (Property management fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.65 532.42 Td (438) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.65 532.42 Td (190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 532.42 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 532.42 Td (349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 532.42 Td (\(e\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 532.42 Td (977) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 517.42 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.15 517.42 Td (15,372) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 517.42 Td (10,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 517.42 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 517.42 Td (11,327) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 517.42 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 517.42 Td (36,906) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 502.42 Td (Acquisition related expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.15 502.42 Td (1,855) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.65 502.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.80 502.47 Td (\(1,748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 502.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 502.42 Td (\(f\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 502.42 Td (107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 487.42 Td (Asset management and acquisition fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.15 487.42 Td (6,645) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.65 487.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.80 487.47 Td (\(1,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 487.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 487.42 Td (\(g\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 487.42 Td (4,883) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 472.42 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.15 472.42 Td (2,044) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.65 472.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 472.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 472.42 Td (2,044) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 457.42 Td (Total expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.15 457.42 Td (32,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 457.42 Td (19,659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 457.42 Td (12,320) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 457.42 Td (64,574) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 443.43 Td (Income \(loss\) before other income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 433.43 Td (\(expenses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.80 433.42 Td (\(8,246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.65 433.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.65 433.42 Td (403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 433.42 Td (2,022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 433.47 Td (\(5,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 433.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 418.43 Td (Other income \(expenses\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 418.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 418.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 418.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 403.42 Td (Gain \(loss\) on derivative instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.30 403.42 Td (\(6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.65 403.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.65 403.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 403.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 403.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.30 403.47 Td (\(6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 403.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 388.42 Td (Foreign currency gains \(losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.30 388.42 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.65 388.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.65 388.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 388.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 388.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.30 388.47 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 388.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 373.42 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.80 373.42 Td (\(3,154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.65 373.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.80 373.47 Td (\(4,812) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.65 373.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 373.42 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 373.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.80 373.47 Td (\(4,051) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 373.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 373.42 Td (\(h\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 373.47 Td (\(12,017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 373.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 358.42 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.65 358.42 Td (69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.65 358.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 358.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 358.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 358.42 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 358.42 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 343.42 Td (Benefit \(provision\) for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.65 343.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.65 343.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 343.42 Td (2,238) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 343.42 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 343.42 Td (2,238) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 328.43 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.80 328.42 Td (\(11,341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.65 328.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.80 328.47 Td (\(4,409) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.65 328.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 328.42 Td (210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 328.47 Td (\(15,540) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 328.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 313.42 Td (Net \(income\) loss attributable to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 303.42 Td (noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.30 303.42 Td (\(12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.65 303.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.65 303.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 303.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.30 303.47 Td (\(12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 303.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 289.43 Td (Net income \(loss\) attributable to) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 279.43 Td (common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 279.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.80 279.42 Td (\(11,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.65 279.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 279.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.80 279.47 Td (\(4,409) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.65 279.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 279.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 279.42 Td (210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 279.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 279.47 Td (\(15,552) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 279.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 265.43 Td (Basic and diluted income \(loss\) per) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 255.43 Td (common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 255.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.80 255.42 Td (\(0.62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.65 255.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 255.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.65 255.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 255.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 255.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 255.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 255.47 Td (\(0.85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 255.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 240.42 Td (Weighted average number of common) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 230.42 Td (shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.15 230.42 Td (18,191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 230.42 Td (18,191) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 202.25 Td (See notes to unaudited pro forma condensed consolidated statement of operations and notes to unaudited pro forma ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.35 190.25 Td (consolidated financial statements.) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.60 730.10 Td (Notes to Unaudited Pr) Tj ET Q q 0 0 0 rg BT 227.69 730.10 Td (o Forma Condensed Consolidated Statement of Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.70 718.10 Td (For) Tj ET Q q 0 0 0 rg BT 238.07 718.10 Td ( the) Tj ET Q q 0 0 0 rg BT 256.03 718.10 Td (Y) Tj ET Q q 0 0 0 rg BT 262.14 718.10 Td (ear) Tj ET Q q 0 0 0 rg BT 275.83 718.10 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 351.75 718.10 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 700.10 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 700.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 700.10 Td (o record the pro forma ef) Tj ET Q q 0 0 0 rg BT 191.46 700.10 Td (fect of the Company) Tj ET Q q 0 0 0 rg BT 276.16 700.10 Td (s acquisition of Rookwood based on its historical results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 688.10 Td (ofoperationsassuming that the acquisition had occurred on January 1, 2016. Depreciation and amortization were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 676.10 Td (calculated based on the fair values of the investment property using a useful life of 40 years and in place lease assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 664.10 Td (and out of market lease assets and liabilities using a useful life of the remaining lease terms, which are preliminary and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 652.10 Td (subject to change.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 634.10 Td (o record the pro forma ef) Tj ET Q q 0 0 0 rg BT 191.46 634.10 Td (fect of the property management fee owed to an af) Tj ET Q q 0 0 0 rg BT 393.13 634.10 Td (filiate of Hines generally based on 3.0% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 622.10 Td (of gross revenues, assuming that the acquisition of Rookwood had occurred on January 1, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 604.10 Td (\(c\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 604.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 604.10 Td (o record the pro forma ef) Tj ET Q q 0 0 0 rg BT 191.46 604.10 Td (fect of interest expense assuming that the Company had borrowings of $56.0 million under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 592.10 Td (the credit facility with Hines and the assumption of two existing secured mortgage facilities from a third party totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 580.10 Td ($96.0 million related to the acquisition of Rookwood had been outstanding on January 1, 2016. ) Tj ET Q q 0 0 0 rg BT 469.09 580.10 Td (The adjustment also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 568.10 Td (includes the amortization of the fair value adjustment related to the assumed mortgages for Rookwood. ) Tj ET Q q 0 0 0 rg BT 500.70 568.10 Td (The weighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 556.10 Td (average interest rate for all of the borrowings used to acquire Rookwood was 2.86% at the date of acquisition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 538.10 Td (\(d\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 538.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 538.10 Td (o record the pro forma ef) Tj ET Q q 0 0 0 rg BT 191.46 538.10 Td (fect of the Company) Tj ET Q q 0 0 0 rg BT 276.16 538.10 Td (s acquisitions of the Domain ) Tj ET Q q 0 0 0 rg BT 392.53 538.10 Td (Apartments, Cottonwood Corporate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 526.10 Td (Center) Tj ET Q q 0 0 0 rg BT 112.25 526.10 Td (, Goodyear Crossing II, and Montrose Student Residences based on their historical results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 514.10 Td (ofoperationsassuming that these acquisitions had occurred on January 1, 2016. Depreciation and amortization were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 502.10 Td (calculated based on the fair values of the investment properties using a useful life of 40 years and intangible lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 490.10 Td (assets and liabilities using a useful life of the remaining lease terms, which, with respect to Goodyear Crossing II and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 478.10 Td (the Montrose Student Residences, are preliminary and subject to change.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 460.10 Td (\(e\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 460.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 460.10 Td (o record the pro forma ef) Tj ET Q q 0 0 0 rg BT 191.46 460.10 Td (fect of the property management fee owed to an af) Tj ET Q q 0 0 0 rg BT 393.13 460.10 Td (filiate of Hines with respect to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 448.10 Td (Domain ) Tj ET Q q 0 0 0 rg BT 120.17 448.10 Td (Apartments \(2.5% of gross revenue\), Cottonwood Corporate Center \(3.0% of gross revenue\), Goodyear ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 436.10 Td (Crossing II \(2.0% of gross revenue\), and Montrose Student Residences \(2.44% of gross revenue\), assuming that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 424.10 Td (acquisitions had occurred on January 1, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 406.10 Td (\(f\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 406.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 406.10 Td (o eliminate the ef) Tj ET Q q 0 0 0 rg BT 160.92 406.10 Td (fect of non-recurring acquisition expenses recorded in relation to the Company) Tj ET Q q 0 0 0 rg BT 479.15 406.10 Td (s acquisitions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 388.10 Td (\(g\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 388.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 388.10 Td (o eliminate the ef) Tj ET Q q 0 0 0 rg BT 160.92 388.10 Td (fect of the non-recurring acquisition fees \(2.25% of the net purchase price of each acquisition\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 376.10 Td (recorded in relation to the Company) Tj ET Q q 0 0 0 rg BT 233.46 376.10 Td (s acquisitions acquired prior to January 1, 2017. In addition, these adjustments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 364.10 Td (reflect the pro forma ef) Tj ET Q q 0 0 0 rg BT 178.54 364.10 Td (fect of the asset management fee \(0.75% annually based on the purchase price or most recent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 352.10 Td (appraised value\) owed to an af) Tj ET Q q 0 0 0 rg BT 208.27 352.10 Td (filiate of Hines \(net of waivers\), assuming the Company) Tj ET Q q 0 0 0 rg BT 435.71 352.10 Td (s 2016 and 2017 acquisitions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 340.10 Td (had occurred on January 1, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 322.10 Td (\(h\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 322.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 322.10 Td (o record the pro forma ef) Tj ET Q q 0 0 0 rg BT 191.46 322.10 Td (fect of interest expense assuming that the Company had approximately $34.3 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 310.10 Td (permanent financing in place as of January 1, 2016 related to the acquisition of the Domain ) Tj ET Q q 0 0 0 rg BT 453.39 310.10 Td (Apartments, to record the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 298.10 Td (pro forma ef) Tj ET Q q 0 0 0 rg BT 135.79 298.10 Td (fect of interest expense assuming that the Company had approximately $78.0 million in permanent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 286.10 Td (financing in place as of January 1, 2016 and borrowings of $8.0 million under the credit facility with Hines related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 274.10 Td (the acquisition of Cottonwood Corporate Center) Tj ET Q q 0 0 0 rg BT 278.62 274.10 Td (, to record the pro forma ef) Tj ET Q q 0 0 0 rg BT 386.44 274.10 Td (fect of interest expense assuming that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 262.10 Td (Company had approximately $29.0 million in permanent financing in place as of January 1, 2016 and borrowings of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 250.10 Td ($14.5 million under the credit facility with Hines related to the acquisition of Goodyear Crossing II, and to record the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 238.10 Td (pro forma ef) Tj ET Q q 0 0 0 rg BT 135.79 238.10 Td (fect of interest expense assuming that the Company had approximately $24.4 million in permanent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 226.10 Td (financing in place as of January 1, 2016 and borrowings of $7.0 million under the credit facility with Hines related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 214.10 Td (the acquisition of Montrose Student Residences. ) Tj ET Q q 0 0 0 rg BT 284.12 214.10 Td (The weighted average interest rate for all of the borrowings used to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 202.10 Td (acquire the Domain ) Tj ET Q q 0 0 0 rg BT 166.81 202.10 Td (Apartments, Cottonwood Corporate Center) Tj ET Q q 0 0 0 rg BT 339.15 202.10 Td (, Goodyear Crossing II, and Montrose Student ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 190.10 Td (Residences were 2.03%, 2.91%, 2.73%, and 2.00%, respectively) Tj ET Q q 0 0 0 rg BT 343.33 190.10 Td (, as of the dates of acquisition of each property) Tj ET Q q 0 0 0 rg BT 529.84 190.10 Td (. If ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 178.10 Td (interest rates were to increase by 1/8) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 232.05 182.63 Td (th) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.10 178.10 Td ( of a percent, interest expense would increase by approximately $244,000.) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.95 742.10 Td (N) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.17 742.10 Td (otes to Unaudited Pr) Tj ET Q q 0 0 0 rg BT 235.04 742.10 Td (o Forma Condensed Consolidated Financial Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (\(1\) Investment Pr) Tj ET Q q 0 0 0 rg BT 127.30 718.10 Td (operties ) Tj ET Q q 0 0 0 rg BT 163.13 718.10 Td (Acquir) Tj ET Q q 0 0 0 rg BT 192.94 718.10 Td (ed ) Tj ET Q q 0 0 0 rg BT 204.89 718.10 Td (After) Tj ET Q q 0 0 0 rg BT 227.47 718.10 Td ( January 1, 2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td (Domain ) Tj ET Q q 0 0 0 rg BT 102.54 694.10 Td (Apartments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td (On January 29, 2016, the Company) Tj ET Q q 0 0 0 rg BT 209.27 670.10 Td (, through a wholly-owned subsidiary of its operating partnership, acquired the Domain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (Apartments, a multi-family community located in Henderson, Nevada near Las ) Tj ET Q q 0 0 0 rg BT 369.17 658.10 Td (V) Tj ET Q q 0 0 0 rg BT 375.28 658.10 Td (egas. ) Tj ET Q q 0 0 0 rg BT 400.37 658.10 Td (The Domain ) Tj ET Q q 0 0 0 rg BT 452.58 658.10 Td (Apartments consist of 308 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (units with an average unit size of 1,075 square feet located on a 15.5 acre site and is 95% leased. ) Tj ET Q q 0 0 0 rg BT 441.35 646.10 Td (The net purchase price for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (Domain ) Tj ET Q q 0 0 0 rg BT 84.17 634.10 Td (Apartments was $58.1 million, exclusive of transaction costs and working capital reserves.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (Cottonwood Corporate Center) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td (On July 5, 2016, the Company) Tj ET Q q 0 0 0 rg BT 189.85 586.10 Td (, through a wholly-owned subsidiary of its operating partnership, acquired Cottonwood ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (Corporate Center) Tj ET Q q 0 0 0 rg BT 118.74 574.10 Td (, a four) Tj ET Q q 0 0 0 rg BT 147.14 574.10 Td (-building, Class-A) Tj ET Q q 0 0 0 rg BT 220.47 574.10 Td ( of) Tj ET Q q 0 0 0 rg BT 231.12 574.10 Td (fice project located in Cottonwood Heights, Utah, a submarket of Salt Lake City) Tj ET Q q 0 0 0 rg BT 552.06 574.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (Utah. Cottonwood Corporate Center consists of 490,030 square feet of net rentable area that is 94% leased. ) Tj ET Q q 0 0 0 rg BT 485.81 562.10 Td (The net purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (price for Cottonwood Corporate Center was $139.2 million, exclusive of transaction costs and working capital reserves.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td (Goodyear Cr) Tj ET Q q 0 0 0 rg BT 120.68 526.10 Td (ossing II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 502.10 Td (On ) Tj ET Q q 0 0 0 rg BT 82.17 502.10 Td (August18, 2016, the Company) Tj ET Q q 0 0 0 rg BT 206.52 502.10 Td (, through a wholly-owned subsidiary of its operating partnership, acquired Goodyear ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (Crossing II, a Class-A) Tj ET Q q 0 0 0 rg BT 138.33 490.10 Td ( industrial warehouse located in Goodyear) Tj ET Q q 0 0 0 rg BT 307.04 490.10 Td (, ) Tj ET Q q 0 0 0 rg BT 311.49 490.10 Td (Arizona, a submarket of Phoenix, ) Tj ET Q q 0 0 0 rg BT 447.85 490.10 Td (Arizona. Goodyear ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (Crossing II consists of 820,384 square feet of net rentable area that is 100% leased to ) Tj ET Q q 0 0 0 rg BT 392.41 478.10 Td (Amazon.com. ) Tj ET Q q 0 0 0 rg BT 453.32 478.10 Td (The net purchase price for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (Goodyear Crossing II was $56.2 million, exclusive of transaction costs and working capital reserves.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 442.10 Td (Rookwood) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 418.10 Td (On January 6, 2017, the Company) Tj ET Q q 0 0 0 rg BT 204.27 418.10 Td (, through two wholly-owned subsidiaries of its operating partnership, acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (Rookwood Commons and Rookwood Pavilion, two contiguous shopping centers located in Cincinnati, Ohio \(collectively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (referred to as Rookwood\). Rookwood consists of 600,071 square feet that is, in the aggregate, 96% leased. ) Tj ET Q q 0 0 0 rg BT 492.48 394.10 Td (The net purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (price for Rookwood was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.09 382.10 Td ($193.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.98 382.10 Td (, exclusive of transaction costs and working capital reserves.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 358.10 Td (Montr) Tj ET Q q 0 0 0 rg BT 92.63 358.10 Td (ose Student Residences) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 334.10 Td (On March24, 2017, the Company) Tj ET Q q 0 0 0 rg BT 204.27 334.10 Td (, through a wholly-owned subsidiary of its operating partnership, acquired the Montrose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (Student Residences, a Class-A) Tj ET Q q 0 0 0 rg BT 171.65 322.10 Td ( student housing asset located in Dublin, Ireland. ) Tj ET Q q 0 0 0 rg BT 369.21 322.10 Td (The Montrose Student Residences, originally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (developed as a hotel in 1964, was completely renovated between 2013 and 2015 and converted into student housing. ) Tj ET Q q 0 0 0 rg BT 518.59 310.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (Montrose Student Residences consist of 205 beds and is 93% leased. ) Tj ET Q q 0 0 0 rg BT 327.55 298.10 Td (The net purchase price for the Montrose Student ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (Residences was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.54 286.10 Td ($40.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.43 286.10 Td (, exclusive of transaction costs and working capital reserves.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 262.10 Td (The unaudited pro forma condensed consolidated statements of operations assume that all 2016 and 2017 acquisitions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (described above occurred on January1, 2016. ) Tj ET Q endstream endobj 23 0 obj <> /View <>>>>> endobj 24 0 obj <> /View <>>>>> endobj 25 0 obj <> endobj 26 0 obj <> stream xy\E7~n{{w'd'52 HaGPPA!"" b-&h,+TLy?:uk?uΩoH""?W~.Xv3&rm 2\jMgwm'CڴzlycǏ\ rBjx\DsV@{twocmC{Iwl11z:1m!t-\q3D.:yz'Wɨp[_F=>E"ǢӦ/|K&_~=!wn-az3¦h$7,ؑ2Oo_eSFLlk}Fg[F>|;