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ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.40 636.20 Td (\(in thousands, except per share amounts\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.20 622.20 Td (ASSETS) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.50 622.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.50 622.20 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 394.00 608.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 441.75 608.21 Td (504,457) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.00 608.21 Td ($) 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 446.25 594.21 Td (54,886) 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 450.75 580.21 Td (6,246) 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 462.00 566.21 Td (79) 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, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.75 552.21 Td (6,430) 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 446.25 538.21 Td (97,217) 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 457.50 524.21 Td (872) 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 450.75 510.21 Td (2,430) 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 394.00 496.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 441.75 496.21 Td (672,617) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.00 496.21 Td ($) 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 162.85 482.20 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 394.00 454.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.25 454.21 Td (10,772) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.00 454.21 Td ($) 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 446.25 440.21 Td (16,418) 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 446.25 426.21 Td (14,858) 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 450.75 412.21 Td (6,436) 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 450.75 398.21 Td (1,833) 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 462.00 384.21 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 ET q 0 0 0 rg BT 52.00 370.21 Td (Notes payable, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 441.75 370.21 Td (325,531) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 370.21 Td (197,815) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 356.20 Td (Total liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.00 356.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 441.75 356.21 Td (375,848) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.00 356.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 356.21 Td (280,162) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 334.21 Td (Commitments and contingencies \(Note 12\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.00 334.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 334.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 312.20 Td (Equity:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.00 312.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.00 312.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 298.21 Td (Stockholders equity:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.00 298.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.00 298.21 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 September 30, 2017 and December 31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.00 275.21 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; 20,028 and 16,469) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 252.21 Td (issued and outstanding as of September 30, 2017 and December 31, 2016, respectively) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.00 252.21 Td (20) 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; 20,684 and 10,074) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 229.21 Td (issued and outstanding as of September 30, 2017 and December 31, 2016, respectively) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.00 229.21 Td (21) 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; 91 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 September 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 462.00 197.21 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 September 30, 2017 and December 31, 2016, respectively) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.00 174.21 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 441.75 160.21 Td (351,623) 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 443.25 146.21 Td (\(58,262) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.00 146.21 Td (\)) 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 450.75 132.21 Td (3,367) 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 441.75 118.21 Td (296,769) 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 462.00 104.21 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 441.75 90.21 Td (296,769) 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 394.00 76.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 441.75 76.21 Td (672,617) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.00 76.21 Td ($) 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 159.65 718.25 Td (For) Tj ET Q q 0 0 0 rg BT 175.02 718.25 Td ( the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.17 718.25 Td (Thr) Tj ET Q q 0 0 0 rg BT 209.65 718.25 Td (ee and Nine) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.65 718.25 Td ( Months Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.73 718.25 Td (September) Tj ET Q q 0 0 0 rg BT 373.65 718.25 Td (30, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 718.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.27 718.25 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 49.50 639.75 216.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 639.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 639.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 639.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 639.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 639.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 639.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 639.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 611.75 216.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 611.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 611.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 611.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 611.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 611.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 611.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 611.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 583.75 216.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 583.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 583.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 583.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 583.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 583.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 583.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 583.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 555.75 216.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 555.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 555.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 555.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 555.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 555.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 555.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 555.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 527.75 216.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 527.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 527.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 527.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 527.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 527.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 527.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 527.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 499.75 216.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 499.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 499.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 499.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 499.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 499.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 499.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 499.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 471.75 216.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 471.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 471.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 471.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 471.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 471.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 471.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 471.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 443.75 216.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 443.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 443.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 443.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 443.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 443.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 443.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 443.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 415.75 216.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 415.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 415.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 415.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 415.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 415.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 415.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 415.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 387.75 216.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 387.75 71.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 387.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 387.75 71.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 387.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 387.75 71.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 387.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 387.75 71.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 350.75 216.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 350.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 350.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 350.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 350.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 350.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 350.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 350.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 322.75 216.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 322.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 322.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 322.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 322.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 322.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 322.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 322.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 294.75 216.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 294.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 294.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 294.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 294.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 294.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 294.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 294.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 266.75 216.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 266.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 266.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 266.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 266.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 266.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 266.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 266.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 238.75 216.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 238.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 238.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 238.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 238.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 238.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 238.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 238.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 210.75 216.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 210.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 210.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 210.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 210.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 210.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 210.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 210.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 182.75 216.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 182.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 182.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 182.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 182.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 182.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 182.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 182.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 154.75 216.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 154.75 71.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 154.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 154.75 71.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 154.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 154.75 71.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 154.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 154.75 71.00 -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 265.5 667.75 m 336.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 667.75 m 411.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 667.75 m 486.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 667.75 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 265.5 611.75 m 336.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 611.75 m 411.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 611.75 m 486.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 611.75 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 340.5 611.75 m 411.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 611.75 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 265.5 485.75 m 336.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 485.75 m 411.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 485.75 m 486.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 485.75 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 265.5 485.75 m 336.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 485.75 m 411.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 471.75 m 411.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 485.75 m 486.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 485.75 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 490.5 471.75 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 265.5 471.75 m 336.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 471.75 m 411.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 471.75 m 486.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 471.75 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 265.5 387.75 m 336.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 387.75 m 411.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 387.75 m 486.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 387.75 m 561.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 350.75 m 336.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 350.75 m 411.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 350.75 m 486.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 350.75 m 561.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 322.75 m 411.5 322.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 322.75 m 561.5 322.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 322.75 m 336.5 322.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 309.75 m 336.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 307.75 m 336.5 307.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 322.75 m 411.5 322.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 309.75 m 411.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 307.75 m 411.5 307.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 322.75 m 486.5 322.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 309.75 m 486.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 307.75 m 486.5 307.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 322.75 m 561.5 322.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 309.75 m 561.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 307.75 m 561.5 307.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 295.75 m 336.5 295.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 293.75 m 336.5 293.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 295.75 m 411.5 295.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 293.75 m 411.5 293.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 295.75 m 486.5 295.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 293.75 m 486.5 293.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 295.75 m 561.5 295.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 293.75 m 561.5 293.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 279.75 m 336.5 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 281.75 m 336.5 281.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 267.75 m 336.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 265.75 m 336.5 265.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 279.75 m 411.5 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 281.75 m 411.5 281.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 267.75 m 411.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 265.75 m 411.5 265.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 279.75 m 486.5 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 281.75 m 486.5 281.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 267.75 m 486.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 265.75 m 486.5 265.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 279.75 m 561.5 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 281.75 m 561.5 281.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 267.75 m 561.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 265.75 m 561.5 265.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 265.75 m 336.5 265.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 267.75 m 336.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 253.75 m 336.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 251.75 m 336.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 265.75 m 411.5 265.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 267.75 m 411.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 253.75 m 411.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 251.75 m 411.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 265.75 m 486.5 265.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 267.75 m 486.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 253.75 m 486.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 251.75 m 486.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 265.75 m 561.5 265.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 267.75 m 561.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 253.75 m 561.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 251.75 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 265.5 251.75 m 336.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 253.75 m 336.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 239.75 m 336.5 239.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 237.75 m 336.5 237.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 251.75 m 411.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 253.75 m 411.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 239.75 m 411.5 239.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 237.75 m 411.5 237.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 251.75 m 486.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 253.75 m 486.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 239.75 m 486.5 239.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 237.75 m 486.5 237.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 251.75 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 490.5 253.75 m 561.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 239.75 m 561.5 239.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 237.75 m 561.5 237.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 168.75 m 336.5 168.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 168.75 m 411.5 168.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 168.75 m 486.5 168.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 168.75 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 265.5 131.75 m 336.5 131.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 131.75 m 411.5 131.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 131.75 m 486.5 131.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 131.75 m 561.5 131.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 109.75 m 336.5 109.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 107.75 m 336.5 107.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 131.75 m 411.5 131.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 109.75 m 411.5 109.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 107.75 m 411.5 107.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 109.75 m 486.5 109.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 107.75 m 486.5 107.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 131.75 m 561.5 131.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 109.75 m 561.5 109.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 107.75 m 561.5 107.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 268.50 686.20 Td (Three Months Ended September 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.95 686.20 Td (Nine Months Ended September 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 291.50 672.20 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.50 672.20 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 441.50 672.20 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.50 672.20 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 334.40 658.20 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 268.00 630.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.25 630.21 Td (14,869) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 343.00 630.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.75 630.21 Td (7,849) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.00 630.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.25 630.21 Td (42,951) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.00 630.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 630.21 Td (14,888) 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 319.50 616.21 Td (236) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.50 616.21 Td (265) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.50 616.21 Td (682) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 616.21 Td (509) 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 308.25 602.21 Td (15,105) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.75 602.21 Td (8,114) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.25 602.21 Td (43,633) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 602.21 Td (15,397) 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 333.00 588.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.00 588.21 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 312.75 574.21 Td (2,372) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.75 574.21 Td (1,445) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.75 574.21 Td (6,629) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 574.21 Td (2,764) 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 312.75 560.21 Td (2,523) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.50 560.21 Td (617) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.75 560.21 Td (7,614) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 560.21 Td (891) 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 319.50 546.21 Td (249) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.50 546.21 Td (159) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.50 546.21 Td (727) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 546.21 Td (280) 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 312.75 532.21 Td (7,203) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.75 532.21 Td (5,562) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.25 532.21 Td (22,108) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 532.21 Td (9,873) 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 319.50 518.21 Td (550) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.50 518.21 Td (930) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.75 518.21 Td (2,641) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 518.21 Td (1,370) 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 312.75 504.21 Td (1,234) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.75 504.21 Td (4,836) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.75 504.21 Td (8,890) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 504.21 Td (6,137) 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 319.50 490.21 Td (787) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.50 490.21 Td (579) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.75 490.21 Td (2,065) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 490.21 Td (1,588) 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 308.25 476.21 Td (14,918) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.25 476.21 Td (14,128) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.25 476.21 Td (50,674) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 476.21 Td (22,903) 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 319.50 462.21 Td (187) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.75 462.21 Td (\(6,014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.00 462.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.75 462.21 Td (\(7,041) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.00 462.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 462.21 Td (\(7,506) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 462.21 Td (\)) 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 321.00 434.21 Td (\(26) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 333.00 434.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.50 434.21 Td (\(1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.00 434.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.50 434.21 Td (\(100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.00 434.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 434.21 Td (\(6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 434.21 Td (\)) 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 319.50 420.21 Td (132) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.00 420.21 Td (\(41) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.00 420.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.50 420.21 Td (427) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 420.21 Td (8) 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 309.75 406.21 Td (\(2,270) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 333.00 406.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.75 406.21 Td (\(1,115) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.00 406.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.75 406.21 Td (\(6,861) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.00 406.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 406.21 Td (\(1,901) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 406.21 Td (\)) 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 324.00 392.21 Td (49) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 403.50 392.21 Td (7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 392.21 Td (62) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 392.21 Td (48) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 378.20 Td (Income \(loss\) before benefit \(provision\) for income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 369.20 Td (taxes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.75 369.21 Td (\(1,928) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 333.00 369.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.75 369.21 Td (\(7,164) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.00 369.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.25 369.21 Td (\(13,513) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.00 369.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 369.21 Td (\(9,357) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 369.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 355.21 Td (Benefit \(provision\) for income taxes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 319.50 355.21 Td (385) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.00 355.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.50 355.21 Td (614) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 355.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 341.20 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.75 341.21 Td (\(1,543) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 333.00 341.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.75 341.21 Td (\(7,164) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.00 341.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.25 341.21 Td (\(12,899) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.00 341.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 341.21 Td (\(9,357) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 341.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 327.21 Td (Net \(income\) loss attributable to noncontrolling interests) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.50 327.21 Td (\(3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 333.00 327.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.50 327.21 Td (\(3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.00 327.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.50 327.21 Td (\(9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.00 327.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 327.21 Td (\(9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 327.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 313.20 Td (Net income \(loss\) attributable to common stockholders) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 268.00 313.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.75 313.21 Td (\(1,546) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 333.00 313.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 343.00 313.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.75 313.21 Td (\(7,167) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.00 313.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.00 313.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.25 313.21 Td (\(12,908) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.00 313.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.00 313.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 313.21 Td (\(9,366) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 313.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 299.20 Td (Basic and diluted income \(loss\) per common share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 268.00 299.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 314.25 299.21 Td (\(0.04) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 333.00 299.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 343.00 299.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.25 299.21 Td (\(0.36) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.00 299.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.00 299.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.25 299.21 Td (\(0.38) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.00 299.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.00 299.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 299.21 Td (\(0.58) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 299.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 285.21 Td (Weighted average number of common shares outstanding) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.25 285.21 Td (38,932) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.25 285.21 Td (19,808) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.25 285.21 Td (34,326) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 285.21 Td (16,134) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 271.21 Td (Cash distributions declared per class A share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 268.00 271.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 317.25 271.21 Td (0.15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 343.00 271.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.25 271.21 Td (0.15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.00 271.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.25 271.21 Td (0.45) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.00 271.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.25 271.21 Td (0.43) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 257.21 Td (Cash distributions declared per class T share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 268.00 257.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 317.25 257.21 Td (0.13) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 343.00 257.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.25 257.21 Td (0.12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.00 257.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.25 257.21 Td (0.37) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.00 257.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.25 257.21 Td (0.36) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 243.21 Td (Cash distributions declared per class I share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 268.00 243.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 317.25 243.21 Td (0.15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 343.00 243.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.00 243.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.00 243.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.25 243.21 Td (0.24) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.00 243.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 243.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 215.20 Td (Comprehensive income \(loss\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 201.21 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 268.00 201.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.75 201.21 Td (\(1,543) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 333.00 201.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 343.00 201.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.75 201.21 Td (\(7,164) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.00 201.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.00 201.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.25 201.21 Td (\(12,899) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.00 201.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.00 201.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 201.21 Td (\(9,357) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 201.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 187.21 Td (Other comprehensive income \(loss\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 173.21 Td (Foreign currency translation adjustment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.75 173.21 Td (1,972) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.50 173.21 Td (379) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.75 173.21 Td (6,122) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 173.21 Td (1,094) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 159.20 Td (Comprehensive income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 268.00 159.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 319.50 159.21 Td (429) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 343.00 159.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.75 159.21 Td (\(6,785) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.00 159.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.00 159.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.75 159.21 Td (\(6,777) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.00 159.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.00 159.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 159.21 Td (\(8,263) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 159.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 145.21 Td (Comprehensive \(income\) loss attributable to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 136.21 Td (noncontrolling interests) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.50 136.21 Td (\(3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 333.00 136.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.50 136.21 Td (\(3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.00 136.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.50 136.21 Td (\(9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.00 136.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 136.21 Td (\(9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 136.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 122.20 Td (Comprehensive income \(loss\) attributable to common) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 113.20 Td (stockholders) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 268.00 113.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 319.50 113.21 Td (426) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 343.00 113.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.75 113.21 Td (\(6,788) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.00 113.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.00 113.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.75 113.21 Td (\(6,786) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.00 113.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.00 113.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 113.21 Td (\(8,272) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 113.21 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.25 85.25 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 182.80 716.25 Td (For) Tj ET Q q 0 0 0 rg BT 198.17 716.25 Td ( the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.50 716.25 Td (Nine Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.07 716.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.57 716.25 Td (September) Tj ET Q q 0 0 0 rg BT 350.49 716.25 Td (30, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.99 716.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.11 716.25 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 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/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 (14,427) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 294.50 613.90 Td (15) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 327.60 613.90 Td (143,012) 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 (143,027) 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 382.85 601.90 Td (\(14,132) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 406.00 601.90 Td (\)) 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 502.85 601.90 Td (\(14,132) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 526.00 601.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 579.75 601.90 Td (\(9) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 586.00 601.90 Td (\)) 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 (\(166) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 231.00 589.90 Td (\)) 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 (\(1,445) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 352.00 589.90 Td (\)) 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 (\(1,445) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 526.00 589.90 Td (\)) 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 328.85 569.90 Td (\(11,131) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 352.00 569.90 Td (\)) 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 502.85 569.90 Td (\(11,131) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 526.00 569.90 Td (\)) 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 (\(2,947) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 352.00 557.90 Td (\)) 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 (\(2,947) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 526.00 557.90 Td (\)) 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 (\(12,908) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 406.00 545.90 Td (\)) 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 (\(12,908) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 526.00 545.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 582.25 545.90 Td (9) 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 (6,122) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 509.10 533.90 Td (6,122) 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 September) Tj ET Q q 0 0 0 rg BT 102.90 521.87 Td ( 30, 2017) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 210.35 521.90 Td (40,803) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 240.50 521.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 294.50 521.90 Td (41) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 311.50 521.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 327.60 521.90 Td (351,623) 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 (\(58,262) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 406.00 521.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.50 521.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 449.10 521.90 Td (3,367) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 475.50 521.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 501.60 521.90 Td (296,769) 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 210.35 427.90 Td (10,848) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 294.50 427.90 Td (11) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 327.60 427.90 Td (104,953) 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 501.60 427.90 Td (104,964) 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 (\(6,760) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 406.00 415.90 Td (\)) 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 (\(6,760) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 526.00 415.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 579.75 415.90 Td (\(9) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 586.00 415.90 Td (\)) 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 (\(44) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 231.00 403.90 Td (\)) 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 (\(438) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 352.00 403.90 Td (\)) 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 (\(438) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 526.00 403.90 Td (\)) 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 (\(9,713) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 352.00 383.90 Td (\)) 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 (\(9,713) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 526.00 383.90 Td (\)) 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 (\(2,458) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 352.00 371.90 Td (\)) 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 (\(2,458) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 526.00 371.90 Td (\)) 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 (\(9,366) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 406.00 359.90 Td (\)) 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 (\(9,366) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 526.00 359.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 582.25 359.90 Td (9) 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 449.10 347.90 Td (1,094) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 509.10 347.90 Td (1,094) 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 September) Tj ET Q q 0 0 0 rg BT 102.90 335.87 Td ( 30, 2016) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 210.35 335.90 Td (21,865) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 240.50 335.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 294.50 335.90 Td (22) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 311.50 335.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 327.60 335.90 Td (183,921) 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 (\(25,883) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 406.00 335.90 Td (\)) 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 (\(298) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 466.00 335.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 475.50 335.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 501.60 335.90 Td (157,762) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 535.50 335.90 Td ($) 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 182.80 718.25 Td (For) Tj ET Q q 0 0 0 rg BT 198.17 718.25 Td ( the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.50 718.25 Td (Nine Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.07 718.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.57 718.25 Td (September) Tj ET Q q 0 0 0 rg BT 350.49 718.25 Td (30, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.99 718.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.11 718.25 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 (\(12,899) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 644.21 Td (\)) 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 (\(9,357) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 644.21 Td (\)) 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 (21,710) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 616.21 Td (9,800) 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 (\(427) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 602.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 602.21 Td (\(8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 602.21 Td (\)) 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 460.50 588.21 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 588.21 Td (6) 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 (\(821) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 560.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.50 560.21 Td (\(355) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 560.21 Td (\)) 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 (\(2,606) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 546.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 546.21 Td (\(1,854) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 546.21 Td (\)) 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 (\(620) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 532.21 Td (\)) 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 (2,331) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 518.21 Td (1,180) 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 453.75 504.21 Td (1,750) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.50 504.21 Td (\(653) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 504.21 Td (\)) 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 457.50 490.21 Td (\(868) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 490.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 490.21 Td (4,988) 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 (7,650) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 476.21 Td (3,747) 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 525.75 448.21 Td (\(244,817) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 448.21 Td (\)) 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 450.75 434.21 Td (\(1,305) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 434.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.50 434.21 Td (\(127) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 434.21 Td (\)) 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 (\(5,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 420.21 Td (\)) 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 (\(133,063) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 406.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 525.75 406.21 Td (\(249,944) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 406.21 Td (\)) 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 444.75 378.21 Td (137,085) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 378.21 Td (104,474) 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 (\(1,590) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 364.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.50 364.21 Td (\(414) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 364.21 Td (\)) 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 (\(3,449) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 350.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 350.21 Td (\(3,783) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 350.21 Td (\)) 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 (\(6,525) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 313.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 313.21 Td (\(6,899) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 313.21 Td (\)) 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 (\(6,316) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 299.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 299.21 Td (\(3,094) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 299.21 Td (\)) 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 528.75 285.21 Td (141,300) 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 450.75 271.21 Td (\(1,233) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 271.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.50 271.21 Td (\(269) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 271.21 Td (\)) 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 533.25 257.21 Td (25,500) 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 530.25 243.21 Td (\(25,500) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 243.21 Td (\)) 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 (\(24) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 229.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 229.21 Td (24) 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 (\(471) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 215.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.50 215.21 Td (\(657) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 215.21 Td (\)) 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 (85,694) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 187.21 Td (234,732) 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 453.75 173.21 Td (1,138) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 173.21 Td (64) 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 (\(38,581) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 159.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 159.21 Td (\(11,401) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 159.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 145.20 Td (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 ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.25 131.21 Td (61,132) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 131.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 131.21 Td (7,388) 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 159.65 718.25 Td (For) Tj ET Q q 0 0 0 rg BT 175.02 718.25 Td ( the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.17 718.25 Td (Thr) Tj ET Q q 0 0 0 rg BT 209.65 718.25 Td (ee and Nine) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.65 718.25 Td ( Months Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.73 718.25 Td (September) Tj ET Q q 0 0 0 rg BT 373.65 718.25 Td (30, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 718.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.27 718.25 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 (September30, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 204.23 622.25 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 224.23 622.25 Td (December31, 2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 302.82 622.25 Td (, the r) Tj ET Q q 0 0 0 rg BT 326.06 622.25 Td (esults of operations for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 435.78 622.25 Td (thr) Tj ET Q q 0 0 0 rg BT 447.08 622.25 Td (ee and nine) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 493.17 622.25 Td ( months ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (September30, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 129.71 610.25 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 149.71 610.25 Td (2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 169.71 610.25 Td ( and cash flows for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 263.04 610.25 Td (nine months ended) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 338.03 610.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 340.53 610.25 Td (September30, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 420.23 610.25 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 440.23 610.25 Td (2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 460.23 610.25 Td ( have been included. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (The r) Tj ET Q q 0 0 0 rg BT 71.02 598.25 Td (esults of operations for such interim periods ar) Tj ET Q q 0 0 0 rg BT 259.26 598.25 Td (e not necessarily indicative of the r) Tj ET Q q 0 0 0 rg BT 399.41 598.25 Td (esults for the full year) Tj ET Q q 0 0 0 rg BT 486.07 598.25 Td (. Certain ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (information and footnote disclosur) Tj ET Q q 0 0 0 rg BT 188.80 586.25 Td (es normally included in financial statements pr) Tj ET Q q 0 0 0 rg BT 376.74 586.25 Td (epar) Tj ET Q q 0 0 0 rg BT 394.70 586.25 Td (ed in accor) Tj ET Q q 0 0 0 rg BT 439.31 586.25 Td (dance with GAAP) Tj ET Q q 0 0 0 rg BT 510.78 586.25 Td ( have been ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (condensed or omitted accor) Tj ET Q q 0 0 0 rg BT 160.99 574.25 Td (ding to such rules and r) Tj ET Q q 0 0 0 rg BT 255.90 574.25 Td (egulations. For further information, r) Tj ET Q q 0 0 0 rg BT 408.59 574.25 Td (efer to the financial statements and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (footnotes for the year ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 164.70 562.25 Td (December31, 2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 243.29 562.25 Td ( included in Hines Global REIT) Tj ET Q q 0 0 0 rg BT 370.03 562.25 Td ( II, Inc.) Tj ET Q q 0 0 0 rg BT 401.50 562.25 Td (s ) Tj ET Q q 0 0 0 rg BT 407.71 562.25 Td (Annual Report on Form10-K for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (year ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 96.65 550.25 Td (December31, 2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.23 550.25 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 incorporated in Maryland on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.89 526.25 Td (July31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.06 526.25 Td (, to invest in a diversified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (portfolio of quality commercial real estate properties and other real estate investments throughout the United States and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (internationally) Tj ET Q q 0 0 0 rg BT 107.67 502.25 Td (. ) Tj ET Q q 0 0 0 rg BT 112.49 502.25 Td (The Company is sponsored by Hines Interests Limited Partnership \(Hines\), a fully integrated global real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (estate investment and management firm that has acquired, developed, owned, operated and sold real estate for 60 years. ) Tj ET Q q 0 0 0 rg BT 530.75 490.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (Company is managed by Hines Global REIT) Tj ET Q q 0 0 0 rg BT 229.23 478.25 Td ( II ) Tj ET Q q 0 0 0 rg BT 240.34 478.25 Td (Advisors LP) Tj ET Q q 0 0 0 rg BT 290.25 478.25 Td ( \(the Advisor\), an af) Tj ET Q q 0 0 0 rg BT 379.76 478.25 Td (filiate of Hines. ) Tj ET Q q 0 0 0 rg BT 444.56 478.25 Td (The Company has elected to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (be taxed as a real estate investment trust, or REIT) Tj ET Q q 0 0 0 rg BT 248.08 466.25 Td (, for U.S. federal income tax purposes beginning with its taxable year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (December 31, 2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 430.25 Td (The Company raises capital for its investments through public of) Tj ET Q q 0 0 0 rg BT 327.49 430.25 Td (ferings of its common stock. ) Tj ET Q q 0 0 0 rg BT 443.96 430.25 Td (The Company commenced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (its initial public of) Tj ET Q q 0 0 0 rg BT 123.42 418.25 Td (fering of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.41 418.25 Td ($2.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.52 418.25 Td ( of its common stock \(the Of) Tj ET Q q 0 0 0 rg BT 348.76 418.25 Td (fering\) in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.63 418.25 Td (August 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.02 418.25 Td ( and raised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.84 418.25 Td ($402.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.73 418.25 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (primary of) Tj ET Q q 0 0 0 rg BT 92.30 406.25 Td (fering proceeds. On September 30, 2017, the Company suspended the sale of shares in the primary portion of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 394.25 Td (fering. ) Tj ET Q q 0 0 0 rg BT 89.07 394.25 Td (The Company is continuing to of) Tj ET Q q 0 0 0 rg BT 221.37 394.25 Td (fer shares pursuant to its distribution reinvestment plan. ) Tj ET Q q 0 0 0 rg BT 446.43 394.25 Td (The Company has filed a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (Registration Statement on Form S-1) Tj ET Q q 0 0 0 rg BT 194.06 382.25 Td (1 \(File No. 333-220046\) with the Securities and Exchange Commission \(the SEC\) to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (pursue its second public of) Tj ET Q q 0 0 0 rg BT 157.02 370.25 Td (fering of common shares \(the Follow-on Of) Tj ET Q q 0 0 0 rg BT 336.24 370.25 Td (fering\). ) Tj ET Q q 0 0 0 rg BT 372.71 370.25 Td (The Company engaged Hines Securities, Inc. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (\(the Dealer Manager\), an af) Tj ET Q q 0 0 0 rg BT 169.46 358.25 Td (filiate of Hines, to serve as the dealer manager for the Of) Tj ET Q q 0 0 0 rg BT 396.96 358.25 Td (fering and expects to engage the Dealer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (Manager to serve as the dealer manager for the Follow-on Of) Tj ET Q q 0 0 0 rg BT 294.73 346.25 Td (fering.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 322.25 Td ( ) Tj ET Q q 0 0 0 rg BT 69.95 322.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.39 322.25 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.66 322.25 Td (, the Company owned direct investments in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.73 322.25 Td (seven) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.50 322.25 Td ( properties totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.54 322.25 Td (2.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.43 322.25 Td ( square feet that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.93 310.25 Td (97%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.26 310.25 Td ( leased. Subsequent to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.13 310.25 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.39 310.25 Td (, the Company acquired Queen) Tj ET Q q 0 0 0 rg BT 391.30 310.25 Td (s Court Student Residences \(Queen) Tj ET Q q 0 0 0 rg BT 540.16 310.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (Court\), a student housing property located in Reading, United Kingdom. See the table in Item 2. Management's Discussion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.39 286.25 Td (Analysis of Financial Condition and Results of Operations Executive Summary for additional information regarding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (the Company) Tj ET Q q 0 0 0 rg BT 106.38 274.25 Td (s real estate investments. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 Td (2. SUMMAR) Tj ET Q q 0 0 0 rg BT 107.75 250.25 Td (Y) Tj ET Q q 0 0 0 rg BT 114.60 250.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 130.62 250.25 Td ( SIGNIFICANT) Tj ET Q q 0 0 0 rg BT 199.62 250.25 Td ( ) Tj ET Q q 0 0 0 rg BT 201.57 250.25 Td (ACCOUNTING POLICIES) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 226.25 Td (Basis of Pr) Tj ET Q q 0 0 0 rg BT 111.58 226.25 Td (esentation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 202.25 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 49.50 190.25 Td (the accounts of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 190.12 190.25 Td ( II, Inc. and Hines Global REIT) Tj ET Q q 0 0 0 rg BT 316.57 190.25 Td ( II Properties, LP) Tj ET Q q 0 0 0 rg BT 385.07 190.25 Td ( \(the Operating Partnership\) \(over which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.25 Td (the Company exercises financial and operating control\). ) Tj ET Q q 0 0 0 rg BT 278.04 178.25 Td (All intercompany balances and transactions have been eliminated in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.25 Td (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 (T) Tj ET Q q 0 0 0 rg BT 72.91 118.25 Td (enant and other receivable balances consist primarily of base rents, tenant reimbursements and receivables attributable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.25 Td (straight-line rent. ) Tj ET Q q 0 0 0 rg BT 122.82 106.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.26 106.25 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.52 106.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.96 106.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.54 106.25 Td (, tenant and other receivables consisted of a receivable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.25 Td (from the Company) Tj ET Q q 0 0 0 rg BT 127.82 94.25 Td (s transfer agent related to of) Tj ET Q q 0 0 0 rg BT 239.53 94.25 Td (fering proceeds not received by the balance sheet date of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.87 94.25 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.76 94.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.20 94.25 Td ($1.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 82.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 131.05 82.25 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 ($1.3 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 (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 694.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 682.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 180.75 682.10 Td (. ) Tj ET Q q 0 0 0 rg BT 188.06 682.10 Td (These costs are amortized into interest expense on a straight-line basis, which approximates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (the ef) Tj ET Q q 0 0 0 rg BT 71.80 670.10 Td (fective 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 50.00 536.60 322.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 536.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 536.60 92.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 536.60 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 536.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 507.60 322.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 507.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 507.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 507.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 507.60 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 376 507.6 m 468 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 507.6 m 563 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 493.6 m 468 493.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 491.6 m 468 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 493.6 m 563 493.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 491.6 m 563 491.6 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 379.75 601.28 Td (September 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 (Deferred issuer costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 571.27 Td (974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 571.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 556.27 Td (Prepaid insurance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 556.27 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 556.27 Td (219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 541.27 Td (Prepaid property taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 541.27 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 541.27 Td (74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 527.17 Td (Deferred tax assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 527.17 Td (862) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 527.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 512.27 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 512.27 Td (438) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 512.27 Td (277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 497.27 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.50 497.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.65 497.27 Td (2,430) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.50 497.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 497.27 Td (5,570) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.90 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 473.90 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 282.46 473.90 Td ($5.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.35 473.90 Td ( earnest money deposit in connection with the acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 461.90 Td (of Rookwood in January 2017. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.04 461.90 Td (Note 3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.98 461.90 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 67.50 449.90 Td (Rookwood.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 425.90 Td (Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 401.90 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 542.80 401.90 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.90 Td (Straight-line rent receivables were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.44 389.90 Td ($3.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.33 389.90 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.77 389.90 Td ($2.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.66 389.90 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.82 389.90 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.08 389.90 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.52 389.90 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.10 389.90 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.90 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 377.90 Td (. Straight-line rent receivable consists of the dif) Tj ET Q q 0 0 0 rg BT 289.42 377.90 Td (ference between the tenants) Tj ET Q q 0 0 0 rg BT 402.78 377.90 Td ( rents calculated on a straight-line basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.90 Td (from the date 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 508.58 365.90 Td ( actual rents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.90 Td (due under the lease agreements and is included in tenant and other receivables in the accompanying consolidated balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.90 Td (sheets. Revenues associated with operating expense recoveries are recognized in the period in which the expenses are incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.90 Td (based upon the tenant lease provisions. Revenues relating to lease termination fees are recognized on a straight-line basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.90 Td (amortized from the time that a tenant) Tj ET Q q 0 0 0 rg BT 200.55 317.90 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 67.50 293.90 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 49.50 281.90 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 49.50 269.90 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 49.50 257.90 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 67.50 233.90 Td (Reclassifications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 209.90 Td (In connection with recent amendments to the Financial ) Tj ET Q q 0 0 0 rg BT 289.10 209.90 Td (Accounting Standards Board \(F) Tj ET Q q 0 0 0 rg BT 419.72 209.90 Td (ASB\) ) Tj ET Q q 0 0 0 rg BT 448.89 209.90 Td (Accounting Standards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.90 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 49.50 185.90 Td (adopted as of December 31, 2016, the Company reclassified an immaterial amount of restricted cash on the statement of cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.90 Td (flows as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.88 173.90 Td (September30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.15 173.90 Td ( to be consistent with the presentation of cash and cash equivalent balances as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.76 173.90 Td (September30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.90 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 161.90 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 137.90 Td (Recent ) Tj ET Q q 0 0 0 rg BT 97.02 137.90 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 154.69 137.90 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 113.90 Td (In May 2014, the F) Tj ET Q q 0 0 0 rg BT 143.70 113.90 Td (ASB, issued ) Tj ET Q q 0 0 0 rg BT 195.10 113.90 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 49.50 101.90 Td (revenue from contracts with customers. ) Tj ET Q q 0 0 0 rg BT 209.82 101.90 Td (This ) Tj ET Q q 0 0 0 rg BT 229.55 101.90 Td (ASU) Tj ET Q q 0 0 0 rg BT 252.33 101.90 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 89.90 Td (consideration it expects to receive in exchange for goods or services. ) Tj ET Q q 0 0 0 rg BT 327.00 89.90 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 77.90 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 77.90 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 65.90 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 65.90 Td (ASU 2014-09, the F) Tj ET Q q 0 0 0 rg BT 508.11 65.90 Td (ASB has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 53.90 Td (issued multiple ) Tj ET Q q 0 0 0 rg BT 112.28 53.90 Td (ASUs clarifying multiple aspects of the new revenue recognition standard, which include the deferral of the ) 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 (ef) Tj ET Q q 0 0 0 rg BT 57.09 742.10 Td (fective date by one year) Tj ET Q q 0 0 0 rg BT 152.19 742.10 Td (, and additional guidance for partial sales of non-financial assets. ) Tj ET Q q 0 0 0 rg BT 414.14 742.10 Td (These amendments are ef) Tj ET Q q 0 0 0 rg BT 515.86 742.10 Td (fective for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 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 49.50 718.10 Td (retrospective adoption. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 694.10 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 49.50 682.10 Td (subject to this pronouncement. Rental income from leasing arrangements is specifically excluded from ) Tj ET Q q 0 0 0 rg BT 462.16 682.10 Td (ASU 2014-09, and will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (be evaluated by the Company in its adoption of the lease accounting standard, ) Tj ET Q q 0 0 0 rg BT 363.30 670.10 Td (ASU 2016-02 \(described below\). Once ) Tj ET Q q 0 0 0 rg BT 521.60 670.10 Td (ASU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (2016-02 goes into ef) Tj ET Q q 0 0 0 rg BT 131.80 658.10 Td (fect, the new revenue standard, ) Tj ET Q q 0 0 0 rg BT 258.14 658.10 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 49.50 646.10 Td (revenue due under leases that are deemed to be non-lease components \(such as common area maintenance and provision of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (utilities\), 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 49.50 622.10 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 49.50 610.10 Td (guidance as the related services are delivered. ) Tj ET Q q 0 0 0 rg BT 234.41 610.10 Td (As a result, while the total revenue recognized over time would not dif) Tj ET Q q 0 0 0 rg BT 516.64 610.10 Td (fer under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (the new guidance, the recognition pattern could be dif) Tj ET Q q 0 0 0 rg BT 265.08 598.10 Td (ferent. ) Tj ET Q q 0 0 0 rg BT 293.21 598.10 Td (The Company has completed its initial assessment of each of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (revenue streams to identify dif) Tj ET Q q 0 0 0 rg BT 171.50 586.10 Td (ferences in the timing, measurement or presentation of revenue recognition under the new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (standard, and has elected the modified retrospective method of adoption. ) Tj ET Q q 0 0 0 rg BT 345.06 574.10 Td (While the Company does not expect there to be a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (material change to its revenue recognition as a result of the adoption of ) Tj ET Q q 0 0 0 rg BT 335.79 562.10 Td (ASU 2014-09, the Company is still evaluating the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (impact of this adoption on our identified sources of revenue. ) Tj ET Q q 0 0 0 rg BT 295.92 550.10 Td (The Company is also evaluating its controls around the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (implementation of ) Tj ET Q q 0 0 0 rg BT 125.04 538.10 Td (ASU 2014-09 and believes there will be no significant impact on its control structure.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 514.10 Td (In February 2016, the F) Tj ET Q q 0 0 0 rg BT 161.46 514.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 210.37 514.10 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 49.50 502.10 Td (balance sheet the right-of-use assets and related lease liabilities. ) Tj ET Q q 0 0 0 rg BT 307.00 502.10 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 49.50 490.10 Td (lessee \(the lessor\) will remain lar) Tj ET Q q 0 0 0 rg BT 181.77 490.10 Td (gely unchanged from current GAAP) Tj ET Q q 0 0 0 rg BT 326.17 490.10 Td (. ) Tj ET Q q 0 0 0 rg BT 330.99 490.10 Td (The new standard requires a modified retrospective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (transition approach for all leases existing at, or entered into after) Tj ET Q q 0 0 0 rg BT 307.06 478.10 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 49.50 466.10 Td (transition relief. ) Tj ET Q q 0 0 0 rg BT 115.69 466.10 Td (The guidance is ef) Tj ET Q q 0 0 0 rg BT 189.08 466.10 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 49.50 454.10 Td (periods within those fiscal years. Early adoption is permitted. ) Tj ET Q q 0 0 0 rg BT 297.32 454.10 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 49.50 442.10 Td (adoption of ) Tj ET Q q 0 0 0 rg BT 97.27 442.10 Td (ASU 2016-02 will have on the Company) Tj ET Q q 0 0 0 rg BT 263.92 442.10 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 49.50 430.10 Td (lessee leases, if any) Tj ET Q q 0 0 0 rg BT 127.15 430.10 Td (. ) Tj ET Q q 0 0 0 rg BT 131.97 430.10 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 49.50 418.10 Td (adoption of ) Tj ET Q q 0 0 0 rg BT 97.27 418.10 Td (ASU 2016-02, which include:) 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 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 85.50 382.10 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 522.37 382.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 370.10 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 67.50 346.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 346.10 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 520.66 346.10 Td (s Square ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 334.10 Td (that the Company currently accounts for as an operating lease. Upon adoption of ) Tj ET Q q 0 0 0 rg BT 409.85 334.10 Td (ASU 2016-02, the Company will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 322.10 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 496.50 322.10 Td (s consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 310.10 Td (balance sheets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 286.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 286.10 Td (Determination of costs to be capitalized associated with leases. ) Tj ET Q q 0 0 0 rg BT 339.31 286.10 Td (ASU 2016-02 will limit the capitalization associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 274.10 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 67.50 250.10 Td (In October 2016, the F) Tj ET Q q 0 0 0 rg BT 157.57 250.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 206.47 250.10 Td (ASU 2016-16 which removes the prohibition in ) Tj ET Q q 0 0 0 rg BT 399.51 250.10 Td (ASC 740 against the immediate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (recognition of the current and deferred income tax ef) Tj ET Q q 0 0 0 rg BT 260.89 238.10 Td (fects of intra-entity transfers of assets other than inventory) Tj ET Q q 0 0 0 rg BT 494.05 238.10 Td (. ) Tj ET Q q 0 0 0 rg BT 501.37 238.10 Td (The ) Tj ET Q q 0 0 0 rg BT 518.87 238.10 Td (ASU is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (intended to reduce the complexity of ) Tj ET Q q 0 0 0 rg BT 198.34 226.10 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 49.50 214.10 Td (intra-entity asset transfers. ) Tj ET Q q 0 0 0 rg BT 159.74 214.10 Td (ASU 2016-16 will be ef) Tj ET Q q 0 0 0 rg BT 255.66 214.10 Td (fective for annual periods beginning after December 31, 2017. ) Tj ET Q q 0 0 0 rg BT 509.83 214.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (Company plans to adopt ) Tj ET Q q 0 0 0 rg BT 148.94 202.10 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 49.50 190.10 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 67.50 166.10 Td (In January 2017, the F) Tj ET Q q 0 0 0 rg BT 156.46 166.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 205.37 166.10 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 49.50 154.10 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 49.50 142.10 Td (or businesses. ) Tj ET Q q 0 0 0 rg BT 109.87 142.10 Td (The Company expects that most of its real estate transactions completed after the Company) Tj ET Q q 0 0 0 rg BT 478.37 142.10 Td (s adoption of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (guidance will be accounted for using the asset acquisition guidance and, accordingly) Tj ET Q q 0 0 0 rg BT 387.07 130.10 Td (, acquisition fees and expenses related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (those acquisitions will be capitalized. ) Tj ET Q q 0 0 0 rg BT 204.00 118.10 Td (The amendments to the Codification will be ef) Tj ET Q q 0 0 0 rg BT 390.16 118.10 Td (fective for public entities for annual and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 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 94.10 Td (The Company expects to adopt ) Tj ET Q q 0 0 0 rg BT 175.86 94.10 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 (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.27 718.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.71 718.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.29 718.25 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 380.25 685.43 Td (September 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 670.42 Td (434,055) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 670.42 Td ($) 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 (\(14,913) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 655.42 Td (\)) 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 (419,142) 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 (85,315) 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 610.42 Td (504,457) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 610.42 Td ($) 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 the expansion of Bishop) Tj ET Q q 0 0 0 rg BT 177.99 575.05 Td (s Square as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.31 575.05 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.57 575.05 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.01 575.05 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.60 575.05 Td (, respectively) Tj ET Q q 0 0 0 rg BT 467.26 575.05 Td (. Subsequent to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 563.05 Td (September 30, 2017, the Company commenced construction at Bishop) Tj ET Q q 0 0 0 rg BT 352.95 563.05 Td (s Square to add an additional floor and make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 551.05 Td (various upgrades to the property) Tj ET Q q 0 0 0 rg BT 196.76 551.05 Td (. ) Tj ET Q q 0 0 0 rg BT 204.08 551.05 Td (The Company expects the total construction costs to approximate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.18 551.05 Td (15.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.07 551.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 539.05 Td (\(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.59 539.05 Td ($17.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.48 539.05 Td ( assuming a rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.51 539.05 Td ($1.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.01 539.05 Td ( per EUR as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.94 539.05 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.21 539.05 Td (\) and expects the construction to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 527.05 Td (be completed in the fourth quarter of 2018.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 503.05 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.83 503.05 Td (January 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.43 503.05 Td (, the Company acquired Rookwood, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.35 503.05 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.35 503.05 Td ( contiguous shopping centers located in Cincinnati, Ohio. ) Tj ET Q q 0 0 0 rg BT 528.85 503.05 Td (The net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.05 Td (purchase price was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.57 491.05 Td ($193.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.47 491.05 Td (, exclusive of transaction costs and working capital reserves. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.61 491.05 Td (Rookwood) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.50 491.05 Td ( consists of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.00 491.05 Td (590,501) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.50 491.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.05 Td (square feet that is, in the aggregate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.11 479.05 Td (97%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.44 479.05 Td ( leased. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.86 479.05 Td (Note 4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.80 479.05 Td ( Recent ) Tj ET Q q 0 0 0 rg BT 333.51 479.05 Td (Acquisitions of Real Estate for additional information on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.05 Td (Rookwood.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 443.05 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.83 443.05 Td (March 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.43 443.05 Td (, the Company acquired the Montrose Student Residences, a Class-A) Tj ET Q q 0 0 0 rg BT 402.65 443.05 Td ( student housing asset located in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.05 Td (Dublin, Ireland. ) Tj ET Q q 0 0 0 rg BT 118.41 431.05 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 380.00 431.05 Td (37.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.89 431.05 Td ( \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.98 431.05 Td ($40.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.87 431.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.05 Td (assuming a rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.53 419.05 Td ($1.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.03 419.05 Td ( per EUR as of the acquisition date\), exclusive of transaction costs and working capital reserves. ) Tj ET Q q 0 0 0 rg BT 538.01 419.05 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.05 Td (Montrose Student Residences consists of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.37 407.05 Td (210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.37 407.05 Td ( beds and is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.81 407.05 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.14 407.05 Td ( leased. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.06 407.05 Td (Note 4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.00 407.05 Td ( Recent ) Tj ET Q q 0 0 0 rg BT 427.71 407.05 Td (Acquisitions of Real Estate for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.05 Td (additional information on the Montrose Student Residences.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 371.05 Td (In October 2017, the Company acquired Queen) Tj ET Q q 0 0 0 rg BT 260.44 371.05 Td (s Court, a student housing property located in Reading, United Kingdom. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 359.05 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 359.05 Td (Note 13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.88 359.05 Td ( Subsequent Events for additional information regarding the acquisition of Queen) Tj ET Q q 0 0 0 rg BT 440.19 359.05 Td (s Court.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 335.05 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 335.05 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.71 335.05 Td (, the cost basis and accumulated amortization related to lease intangibles are as follows \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.05 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 255.55 262.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 255.55 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 255.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 255.55 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 255.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 255.55 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 225.55 262.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 225.55 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 225.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 225.55 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 225.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 225.55 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 311.5 285.54999999999995 m 401.5 285.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 285.54999999999995 m 405.5 285.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 285.54999999999995 m 481.5 285.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 285.54999999999995 m 485.5 285.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 285.54999999999995 m 561.5 285.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 255.54999999999995 m 401.5 255.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 255.54999999999995 m 481.5 255.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 255.54999999999995 m 561.5 255.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 225.54999999999995 m 401.5 225.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 225.54999999999995 m 481.5 225.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 225.54999999999995 m 561.5 225.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 211.54999999999995 m 401.5 211.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 209.54999999999995 m 401.5 209.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 211.54999999999995 m 481.5 211.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 209.54999999999995 m 481.5 209.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 211.54999999999995 m 561.5 211.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 209.54999999999995 m 561.5 209.54999999999995 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 290.22 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.60 290.23 Td (Lease Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 275.22 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.80 260.23 Td (In-Place Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.05 270.23 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.45 260.23 Td (Lease ) Tj ET Q q 0 0 0 rg BT 442.84 260.23 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.05 270.23 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.10 260.23 Td (Lease Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 260.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 245.22 Td (Cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.00 245.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 245.22 Td (114,430) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 245.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 245.22 Td (4,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 245.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 245.27 Td (\(16,928) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 245.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 230.22 Td (Less: accumulated amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.80 230.27 Td (\(20,794) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 230.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 230.27 Td (\(1,138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 230.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 230.22 Td (2,070) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 215.22 Td (Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.00 215.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 215.22 Td (93,636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 215.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 215.22 Td (3,581) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 215.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 215.27 Td (\(14,858) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 215.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 187.05 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 187.05 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.03 187.05 Td (, the cost basis and accumulated amortization related to lease intangibles were as follows \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.05 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 107.55 262.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 107.55 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 107.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 107.55 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 107.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 107.55 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 77.55 262.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 77.55 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 77.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 77.55 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 77.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 77.55 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 311.5 137.54999999999995 m 401.5 137.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 137.54999999999995 m 405.5 137.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 137.54999999999995 m 481.5 137.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 137.54999999999995 m 485.5 137.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 137.54999999999995 m 561.5 137.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 107.54999999999995 m 401.5 107.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 107.54999999999995 m 481.5 107.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 107.54999999999995 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 311.5 77.54999999999995 m 401.5 77.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 77.54999999999995 m 481.5 77.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 77.54999999999995 m 561.5 77.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 63.549999999999955 m 401.5 63.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 61.549999999999955 m 401.5 61.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 63.549999999999955 m 481.5 63.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 61.549999999999955 m 481.5 61.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 63.549999999999955 m 561.5 63.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 61.549999999999955 m 561.5 61.549999999999955 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 142.22 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.60 142.23 Td (Lease Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 127.22 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.80 112.23 Td (In-Place Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.05 122.23 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.45 112.23 Td (Lease ) Tj ET Q q 0 0 0 rg BT 442.84 112.23 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.05 122.23 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.10 112.23 Td (Lease Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 112.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 97.22 Td (Cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.00 97.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 97.22 Td (84,473) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 97.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 97.22 Td (3,230) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 97.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 97.27 Td (\(3,224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 97.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 82.22 Td (Less: accumulated amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.80 82.27 Td (\(11,238) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 82.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 82.27 Td (\(395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 82.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 82.22 Td (803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 67.22 Td (Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.00 67.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 67.22 Td (73,235) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 67.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 67.22 Td (2,835) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 67.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 67.27 Td (\(2,421) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 67.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET 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 (Amortization expense of in-place leases was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.49 742.10 Td ($4.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.38 742.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.82 742.10 Td ($4.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.71 742.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.09 742.10 Td (three months ended September 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.16 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 730.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.94 730.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 139.60 730.10 Td (. Net amortization of out-of-market leases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.31 730.10 Td (resulted in an increase to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.72 730.10 Td ( rental revenue of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.46 730.10 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.35 730.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td ($17,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 718.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.88 718.10 Td (three months ended September 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.95 718.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.39 718.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.39 718.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 367.05 718.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td (Amortization expense of in-place leases was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.49 694.10 Td ($13.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.38 694.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.82 694.10 Td ($6.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.71 694.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.09 694.10 Td (nine months ended September 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.39 694.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 682.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.94 682.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 139.60 682.10 Td (. Net amortization of out-of-market leases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.31 682.10 Td (resulted in an increase to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.72 682.10 Td ( rental revenue of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.46 682.10 Td ($0.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.35 682.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td ($0.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.89 670.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.27 670.10 Td (nine months ended September 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.57 670.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.01 670.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.01 670.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 380.67 670.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (Anticipated amortization of the Company) Tj ET Q q 0 0 0 rg BT 237.40 646.10 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 502.30 646.10 Td (October 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (2017 through December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.69 634.10 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 376.55 634.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.55 634.10 Td ( through December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.25 634.10 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.25 634.10 Td ( are as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 575.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 575.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 575.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 575.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 545.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 545.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 545.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 545.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 515.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 515.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 515.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 515.60 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 391.5 575.6 m 481.5 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 575.6 m 561.5 575.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.75 580.28 Td (In-Place Lease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.05 590.28 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.80 580.28 Td (Leases, Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 565.27 Td (October 1, 2017 through December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.00 565.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 565.27 Td (3,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 565.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.30 565.32 Td (\(231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 565.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 550.27 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 550.27 Td (13,937) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.30 550.32 Td (\(908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 550.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 535.27 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 535.27 Td (11,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.30 535.32 Td (\(947) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 535.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 520.27 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 520.27 Td (7,853) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 520.32 Td (\(1,233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 520.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 505.27 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 505.27 Td (5,518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 505.32 Td (\(1,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 505.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 477.10 Td (Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 453.10 Td (The Company has entered into non-cancelable lease agreements with tenants for space. ) Tj ET Q q 0 0 0 rg BT 421.20 453.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.64 453.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.91 453.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 441.10 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 301.31 441.10 Td (October 1, 2017 through December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.71 441.10 Td (, for each of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 429.10 Td (years ending December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.90 429.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.90 429.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.01 429.10 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.01 429.10 Td ( and thereafter related to the Company) Tj ET Q q 0 0 0 rg BT 394.61 429.10 Td (s commercial properties are as follows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 417.10 Td (\(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 370.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 370.60 90.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 49.50 355.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 340.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 340.60 90.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 49.50 325.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 310.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 310.60 90.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 49.50 295.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 280.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 280.60 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 471.5 370.6 m 561.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 280.6 m 561.5 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 266.6 m 561.5 266.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 264.6 m 561.5 264.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 375.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.15 385.28 Td (Fixed Future) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.25 375.28 Td (Minimum Rentals) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 360.27 Td (October 1, 2017 through December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 360.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 360.27 Td (9,963) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 345.27 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 345.27 Td (38,644) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 330.27 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 330.27 Td (34,045) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 315.27 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 315.27 Td (26,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 300.27 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 300.27 Td (22,139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 285.27 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 285.27 Td (96,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 270.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 270.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 270.27 Td (227,610) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 242.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.55 242.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.09 242.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.59 242.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.85 242.10 Td (, the Company did not earn more than 10% of its revenue from any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (individual tenant.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 206.10 Td (Of the Company) Tj ET Q q 0 0 0 rg BT 137.43 206.10 Td (s total rental revenue for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.38 206.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.93 206.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.43 206.10 Td (September30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.69 206.10 Td (, approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.95 206.10 Td (24%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.28 206.10 Td ( was earned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.10 Td (from the Commissioner of Public ) Tj ET Q q 0 0 0 rg BT 186.20 194.10 Td (W) Tj ET Q q 0 0 0 rg BT 194.83 194.10 Td (orks in Ireland, a state agency of Ireland, whose lease expires in 2028 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.50 194.10 Td (12%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.83 194.10 Td ( was earned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.10 Td (from ) Tj ET Q q 0 0 0 rg BT 71.39 182.10 Td (Acushnet, a tenant in the manufacturing industry) Tj ET Q q 0 0 0 rg BT 265.96 182.10 Td (, whose lease expires in 2019.) 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 during the nine months ended September 30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.06 706.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.06 706.25 Td ( and the year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.89 706.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.89 706.25 Td ( as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 632.75 95.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 144.50 632.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 632.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 632.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 632.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 632.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 632.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 632.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 632.75 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 632.75 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 632.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 632.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 632.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 632.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 632.75 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 595.75 95.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 144.50 595.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 595.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 595.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 595.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 595.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 595.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 595.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 595.75 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 595.75 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 595.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 595.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 595.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 595.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 595.75 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 567.75 95.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 144.50 567.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 567.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 567.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 567.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 567.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 567.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 567.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 567.75 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 567.75 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 567.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 567.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 567.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 567.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 567.75 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 530.75 95.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 144.50 530.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 530.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 530.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 530.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 530.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 530.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 530.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 530.75 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 530.75 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 530.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 530.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 530.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 530.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 530.75 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 49.5 646.75 m 144.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148.5 646.75 m 194.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 646.75 m 255.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 646.75 m 309.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 646.75 m 367.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 646.75 m 446.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 646.75 m 514.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 646.75 m 561.5 646.75 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 144.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 567.75 m 144.5 567.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 70.25 650.98 Td (Property Name) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 151.40 658.98 Td (Acquisition) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 163.00 650.98 Td (Date) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 204.35 658.98 Td (Building and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.65 650.98 Td (Impr) Tj ET Q q 0 0 0 rg BT 219.28 650.98 Td (ovements) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 251.28 654.61 Td ( ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 274.85 650.98 Td (Land) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.00 666.98 Td (In-place) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.20 658.98 Td (Lease) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 320.85 650.98 Td (Intangibles) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.80 666.98 Td (Out-of-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 389.80 658.98 Td (Market Lease) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.35 650.98 Td (Intangibles, Net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.85 674.98 Td (Discount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.40 666.98 Td (\(premium\) on) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.30 658.98 Td (assumed) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.40 650.98 Td (mortgage loan) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 530.75 650.98 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 87.50 637.20 Td (2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 623.21 Td (Rookwood) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 154.95 623.21 Td (1/6/2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 201.00 623.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 222.75 623.21 Td (132,466) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 262.00 623.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 281.25 623.21 Td (45,320) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 623.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 339.25 623.21 Td (27,477) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.00 623.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.25 623.21 Td (\(12,275) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.00 623.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 623.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.50 623.21 Td (740) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.00 623.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 623.21 Td (193,728) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 609.21 Td (Montrose Student ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 600.21 Td (Residences) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 92.49 604.29 Td ( \(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 152.70 600.21 Td (3/24/2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 201.00 600.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 227.25 600.21 Td (33,705) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 262.00 600.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 285.75 600.21 Td (5,691) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 600.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 343.75 600.21 Td (1,282) Tj ET Q BT /F1 5.85 Tf ET q 0 0 0 rg BT 370.00 604.85 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.00 600.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 600.21 Td (\(56) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.00 600.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 600.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.00 600.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.00 600.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 600.21 Td (40,622) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 87.50 572.20 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 558.21 Td (Domain Apartments) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 152.70 558.21 Td (1/29/2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 201.00 558.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 227.25 558.21 Td (50,790) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 262.00 558.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 285.75 558.21 Td (5,690) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 558.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 343.75 558.21 Td (1,640) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.00 558.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.00 558.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 558.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.00 558.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.00 558.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 558.21 Td (58,120) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 544.21 Td (Cottonwood Corporate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 535.21 Td (Center) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 154.95 535.21 Td (7/5/2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 201.00 535.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 227.25 535.21 Td (98,758) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 262.00 535.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 281.25 535.21 Td (13,600) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 535.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 339.25 535.21 Td (26,550) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.00 535.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.50 535.21 Td (290) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 535.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.00 535.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.00 535.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 535.21 Td (139,198) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 521.21 Td (Goodyear Crossing II) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 152.70 521.21 Td (8/18/2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 201.00 521.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 227.25 521.21 Td (41,620) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 262.00 521.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 285.75 521.21 Td (7,270) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 521.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 343.75 521.21 Td (5,280) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.00 521.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.75 521.21 Td (2,030) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 521.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.00 521.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.00 521.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 521.21 Td (56,200) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 498.05 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 498.05 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 68.00 486.05 Td (based on the rate in ef) Tj ET Q q 0 0 0 rg BT 155.84 486.05 Td (fect on the acquisition date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 462.05 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 462.05 Td (Includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.38 462.05 Td ($0.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.27 462.05 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 68.00 450.05 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 450.05 Td ( years and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.04 450.05 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.04 450.05 Td ( years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 426.05 Td (The purchase price allocations for the Company) Tj ET Q q 0 0 0 rg BT 262.93 426.05 Td (s acquisitions completed during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.07 426.05 Td (nine months ended September 30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 414.05 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 414.05 Td (, are preliminary and subject to change until the Company finalizes the allocations, which will be no later than twelve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 402.05 Td (months from the acquisition dates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 378.05 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 50.00 366.05 Td (properties acquired during the nine months ended September 30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.04 366.05 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.04 366.05 Td ( and the year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.86 366.05 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.86 366.05 Td ( acquisitions, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.05 Td (of the date of the respective acquisition, was as follows \(in years\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 305.55 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 305.55 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 305.55 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 305.55 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 305.55 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 305.55 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 305.55 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 275.55 140.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 275.55 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 275.55 122.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 275.55 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 275.55 122.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 275.55 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 275.55 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 247.55 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 247.55 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 247.55 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 247.55 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 247.55 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 247.55 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 247.55 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 217.55 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 217.55 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 217.55 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 217.55 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 217.55 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 217.55 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 217.55 110.00 -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 195.5 319.54999999999995 m 317.5 319.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 319.54999999999995 m 445.5 319.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 319.54999999999995 m 561.5 319.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 305.54999999999995 m 189.5 305.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 247.54999999999995 m 189.5 247.54999999999995 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.80 324.23 Td (In-Place Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.15 334.23 Td (Above-Market Lease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.65 324.23 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.70 334.23 Td (Below-Market Lease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.60 324.23 Td (Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 310.23 Td (2017 Acquisitions:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 295.22 Td (Rookwood) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.75 295.22 Td (8.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.25 295.22 Td (16.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.25 295.22 Td (13.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 280.22 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 170.87 284.75 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.75 280.22 Td (6.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 280.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.25 280.22 Td (18.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 252.23 Td (2016 Acquisitions:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 237.22 Td (Domain Apartments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.75 237.22 Td (0.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 237.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 237.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 222.22 Td (Cottonwood Corporate Center) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.75 222.22 Td (4.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.75 222.22 Td (8.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.75 222.22 Td (4.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 207.22 Td (Goodyear Crossing II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.75 207.22 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.75 207.22 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 207.22 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.05 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 179.05 Td (The residential portion of the Montrose Student Residences had a weighted average in-place lease period of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.18 179.05 Td (0.2 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.28 179.05 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 167.05 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 (nine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (months ended September 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.59 730.10 Td (, which are included in the Company) Tj ET Q q 0 0 0 rg BT 338.83 730.10 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 nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.21 718.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.03 718.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.29 718.10 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 435.85 698.28 Td (For the Nine 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 318.75 683.28 Td (September 30, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.75 683.28 Td (September 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 668.27 Td (4,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.00 668.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 668.27 Td (14,523) 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 404.30 653.32 Td (\(550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 653.27 Td (\)) 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 (\(7,254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 653.27 Td (\)) 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 638.27 Td (791) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.00 638.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 638.27 Td (1,623) 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 (\(432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 623.27 Td (\)) 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 (\(2,852) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 623.27 Td (\)) 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 acquisitions completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.10 Td (during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.33 583.10 Td (nine months ended September 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.63 583.10 Td (, as if the acquisitions had occurred on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.97 583.10 Td (January1, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.57 583.10 Td (. ) Tj ET Q q 0 0 0 rg BT 478.89 583.10 Td (The pro forma net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.10 Td (income \(loss\) 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 366.28 571.10 Td ($7.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.18 571.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.55 571.10 Td (nine months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td (September 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.26 559.10 Td (. ) Tj ET Q q 0 0 0 rg BT 135.08 559.10 Td (There were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.83 559.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.83 559.10 Td ( acquisition-related fees and expenses excluded for the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.66 559.10 Td (September30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 547.10 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.11 547.10 Td (nine months ended September 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.41 547.10 Td (, the pro forma net loss was adjusted to include acquisition-related fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (and expenses of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.37 535.10 Td ($7.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.26 535.10 Td ( relating to the acquisitions completed during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.54 535.10 Td (nine months ended September 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.85 535.10 Td (, as if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (these fees and expenses had been incurred as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.97 523.10 Td (January1, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.57 523.10 Td (. For the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.49 523.10 Td (September30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.75 523.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.75 523.10 Td ($4.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 523.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (of acquisition-related fees and expenses were included.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 487.10 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 50.00 475.10 Td (Company completed these acquisitions on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.36 475.10 Td (January1, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.96 475.10 Td (, nor does it purport to represent the Company) Tj ET Q q 0 0 0 rg BT 472.42 475.10 Td (s future operations \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 409.60 176.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 409.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 409.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 409.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 409.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 409.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 409.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 409.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 409.60 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 229.5 409.6 m 309.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 409.6 m 393.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 409.6 m 477.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 409.6 m 561.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229.5 409.6 m 309.5 409.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.75 443.28 Td (For the Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.35 443.28 Td (For the Nine Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.50 429.28 Td (September 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.50 429.28 Td (September 30,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 414.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.35 414.28 Td (Pro Forma 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.35 414.28 Td (Pro Forma 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.35 414.28 Td (Pro Forma 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.35 414.28 Td (Pro Forma 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 399.27 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.00 399.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.15 399.27 Td (15,105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.00 399.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 399.27 Td (13,881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.00 399.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 399.27 Td (44,601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 399.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 399.27 Td (32,511) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 384.27 Td (Net income \(loss\) attributable to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 374.27 Td (stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.00 374.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.80 374.32 Td (\(1,932) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 374.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.00 374.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.80 374.32 Td (\(8,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 374.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.00 374.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 374.32 Td (\(7,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 374.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 374.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 374.32 Td (\(23,781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 374.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 346.10 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 518.43 346.10 Td (nine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (months ended September 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.59 334.10 Td (, which are included in the Company) Tj ET Q q 0 0 0 rg BT 338.83 334.10 Td (s condensed consolidated statements of operations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (comprehensive income \(loss\) for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.56 322.10 Td (three and nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.21 322.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.03 322.10 Td (September30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.29 322.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 282.60 136.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.50 282.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 282.60 102.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 282.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 282.60 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 282.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 282.60 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 252.60 136.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.50 252.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 252.60 102.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 252.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 252.60 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 252.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 252.60 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 222.60 136.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.50 222.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 222.60 102.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 222.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 222.60 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 222.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 222.60 131.00 -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 49.5 282.6 m 185.5 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 282.6 m 426.5 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 282.6 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 295.5 282.6 m 426.5 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 282.6 m 561.5 282.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.25 302.28 Td (For the Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.85 302.28 Td (For the Nine Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 287.28 Td (2016 Acquisitions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.00 287.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.75 287.28 Td (September 30, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.75 287.28 Td (September 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 272.27 Td (Domain Apartments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.00 272.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.00 272.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 272.27 Td (1,201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.00 272.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 272.27 Td (3,136) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 257.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.00 257.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.00 257.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.30 257.32 Td (\(289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 257.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.00 257.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 257.32 Td (\(1,622) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 257.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 242.27 Td (Cottonwood Corporate Center) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.00 242.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.00 242.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 242.27 Td (3,572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.00 242.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 242.27 Td (3,572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.00 227.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.00 227.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.80 227.32 Td (\(2,042) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 227.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.00 227.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 227.32 Td (\(2,042) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 227.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 212.27 Td (Goodyear Crossing II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.00 212.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.00 212.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 212.27 Td (624) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.00 212.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 212.27 Td (624) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.00 197.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.00 197.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.30 197.32 Td (\(241) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 197.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.00 197.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.30 197.32 Td (\(241) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 197.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 169.10 Td (The following unaudited consolidated information is presented to give ef) Tj ET Q q 0 0 0 rg BT 359.69 169.10 Td (fect to the Company) Tj ET Q q 0 0 0 rg BT 443.83 169.10 Td (s acquisitions completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 Td (during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.33 157.10 Td (nine months ended September 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.63 157.10 Td ( as if the acquisitions had occurred on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.47 157.10 Td (January1, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.07 157.10 Td (. ) Tj ET Q q 0 0 0 rg BT 476.39 157.10 Td (The pro forma net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.10 Td (income \(loss\) 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 366.28 145.10 Td ($5.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.18 145.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.61 145.10 Td ($6.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.51 145.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.88 145.10 Td (three and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.10 Td (nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.22 133.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.04 133.10 Td (September30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.31 133.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 260.97 133.10 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.08 133.10 Td (three and nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.72 133.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.54 133.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.80 133.10 Td (, the pro forma ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.10 Td (net loss was adjusted to include acquisition-related fees and expenses of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.75 121.10 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.64 121.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.08 121.10 Td ($9.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.97 121.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 510.63 121.10 Td (, relating to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.10 Td (the 2016 acquisitions, as if these fees and expenses had been incurred as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.40 109.10 Td (January1, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 109.10 Td (. ) 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 these acquisitions on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.36 718.10 Td (January1, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.96 718.10 Td (, nor does it purport to represent the Company) Tj ET Q q 0 0 0 rg BT 472.42 718.10 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 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 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 420.35 686.28 Td (For the Nine Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.50 672.28 Td (September 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.50 672.28 Td (September 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.15 642.27 Td (8,956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 642.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.15 642.27 Td (8,909) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 642.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 642.27 Td (26,564) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 642.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 642.27 Td (25,137) 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 280.80 617.32 Td (\(2,028) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 617.27 Td (\)) 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 364.80 617.32 Td (\(2,566) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 617.27 Td (\)) 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 448.80 617.32 Td (\(6,154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 617.27 Td (\)) 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 527.80 617.32 Td (\(20,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 617.27 Td (\)) 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 (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.71 565.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.15 565.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.73 565.10 Td (, the Company had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.03 565.10 Td ($327.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.92 565.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.36 565.10 Td ($254.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.25 565.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (debt outstanding, with a weighted average year to maturity of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.54 553.10 Td (4.0 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.63 553.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.07 553.10 Td (4.3 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.17 553.10 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 (2.58%) 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 (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.98 529.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.42 529.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.00 529.10 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 380.00 510.66 Td (Interest Rate) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 392.55 503.66 Td (as of) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.15 496.66 Td (September 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 432.30 489.66 Td (September 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 ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.40 465.65 Td (65,208) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 501.00 465.65 Td ($) 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 ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 282.40 453.65 Td (34,300) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 318.45 453.65 Td (Libor + 1.60%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 390.45 453.65 Td (2.83%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.40 453.65 Td (34,300) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 540.40 453.65 Td (34,300) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 441.65 Td (Cottonwood Corporate Center) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 168.05 441.65 Td (7/5/2016) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 216.55 441.65 Td (8/1/2023) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 264.00 441.65 Td ($) 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 (76,228) 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 ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 282.40 429.65 Td (29,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 318.45 429.65 Td (Libor + 2.00%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 390.45 429.65 Td (3.24%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.40 429.65 Td (29,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 540.40 429.65 Td (29,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 417.65 Td (Rookwood Commons) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 168.05 417.65 Td (1/6/2017) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 216.55 417.65 Td (7/1/2020) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 264.00 417.65 Td ($) 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 (26,703) 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 ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 468.90 381.65 Td (327,439) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 501.00 381.65 Td ($) 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 ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 282.40 357.65 Td (75,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 327.30 357.65 Td (Variable) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 392.75 357.65 Td ( N/A) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 484.65 357.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 540.40 357.65 Td (56,000) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 59.00 345.66 Td (Total Note Payable to Affiliate) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 432.00 345.65 Td ($) 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 (327,439) 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 (\(581) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 491.65 321.65 Td (\)) 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 (\(1,327) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 491.65 309.65 Td (\)) 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 ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 468.90 297.65 Td (325,531) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 501.00 297.65 Td ($) 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 (\(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.59 226.90 Td ($20.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.48 226.90 Td ( assuming a rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.51 226.90 Td ($1.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.01 226.90 Td ( per EUR as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.94 226.90 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.21 226.90 Td (\) as an economic hedge against ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 214.90 Td (the variability of future interest rates on this borrowing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.90 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. On October 2, 2017, the Company terminated its Hines Credit Facility and the Operating Partnership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 94.90 Td (entered into a new uncommitted loan agreement with Hines, as described more fully below) Tj ET Q q 0 0 0 rg BT 431.68 94.90 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.90 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 70.90 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 58.90 Td (estimated fair value as of the date of acquisition. ) Tj ET Q q 0 0 0 rg BT 266.92 58.90 Td (The dif) Tj ET Q q 0 0 0 rg BT 295.89 58.90 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 46.90 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 68.00 730.10 Td (Rookwood) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (In connection with the acquisition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.41 706.10 Td (Rookwood) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.30 706.10 Td (, the Company entered into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.38 706.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.38 706.10 Td ( loanassumption and modification ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (agreements, with Nationwide Life Insurance Company \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.64 694.10 Td (Nationwide) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.30 694.10 Td (\), and with CLP-SPF Rookwood Commons, LLC and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 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 383.61 682.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.61 682.10 Td ( secured mortgage facilities with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (combined original principal amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.90 670.10 Td ($96.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.80 670.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 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 50.00 634.10 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 416.38 634.10 Td (The Rookwood Commons and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 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 351.02 622.10 Td (3.13%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.85 622.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.29 622.10 Td (2.87%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.12 622.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 474.78 622.10 Td (, and mature on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (July1, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.17 610.10 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 50.00 598.10 Td (providing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.39 598.10 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.39 598.10 Td ( days) Tj ET Q q 0 0 0 rg BT 124.80 598.10 Td ( advance written notice to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.60 598.10 Td (Nationwide) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.25 598.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td (Montr) Tj ET Q q 0 0 0 rg BT 92.63 574.10 Td (ose Student Residences) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 550.10 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 50.00 538.10 Td (agreement \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.63 538.10 Td (Montrose Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.01 538.10 Td (\) with ) Tj ET Q q 0 0 0 rg BT 218.37 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 227.01 538.10 Td (ells Far) Tj ET Q q 0 0 0 rg BT 256.55 538.10 Td (go Bank, National ) Tj ET Q q 0 0 0 rg BT 331.54 538.10 Td (Association London Branch, for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.90 538.10 Td (22.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.79 538.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (\(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.59 526.10 Td ($24.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.48 526.10 Td ( assuming a rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.51 526.10 Td ($1.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.01 526.10 Td ( per EUR as of the date of the agreement\). Commencing on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.71 526.10 Td (May1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 514.10 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 517.33 514.10 Td (Montrose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.55 502.10 Td ( on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.55 502.10 Td (March23, 2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.15 502.10 Td (. ) Tj ET Q q 0 0 0 rg BT 166.47 502.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.52 502.10 Td (Montrose Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.90 502.10 Td ( has a floating interest rate of EURIBOR plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.58 502.10 Td (1.85%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.41 502.10 Td ( through September ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (2019. Commencing in October 2019, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.08 490.10 Td (Montrose Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.47 490.10 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 495.75 490.10 Td (1.85%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.58 490.10 Td ( or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.91 490.10 Td (2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.24 490.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (depending upon certain debt yield metrics. ) Tj ET Q q 0 0 0 rg BT 225.32 478.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.37 478.10 Td (Montrose Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.75 478.10 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 50.00 466.10 Td (fee if it is prepaid during the first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.96 466.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.96 466.10 Td ( years. In addition, pursuant to the terms of the Montrose Facility) Tj ET Q q 0 0 0 rg BT 462.59 466.10 Td (, the Company entered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (into a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 454.10 Td (17.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.89 454.10 Td ( \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.98 454.10 Td ($20.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.87 454.10 Td ( assuming a rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.90 454.10 Td ($1.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.40 454.10 Td ( per EUR as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.33 454.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.59 454.10 Td (\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.42 454.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.97 454.10 Td (-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (interest rate cap agreement, which ef) Tj ET Q q 0 0 0 rg BT 196.96 442.10 Td (fectively caps the EURIBOR interest rate on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.46 442.10 Td (Montrose Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.84 442.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.62 442.10 Td (1.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.45 442.10 Td (, to limit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (exposure to interest rate fluctuations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 406.10 Td (Hines Cr) Tj ET Q q 0 0 0 rg BT 104.02 406.10 Td (edit Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 382.10 Td (For the period from January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.69 382.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.69 382.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.80 382.10 Td (September 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.06 382.10 Td (, the Company made draws of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.54 382.10 Td ($7.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.43 382.10 Td ( and payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td ($63.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.89 370.10 Td ( under the Hines Credit Facility) Tj ET Q q 0 0 0 rg BT 229.60 370.10 Td (. ) Tj ET Q q 0 0 0 rg BT 234.05 370.10 Td (As a result, the Company had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.86 370.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.86 370.10 Td ( outstanding balance under the Hines Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (Facility as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.71 358.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.98 358.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 334.10 Td (On October 2, 2017, the Company terminated the Hines Credit Facility and the Operating Partnership entered into an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (uncommitted loan agreement \(the Restated Hines Credit Facility\) with Hines for a maximum principal amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.32 322.10 Td ($240.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 310.10 Td (. Interest on each advance under the Restated Hines Credit Facility is char) Tj ET Q q 0 0 0 rg BT 374.44 310.10 Td (ged monthly at a variable rate, which is \(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (Hines) Tj ET Q q 0 0 0 rg BT 75.92 298.10 Td ( then-current borrowing rate under its revolving credit facility or \(ii\) if the Operating Partnership enters into a revolving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (credit facility) Tj ET Q q 0 0 0 rg BT 102.93 286.10 Td (, the rate under such facility) Tj ET Q q 0 0 0 rg BT 213.91 286.10 Td (. Each advance under the Restated Hines Credit Facility must be repaid within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.37 286.10 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.04 286.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (months, subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.55 274.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.99 274.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.49 274.10 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.16 274.10 Td (-month extension at the option of the Operating Partnership and subject to the satisfaction of certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 96.48 262.10 Td (The Restated Hines Credit Facility will terminate on the earlier of \(a\) the termination of the availability period as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (determined by Hines at its discretion \(which will not impact the maturity date of any outstanding or previously approved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (advance under the loan agreement\); \(b\) December 31, 2018; and \(c\) the date Hines accelerates the repayment of the loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (agreement pursuant to any event of default. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 202.10 Td (Notwithstanding that each advance under the Restated Hines Credit Facility matures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.18 202.10 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.85 202.10 Td ( months after it is made, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (Operating Partnership is required to repay each advance with any capital raised, unless the Operating Partnership enters into a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (revolving credit facility \(the OP) Tj ET Q q 0 0 0 rg BT 181.81 178.10 Td ( Facility\), at which point the Operating Partnership may use such proceeds from its public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 166.10 Td (fering to repay the OP) Tj ET Q q 0 0 0 rg BT 146.64 166.10 Td ( Facility) Tj ET Q q 0 0 0 rg BT 179.04 166.10 Td (, if any) Tj ET Q q 0 0 0 rg BT 206.44 166.10 Td (, prior to repaying any advances under the Restated Hines Credit Facility) Tj ET Q q 0 0 0 rg BT 497.37 166.10 Td (. ) Tj ET Q q 0 0 0 rg BT 502.19 166.10 Td (The Restated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (Hines Credit Facility also permits voluntary prepayment of principal and accrued interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 130.10 Td (The Restated Hines Credit Facility requires the maintenance of certain financial covenants beginning the earlier of \(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (September 30, 2018 or \(b\) the ef) Tj ET Q q 0 0 0 rg BT 180.06 118.10 Td (fective date of the OP) Tj ET Q q 0 0 0 rg BT 266.88 118.10 Td ( Facility) Tj ET Q q 0 0 0 rg BT 299.28 118.10 Td (, if any) Tj ET Q q 0 0 0 rg BT 326.67 118.10 Td (, which includes covenants concerning indebtedness to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (total asset value. In addition, the Restated Hines Credit Facility contains customary af) Tj ET Q q 0 0 0 rg BT 393.07 106.10 Td (firmative and negative covenants, which, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (among other things, prohibit the Company and the Operating Partnership from: \(i\) mer) Tj ET Q q 0 0 0 rg BT 396.69 94.10 Td (ging with other companies or changing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (ownership interest; \(ii\) selling all or substantially all of the Company) Tj ET Q q 0 0 0 rg BT 328.84 82.10 Td (s assets or properties; and \(iii\) if in default under the loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (agreement, paying distributions to the Company) Tj ET Q q 0 0 0 rg BT 245.52 70.10 Td (s stockholders other than as required to maintain the Company) Tj ET Q q 0 0 0 rg BT 498.52 70.10 Td (s status as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (real estate investment trust. ) Tj ET Q q 0 0 0 rg BT 161.73 58.10 Td (The Restated Hines Credit Facility also requires the Company to deliver to Hines certain quarterly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (and annual financial information.) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (From October 2, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.88 730.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.88 730.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.99 730.10 Td (November9, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.69 730.10 Td (, the Company made draws of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.16 730.10 Td ($35.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.05 730.10 Td ( and made ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 730.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 730.10 Td ( additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (payments under the Restated Hines Credit Facility) Tj ET Q q 0 0 0 rg BT 250.97 718.10 Td (, which resulted in the Company having a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.10 718.10 Td ($35.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.99 718.10 Td ( outstanding balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (under the Restated Hines Credit Facility as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.96 706.10 Td (November9, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.66 706.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (Financial Covenants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 127.71 658.10 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 50.00 646.10 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 50.00 634.10 Td (limitations on liens and indebtedness and maintenance of certain financial ratios. ) Tj ET Q q 0 0 0 rg BT 377.77 634.10 Td (The Company is not aware of any instances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (of noncompliance with financial covenants as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.32 622.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.59 622.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td (Principal Payments on Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 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 50.00 562.10 Td (October 1, 2017 through December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.40 562.10 Td (, for each of the years ending December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.82 562.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.82 562.10 Td ( through December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.51 562.10 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.51 562.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (for the period thereafter \(in thousands\).) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 488.60 97.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 488.60 111.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 488.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 488.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 488.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 488.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 488.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 488.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 488.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 488.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 488.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 488.60 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 146.5 512.6 m 257.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 512.6 m 261.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 512.6 m 319.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 512.6 m 323.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 512.6 m 376.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 512.6 m 380.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 512.6 m 433.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 512.6 m 437.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 512.6 m 497.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 512.6 m 501.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 512.6 m 561.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146.5 488.6 m 257.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 512.6 m 319.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 488.6 m 319.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 512.6 m 376.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 488.6 m 376.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 512.6 m 433.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 488.6 m 433.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 512.6 m 497.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 488.6 m 497.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 488.6 m 561.5 488.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 517.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.30 517.28 Td (Payments Due by Year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 493.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.45 503.28 Td (October 1, 2017 through) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.15 493.28 Td (December 31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.00 493.28 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.50 493.28 Td (2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 493.28 Td (2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.00 493.28 Td (2021) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.10 493.28 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 478.27 Td (Principal payments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.00 478.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.65 478.27 Td (417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.00 478.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.15 478.27 Td (1,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 478.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 478.27 Td (1,751) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.00 478.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.10 478.27 Td (132,104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.00 478.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 478.27 Td (30,859) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 478.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 478.27 Td (160,608) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 450.10 Td (6. DERIV) Tj ET Q q 0 0 0 rg BT 92.94 450.10 Td (A) Tj ET Q q 0 0 0 rg BT 99.42 450.10 Td (TIVE INSTRUMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 426.10 Td (The Company entered into interest rate cap agreements in connection with the Bishop) Tj ET Q q 0 0 0 rg BT 413.51 426.10 Td (s Square Facility and the Montrose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 414.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 79.40 414.10 Td (. ) Tj ET Q q 0 0 0 rg BT 86.72 414.10 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 49.50 402.10 Td (on its variable interest rate borrowings.) Tj ET Q q 0 0 0 rg BT 210.94 402.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 270.65 402.10 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 49.50 390.10 Td (on the loan to which they relate.) Tj ET Q q 0 0 0 rg BT 182.89 390.10 Td (The Company has not designated this derivative as a hedge for accounting purposes. ) Tj ET Q q 0 0 0 rg BT 525.67 390.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 378.10 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 482.53 378.10 Td (fset on its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 366.10 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 465.74 366.10 Td (Note 9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.68 366.10 Td ( Fair ) Tj ET Q q 0 0 0 rg BT 526.11 366.10 Td (V) Tj ET Q q 0 0 0 rg BT 532.22 366.10 Td (alue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 354.10 Td (Measurements for additional information regarding the fair value of the Company) Tj ET Q q 0 0 0 rg BT 379.95 354.10 Td (s interest rate contracts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 330.10 Td (The table below provides additional information regarding the Company) Tj ET Q q 0 0 0 rg BT 360.76 330.10 Td (s interest rate contracts \(in thousands, except ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 318.10 Td (percentages\).) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 268.60 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 137.00 268.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.00 268.60 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.00 268.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.00 268.60 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 268.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 268.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 268.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 268.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 268.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 268.60 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 50 292.6 m 137 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137 292.6 m 141 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 141 292.6 m 244 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 268.6 m 137 268.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 141 268.6 m 244 268.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 268.6 m 351 268.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 268.6 m 413 268.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 268.6 m 500 268.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 268.6 m 562 268.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 297.28 Td (Interest Rate Contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.50 297.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.50 297.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.50 297.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.50 297.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 273.28 Td (Type) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.85 273.28 Td (Effective Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.65 273.28 Td (Expiration Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 283.28 Td (Notional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.95 273.28 Td (Amount ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 398.45 277.81 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.15 283.28 Td (Interest Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.80 273.28 Td (Received) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.55 283.28 Td (Pay Rate /) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.20 273.28 Td (Strike Rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 258.27 Td (Interest rate cap) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.70 258.27 Td (March 3, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.65 258.27 Td (April 25, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.50 258.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 258.27 Td (65,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.05 258.27 Td (EURIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 258.27 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 258.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 243.27 Td (Interest rate cap) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.20 243.27 Td (March 24, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.20 243.27 Td (March 23, 2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.50 243.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 243.27 Td (20,027) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.05 243.27 Td (EURIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 243.27 Td (1.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 243.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 219.90 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 219.90 Td (For notional amounts denominated in a foreign currency) Tj ET Q q 0 0 0 rg BT 292.62 219.90 Td (, amounts have been translated at a rate based on the rate in ef) Tj ET Q q 0 0 0 rg BT 540.11 219.90 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 207.90 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 207.90 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.26 207.90 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 183.90 Td (7. ST) Tj ET Q q 0 0 0 rg BT 72.05 183.90 Td (OCKHOLDERS) Tj ET Q q 0 0 0 rg BT 146.32 183.90 Td ( EQUITY) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 159.90 Td (Public Offering) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 135.90 Td (The Company amended its charter on ) Tj ET Q q 0 0 0 rg BT 220.18 135.90 Td (April 27, 2017 to ef) Tj ET Q q 0 0 0 rg BT 299.15 135.90 Td (fect a reclassification of the Company) Tj ET Q q 0 0 0 rg BT 453.82 135.90 Td (s common stock in order ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 123.90 Td (to add ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.22 123.90 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.22 123.90 Td ( additional classes of common shares, class I shares \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.38 123.90 Td ($0.001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.88 123.90 Td ( par value per share\) and class J shares \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.09 123.90 Td ($0.001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.59 123.90 Td ( par value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 111.90 Td (per share\). ) Tj ET Q q 0 0 0 rg BT 94.15 111.90 Td (As a result of the amendment to its charter) Tj ET Q q 0 0 0 rg BT 263.69 111.90 Td (, the Company) Tj ET Q q 0 0 0 rg BT 325.07 111.90 Td (s shares of common stock were classified as class ) Tj ET Q q 0 0 0 rg BT 525.30 111.90 Td (A) Tj ET Q q 0 0 0 rg BT 531.97 111.90 Td ( shares, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 99.90 Td (class ) Tj ET Q q 0 0 0 rg BT 71.76 99.90 Td (T) Tj ET Q q 0 0 0 rg BT 77.69 99.90 Td ( shares, class I shares and class J shares. ) Tj ET Q q 0 0 0 rg BT 242.64 99.90 Td (All shares of the Company) Tj ET Q q 0 0 0 rg BT 352.62 99.90 Td (s common stock have the same voting rights and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 87.90 Td (rights upon liquidation, although distributions are expected to dif) Tj ET Q q 0 0 0 rg BT 310.05 87.90 Td (fer due to the distribution and stockholder servicing fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 75.90 Td (payable with respect to class ) Tj ET Q q 0 0 0 rg BT 166.72 75.90 Td (T) Tj ET Q q 0 0 0 rg BT 172.65 75.90 Td ( shares and class I shares, which will reduce distributions. ) Tj ET Q q 0 0 0 rg BT 406.30 75.90 Td (The Company amended its Of) Tj ET Q q 0 0 0 rg BT 526.65 75.90 Td (fering, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 63.90 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 63.90 Td (fective ) Tj ET Q q 0 0 0 rg BT 86.74 63.90 Td (April 28, 2017, to of) Tj ET Q q 0 0 0 rg BT 168.77 63.90 Td (fer up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.15 63.90 Td ($2.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.26 63.90 Td ( in shares of its common stock in any combination of class ) Tj ET Q q 0 0 0 rg BT 487.34 63.90 Td (A) Tj ET Q q 0 0 0 rg BT 494.01 63.90 Td ( shares, class ) Tj ET Q q 0 0 0 rg BT 548.26 63.90 Td (T) Tj ET Q q 0 0 0 rg BT 554.18 63.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 51.90 Td (shares and class I shares. ) Tj ET Q q 0 0 0 rg BT 152.01 51.90 Td (The Company did not of) Tj ET Q q 0 0 0 rg BT 250.15 51.90 Td (fer class J shares pursuant to the Of) Tj ET Q q 0 0 0 rg BT 391.87 51.90 Td (fering. On September 30, 2017, the ) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Company suspended the sale of shares in the primary portion of the Of) Tj ET Q q 0 0 0 rg BT 333.09 742.10 Td (fering. ) Tj ET Q q 0 0 0 rg BT 361.78 742.10 Td (The Company is continuing to of) Tj ET Q q 0 0 0 rg BT 494.09 742.10 Td (fer shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (pursuant to its distribution reinvestment plan. ) Tj ET Q q 0 0 0 rg BT 233.96 730.10 Td (The Company has filed a Registration Statement on Form S-1) Tj ET Q q 0 0 0 rg BT 481.05 730.10 Td (1 \(File No. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (333-220046\) with the SEC to pursue the Follow-On Of) Tj ET Q q 0 0 0 rg BT 270.91 718.10 Td (fering.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td (Common Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 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 507.04 670.10 Td (s common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (stock during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.93 658.10 Td (nine months ended September 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.24 658.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.68 658.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.68 658.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 623.60 116.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 166.50 623.60 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 623.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 623.60 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 623.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 623.60 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 623.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 623.60 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 623.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 623.60 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 623.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 623.60 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 623.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 623.60 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 623.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 623.60 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 623.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 623.60 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 623.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 623.60 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 599.60 116.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 166.50 599.60 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 599.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 599.60 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 599.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 599.60 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 599.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 599.60 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 599.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 599.60 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 599.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 599.60 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 599.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 599.60 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 599.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 599.60 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 599.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 599.60 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 599.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 599.60 36.00 -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 166.5 635.6 m 202.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202.5 635.6 m 206.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 635.6 m 242.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 635.6 m 282.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 635.6 m 286.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 635.6 m 322.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 635.6 m 362.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 635.6 m 366.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 635.6 m 402.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 635.6 m 442.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 635.6 m 446.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 635.6 m 482.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 635.6 m 522.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 635.6 m 526.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 635.6 m 562.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 623.6 m 202.5 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 623.6 m 242.5 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 623.6 m 282.5 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 623.6 m 322.5 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 623.6 m 362.5 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 623.6 m 402.5 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 623.6 m 442.5 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 623.6 m 482.5 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 623.6 m 522.5 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 623.6 m 562.5 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 623.6 m 202.5 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 587.6 m 202.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 576.6 m 202.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 574.6 m 202.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 587.6 m 242.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 576.6 m 242.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 574.6 m 242.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 587.6 m 282.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 576.6 m 282.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 574.6 m 282.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 587.6 m 322.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 576.6 m 322.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 574.6 m 322.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 587.6 m 362.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 576.6 m 362.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 574.6 m 362.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 587.6 m 402.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 576.6 m 402.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 574.6 m 402.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 587.6 m 442.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 576.6 m 442.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 574.6 m 442.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 587.6 m 482.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 576.6 m 482.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 574.6 m 482.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 587.6 m 522.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 576.6 m 522.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 574.6 m 522.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 587.6 m 562.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 576.6 m 562.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 574.6 m 562.5 574.6 l s BT /F2 7.50 Tf ET q 0 0 0 rg BT 192.20 639.72 Td (Class A) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 272.15 639.72 Td (Class T) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 353.05 639.72 Td (Class I) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 432.60 639.72 Td (Class J) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 515.80 639.72 Td (Total) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 173.20 627.72 Td (Shares) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 210.85 627.72 Td (Amount) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 253.20 627.72 Td (Shares) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 290.85 627.72 Td (Amount) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 333.20 627.72 Td (Shares) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 370.85 627.72 Td (Amount) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 413.20 627.72 Td (Shares) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 450.85 627.72 Td (Amount) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 493.20 627.72 Td (Shares) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 530.85 627.72 Td (Amount) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 53.00 615.72 Td (Balance as of January 1, 2017) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 178.85 615.75 Td (16,468) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 209.00 615.75 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 232.00 615.75 Td (16) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 258.85 615.75 Td (10,074) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 289.00 615.75 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 312.00 615.75 Td (10) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 352.00 615.75 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 369.00 615.75 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 392.00 615.75 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 432.00 615.75 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 449.00 615.75 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 472.00 615.75 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 498.85 615.75 Td (26,542) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 529.00 615.75 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 552.00 615.75 Td (26) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 603.75 Td (Issuance of common shares) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 182.60 603.75 Td (3,711) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 235.75 603.75 Td (4) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 258.85 603.75 Td (10,625) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 312.00 603.75 Td (11) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 352.00 603.75 Td (91) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 392.00 603.75 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 432.00 603.75 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 472.00 603.75 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 498.85 603.75 Td (14,427) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 552.00 603.75 Td (15) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 591.75 Td (Redemption of common shares) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 185.75 591.75 Td (\(151) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 199.50 591.75 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 232.00 591.75 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 269.50 591.75 Td (\(15) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 279.50 591.75 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 312.00 591.75 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 352.00 591.75 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 392.00 591.75 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 432.00 591.75 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 472.00 591.75 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 505.75 591.75 Td (\(166) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 519.50 591.75 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 552.00 591.75 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 53.00 579.72 Td (Balance as of September) Tj ET Q q 0 0 0 rg BT 131.40 579.72 Td ( 30, 2017) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 178.85 579.75 Td (20,028) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 209.00 579.75 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 232.00 579.75 Td (20) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 258.85 579.75 Td (20,684) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 289.00 579.75 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 312.00 579.75 Td (21) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 352.00 579.75 Td (91) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 369.00 579.75 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 392.00 579.75 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 432.00 579.75 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 449.00 579.75 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 472.00 579.75 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 498.85 579.75 Td (40,803) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 529.00 579.75 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 552.00 579.75 Td (41) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 529.60 126.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 529.60 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 529.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 529.60 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 529.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 529.60 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 529.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 529.60 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 529.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 529.60 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 529.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 529.60 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 505.60 126.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 505.60 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 505.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 505.60 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 505.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 505.60 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 505.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 505.60 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 505.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 505.60 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 505.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 505.60 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 175.5 541.6 m 236.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 541.6 m 240.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 541.6 m 301.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 541.6 m 366.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 541.6 m 370.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 541.6 m 431.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 541.6 m 496.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 541.6 m 500.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 541.6 m 561.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 529.6 m 236.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 529.6 m 301.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 529.6 m 366.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 529.6 m 431.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 541.6 m 496.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 529.6 m 496.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 529.6 m 236.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 529.6 m 301.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 529.6 m 366.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 529.6 m 431.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 529.6 m 561.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 493.6 m 236.5 493.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 482.6 m 236.5 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 480.6 m 236.5 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 493.6 m 301.5 493.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 482.6 m 301.5 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 480.6 m 301.5 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 493.6 m 366.5 493.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 482.6 m 366.5 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 480.6 m 366.5 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 493.6 m 431.5 493.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 482.6 m 431.5 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 480.6 m 431.5 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 493.6 m 496.5 493.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 482.6 m 496.5 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 480.6 m 496.5 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 493.6 m 561.5 493.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 482.6 m 561.5 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 480.6 m 561.5 480.6 l s BT /F2 7.50 Tf ET q 0 0 0 rg BT 226.20 545.72 Td (Class A) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 356.15 545.72 Td (Class T) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 489.80 545.72 Td (Total) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 194.70 533.72 Td (Shares) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 257.35 533.72 Td (Amount) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 324.70 533.72 Td (Shares) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 387.35 533.72 Td (Amount) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 454.70 533.72 Td (Shares) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 517.35 533.72 Td (Amount) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 52.00 521.72 Td (Balance as of January 1, 2016) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 212.85 521.75 Td (10,274) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 243.00 521.75 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 291.00 521.75 Td (10) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 352.25 521.75 Td (787) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 373.00 521.75 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 424.75 521.75 Td (1) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 472.85 521.75 Td (11,061) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 503.00 521.75 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 551.00 521.75 Td (11) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 52.00 509.75 Td (Issuance of common shares) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 216.60 509.75 Td (5,003) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 294.75 509.75 Td (5) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 346.60 509.75 Td (5,845) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 424.75 509.75 Td (6) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 472.85 509.75 Td (10,848) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 551.00 509.75 Td (11) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 52.00 497.75 Td (Redemption of common shares) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 223.50 497.75 Td (\(44) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 233.50 497.75 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 291.00 497.75 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 356.00 497.75 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 421.00 497.75 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 483.50 497.75 Td (\(44) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 493.50 497.75 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 551.00 497.75 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 52.00 485.72 Td (Balance as of September) Tj ET Q q 0 0 0 rg BT 130.40 485.72 Td ( 30, 2016) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 212.85 485.75 Td (15,233) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 243.00 485.75 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 291.00 485.75 Td (15) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 346.60 485.75 Td (6,632) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 373.00 485.75 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 424.75 485.75 Td (7) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 472.85 485.75 Td (21,865) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 503.00 485.75 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 551.00 485.75 Td (22) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 458.10 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 434.10 Td (W) Tj ET Q q 0 0 0 rg BT 77.04 434.10 Td (ith the authorization of its board of directors, the Company has declared distributions as of daily record dates. ) Tj ET Q q 0 0 0 rg BT 519.42 434.10 Td (All ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.10 Td (distributions were or will be paid in cash or reinvested in shares of the Company) Tj ET Q q 0 0 0 rg BT 374.93 422.10 Td (s common stock for those participating in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 410.10 Td (s distribution reinvestment plan and have been or will be paid or issued, respectively) Tj ET Q q 0 0 0 rg BT 429.26 410.10 Td (, on the first business day ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.10 Td (following the completion of the month to which they relate. Distributions reinvested pursuant to the distribution reinvestment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.10 Td (plan were or will be reinvested in shares of the same class as the shares on which the distributions are being made. Some or all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.10 Td (of the cash 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 68.00 350.10 Td (The tables below outline the distribution rates declared per share, per day for class ) Tj ET Q q 0 0 0 rg BT 399.27 350.10 Td (A) Tj ET Q q 0 0 0 rg BT 405.94 350.10 Td ( shares, class ) Tj ET Q q 0 0 0 rg BT 460.19 350.10 Td (T) Tj ET Q q 0 0 0 rg BT 466.12 350.10 Td ( shares and class I ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.10 Td (shares. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 281.60 94.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 143.50 281.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 147.50 281.60 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 281.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 281.60 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 281.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 281.60 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 281.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 281.60 96.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 281.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 281.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 253.60 94.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 143.50 253.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 147.50 253.60 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 253.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 253.60 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 253.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 253.60 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 253.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 253.60 96.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 253.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 253.60 67.00 -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 49.5 313.6 m 143.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147.5 313.6 m 218.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 313.6 m 313.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 313.6 m 317.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 313.6 m 390.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 313.6 m 490.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 313.6 m 494.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 313.6 m 561.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 281.6 m 143.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 313.6 m 147.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147.5 281.6 m 218.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 281.6 m 313.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 281.6 m 390.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 281.6 m 490.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 281.6 m 561.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 281.6 m 143.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147.5 281.6 m 218.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 281.6 m 313.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 281.6 m 390.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 281.6 m 490.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 281.6 m 561.5 281.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 105.30 318.05 Td (Class A Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 277.70 318.05 Td (Class T Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.30 318.05 Td (Class I Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 286.05 Td (Period Declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 158.95 304.05 Td (Distribution) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 152.25 295.05 Td (Rate Per Share,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 166.95 286.05 Td (Per Day) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 225.00 286.05 Td (Period Declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 329.95 304.05 Td (Distribution ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 323.25 295.05 Td (Rate Per) Tj ET Q q 0 0 0 rg BT 356.82 295.05 Td ( Shar) Tj ET Q q 0 0 0 rg BT 377.41 295.05 Td (e, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 334.55 286.05 Td (Per) Tj ET Q q 0 0 0 rg BT 347.87 286.05 Td ( Day) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 365.62 290.13 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.00 286.05 Td (Period Declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.95 304.05 Td (Distribution ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.25 295.05 Td (Rate Per) Tj ET Q q 0 0 0 rg BT 530.82 295.05 Td ( Shar) Tj ET Q q 0 0 0 rg BT 551.41 295.05 Td (e, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 508.55 286.05 Td (Per) Tj ET Q q 0 0 0 rg BT 521.87 286.05 Td ( Day) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 539.62 290.13 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 272.06 Td (12/1/2017 - 12/31/2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 150.00 272.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 167.75 272.06 Td (0.001671233) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 225.00 272.06 Td (12/1/2017 - 12/31/2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 320.00 272.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 339.75 272.06 Td (0.001671233) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.00 272.06 Td (12/1/2017 - 12/31/2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 272.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 510.75 272.06 Td (0.001671233) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 258.06 Td (4/1/2017 - 11/30/2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 150.00 258.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 167.75 258.06 Td (0.001653699) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 225.00 258.06 Td (4/1/2017 - 11/30/2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 320.00 258.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 339.75 258.06 Td (0.001653699) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.00 258.06 Td (5/1/2017 - 11/30/2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 258.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 510.75 258.06 Td (0.001653699) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 244.06 Td (5/1/2016 - 3/31/2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 150.00 244.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 167.75 244.06 Td (0.001594766) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 225.00 244.06 Td (5/1/2016 - 3/31/2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 320.00 244.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 339.75 244.06 Td (0.001594766) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.45 244.06 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 519.95 244.06 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 230.06 Td (10/1/2014 - 4/30/2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 150.00 230.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 167.75 230.06 Td (0.001575342) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 225.00 230.06 Td (8/24/2015 - 4/30/2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 320.00 230.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 339.75 230.06 Td (0.001575342) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.45 230.06 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 519.95 230.06 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 202.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 91.99 202.10 Td (T) Tj ET Q q 0 0 0 rg BT 97.92 202.10 Td ( shares and Class I shares are subject to an ongoing distribution and stockholder servicing fee payable to the Dealer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 190.10 Td (Manager of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.87 190.10 Td (1.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.70 190.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.14 190.10 Td (0.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.97 190.10 Td ( per annum of the gross of) Tj ET Q q 0 0 0 rg BT 287.76 190.10 Td (fering price per share or) Tj ET Q q 0 0 0 rg BT 383.42 190.10 Td (, now that the Company is no longer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 178.10 Td (of) Tj ET Q q 0 0 0 rg BT 76.15 178.10 Td (fering primary shares, the most recently determined net asset value \(NA) Tj ET Q q 0 0 0 rg BT 367.25 178.10 Td (V\) per share, respectively) Tj ET Q q 0 0 0 rg BT 473.77 178.10 Td (. ) Tj ET Q q 0 0 0 rg BT 481.09 178.10 Td (The distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 166.10 Td (rate is 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 515.74 166.10 Td (T) Tj ET Q q 0 0 0 rg BT 521.67 166.10 Td ( shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 154.10 Td (and class I shares. ) Tj ET Q q 0 0 0 rg BT 145.02 154.10 Td (The actual per share, per day distribution rate for class ) Tj ET Q q 0 0 0 rg BT 365.03 154.10 Td (T) Tj ET Q q 0 0 0 rg BT 370.95 154.10 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 68.00 142.10 Td (total amount of distribution and stockholder servicing fees payable for that particular period.) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (The following table outlines the Company) Tj ET Q q 0 0 0 rg BT 239.91 742.10 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 50.00 730.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.61 730.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.61 730.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.05 730.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.05 730.10 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 50.00 718.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 718.10 Td (s distribution reinvestment plan \(in thousands\).) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 653.60 230.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 653.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 653.60 86.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 653.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 653.60 105.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 653.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 653.60 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 626.60 230.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 626.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 626.60 86.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 626.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 626.60 105.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 626.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 626.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 584.60 230.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 584.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 584.60 86.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 584.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 584.60 105.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 584.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 584.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 556.60 230.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 556.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 556.60 86.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 556.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 556.60 105.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 556.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 556.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 528.60 230.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 528.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 528.60 86.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 528.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 528.60 105.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 528.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 528.60 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 283.5 681.6 m 369.5 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 681.6 m 373.5 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 681.6 m 478.5 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 681.6 m 482.5 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 681.6 m 561.5 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 667.6 m 279.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 667.6 m 369.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 667.6 m 478.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 667.6 m 561.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 653.6 m 279.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 612.6 m 369.5 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 612.6 m 478.5 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 612.6 m 561.5 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 599.6 m 369.5 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 597.6 m 369.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 599.6 m 478.5 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 597.6 m 478.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 599.6 m 561.5 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 597.6 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 49.5 584.6 m 279.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 528.6 m 478.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 528.6 m 561.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 528.6 m 369.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 515.6 m 369.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 513.6 m 369.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 528.6 m 478.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 515.6 m 478.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 513.6 m 478.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 528.6 m 561.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 515.6 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 482.5 513.6 m 561.5 513.6 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 686.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.95 686.05 Td (Stockholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 672.05 Td (Distributions for the Three Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 289.85 672.05 Td (Cash Distributions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 378.10 672.05 Td (Distributions Reinvested) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 493.35 672.05 Td (Total Declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 658.05 Td (2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 644.86 Td (September 30, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 286.00 644.86 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.75 644.86 Td (2,532) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.00 644.86 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.75 644.86 Td (2,901) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 644.86 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 644.86 Td (5,433) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 631.06 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 102.25 635.14 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.75 631.06 Td (2,225) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.75 631.06 Td (2,565) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 631.06 Td (4,790) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 617.06 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 109.24 621.14 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.75 617.06 Td (1,833) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.75 617.06 Td (2,076) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 617.06 Td (3,909) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 603.06 Td (Total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 286.00 603.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.75 603.06 Td (6,590) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.00 603.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.75 603.06 Td (7,542) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 603.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 603.06 Td (14,132) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 589.05 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 575.06 Td (December 31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 286.00 575.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.75 575.06 Td (1,608) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.00 575.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.75 575.06 Td (1,744) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 575.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 575.06 Td (3,352) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 561.06 Td (September 30, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.75 561.06 Td (1,340) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.75 561.06 Td (1,427) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 561.06 Td (2,767) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 547.06 Td (June 30, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.75 547.06 Td (1,107) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.75 547.06 Td (1,128) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 547.06 Td (2,235) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 533.06 Td (March 31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.50 533.06 Td (871) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.50 533.06 Td (887) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 533.06 Td (1,758) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 519.06 Td (Total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 286.00 519.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.75 519.06 Td (4,926) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.00 519.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.75 519.06 Td (5,186) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 519.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 519.06 Td (10,112) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 491.10 Td (Includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.38 491.10 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.27 491.10 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 68.00 479.10 Td (during the month of ) Tj ET Q q 0 0 0 rg BT 149.66 479.10 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 50.00 455.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 455.10 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 519.53 455.10 Td ($1.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 443.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.89 443.10 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 68.00 431.10 Td (month of ) Tj ET Q q 0 0 0 rg BT 106.33 431.10 Td (April 2017. ) Tj ET Q q 0 0 0 rg BT 157.26 431.10 Td (These ) Tj ET Q q 0 0 0 rg BT 183.09 431.10 Td (April 2017 distributions were paid in cash or reinvested in shares on May 1, 2017.) 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 /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 49.50 623.75 144.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 623.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 623.75 55.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 623.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 623.75 55.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 623.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 623.75 55.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 623.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 623.75 55.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 623.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 623.75 62.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 623.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 623.75 62.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 586.75 144.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 586.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 586.75 55.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 586.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 586.75 55.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 586.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 586.75 55.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 586.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 586.75 55.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 586.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 586.75 62.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 586.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 586.75 62.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 549.75 144.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 549.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 549.75 55.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 549.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 549.75 55.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 549.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 549.75 55.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 549.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 549.75 55.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 549.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 549.75 62.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 549.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 549.75 62.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 503.75 144.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 503.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 503.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 503.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 503.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 503.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 503.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 503.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 503.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 503.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 503.75 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 503.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 503.75 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 475.75 144.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 475.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 475.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 475.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 475.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 475.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 475.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 475.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 475.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 475.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 475.75 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 475.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 475.75 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 429.75 144.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 429.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 429.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 429.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 429.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 429.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 429.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 429.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 429.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 429.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 429.75 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 429.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 429.75 62.00 -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 197.5 669.75 m 252.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 669.75 m 256.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 669.75 m 311.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 669.75 m 315.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 669.75 m 370.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 669.75 m 374.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 669.75 m 429.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 669.75 m 252.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 646.75 m 252.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 669.75 m 256.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 646.75 m 256.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 669.75 m 311.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 646.75 m 311.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 646.75 m 370.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 646.75 m 374.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 646.75 m 429.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 646.75 m 495.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 646.75 m 499.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 646.75 m 561.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 623.75 m 193.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 623.75 m 252.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 623.75 m 311.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 623.75 m 370.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 623.75 m 429.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 646.75 m 495.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 623.75 m 495.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 623.75 m 561.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 623.75 m 252.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 429.75 m 495.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 429.75 m 561.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 429.75 m 252.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 416.75 m 252.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 414.75 m 252.5 414.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 429.75 m 311.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 416.75 m 311.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 414.75 m 311.5 414.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 429.75 m 370.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 416.75 m 370.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 414.75 m 370.5 414.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 429.75 m 429.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 416.75 m 429.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 414.75 m 429.5 414.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 416.75 m 495.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 414.75 m 495.5 414.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 416.75 m 561.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 414.75 m 561.5 414.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 295.80 674.20 Td (Incurred) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 213.05 660.20 Td (Three Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 226.55 651.20 Td (September 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 333.45 660.20 Td (Nine Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 344.55 651.20 Td (September 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.70 651.20 Td (Unpaid as of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 628.20 Td (Type and Recipient) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 215.50 628.20 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 274.50 628.20 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 333.50 628.20 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.50 628.20 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 436.55 637.20 Td (September 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.00 628.20 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.80 637.20 Td (December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 521.00 628.20 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 614.21 Td (Selling Commissions- Dealer) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 605.21 Td (Manager) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 200.00 605.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.50 605.21 Td (971) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.00 605.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.75 605.21 Td (1,240) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.00 605.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 346.75 605.21 Td (4,006) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.00 605.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.75 605.21 Td (4,002) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.00 605.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.50 605.21 Td (107) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.00 605.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 605.21 Td (54) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 591.21 Td (Dealer Manager Fee- Dealer Manager) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.50 591.21 Td (474) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.50 591.21 Td (614) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 346.75 591.21 Td (1,735) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.75 591.21 Td (2,451) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.00 591.21 Td (24) 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 Servicing) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 568.21 Td (Fee- Dealer Manager) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 228.75 568.21 Td (1,719) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.75 568.21 Td (1,399) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 346.75 568.21 Td (5,390) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.75 568.21 Td (3,260) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.75 568.21 Td (9,167) 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 228.75 554.21 Td (1,535) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.50 554.21 Td (982) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 346.75 554.21 Td (3,921) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.75 554.21 Td (2,458) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.75 554.21 Td (5,257) 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 240.00 531.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.75 531.21 Td (4,396) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 346.75 531.21 Td (5,273) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.75 531.21 Td (5,704) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.00 531.21 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 q 0 0 0 rg BT 154.47 517.21 Td (Advisor ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 508.21 Td (and af) Tj ET Q q 0 0 0 rg BT 74.07 508.21 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 133.81 512.29 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 228.75 508.21 Td (1,234) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.50 508.21 Td (440) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 346.75 508.21 Td (3,617) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.50 508.21 Td (440) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.75 508.21 Td (1,382) 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 235.50 494.21 Td (534) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.50 494.21 Td (451) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 346.75 494.21 Td (1,027) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.50 494.21 Td (815) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.50 494.21 Td (267) 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 240.00 480.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 299.00 480.21 Td (25) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 353.50 480.21 Td (388) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.00 480.21 Td (28) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.00 480.21 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 235.50 466.21 Td (237) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.50 466.21 Td (120) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 353.50 466.21 Td (618) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.50 466.21 Td (144) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 466.21 Td (\(15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 466.21 Td (\)) 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 52.00 452.21 Td (Expense Reimbursement- Hines \(with) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 443.21 Td (respect to management and operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 434.21 Td (of the Company's properties\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.50 434.21 Td (477) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.50 434.21 Td (245) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 346.75 434.21 Td (1,159) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.50 434.21 Td (416) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.50 434.21 Td (191) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 434.21 Td (145) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 420.20 Td (Total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 200.00 420.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 228.75 420.21 Td (7,181) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.00 420.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.75 420.21 Td (9,912) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.00 420.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.25 420.21 Td (27,134) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.00 420.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.25 420.21 Td (19,718) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.00 420.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.25 420.21 Td (16,418) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.00 420.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 420.21 Td (12,141) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 392.25 Td (The ) Tj ET Q q 0 0 0 rg BT 85.50 392.25 Td (Advisor did ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.50 392.25 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.50 392.25 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 383.47 392.25 Td (three and nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.11 392.25 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.93 392.25 Td (September30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 380.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 380.25 Td ( and waived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.82 380.25 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.71 380.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.15 380.25 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.04 380.25 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 458.20 380.25 Td (three and nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.84 380.25 Td ( months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 368.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.38 368.25 Td (September30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.64 368.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 227.30 368.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 350.25 Td (Includes amounts the ) Tj ET Q q 0 0 0 rg BT 154.93 350.25 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 68.00 338.25 Td (related expenses. ) Tj ET Q q 0 0 0 rg BT 141.12 338.25 Td (These amounts are generally reimbursed to the ) Tj ET Q q 0 0 0 rg BT 330.22 338.25 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 68.00 326.25 Td (they are incurred.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.25 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 308.25 Td (Includes amounts paid related to the Hines Credit Facility) Tj ET Q q 0 0 0 rg BT 298.41 308.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 284.25 Td (9.F) Tj ET Q q 0 0 0 rg BT 67.87 284.25 Td (AIR ) Tj ET Q q 0 0 0 rg BT 88.52 284.25 Td (V) Tj ET Q q 0 0 0 rg BT 94.45 284.25 Td (ALUE MEASUREMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 260.25 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 50.00 248.25 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 50.00 236.25 Td (prices included in Level 1 that are observable for the asset or liability) Tj ET Q q 0 0 0 rg BT 326.47 236.25 Td (, either directly or indirectly) Tj ET Q q 0 0 0 rg BT 438.28 236.25 Td (. Level 2 inputs include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.25 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 50.00 212.25 Td (liability) Tj ET Q q 0 0 0 rg BT 80.46 212.25 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 50.00 200.25 Td (inputs for the asset or liability) Tj ET Q q 0 0 0 rg BT 169.05 200.25 Td (, and include situations where there is little, if any) Tj ET Q q 0 0 0 rg BT 368.07 200.25 Td (, market activity for the asset or liability) Tj ET Q q 0 0 0 rg BT 527.93 200.25 Td (. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.25 Td (instances in which the inputs used to measure fair value may fall into dif) Tj ET Q q 0 0 0 rg BT 340.02 188.25 Td (ferent levels of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 494.84 188.25 Td (, the level in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.25 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 50.00 164.25 Td (input significant to the fair value measurement in its entirety) Tj ET Q q 0 0 0 rg BT 291.23 164.25 Td (. ) Tj ET Q q 0 0 0 rg BT 298.54 164.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 358.26 164.25 Td (s assessment of the significance of a particular ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.25 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 535.87 152.25 Td (.) Tj ET Q endstream endobj 41 0 obj <> endobj 42 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 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 (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.71 742.10 Td (, the Company estimated that the fair value of its notes payable, excluding deferred financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (costs, which had a book value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.30 730.10 Td ($327.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.19 730.10 Td (, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.24 730.10 Td ($324.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.14 730.10 Td (. ) Tj ET Q q 0 0 0 rg BT 331.08 730.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.53 730.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.11 730.10 Td (, the Company estimated that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (the fair 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 439.03 718.10 Td ($254.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.92 718.10 Td (, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.98 718.10 Td ($251.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 706.10 Td (. Management has utilized available market information such as interest rate and spread assumptions of notes payable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (with similar terms and remaining maturities, to estimate the amounts required to be disclosed. ) Tj ET Q q 0 0 0 rg BT 429.64 694.10 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 (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.34 502.10 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 49.50 350.60 184.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 350.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 350.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 350.60 80.00 -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 49.50 320.60 184.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 320.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 320.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 320.60 80.00 -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 49.50 290.60 184.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 290.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 290.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 290.60 80.00 -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 49.50 260.60 184.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 260.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 260.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 260.60 80.00 -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 233.5 380.6 m 313.5 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 380.6 m 317.5 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 380.6 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 233.5 380.6 m 313.5 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 365.6 m 313.5 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 380.6 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 317.5 365.6 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 233.5 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 260.6 m 313.5 260.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 246.60000000000002 m 313.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 244.60000000000002 m 313.5 244.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 260.6 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 317.5 246.60000000000002 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 317.5 244.60000000000002 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 237.80 385.28 Td (Three Months Ended September 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 385.28 Td (Nine Months Ended September 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 263.00 370.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.00 370.28 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 236.00 340.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 340.27 Td (3,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 340.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 340.27 Td (3,573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 340.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 340.27 Td (11,582) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 340.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 340.27 Td (3,573) 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 287.15 325.27 Td (1,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 325.27 Td (1,201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 325.27 Td (3,496) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 325.27 Td (3,134) 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 287.15 310.27 Td (4,876) 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 448.15 310.27 Td (14,523) 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 287.15 295.27 Td (1,884) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 295.27 Td (1,228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 295.27 Td (5,706) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 295.27 Td (2,437) 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 287.15 280.27 Td (2,413) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 280.27 Td (2,112) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 280.27 Td (6,703) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 280.27 Td (6,253) 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 294.65 265.27 Td (791) 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 453.15 265.27 Td (1,623) 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 236.00 250.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.15 250.27 Td (15,105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 250.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 250.27 Td (8,114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 250.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 250.27 Td (43,633) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 250.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 250.27 Td (15,397) 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 nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.75 222.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.57 222.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.84 222.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.28 222.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.28 222.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 397.66 222.10 Td (s total revenue was attributable to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 210.10 Td (following countries:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 157.60 184.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 157.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 157.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 157.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 157.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 157.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 157.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 157.60 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 233.5 185.60000000000002 m 313.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 185.60000000000002 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 397.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 185.60000000000002 m 483.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 185.60000000000002 m 313.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 171.60000000000002 m 313.5 171.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 185.60000000000002 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 397.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 171.60000000000002 m 397.5 171.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 185.60000000000002 m 479.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 171.60000000000002 m 479.5 171.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 185.60000000000002 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 483.5 171.60000000000002 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 233.5 157.60000000000002 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 233.5 157.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.80 190.28 Td (Three Months Ended September 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 190.28 Td (Nine Months Ended September 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.00 176.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.00 176.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 176.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.00 176.28 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 294.65 147.27 Td (79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.65 147.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 147.27 Td (74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 147.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 147.27 Td (81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 147.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 147.27 Td (59) 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 294.65 132.27 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.65 132.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 132.27 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 132.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 132.27 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 132.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 132.27 Td (41) 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 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 nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.75 742.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.57 742.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.84 742.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.28 742.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.28 742.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 397.66 742.10 Td (s property revenues in excess of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (expenses by segment were as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 674.60 184.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 674.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 674.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 674.60 80.00 -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 49.50 644.60 184.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 644.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 644.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 644.60 80.00 -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 49.50 614.60 184.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 614.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 614.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 614.60 80.00 -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 49.50 584.60 184.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 584.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 584.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 584.60 80.00 -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 233.5 704.6 m 313.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 704.6 m 317.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 704.6 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 233.5 704.6 m 313.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 689.6 m 313.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 704.6 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 317.5 689.6 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 233.5 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 584.6 m 313.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 570.6 m 313.5 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 568.6 m 313.5 568.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 584.6 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 317.5 570.6 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 317.5 568.6 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 237.80 709.28 Td (Three Months Ended September 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 709.28 Td (Nine Months Ended September 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 263.00 694.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.00 694.28 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 236.00 664.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 664.27 Td (2,729) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 664.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 664.27 Td (2,404) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 664.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 664.27 Td (7,896) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 664.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 664.27 Td (2,400) 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 294.65 649.27 Td (719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 649.27 Td (840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 649.27 Td (2,228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 649.27 Td (2,066) 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 287.15 634.27 Td (2,566) 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 (7,672) 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 287.15 619.27 Td (1,449) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 619.27 Td (927) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 619.27 Td (4,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 619.27 Td (1,836) 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 287.15 604.27 Td (2,030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 604.27 Td (1,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 604.27 Td (5,424) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 604.27 Td (5,160) 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 294.65 589.27 Td (468) 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 453.15 589.27 Td (1,047) 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 236.00 574.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 574.27 Td (9,961) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 574.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 574.27 Td (5,893) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 574.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 574.27 Td (28,663) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 574.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 574.27 Td (11,462) 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 (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.71 526.90 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.15 526.90 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.73 526.90 Td (, the Company) Tj ET Q q 0 0 0 rg BT 332.11 526.90 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 380.25 506.08 Td (September 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 476.07 Td (133,418) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 476.07 Td ($) 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 (53,757) 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 (204,585) 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 (75,561) 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 (112,776) 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 (48,603) 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 (43,917) 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 371.07 Td (672,617) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 371.07 Td ($) 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 (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.71 342.90 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.15 342.90 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.73 342.90 Td (, the Company) Tj ET Q q 0 0 0 rg BT 332.11 342.90 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 380.25 323.08 Td (September 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 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 /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 nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.75 742.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.57 742.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.84 742.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.28 742.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.28 742.10 Td ( the Company) Tj ET Q q 0 0 0 rg BT 395.16 742.10 Td (s reconciliation of the Company) Tj ET Q q 0 0 0 rg BT 526.24 742.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (property revenues in excess of expenses to the Company) Tj ET Q q 0 0 0 rg BT 279.38 730.10 Td (s net income \(loss\) is as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 665.60 184.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 665.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 665.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 665.60 80.00 -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 49.50 635.60 184.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 635.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 635.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 635.60 80.00 -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 49.50 605.60 184.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 605.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 605.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 605.60 80.00 -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 49.50 575.60 184.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 575.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 575.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 575.60 80.00 -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 49.50 545.60 184.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 545.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 545.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 545.60 80.00 -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 49.50 515.60 184.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 515.60 80.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 515.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 515.60 80.00 -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 233.5 704.6 m 313.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 704.6 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 233.5 704.6 m 313.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 689.6 m 313.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 704.6 m 317.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 704.6 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 317.5 689.6 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 233.5 665.6 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 233.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 515.6 m 313.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 491.6 m 313.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 489.6 m 313.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 515.6 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 317.5 491.6 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 317.5 489.6 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 237.80 709.28 Td (Three Months Ended September 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 709.28 Td (Nine Months Ended September 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 263.00 694.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.00 694.28 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 236.00 655.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.80 655.32 Td (\(1,543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 655.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 655.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.80 655.32 Td (\(7,164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 655.27 Td (\)) 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 (\(12,899) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 655.27 Td (\)) 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 (\(9,357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 655.27 Td (\)) 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 287.15 640.27 Td (7,203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 640.27 Td (5,562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 640.27 Td (22,108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 640.27 Td (9,873) 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 294.65 625.27 Td (550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 625.27 Td (930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 625.27 Td (2,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 625.27 Td (1,370) 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 287.15 610.27 Td (1,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 610.27 Td (4,836) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 610.27 Td (8,890) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 610.27 Td (6,137) 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 294.65 595.27 Td (787) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 595.27 Td (579) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 595.27 Td (2,065) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 595.27 Td (1,588) 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 299.65 580.27 Td (26) 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 460.65 580.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 580.27 Td (6) 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 291.30 565.32 Td (\(132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 565.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 565.27 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.30 565.32 Td (\(427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 565.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.30 565.32 Td (\(8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 565.27 Td (\)) 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 287.15 550.27 Td (2,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 550.27 Td (1,115) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 550.27 Td (6,861) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 550.27 Td (1,901) 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 296.30 535.32 Td (\(49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 535.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.30 535.32 Td (\(7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 535.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 535.32 Td (\(62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 535.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.30 535.32 Td (\(48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 535.27 Td (\)) 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 291.30 520.32 Td (\(385) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 520.27 Td (\)) 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 (\(614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 520.27 Td (\)) 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 236.00 495.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 495.27 Td (9,961) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 495.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 495.27 Td (5,893) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 495.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 495.27 Td (28,663) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 495.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 495.27 Td (11,462) 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 (nine months ended September 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.71 443.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 443.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 443.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 378.60 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 378.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 378.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 378.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 349.60 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 349.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 349.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 349.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 319.60 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 319.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 319.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 319.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 289.60 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 289.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 289.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 289.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 259.60 354.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 259.60 77.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 259.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 259.60 77.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 219.60 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 219.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 219.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 219.60 77.00 -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 403.5 406.6 m 480.5 406.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 406.6 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 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 403.5 392.6 m 480.5 392.6 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 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 484.5 392.6 m 561.5 392.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.50 411.28 Td (Nine Months Ended September 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.50 397.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.50 397.28 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 406.00 368.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 368.27 Td (6,173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 368.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 368.27 Td (1,619) 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 406.00 339.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 339.27 Td (1,833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 339.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 339.27 Td (966) 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 406.00 324.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 324.27 Td (7,187) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 324.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 324.27 Td (3,189) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 309.27 Td (Other receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 309.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 309.27 Td (384) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 309.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 309.27 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 294.27 Td (Non-cash net liabilities assumed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 294.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 294.27 Td (1,652) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 294.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 294.27 Td (7,201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 279.27 Td (Assumption of mortgage upon acquisition of property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 279.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 279.27 Td (95,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 279.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 279.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 264.27 Td (Offering costs payable to the Advisor) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 264.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 264.27 Td (472) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 264.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 264.27 Td (1,376) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 249.27 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 52.00 239.27 Td (fees payable to the Dealer Manager) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 239.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 239.27 Td (4,662) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 239.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 239.27 Td (3,158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 224.27 Td (Equipment acquired under capital lease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 224.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 224.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 224.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 224.27 Td (178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 209.27 Td (Accrued capital additions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 209.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 209.27 Td (754) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 209.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 209.27 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 181.10 Td (12. COMMITMENTS ) Tj ET Q q 0 0 0 rg BT 149.45 181.10 Td (AND CONTINGENCIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 157.10 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 531.31 157.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.10 Td (matters are generally covered by insurance. ) Tj ET Q q 0 0 0 rg BT 228.62 145.10 Td (While the resolution of these matters cannot be predicted with certainty) Tj ET Q q 0 0 0 rg BT 513.98 145.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.10 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 412.46 133.10 Td (fect on the Company) Tj ET Q q 0 0 0 rg BT 498.82 133.10 Td (s condensed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.10 Td (consolidated financial statements.) 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 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 (T) Tj ET Q q 0 0 0 rg BT 54.14 718.25 Td (ender Offer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 694.25 Td (On October 3, 2017, the Company filed a tender of) Tj ET Q q 0 0 0 rg BT 271.43 694.25 Td (fer statement on Schedule ) Tj ET Q q 0 0 0 rg BT 377.32 694.25 Td (T) Tj ET Q q 0 0 0 rg BT 383.25 694.25 Td (O with the SEC and commenced a self-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (tender of) Tj ET Q q 0 0 0 rg BT 85.13 682.25 Td (fer to purchase for cash up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.26 682.25 Td ($200 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.65 682.25 Td ( of the Company) Tj ET Q q 0 0 0 rg BT 325.36 682.25 Td (s outstanding common stock in any combination of class) Tj ET Q q 0 0 0 rg BT 553.94 682.25 Td (A) Tj ET Q q 0 0 0 rg BT 560.61 682.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (shares, class ) Tj ET Q q 0 0 0 rg BT 101.25 670.25 Td (T) Tj ET Q q 0 0 0 rg BT 107.18 670.25 Td ( shares and class I shares. ) Tj ET Q q 0 0 0 rg BT 214.18 670.25 Td (The Company is of) Tj ET Q q 0 0 0 rg BT 290.94 670.25 Td (fering to purchase the shares at a price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.81 670.25 Td ($9.69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.31 670.25 Td ( per share, which is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td (the NA) Tj ET Q q 0 0 0 rg BT 77.37 658.25 Td (V) Tj ET Q q 0 0 0 rg BT 84.41 658.25 Td ( per share of the Company) Tj ET Q q 0 0 0 rg BT 192.99 658.25 Td (s common stock determined as of ) Tj ET Q q 0 0 0 rg BT 329.08 658.25 Td (August 31, 2017, and the maximum number of shares that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (will be accepted for payment pursuant to the Company) Tj ET Q q 0 0 0 rg BT 271.66 646.25 Td (s of) Tj ET Q q 0 0 0 rg BT 286.20 646.25 Td (fer \(unless the amount of the of) Tj ET Q q 0 0 0 rg BT 411.54 646.25 Td (fer is increased in accordance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.25 Td (applicable law\) is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.53 634.25 Td (20,639,835) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.53 634.25 Td ( shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 610.25 Td (The ) Tj ET Q q 0 0 0 rg BT 85.37 610.25 Td (T) Tj ET Q q 0 0 0 rg BT 90.78 610.25 Td (ender Of) Tj ET Q q 0 0 0 rg BT 125.85 610.25 Td (fer will expire at 5:00 p.m., Central ) Tj ET Q q 0 0 0 rg BT 269.52 610.25 Td (T) Tj ET Q q 0 0 0 rg BT 275.28 610.25 Td (ime, on November 15, 2017, unless extended by the Company) Tj ET Q q 0 0 0 rg BT 524.03 610.25 Td (. ) Tj ET Q q 0 0 0 rg BT 531.35 610.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.25 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 598.25 Td (ender Of) Tj ET Q q 0 0 0 rg BT 89.99 598.25 Td (fer is being made upon the terms and subject to the conditions set forth in the Of) Tj ET Q q 0 0 0 rg BT 411.40 598.25 Td (fer to Purchase and the related Letter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.15 586.25 Td (T) Tj ET Q q 0 0 0 rg BT 65.91 586.25 Td (ransmittal, each of which was filed with the SEC on October 3, 2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 562.25 Td (Hines Cr) Tj ET Q q 0 0 0 rg BT 85.52 562.25 Td (edit Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 538.25 Td (On October 2, 2017, the Company terminated the Hines Credit Facility and the Operating Partnership entered into the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (Restated Hines Credit Facility with Hines for a maximum principal amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.44 526.25 Td ($240.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.33 526.25 Td (. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.27 526.25 Td (Note 5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.21 526.25 Td ( Debt Financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td (for additional information regarding the terms of the Restated Hines Credit Facility) Tj ET Q q 0 0 0 rg BT 381.82 514.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td (Queen) Tj ET Q q 0 0 0 rg BT 77.64 490.25 Td (s Court) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 466.25 Td (In October 2017, the Company) Tj ET Q q 0 0 0 rg BT 190.99 466.25 Td (, through a wholly-owned subsidiary of the Operating Partnership, acquired from CP) Tj ET Q q 0 0 0 rg BT 529.17 466.25 Td (A) Tj ET Q q 0 0 0 rg BT 535.84 466.25 Td ( 18 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.25 Td (Pan-European Holding Cooperatif U.A. and Crown Students LLP) Tj ET Q q 0 0 0 rg BT 312.15 454.25 Td ( \(collectively) Tj ET Q q 0 0 0 rg BT 363.97 454.25 Td (, the Sellers\), all of the share capital of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.25 Td (entities that own Queen) Tj ET Q q 0 0 0 rg BT 146.98 442.25 Td (s Court, a student housing asset located in Reading, United Kingdom. ) Tj ET Q q 0 0 0 rg BT 427.87 442.25 Td (The contract purchase price for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.25 Td (Queen) Tj ET Q q 0 0 0 rg BT 78.38 430.25 Td (s Court was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.10 430.25 Td (49.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.99 430.25 Td ( \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.08 430.25 Td ($65.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.97 430.25 Td ( assuming a rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 430.25 Td ($1.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.50 430.25 Td ( per GBP) Tj ET Q q 0 0 0 rg BT 439.35 430.25 Td ( as of the acquisition date\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.25 Td (exclusive of transaction costs and working capital reserves. Queen) Tj ET Q q 0 0 0 rg BT 318.02 418.25 Td (s Court consists of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.69 418.25 Td (395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.69 418.25 Td ( beds and is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.13 418.25 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.46 418.25 Td ( leased. ) Tj ET Q q 0 0 0 rg BT 514.76 418.25 Td (The Sellers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.25 Td (are not af) Tj ET Q q 0 0 0 rg BT 87.07 406.25 Td (filiated with the Company or its af) Tj ET Q q 0 0 0 rg BT 224.64 406.25 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 259.17 406.25 Td (The Company has not concluded its accounting for this recent acquisition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.25 Td (but it expects that the purchase price will primarily be allocated to building, land and in-place lease assets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.50 358.25 Td (*****) Tj ET Q endstream endobj 49 0 obj <> endobj 50 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (22) Tj ET Q BT /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 70.00 334.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 333.42 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 91.00 323.42 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 91.00 313.42 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 91.00 303.42 Td (amounts that provide acceptable returns;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 285.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 284.42 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 91.00 274.42 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 70.00 256.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 255.42 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 91.00 245.42 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 91.00 235.42 Td (level acceptable to us;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 217.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 216.42 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 91.00 206.42 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 70.00 188.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 187.42 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 91.00 177.42 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 91.00 167.42 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 70.00 149.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 148.42 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 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 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 incorporated in Maryland on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.83 236.00 Td (July31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 236.00 Td (, to invest in a diversified portfolio of quality commercial real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.00 Td (estate properties and other real estate investments throughout the United States and internationally) Tj ET Q q 0 0 0 rg BT 442.57 224.00 Td (. ) Tj ET Q q 0 0 0 rg BT 447.39 224.00 Td (W) Tj ET Q q 0 0 0 rg BT 456.03 224.00 Td (e raise capital for our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.00 Td (investments through public of) Tj ET Q q 0 0 0 rg BT 169.53 212.00 Td (ferings of our common stock. ) Tj ET Q q 0 0 0 rg BT 289.88 212.00 Td (W) Tj ET Q q 0 0 0 rg BT 298.52 212.00 Td (e are sponsored by Hines Interests Limited Partnership \(Hines\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.00 Td (a fully integrated global real estate investment and management firm that has acquired, developed, owned and sold real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.00 Td (for 60 years. ) Tj ET Q q 0 0 0 rg BT 102.58 188.00 Td (W) Tj ET Q q 0 0 0 rg BT 111.22 188.00 Td (e commenced our initial public of) Tj ET Q q 0 0 0 rg BT 246.27 188.00 Td (fering of up to $2.5 billion of our common stock \(the Of) Tj ET Q q 0 0 0 rg BT 475.49 188.00 Td (fering\) in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.36 188.00 Td (August ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.00 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 176.00 Td ( and raised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.82 176.00 Td ($402.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.71 176.00 Td ( in primary of) Tj ET Q q 0 0 0 rg BT 229.79 176.00 Td (fering proceeds. On September 30, 2017, we suspended the sale of shares in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.00 Td (primary portion of the Of) Tj ET Q q 0 0 0 rg BT 151.46 164.00 Td (fering. ) Tj ET Q q 0 0 0 rg BT 180.16 164.00 Td (W) Tj ET Q q 0 0 0 rg BT 188.79 164.00 Td (e are continuing to of) Tj ET Q q 0 0 0 rg BT 274.14 164.00 Td (fer shares pursuant to our distribution reinvestment plan. ) Tj ET Q q 0 0 0 rg BT 505.58 164.00 Td (W) Tj ET Q q 0 0 0 rg BT 514.21 164.00 Td (e have filed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.00 Td (a Registration Statement on Form S-1) Tj ET Q q 0 0 0 rg BT 201.00 152.00 Td (1 \(File No. 333-220046\), with the Securities and Exchange Commission \(SEC\), to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.00 Td (pursue our second public of) Tj ET Q q 0 0 0 rg BT 160.90 140.00 Td (fering of common shares \(the Follow-on Of) Tj ET Q q 0 0 0 rg BT 340.12 140.00 Td (fering\). ) Tj ET Q q 0 0 0 rg BT 376.59 140.00 Td (W) Tj ET Q q 0 0 0 rg BT 385.22 140.00 Td (e engaged Hines Securities, Inc. \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.00 Td (Dealer Manager\), an af) Tj ET Q q 0 0 0 rg BT 151.42 128.00 Td (filiate of Hines, to serve as the dealer manager for our Of) Tj ET Q q 0 0 0 rg BT 380.03 128.00 Td (fering and expect to engage the Dealer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.00 Td (Manager to serve as the dealer manager for the Follow-on Of) Tj ET Q q 0 0 0 rg BT 294.73 116.00 Td (fering.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 92.00 Td (On September 26, 2017, our board of directors determined a new net asset value \(NA) Tj ET Q q 0 0 0 rg BT 412.71 92.00 Td (V\) per share of our common stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.00 Td (of $9.69, based on the number of shares issued and outstanding as of ) Tj ET Q q 0 0 0 rg BT 326.89 80.00 Td (August31, 2017, which represents a 0.4% increase over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.00 Td (the previously determined NA) Tj ET Q q 0 0 0 rg BT 170.07 68.00 Td (V) Tj ET Q q 0 0 0 rg BT 177.11 68.00 Td ( per share of $9.65 as of December 31, 2016. ) Tj ET Q q 0 0 0 rg BT 361.87 68.00 Td (The new NA) Tj ET Q q 0 0 0 rg BT 412.23 68.00 Td (V) Tj ET Q q 0 0 0 rg BT 419.27 68.00 Td ( per share reflects a 9.8% increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 56.00 Td (in the aggregate appraised value of our real estate investments when compared to the purchase price of our real estate ) Tj ET Q 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 50.00 742.10 Td (investments excluding closing costs, transaction fees and additional capital investments since acquisition. ) Tj ET Q q 0 0 0 rg BT 476.67 742.10 Td (This 9.8% net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (increase resulted from a 7.8% appreciation in the aggregate appraised values of our real estate investments since their purchase, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (and a 2.0% appreciation resulting from the increased strength of the Euro against the U.S dollar) Tj ET Q q 0 0 0 rg BT 431.83 718.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td (Hines is committed to our success and we executed dif) Tj ET Q q 0 0 0 rg BT 286.93 694.10 Td (ferent agreements described below between Hines and its af) Tj ET Q q 0 0 0 rg BT 526.65 694.10 Td (filiates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (to reduce costs during our public of) Tj ET Q q 0 0 0 rg BT 192.01 682.10 Td (ferings and to ensure our product remains competitive in the marketplace. ) Tj ET Q q 0 0 0 rg BT 491.63 682.10 Td (As a result of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (changing landscape in the non-traded REIT) Tj ET Q q 0 0 0 rg BT 223.93 670.10 Td ( industry) Tj ET Q q 0 0 0 rg BT 258.55 670.10 Td (, we filed a Registration Statement for our proposed Follow-on Of) Tj ET Q q 0 0 0 rg BT 523.04 670.10 Td (fering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (with the SEC which reflects a restructuring that our board of directors believes is in the best interests of our shareholders. ) Tj ET Q q 0 0 0 rg BT 540.52 658.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (new structure will revise, reduce or eliminate certain fees payable to our advisor and its af) Tj ET Q q 0 0 0 rg BT 409.68 646.10 Td (filiates and increase liquidity for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (holders of our class ) Tj ET Q q 0 0 0 rg BT 129.99 634.10 Td (A) Tj ET Q q 0 0 0 rg BT 136.66 634.10 Td ( shares and class ) Tj ET Q q 0 0 0 rg BT 205.34 634.10 Td (T) Tj ET Q q 0 0 0 rg BT 211.27 634.10 Td ( shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 610.10 Td (e, our Dealer Manager and our ) Tj ET Q q 0 0 0 rg BT 201.31 610.10 Td (Advisor entered into a Dealer Manager ) Tj ET Q q 0 0 0 rg BT 359.58 610.10 Td (Agreement, pursuant to which our ) Tj ET Q q 0 0 0 rg BT 498.43 610.10 Td (Advisor paid a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (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 486.05 598.10 Td (fering proceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (with respect to class ) Tj ET Q q 0 0 0 rg BT 132.76 586.10 Td (A) Tj ET Q q 0 0 0 rg BT 139.43 586.10 Td ( shares and class ) Tj ET Q q 0 0 0 rg BT 208.12 586.10 Td (T) Tj ET Q q 0 0 0 rg BT 214.04 586.10 Td ( shares sold in the primary Of) Tj ET Q q 0 0 0 rg BT 332.72 586.10 Td (fering on and after ) Tj ET Q q 0 0 0 rg BT 408.80 586.10 Td (August2, 2016. In addition, under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (the Dealer Manager ) Tj ET Q q 0 0 0 rg BT 131.35 574.10 Td (Agreement, the ) Tj ET Q q 0 0 0 rg BT 194.94 574.10 Td (Advisor agreed to pay all of the dealer manager fees payable to our Dealer Manager with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (respect to class I shares, in an amount equal to up to 1.50% of the gross proceeds of the class I shares sold in the primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 550.10 Td (fering. Our ) Tj ET Q q 0 0 0 rg BT 107.03 550.10 Td (Advisor was not reimbursed by us in any way for the payment of such dealer manager fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td (Also, the ) Tj ET Q q 0 0 0 rg BT 106.06 526.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 145.23 526.10 Td (Agreement was amended, ef) Tj ET Q q 0 0 0 rg BT 258.88 526.10 Td (fective February29, 2016, to reflect that we will not reimburse our ) Tj ET Q q 0 0 0 rg BT 528.25 526.10 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (for the cumulative issuer costs incurred in connection with our or) Tj ET Q q 0 0 0 rg BT 310.86 514.10 Td (ganization and public of) Tj ET Q q 0 0 0 rg BT 407.59 514.10 Td (ferings, in excess of 2.5% of gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 502.10 Td (fering proceeds from our public of) Tj ET Q q 0 0 0 rg BT 195.98 502.10 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 230.69 502.10 Td (As a result, on ) Tj ET Q q 0 0 0 rg BT 290.41 502.10 Td (April14, 2016, our ) Tj ET Q q 0 0 0 rg BT 369.30 502.10 Td (Advisor reimbursed us for $4.0 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (issuer costs that we had previously reimbursed to our ) Tj ET Q q 0 0 0 rg BT 264.68 490.10 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 50.00 478.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.26 478.10 Td (, our ) Tj ET Q q 0 0 0 rg BT 150.54 478.10 Td (Advisor incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.08 478.10 Td ($15.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.97 478.10 Td ( in issuer costs, of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.35 478.10 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.24 478.10 Td ( is related to costs incurred for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (our Follow-On Of) Tj ET Q q 0 0 0 rg BT 122.59 466.10 Td (fering. ) Tj ET Q q 0 0 0 rg BT 151.29 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 159.93 466.10 Td (e have reimbursed our ) Tj ET Q q 0 0 0 rg BT 251.01 466.10 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.73 466.10 Td ($9.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.62 466.10 Td ( of these issuer costs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 442.10 Td (Further) Tj ET Q q 0 0 0 rg BT 97.04 442.10 Td (, commencing with the quarter ended December 31, 2014, our ) Tj ET Q q 0 0 0 rg BT 347.24 442.10 Td (Advisor agreed to waive the asset management fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 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 50.00 418.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 77.92 418.10 Td (, as disclosed in our ) Tj ET Q q 0 0 0 rg BT 159.02 418.10 Td (Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as applicable, amounted to less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (than 100% of the aggregate distributions declared to our stockholders for such quarter) Tj ET Q q 0 0 0 rg BT 393.23 406.10 Td (. Our ) Tj ET Q q 0 0 0 rg BT 418.23 406.10 Td (Advisor also agreed to waive the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (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 50.00 382.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 77.92 382.10 Td (, as reduced to reflect the distribution and stockholder servicing fees payable for such quarter) Tj ET Q q 0 0 0 rg BT 449.88 382.10 Td (, as disclosed in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 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 50.00 358.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 77.76 358.10 Td (. ) Tj ET Q q 0 0 0 rg BT 84.71 358.10 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 458.77 358.10 Td (Advisor for asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (management feeswas available to pay distributions to stockholders. ) Tj ET Q q 0 0 0 rg BT 326.69 346.10 Td (These fee waivers are not deferrals and accordingly) Tj ET Q q 0 0 0 rg BT 532.33 346.10 Td (, any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (fees that were waived will not be paid to our ) Tj ET Q q 0 0 0 rg BT 229.95 334.10 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 68.00 310.10 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 342.63 310.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.63 310.10 Td (, the asset management fees earned by our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 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 50.00 286.10 Td (if any) Tj ET Q q 0 0 0 rg BT 72.40 286.10 Td (, and the asset management fees that were earned by our ) Tj ET Q q 0 0 0 rg BT 299.53 286.10 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 50.00 274.10 Td (Advisor did ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.00 274.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.00 274.10 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 347.97 274.10 Td (three and nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.61 274.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.44 274.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.70 274.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 227.60 206.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 227.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 227.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 227.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 227.60 108.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 227.60 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 227.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 197.60 206.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 197.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 197.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 197.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 197.60 108.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 197.60 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 197.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 167.60 206.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 167.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 167.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 167.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 167.60 108.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 167.60 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 167.60 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 49.5 227.60000000000002 m 255.5 227.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 227.60000000000002 m 347.5 227.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 227.60000000000002 m 459.5 227.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 227.60000000000002 m 561.5 227.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 167.60000000000002 m 561.5 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 167.60000000000002 m 347.5 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 153.60000000000002 m 347.5 153.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 151.60000000000002 m 347.5 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 167.60000000000002 m 459.5 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 153.60000000000002 m 459.5 153.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 151.60000000000002 m 459.5 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 167.60000000000002 m 561.5 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 153.60000000000002 m 561.5 153.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 151.60000000000002 m 561.5 151.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 232.28 Td (For the Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.30 242.28 Td (Asset Management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.70 232.28 Td (Fee Pr) Tj ET Q q 0 0 0 rg BT 297.55 232.28 Td (e-W) Tj ET Q q 0 0 0 rg BT 314.77 232.28 Td (aiver) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.55 242.28 Td (Asset Management Fee ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.85 232.28 Td (W) Tj ET Q q 0 0 0 rg BT 398.30 232.28 Td (aived) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 242.28 Td (Asset Management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.45 232.28 Td (Fee Post-W) Tj ET Q q 0 0 0 rg BT 527.04 232.28 Td (aiver) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 217.27 Td (December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 217.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 217.27 Td (751) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 217.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 217.27 Td (242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 217.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 217.27 Td (509) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 202.27 Td (September 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 202.27 Td (708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 202.27 Td (269) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 202.27 Td (439) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 187.27 Td (June 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 187.27 Td (377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 187.27 Td (377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 187.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 172.27 Td (March 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 172.27 Td (364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 172.27 Td (364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 172.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 157.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 157.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.15 157.27 Td (2,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 157.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 157.27 Td (1,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 157.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 157.27 Td (948) Tj ET Q BT /F1 10.00 Tf ET 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 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 95.83 718.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.28 718.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.54 718.10 Td (, we owned seven real estate investments. ) Tj ET Q q 0 0 0 rg BT 369.10 718.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 419.00 718.10 Td (, in October 2017, we acquired our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (eighth real estate investment, Queen) Tj ET Q q 0 0 0 rg BT 198.00 706.10 Td (s Court. ) Tj ET Q q 0 0 0 rg BT 231.99 706.10 Td (The following table provides additional information regarding each of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (properties. ) Tj ET Q q 0 0 0 rg BT 94.80 694.10 Td (The information in this table is presented as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.37 694.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.63 694.10 Td ( for properties acquired prior to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.92 694.10 Td (September30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 682.10 Td ( and as of the date of acquisition with respect to Queen) Tj ET Q q 0 0 0 rg BT 292.43 682.10 Td (s Court, which was acquired on October 1) Tj ET Q q 0 0 0 rg BT 460.35 682.10 Td (1, 2017.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 630.60 120.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.50 630.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.50 630.60 91.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 630.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 630.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 630.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 630.60 73.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 630.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 630.60 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 630.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 630.60 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 630.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 630.60 37.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 604.60 120.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.50 604.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.50 604.60 91.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 604.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 604.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 604.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 604.60 73.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 604.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 604.60 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 604.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 604.60 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 604.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 604.60 37.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 578.60 120.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.50 578.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.50 578.60 91.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 578.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 578.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 578.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 578.60 73.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 578.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 578.60 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 578.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 578.60 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 578.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 578.60 37.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 552.60 120.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.50 552.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.50 552.60 91.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 552.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 552.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 552.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 552.60 73.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 552.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 552.60 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 552.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 552.60 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 552.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 552.60 37.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 526.60 215.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 526.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 526.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 526.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 526.60 73.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 526.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 526.60 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 526.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 526.60 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 526.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 526.60 37.00 -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 49.5 630.6 m 169.5 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 173.5 630.6 m 264.5 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 630.6 m 319.5 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 630.6 m 396.5 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 630.6 m 468.5 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 630.6 m 520.5 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 630.6 m 561.5 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 526.6 m 520.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 526.6 m 561.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 514.6 m 520.5 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 512.6 m 520.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 526.6 m 561.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 514.6 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 524.5 512.6 m 561.5 512.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 634.83 Td (Property) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 176.00 634.83 Td (Location) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 274.35 642.83 Td (Investment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 285.10 634.83 Td (Type) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.65 650.83 Td (Date ) Tj ET Q q 0 0 0 rg BT 344.20 650.83 Td (Acquir) Tj ET Q q 0 0 0 rg BT 368.06 650.83 Td (ed/ Net ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 333.90 642.83 Td (Pur) Tj ET Q q 0 0 0 rg BT 346.64 642.83 Td (chase Price) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 335.25 634.83 Td (\(in millions\)) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 376.37 638.46 Td ( \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.85 650.83 Td (Estimated Going-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 405.40 642.83 Td (in Capitalization ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.30 634.83 Td (Rate) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 438.29 638.46 Td ( \(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.85 642.83 Td (Leasable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.50 634.83 Td (Square Feet) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.45 642.83 Td (Percent) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 530.50 634.83 Td (Leased) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 621.85 Td (2819 Loker Avenue East) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 176.00 621.85 Td (Carlsbad, California) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.15 621.85 Td (Industrial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.25 621.85 Td (12/2014; $25.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.65 621.85 Td (6.5%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.25 621.85 Td (161,310) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 542.30 621.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 621.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 608.85 Td (Bishop's Square) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 176.00 608.85 Td (Dublin, Ireland) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.35 608.85 Td (Office) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.25 608.85 Td (3/2015; $103.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.65 608.85 Td (6.1%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.25 608.85 Td (153,387) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 608.85 Td (89) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 608.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 595.85 Td (Domain Apartments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 176.00 595.85 Td (Las Vegas, Nevada) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.80 595.85 Td (Multi-family) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.25 595.85 Td (1/2016; $58.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.65 595.85 Td (5.5%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.25 595.85 Td (331,038) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 595.85 Td (96) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 595.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 582.85 Td (Cottonwood Corporate Center) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 176.00 582.85 Td (Salt Lake City, Utah) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.35 582.85 Td (Office) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.25 582.85 Td (7/2016; $139.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.65 582.85 Td (6.9%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.25 582.85 Td (490,030) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 582.85 Td (94) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 582.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 569.85 Td (Goodyear Crossing II) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 176.00 569.85 Td (Phoenix, Arizona) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.15 569.85 Td (Industrial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.25 569.85 Td (8/2016; $56.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.65 569.85 Td (8.5%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.25 569.85 Td (820,384) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 542.30 569.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 569.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 556.85 Td (Rookwood) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 176.00 556.85 Td (Cincinnati, Ohio) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.90 556.85 Td (Retail) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.25 556.85 Td (1/2017; $193.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.65 556.85 Td (6.0%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.25 556.85 Td (590,501) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 556.85 Td (97) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 556.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 543.85 Td (Montrose Student Residences) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 176.00 543.85 Td (Dublin, Ireland) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.80 543.85 Td (Multi-family) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.25 543.85 Td (3/2017; $40.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.65 543.85 Td (5.5%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.25 543.85 Td (53,827) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 542.30 543.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 543.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 530.85 Td (Queens Court Student Residences) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 176.00 530.85 Td (Reading, United Kingdom) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.80 530.85 Td (Multi-family) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.25 530.85 Td (10/2017; $65.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.65 530.85 Td (6.2%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.25 530.85 Td (79,115) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 542.30 530.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 530.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 517.83 Td (Total for All Investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.00 517.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.25 517.85 Td (2,679,592) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 517.85 Td (97) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 517.85 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 490.10 Td (The acquisitions of Bishop) Tj ET Q q 0 0 0 rg BT 178.27 490.10 Td (s Square, Montrose Student Residences and Queen) Tj ET Q q 0 0 0 rg BT 384.62 490.10 Td (s Court Student Residences are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 478.10 Td (denominated in foreign currencies, and amounts have been translated to U.S. dollars at a rate based on the exchange rate in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 466.10 Td (ef) Tj ET Q q 0 0 0 rg BT 75.59 466.10 Td (fect on the acquisition date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 442.10 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 68.00 430.10 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 68.00 418.10 Td (Property revenues in excess of expenses includes all projected operating revenues \(rental income, tenant reimbursements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 406.10 Td (parking and any other property-related income\) less all projected operating expenses \(property operating and maintenance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 394.10 Td (expenses, property taxes, insurance and property management fees\). ) Tj ET Q q 0 0 0 rg BT 345.49 394.10 Td (The projected property revenues in excess of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 382.10 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 500.27 382.10 Td (, including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 370.10 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 68.00 358.10 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 50.00 334.10 Td (Critical ) Tj ET Q q 0 0 0 rg BT 84.71 334.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 136.10 334.10 Td (Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 310.10 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 50.00 298.10 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 50.00 286.10 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 50.00 274.10 Td (policies involves the exercise of judgments regarding assumptions as to future uncertainties. ) Tj ET Q q 0 0 0 rg BT 423.24 274.10 Td (Actual results could materially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 262.10 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 402.21 262.10 Td (Note 2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 262.10 Td ( Summary of Significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (Accounting Policies, to the accompanying condensed consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 406.02 250.10 Td (Also, a disclosure of our critical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (accounting policies is included in our ) Tj ET Q q 0 0 0 rg BT 201.64 238.10 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 397.97 238.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.56 238.10 Td ( in Management) Tj ET Q q 0 0 0 rg BT 544.32 238.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (Discussion and ) Tj ET Q q 0 0 0 rg BT 112.78 226.10 Td (Analysis of Financial Condition and Results of Operations. Unless described below) Tj ET Q q 0 0 0 rg BT 448.75 226.10 Td (, there have been no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (significant changes to our policies during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.74 214.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.74 214.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (FinancialCondition, ) Tj ET Q q 0 0 0 rg BT 140.30 190.10 Td (Liquidityand ) Tj ET Q q 0 0 0 rg BT 201.44 190.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 235.61 190.10 Td (Resour) Tj ET Q q 0 0 0 rg BT 265.98 190.10 Td (ces) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 166.10 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 50.00 154.10 Td (distributions, and for the payment of principal and interest on any indebtedness we incur) Tj ET Q q 0 0 0 rg BT 403.25 154.10 Td (. Generally) Tj ET Q q 0 0 0 rg BT 449.52 154.10 Td (, we expect to meet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 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 50.00 130.10 Td (our public of) Tj ET Q q 0 0 0 rg BT 101.47 130.10 Td (ferings and debt proceeds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 106.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 106.10 Td (e expect that once we have fully invested the proceeds of our public of) Tj ET Q q 0 0 0 rg BT 358.85 106.10 Td (ferings, our debt financing, including our pro rata ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (share of the debt financing of entities in which we invest, will be in the range of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.39 94.10 Td (40%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.72 94.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.50 94.10 Td (60%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.83 94.10 Td ( of the aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (value of our real estate investments and other assets. Financing for acquisitions and investments may be obtained at the time an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (asset is acquired or an investment is made or at such later time as determined to be appropriate. In addition, debt financing may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (be used from time to time for property improvements, lease inducements, tenant improvements and other working capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (needs. ) Tj ET Q q 0 0 0 rg BT 79.72 46.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 129.62 46.10 Td (, the amount of debt placed on an individual property or related to a particular investment, including our pro ) 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 (rata share of the amount of debt incurred by an individual entity in which we invest, may be less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.39 742.10 Td (40%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.72 742.10 Td ( or more than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.81 742.10 Td (60%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.14 742.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (the value of such property/investment or the value of the assets owned by such entity) Tj ET Q q 0 0 0 rg BT 389.26 730.10 Td (, depending on market conditions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (other factors. Our aggregate borrowings, secured and unsecured, must be reasonable in relation to our net assets and must be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (reviewed by our board of directors at least quarterly) Tj ET Q q 0 0 0 rg BT 257.05 706.10 Td (. ) Tj ET Q q 0 0 0 rg BT 263.99 706.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.44 706.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.70 706.10 Td (, our portfolio was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.34 706.10 Td (45%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.67 706.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (leveraged, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.86 694.10 Td (based on the most recent appraised values of our real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.26 694.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 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 50.00 658.10 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 466.00 658.10 Td (Any indebtedness we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 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 50.00 634.10 Td (warranties about our company in connection with such debt. Moreover) Tj ET Q q 0 0 0 rg BT 335.35 634.10 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 50.00 622.10 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 50.00 610.10 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 50.00 598.10 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 50.00 586.10 Td (foreclose on our assets that are pledged as collateral to such lender) Tj ET Q q 0 0 0 rg BT 315.73 586.10 Td (. ) Tj ET Q q 0 0 0 rg BT 323.05 586.10 Td (The lender could also sue us or force us into bankruptcy) Tj ET Q q 0 0 0 rg BT 546.78 586.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (Any such event would have a material adverse ef) Tj ET Q q 0 0 0 rg BT 246.41 574.10 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 68.00 550.10 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 59.00 526.10 Td (Cash Flows from Operating ) Tj ET Q q 0 0 0 rg BT 176.43 526.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 502.10 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 50.00 490.10 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 50.00 478.10 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 50.00 466.10 Td (and leasing fees, and property taxes. ) Tj ET Q q 0 0 0 rg BT 199.67 466.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 249.58 466.10 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 50.00 454.10 Td (and asset management fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 430.10 Td (Net cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.21 430.10 Td (provided by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.25 430.10 Td ( operating activities for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.49 430.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.04 430.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.54 430.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.80 430.10 Td ( increased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.05 430.10 Td ($3.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.94 430.10 Td ( as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (compared to the same period in the prior year) Tj ET Q q 0 0 0 rg BT 231.60 418.10 Td (. ) Tj ET Q q 0 0 0 rg BT 238.92 418.10 Td (The increase in operating cash flows is due to our acquisition of additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (properties as of) Tj ET Q q 0 0 0 rg BT 111.46 406.10 Td (fset by increased costs paid to acquire our properties. ) Tj ET Q q 0 0 0 rg BT 326.21 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 334.85 406.10 Td (e paid acquisition fees and acquisition-related expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.05 394.10 Td ($8.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.94 394.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.38 394.10 Td ($2.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.27 394.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.65 394.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.19 394.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.69 394.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.96 394.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.39 394.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.39 394.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 482.06 394.10 Td (. Under) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 512.05 394.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.55 394.10 Td (U.S ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (generally accepted) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 124.67 382.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.17 382.10 Td (accounting principles \(GAAP\), acquisition fees and acquisition-related expenses are expensed and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (therefore reduce cash flows from operating activities. However) Tj ET Q q 0 0 0 rg BT 304.77 370.10 Td (, we fund these expenses with proceeds from our public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 358.10 Td (ferings and/or acquisition-related indebtedness. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 334.10 Td (Cash Flows from Investing ) Tj ET Q q 0 0 0 rg BT 173.10 334.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 310.10 Td (Net cash used in investing activities for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.96 310.10 Td (nine months ended September 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.26 310.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.70 310.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.70 310.10 Td ( were primarily due to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (following:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 274.10 Td (Nine months ended September 30, 2017) Tj ET Q BT /F3 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 256.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 256.10 Td (Payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.33 256.10 Td ($131.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.22 256.10 Td ( related to the acquisition of Rookwood and the Montrose Student Residences.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 238.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 238.10 Td (Capital expenditures of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.06 238.10 Td ($1.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.96 238.10 Td ( primarily related to parking upgrades at our properties and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 226.10 Td (development works at Bishop) Tj ET Q q 0 0 0 rg BT 207.93 226.10 Td (s Square.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 202.10 Td (Nine months ended September 30, 2016) Tj ET Q BT /F3 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 184.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 184.10 Td (Payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.33 184.10 Td ($244.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.22 184.10 Td ( related to the acquisition of the Domain ) Tj ET Q q 0 0 0 rg BT 356.51 184.10 Td (Apartments, Cottonwood Corporate Center and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 172.10 Td (Goodyear Crossing II.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 154.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 154.10 Td (Payment of a $5.0 million earnest money deposit in connection with the acquisition of Rookwood, which we acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 142.10 Td (in January 2017.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 118.10 Td (Cash Flows from Financing ) Tj ET Q q 0 0 0 rg BT 178.11 118.10 Td (Activities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 94.10 Td (Initial Public Offering) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 70.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.55 70.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.09 70.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.59 70.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.85 70.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.29 70.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.29 70.10 Td (, we raised gross proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.31 70.10 Td ($137.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.20 70.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.64 70.10 Td ($104.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 58.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 131.55 58.10 Td (, from the Of) Tj ET Q q 0 0 0 rg BT 183.58 58.10 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 50.00 46.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.54 46.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.04 46.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.31 46.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.74 46.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.74 46.10 Td (, we redeemed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.27 46.10 Td ($1.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.16 46.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.60 46.10 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.49 46.10 Td ( shares of our common stock ) 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 50.00 742.10 Td (pursuant to our share redemption program, respectively) Tj ET Q q 0 0 0 rg BT 271.23 742.10 Td (. In ) Tj ET Q q 0 0 0 rg BT 289.00 742.10 Td (August 2017, in connection with the announcement of our intent to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (launch our ongoing self-tender of) Tj ET Q q 0 0 0 rg BT 183.67 730.10 Td (fer) Tj ET Q q 0 0 0 rg BT 194.37 730.10 Td (, we suspended our share redemptions programs with the exception of death and disability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (requests received for the month of ) Tj ET Q q 0 0 0 rg BT 188.84 718.10 Td (August 2017. See Subsequent Events for additional information regarding our self-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (tender of) Tj ET Q q 0 0 0 rg BT 85.63 706.10 Td (fer) Tj ET Q q 0 0 0 rg BT 96.18 706.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (In addition to the investing activities described previously) Tj ET Q q 0 0 0 rg BT 299.25 682.10 Td (, we have used proceeds from the Of) Tj ET Q q 0 0 0 rg BT 445.68 682.10 Td (fering to make certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (payments to our ) Tj ET Q q 0 0 0 rg BT 116.38 670.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 148.20 670.10 Td (, our Dealer Manager and Hines and their af) Tj ET Q q 0 0 0 rg BT 324.34 670.10 Td (filiates during the various phases of our or) Tj ET Q q 0 0 0 rg BT 493.28 670.10 Td (ganization and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (operation. During the or) Tj ET Q q 0 0 0 rg BT 148.96 658.10 Td (ganization and of) Tj ET Q q 0 0 0 rg BT 218.20 658.10 Td (fering stage, these include, without limitation, payments to our Dealer Manager for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (selling commissions, dealer manager fees, distribution and stockholder servicing fees and payments to our ) Tj ET Q q 0 0 0 rg BT 477.12 646.10 Td (Advisor for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (reimbursement of issuer costs. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.19 634.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.73 634.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.23 634.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.49 634.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.93 634.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.93 634.10 Td (, we made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.90 634.10 Td ($10.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 622.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.33 622.10 Td ($10.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.22 622.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 204.88 622.10 Td (, for selling commissions, dealer manager fees, distribution and stockholder servicing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (fees and issuer costs related to the Of) Tj ET Q q 0 0 0 rg BT 198.94 610.10 Td (fering. ) Tj ET Q q 0 0 0 rg BT 230.13 610.10 Td (These selling commissions and dealer manager fees are lower for class ) Tj ET Q q 0 0 0 rg BT 515.68 610.10 Td (T) Tj ET Q q 0 0 0 rg BT 521.61 610.10 Td ( shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (and class I shares of our common stock than for class ) Tj ET Q q 0 0 0 rg BT 265.22 598.10 Td (A) Tj ET Q q 0 0 0 rg BT 271.89 598.10 Td ( shares. ) Tj ET Q q 0 0 0 rg BT 306.70 598.10 Td (Therefore, the decrease in the payment of these fees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (commissions noted above is primarily due to a higher proportion of class ) Tj ET Q q 0 0 0 rg BT 344.21 586.10 Td (T) Tj ET Q q 0 0 0 rg BT 350.14 586.10 Td ( shares and class I shares being sold during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (current period. ) Tj ET Q q 0 0 0 rg BT 113.68 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 122.32 574.10 Td (e also amended our Dealer Manager ) Tj ET Q q 0 0 0 rg BT 268.92 574.10 Td (Agreement in July 2016 to reduce the dealer manager fees payable by us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (on the sale of class ) Tj ET Q q 0 0 0 rg BT 127.48 562.10 Td (A) Tj ET Q q 0 0 0 rg BT 134.15 562.10 Td ( shares and class ) Tj ET Q q 0 0 0 rg BT 202.84 562.10 Td (T) Tj ET Q q 0 0 0 rg BT 208.76 562.10 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 68.00 538.10 Td (Finally) Tj ET Q q 0 0 0 rg BT 95.69 538.10 Td (, our ) Tj ET Q q 0 0 0 rg BT 115.96 538.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 155.13 538.10 Td (Agreement was amended, ef) Tj ET Q q 0 0 0 rg BT 268.79 538.10 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 50.00 526.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.28 526.10 Td (Advisor for the cumulative issuer costs incurred in connection with our or) Tj ET Q q 0 0 0 rg BT 360.86 526.10 Td (ganization and our public of) Tj ET Q q 0 0 0 rg BT 473.42 526.10 Td (ferings at 2.5% of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (gross proceeds from our public of) Tj ET Q q 0 0 0 rg BT 185.06 514.10 Td (fering. ) Tj ET Q q 0 0 0 rg BT 213.39 514.10 Td (As a result of the cap on reimbursement as a percentage of gross of) Tj ET Q q 0 0 0 rg BT 481.72 514.10 Td (fering proceeds, on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (April 14, 2016, our ) Tj ET Q q 0 0 0 rg BT 128.89 502.10 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 50.00 490.10 Td (new 2.5% cap. ) Tj ET Q q 0 0 0 rg BT 110.82 490.10 Td (As we raise additional of) Tj ET Q q 0 0 0 rg BT 210.61 490.10 Td (fering proceeds, we expect to reimburse our ) Tj ET Q q 0 0 0 rg BT 388.32 490.10 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 50.00 478.10 Td (they 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 338.09 478.10 Td (fering proceeds from our public of) Tj ET Q q 0 0 0 rg BT 475.91 478.10 Td (ferings.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 454.10 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 430.10 Td (W) Tj ET Q q 0 0 0 rg BT 77.04 430.10 Td (ith the authorization of our board of directors, we have declared distributions as of daily record dates. ) Tj ET Q q 0 0 0 rg BT 486.91 430.10 Td (All distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (were or will be paid in cash or reinvested in shares of our common stock for those participating in our distribution reinvestment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (plan and have been or will be paid or issued, respectively) Tj ET Q q 0 0 0 rg BT 278.44 406.10 Td (, on the first business day following the completion of the month to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (which they relate. Distributions reinvested pursuant to our distribution reinvestment plan were or will be reinvested in shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (of the same class as the shares on which the distributions are being made. Some or all of the cash distributions may be paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (from sources other than cash flows from operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 346.10 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 50.00 334.10 Td (distribution rates for each class ) Tj ET Q q 0 0 0 rg BT 176.35 334.10 Td (A) Tj ET Q q 0 0 0 rg BT 183.02 334.10 Td ( share, class ) Tj ET Q q 0 0 0 rg BT 233.38 334.10 Td (T) Tj ET Q q 0 0 0 rg BT 239.31 334.10 Td ( share and class I share.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 275.60 315.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 275.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 275.60 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 275.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 275.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 245.60 315.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 245.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 245.60 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 245.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 245.60 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 49.5 309.6 m 364.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 309.6 m 368.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 309.6 m 473.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 309.6 m 477.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 309.6 m 561.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 275.6 m 364.5 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 275.6 m 473.5 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 275.6 m 561.5 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 275.6 m 364.5 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 275.6 m 473.5 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 275.6 m 561.5 275.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 314.28 Td (Class A Shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 280.28 Td (Period Declared) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.45 290.28 Td (Distribution Rate Per) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.30 280.28 Td (Share, Per Day) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.50 300.28 Td (Annualized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.60 290.28 Td (Distribution Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.90 280.28 Td (Per Share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 265.27 Td (12/1/2017 - 12/31/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 265.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 265.27 Td (0.001671233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 265.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 265.27 Td (0.61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 250.27 Td (4/1/2017 - 1) Tj ET Q q 0 0 0 rg BT 100.52 250.27 Td (1/30/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 250.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 250.27 Td (0.001653699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 250.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 250.27 Td (0.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 235.27 Td (5/1/2016 - 3/31/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 235.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 235.27 Td (0.001594766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 235.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 235.27 Td (0.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 220.27 Td (10/1/2014 - 4/30/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 220.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 220.27 Td (0.001575342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 220.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 220.27 Td (0.57) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 145.60 315.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 145.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 145.60 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 145.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 145.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 115.60 315.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 115.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 115.60 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 115.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 115.60 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 49.5 179.60000000000002 m 364.5 179.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 179.60000000000002 m 368.5 179.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 179.60000000000002 m 473.5 179.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 179.60000000000002 m 477.5 179.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 179.60000000000002 m 561.5 179.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 145.60000000000002 m 364.5 145.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 145.60000000000002 m 473.5 145.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 145.60000000000002 m 561.5 145.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 145.60000000000002 m 364.5 145.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 145.60000000000002 m 473.5 145.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.55 184.28 Td (Class T Shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 150.28 Td (Period Declared) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.70 170.28 Td (Gross Distribution) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.25 160.28 Td (Rate Per Share, Per) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.85 150.28 Td (Day) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.05 170.28 Td (Net ) Tj ET Q q 0 0 0 rg BT 502.99 170.28 Td (Annualized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.60 160.28 Td (Distribution Rate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.30 150.28 Td (Per) Tj ET Q q 0 0 0 rg BT 508.10 150.28 Td ( Shar) Tj ET Q q 0 0 0 rg BT 530.99 150.28 Td (e) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 535.42 154.81 Td ( \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 135.27 Td (12/1/2017 - 12/31/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 135.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 135.27 Td (0.001671233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 135.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 135.27 Td (0.51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 120.27 Td (4/1/2017 - 1) Tj ET Q q 0 0 0 rg BT 100.52 120.27 Td (1/30/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 120.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 120.27 Td (0.001653699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 120.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 120.27 Td (0.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 105.27 Td (5/1/2016 - 3/31/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 105.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 105.27 Td (0.001594766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 105.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 105.27 Td (0.49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 90.27 Td (8/24/2015 - 4/30/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 90.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 90.27 Td (0.001575342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 90.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 90.27 Td (0.48) Tj ET Q BT /F1 10.00 Tf ET 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 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 700.50 313.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 700.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 700.50 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 700.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 700.50 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 50.5 734.5 m 363.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 734.5 m 367.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 734.5 m 472.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 734.5 m 476.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 734.5 m 560.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 700.5 m 363.5 700.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 700.5 m 472.5 700.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 700.5 m 560.5 700.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 700.5 m 472.5 700.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.80 739.18 Td (Class I Shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 705.18 Td (Period Declared) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.70 725.18 Td (Gross Distribution) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.25 715.18 Td (Rate Per Share, Per) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.85 705.18 Td (Day) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.05 725.18 Td (Net ) Tj ET Q q 0 0 0 rg BT 501.99 725.18 Td (Annualized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.60 715.18 Td (Distribution Rate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.30 705.18 Td (Per) Tj ET Q q 0 0 0 rg BT 507.10 705.18 Td ( Shar) Tj ET Q q 0 0 0 rg BT 529.99 705.18 Td (e) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 534.42 709.71 Td ( \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 690.17 Td (12/1/2017 - 12/31/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 690.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 690.17 Td (0.001671233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 690.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 690.17 Td (0.59) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 674.96 Td (5/1/2017 - 1) Tj ET Q q 0 0 0 rg BT 96.66 674.96 Td (1/30/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 675.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 675.17 Td (0.001653699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 675.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 675.17 Td (0.58) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.00 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 647.00 Td (Class ) Tj ET Q q 0 0 0 rg BT 91.99 647.00 Td (T) Tj ET Q q 0 0 0 rg BT 97.92 647.00 Td ( shares and Class I shares are subject to an ongoing distribution and stockholder servicing fee payable to the Dealer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 635.00 Td (Manager of 1.0% and 0.25% per annum, respectively) Tj ET Q q 0 0 0 rg BT 280.61 635.00 Td (, of the then-current primary gross of) Tj ET Q q 0 0 0 rg BT 428.44 635.00 Td (fering price per share or) Tj ET Q q 0 0 0 rg BT 524.10 635.00 Td (, now ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 623.00 Td (that we are no longer of) Tj ET Q q 0 0 0 rg BT 163.06 623.00 Td (fering primary shares, the most recently determined NA) Tj ET Q q 0 0 0 rg BT 385.58 623.00 Td (V) Tj ET Q q 0 0 0 rg BT 392.62 623.00 Td ( per share. ) Tj ET Q q 0 0 0 rg BT 436.31 623.00 Td (The net distribution rate per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 611.00 Td (class ) Tj ET Q q 0 0 0 rg BT 89.76 611.00 Td (T) Tj ET Q q 0 0 0 rg BT 95.69 611.00 Td ( share and class I share is equal to the respective gross distribution rate per share less the respective distribution and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 599.00 Td (stockholder servicing fee payable with respect to such share. For purposes of calculating the net annualized distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 587.00 Td (rate per share, we calculate the weighted average daily net distribution rate per share and annualize that amount for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 575.00 Td (periods presented. ) Tj ET Q q 0 0 0 rg BT 143.07 575.00 Td (The actual net annualized distribution rate per share will be higher or lower than the rates presented ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 563.00 Td (depending on the price paid by the stockholder for the shares. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 539.00 Td (Distributions paid to stockholders during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.09 539.00 Td (three months ended September 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.17 539.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.61 539.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.61 539.00 Td ( were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.04 539.00 Td ($5.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.93 539.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.37 539.00 Td ($2.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.00 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 527.00 Td (, respectively) Tj ET Q q 0 0 0 rg BT 131.55 527.00 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 50.00 515.00 Td (stockholders during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.37 515.00 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.91 515.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.41 515.00 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.68 515.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.12 515.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.12 515.00 Td ( were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.54 515.00 Td ($13.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.44 515.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.88 515.00 Td ($6.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.77 515.00 Td (, respectively) Tj ET Q q 0 0 0 rg BT 543.43 515.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.00 Td (including those reinvested in shares pursuant to our distribution reinvestment plan. ) Tj ET Q q 0 0 0 rg BT 385.59 503.00 Td (W) Tj ET Q q 0 0 0 rg BT 394.23 503.00 Td (e have not generated suf) Tj ET Q q 0 0 0 rg BT 491.23 503.00 Td (ficient cash flows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.00 Td (from operations to fully fund distributions paid. ) Tj ET Q q 0 0 0 rg BT 245.63 491.00 Td (Therefore, some or all of our distributions have been and may continue to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.00 Td (paid from other sources, such as proceeds from our debt financings, proceeds from the Of) Tj ET Q q 0 0 0 rg BT 408.59 479.00 Td (fering, cash advances by our ) Tj ET Q q 0 0 0 rg BT 524.66 479.00 Td (Advisor) Tj ET Q q 0 0 0 rg BT 556.48 479.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.00 Td (cash 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 402.46 467.00 Td (W) Tj ET Q q 0 0 0 rg BT 411.09 467.00 Td (e have not placed a cap on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.00 Td (amount of 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 409.08 455.00 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.62 455.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.12 455.00 Td (September30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.00 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 443.00 Td (, we funded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.43 443.00 Td (39%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.76 443.00 Td ( of total distributions with cash flows from financing activities, which included of) Tj ET Q q 0 0 0 rg BT 464.46 443.00 Td (fering proceeds. For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.00 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.72 431.00 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.26 431.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.76 431.00 Td (September30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.02 431.00 Td (, we funded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.45 431.00 Td (46%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.78 431.00 Td ( of total distributions with cash flows from financing activities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.00 Td (which includes of) Tj ET Q q 0 0 0 rg BT 120.91 419.00 Td (fering proceeds. ) Tj ET Q q 0 0 0 rg BT 189.78 419.00 Td (As described previously) Tj ET Q q 0 0 0 rg BT 285.77 419.00 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 50.00 407.00 Td ($8.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.89 407.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.33 407.00 Td ($2.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.22 407.00 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.60 407.00 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.14 407.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.64 407.00 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.90 407.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.34 407.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.34 407.00 Td (, respectively) Tj ET Q q 0 0 0 rg BT 449.00 407.00 Td (. ) Tj ET Q q 0 0 0 rg BT 455.95 407.00 Td (Acquisition fees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.00 Td (acquisition-related expenses are expensed and therefore reduce cash flows from operating activities. However) Tj ET Q q 0 0 0 rg BT 491.64 395.00 Td (, we fund such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.00 Td (acquisition fees and acquisition-related expenses with proceeds from the Of) Tj ET Q q 0 0 0 rg BT 352.77 383.00 Td (fering and/or acquisition-related indebtedness.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 359.00 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 495.67 359.00 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.67 359.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.10 359.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.10 359.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 347.00 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 50.00 335.00 Td (plan \(in thousands, except percentages\).) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 275.50 165.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 275.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 275.50 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 275.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 275.50 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 275.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 275.50 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 275.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 275.50 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 275.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 275.50 33.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 275.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 275.50 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 275.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 275.50 33.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 247.50 165.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 247.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 247.50 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 247.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 247.50 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 247.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 247.50 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 247.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 247.50 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 247.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 247.50 33.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 247.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 247.50 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 247.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 247.50 33.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 205.50 165.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 205.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 205.50 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 205.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 205.50 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 205.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 205.50 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 205.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 205.50 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 205.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 205.50 33.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 205.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 205.50 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 205.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 205.50 33.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 177.50 165.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 177.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 177.50 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 177.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 177.50 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 177.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 177.50 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 177.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 177.50 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 177.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 177.50 33.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 177.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 177.50 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 177.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 177.50 33.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 149.50 165.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 149.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 149.50 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 149.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 149.50 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 149.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 149.50 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 149.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 149.50 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 149.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 149.50 33.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 149.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 149.50 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 149.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 149.50 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 218.5 310.5 m 271.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 310.5 m 275.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 310.5 m 330.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 310.5 m 334.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 310.5 m 383.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 310.5 m 435.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 310.5 m 439.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 310.5 m 472.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 310.5 m 476.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 310.5 m 524.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 310.5 m 528.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 310.5 m 561.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 289.5 m 214.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 310.5 m 271.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 289.5 m 271.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 310.5 m 330.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 289.5 m 330.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 289.5 m 383.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 289.5 m 435.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 289.5 m 439.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 289.5 m 472.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 289.5 m 524.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 289.5 m 528.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 289.5 m 561.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 289.5 m 214.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 275.5 m 214.5 275.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 289.5 m 271.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 289.5 m 330.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 289.5 m 383.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 289.5 m 439.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 289.5 m 528.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 233.5 m 271.5 233.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 220.5 m 271.5 220.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 218.5 m 271.5 218.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 233.5 m 330.5 233.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 220.5 m 330.5 220.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 218.5 m 330.5 218.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 233.5 m 383.5 233.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 220.5 m 383.5 220.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 218.5 m 383.5 218.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 233.5 m 435.5 233.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 220.5 m 435.5 220.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 218.5 m 435.5 218.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 233.5 m 472.5 233.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 220.5 m 472.5 220.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 218.5 m 472.5 218.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 233.5 m 524.5 233.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 220.5 m 524.5 220.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 218.5 m 524.5 218.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 233.5 m 561.5 233.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 220.5 m 561.5 220.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 218.5 m 561.5 218.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 205.5 m 214.5 205.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 149.5 m 271.5 149.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 136.5 m 271.5 136.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 134.5 m 271.5 134.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 149.5 m 330.5 149.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 136.5 m 330.5 136.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 134.5 m 330.5 134.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 149.5 m 383.5 149.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 136.5 m 383.5 136.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 134.5 m 383.5 134.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 149.5 m 435.5 149.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 136.5 m 435.5 136.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 134.5 m 435.5 134.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 149.5 m 472.5 149.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 136.5 m 472.5 136.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 134.5 m 472.5 134.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 149.5 m 524.5 149.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 136.5 m 524.5 136.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 134.5 m 524.5 134.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 149.5 m 561.5 149.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 136.5 m 561.5 136.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 134.5 m 561.5 134.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 314.75 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 275.45 314.95 Td (Stockholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.65 314.95 Td (Sour) Tj ET Q q 0 0 0 rg BT 473.99 314.95 Td (ces) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 485.48 319.03 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 293.73 Td (Distributions for the Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 235.80 301.73 Td (Cash) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 222.05 293.73 Td (Distributions) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 280.05 301.73 Td (Distributions) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 283.80 293.73 Td (Reinvested) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.75 301.73 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 343.20 293.73 Td (Declared) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.35 301.73 Td (Cash Flows From) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.15 293.73 Td (Operating Activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.35 301.73 Td (Cash Flows From) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.60 293.73 Td (Financing Activities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 279.95 Td (2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 265.96 Td (September 30, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 221.00 265.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.75 265.96 Td (2,532) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 265.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 306.75 265.96 Td (2,901) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 337.00 265.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 265.96 Td (5,433) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.00 265.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.75 265.96 Td (3,869) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.50 265.96 Td (71) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.50 265.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 479.00 265.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.75 265.96 Td (1,567) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 265.96 Td (29) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 265.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 251.96 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 102.25 256.04 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.75 251.96 Td (2,225) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 306.75 251.96 Td (2,565) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 251.96 Td (4,790) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.75 251.96 Td (4,793) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 251.96 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.50 251.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 251.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 251.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 251.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 237.96 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 109.24 242.04 Td (\(3\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.75 237.96 Td (1,833) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 306.75 237.96 Td (2,076) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 237.96 Td (3,909) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.00 237.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.50 237.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.50 237.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.75 237.96 Td (3,912) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.00 237.96 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 237.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 223.96 Td (Total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 221.00 223.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.75 223.96 Td (6,590) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 223.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 306.75 223.96 Td (7,542) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 337.00 223.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 355.25 223.96 Td (14,132) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.00 223.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.75 223.96 Td (8,662) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.50 223.96 Td (61) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.50 223.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 479.00 223.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.75 223.96 Td (5,479) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 223.96 Td (39) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 223.96 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 209.95 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 195.96 Td (December 31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 221.00 195.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.75 195.96 Td (1,608) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 195.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 306.75 195.96 Td (1,744) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 337.00 195.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 195.96 Td (3,352) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.00 195.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.50 195.96 Td (379) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.50 195.96 Td (11) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.50 195.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 479.00 195.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.75 195.96 Td (2,976) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 195.96 Td (89) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 195.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 181.96 Td (September 30, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.75 181.96 Td (1,340) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 306.75 181.96 Td (1,427) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 181.96 Td (2,767) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.75 181.96 Td (1,449) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.50 181.96 Td (52) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.50 181.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.75 181.96 Td (1,321) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 181.96 Td (48) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 181.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 167.96 Td (June 30, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.75 167.96 Td (1,107) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 306.75 167.96 Td (1,128) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 167.96 Td (2,235) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.75 167.96 Td (2,238) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 167.96 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.50 167.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 167.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 167.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 167.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 153.96 Td (March 31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 254.50 153.96 Td (871) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.50 153.96 Td (887) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 153.96 Td (1,758) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.00 153.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.50 153.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.50 153.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.75 153.96 Td (1,761) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.00 153.96 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 153.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 139.96 Td (Total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 221.00 139.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.75 139.96 Td (4,926) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 139.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 306.75 139.96 Td (5,186) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 337.00 139.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 355.25 139.96 Td (10,112) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.00 139.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.75 139.96 Td (4,066) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.50 139.96 Td (40) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.50 139.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 479.00 139.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.75 139.96 Td (6,058) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 139.96 Td (60) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 139.96 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.00 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 112.00 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 88.00 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 88.00 Td (Includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.38 88.00 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.27 88.00 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 76.00 Td (during the month of ) Tj ET Q q 0 0 0 rg BT 149.66 76.00 Td (April 2017.) 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 50.00 742.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 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 519.53 742.10 Td ($1.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.89 730.10 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 68.00 718.10 Td (month of ) Tj ET Q q 0 0 0 rg BT 106.33 718.10 Td (April 2017. ) Tj ET Q q 0 0 0 rg BT 157.26 718.10 Td (These ) Tj ET Q q 0 0 0 rg BT 183.09 718.10 Td (April 2017 distributions 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 68.00 694.10 Td (Commencing with the quarter ended December 31, 2014, our ) Tj ET Q q 0 0 0 rg BT 315.43 694.10 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 50.00 682.10 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 405.32 682.10 Td (, as disclosed in our ) Tj ET Q q 0 0 0 rg BT 486.43 682.10 Td (Annual Report on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (Form 10-K or Quarterly Report on Form 10-Q, as applicable, amounted to less than 100% of the aggregate distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (declared to our stockholders for such quarter) Tj ET Q q 0 0 0 rg BT 228.27 658.10 Td (. Our ) Tj ET Q q 0 0 0 rg BT 253.27 658.10 Td (Advisor also agreed to waive the asset management fees otherwise payable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (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 398.40 646.10 Td (, as reduced to reflect the distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (and stockholder servicing fees payable for such quarter) Tj ET Q q 0 0 0 rg BT 270.35 634.10 Td (, as disclosed in our Quarterly Report on Form 10-Q, amounted to less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (than 100% of the aggregate distributions declared to our stockholders for that quarter) Tj ET Q q 0 0 0 rg BT 389.90 622.10 Td (. ) Tj ET Q q 0 0 0 rg BT 399.35 622.10 Td (As a result of these fee waivers, cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (flows from operations that would have been paid to our ) Tj ET Q q 0 0 0 rg BT 273.84 610.10 Td (Advisor for asset management feeswere available to pay distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (to stockholders. ) Tj ET Q q 0 0 0 rg BT 118.14 598.10 Td (These fee waivers are not deferrals and accordingly) Tj ET Q q 0 0 0 rg BT 323.78 598.10 Td (, any fees that were waived will not be paid to our ) Tj ET Q q 0 0 0 rg BT 525.66 598.10 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (in cash at any time in the future.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 562.10 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 50.00 550.10 Td (each of the quarters in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.35 550.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.35 550.10 Td ( \(in thousands\). Our ) Tj ET Q q 0 0 0 rg BT 245.79 550.10 Td (Advisor did ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.79 550.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.79 550.10 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 50.00 538.10 Td (three and nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.64 538.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.47 538.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.73 538.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 503.60 206.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 503.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 503.60 108.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 503.60 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 503.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 473.60 206.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 473.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 473.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 473.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 473.60 108.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 473.60 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 473.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 443.60 206.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 443.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 443.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 443.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 443.60 108.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 443.60 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 443.60 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 49.5 503.6 m 255.5 503.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 503.6 m 347.5 503.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 503.6 m 459.5 503.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 503.6 m 561.5 503.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 443.6 m 561.5 443.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 443.6 m 347.5 443.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 429.6 m 347.5 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 427.6 m 347.5 427.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 443.6 m 459.5 443.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 429.6 m 459.5 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 427.6 m 459.5 427.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 443.6 m 561.5 443.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 429.6 m 561.5 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 427.6 m 561.5 427.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 508.28 Td (For the Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.30 518.28 Td (Asset Management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.70 508.28 Td (Fee Pr) Tj ET Q q 0 0 0 rg BT 297.55 508.28 Td (e-W) Tj ET Q q 0 0 0 rg BT 314.77 508.28 Td (aiver) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.55 518.28 Td (Asset Management Fee ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.85 508.28 Td (W) Tj ET Q q 0 0 0 rg BT 398.30 508.28 Td (aived) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 518.28 Td (Asset Management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.45 508.28 Td (Fee Post-W) Tj ET Q q 0 0 0 rg BT 527.04 508.28 Td (aiver) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 493.27 Td (December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 493.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 493.27 Td (751) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 493.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 493.27 Td (242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 493.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 493.27 Td (509) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 478.27 Td (September 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 478.27 Td (708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 478.27 Td (269) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 478.27 Td (439) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 463.27 Td (June 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 463.27 Td (377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 463.27 Td (377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 463.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 448.27 Td (March 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 448.27 Td (364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 448.27 Td (364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 448.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 433.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 433.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.15 433.27 Td (2,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 433.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 433.27 Td (1,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 433.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 433.27 Td (948) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 405.10 Td (Debt Financings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 381.10 Td (As mentioned previously) Tj ET Q q 0 0 0 rg BT 167.89 381.10 Td (, our portfolio was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.53 381.10 Td (45%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.86 381.10 Td ( leveraged as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.38 381.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.64 381.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.47 381.10 Td (based on the most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 369.10 Td (recent appraised values of our real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.97 369.10 Td (\) with a weighted average interest rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 369.10 Td (2.58%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.83 369.10 Td (. Below is additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 357.10 Td (information regarding our loan activity for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.44 357.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.98 357.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.48 357.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.75 357.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.19 357.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.19 357.10 Td (. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.62 357.10 Td (Note 5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.56 357.10 Td ( Debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 345.10 Td (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 68 319.7669921875 m 226.8623046875 319.7669921875 l s q 0 0 0 rg BT 68.00 321.10 Td (Nine months ended September 30, 2017) Tj ET Q BT /F3 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 303.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 303.10 Td (W) Tj ET Q q 0 0 0 rg BT 103.64 303.10 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 77.00 288.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 288.10 Td (W) Tj ET Q q 0 0 0 rg BT 103.64 288.10 Td (e entered into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.56 288.10 Td ($24.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.45 288.10 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 95.00 276.10 Td (Residences and paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.14 276.10 Td ($0.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.03 276.10 Td ( to purchase an interest rate cap to ef) Tj ET Q q 0 0 0 rg BT 374.45 276.10 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 95.00 264.10 Td (with a notional amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.82 264.10 Td (17.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.71 264.10 Td ( \(approximately $18.3 million assuming a rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.72 264.10 Td ($1.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.22 264.10 Td ( per EUR as of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 252.10 Td (date of the agreement\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 237.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 237.10 Td (W) Tj ET Q q 0 0 0 rg BT 103.64 237.10 Td (e made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.39 237.10 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.28 237.10 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 95.00 225.10 Td (Student Residences.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 210.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 210.10 Td (W) Tj ET Q q 0 0 0 rg BT 103.64 210.10 Td (e borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.40 210.10 Td ($7.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.29 210.10 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 421.90 210.10 Td ($63.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.79 210.10 Td ( on this facility) Tj ET Q q 0 0 0 rg BT 535.41 210.10 Td (. ) Tj ET Q q 0 0 0 rg BT 542.73 210.10 Td (W) Tj ET Q q 0 0 0 rg BT 551.37 210.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 198.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.94 198.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.94 198.10 Td ( outstanding balance under this facility as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.33 198.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.60 198.10 Td (. See Subsequent Events for additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 186.10 Td (information regarding our Hines Credit Facility) Tj ET Q q 0 0 0 rg BT 284.58 186.10 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 68 157.76699218750002 m 226.8623046875 157.76699218750002 l s q 0 0 0 rg BT 68.00 159.10 Td (Nine months ended September 30, 2016) Tj ET Q BT /F3 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 141.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 141.10 Td (W) Tj ET Q q 0 0 0 rg BT 103.64 141.10 Td (e entered into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.56 141.10 Td ($141.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.45 141.10 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 95.00 129.10 Td (Apartments, Cottonwood Corporate Center and Goodyear Crossing II andmade payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.08 129.10 Td ($0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.97 129.10 Td ( for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 117.10 Td (financing costs related to these loans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 102.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 102.10 Td (W) Tj ET Q q 0 0 0 rg BT 103.64 102.10 Td (e borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.40 102.10 Td ($25.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.29 102.10 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 426.90 102.10 Td ($25.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.79 102.10 Td ( on this facility) Tj ET Q q 0 0 0 rg BT 540.41 102.10 Td (. No ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 90.10 Td (amounts were outstanding under this facility as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.18 90.10 Td (September30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.44 90.10 Td (.) Tj ET Q endstream endobj 65 0 obj <> endobj 66 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Results of Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 718.25 Td (e owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.74 718.25 Td (seven) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.50 718.25 Td ( properties that were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.91 718.25 Td (97%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.24 718.25 Td ( leased as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.89 718.25 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 718.25 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.86 718.25 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.40 718.25 Td ( properties that were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.81 718.25 Td (97%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.14 718.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (leased as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.15 706.25 Td (September30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.41 706.25 Td (. ) Tj ET Q q 0 0 0 rg BT 186.36 706.25 Td (As we are currently in the acquisition phase of our life cycle, changes in our results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (operations related to our properties are primarily due to the acquisition of properties. ) Tj ET Q q 0 0 0 rg BT 392.95 694.25 Td (Amounts recorded in our condensed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (consolidated statements of operations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.62 682.25 Td (three and nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.26 682.25 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.08 682.25 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.35 682.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.78 682.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.78 682.25 Td ( are due to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 646.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 646.25 Td (T) Tj ET Q q 0 0 0 rg BT 82.41 646.25 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 77.00 634.25 Td (amortization, and interest expense relate to the operation of our properties and have generally increased due to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 622.25 Td (acquisition of additional properties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 598.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 598.25 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 77.00 586.25 Td (properties which we may acquire in future periods. ) Tj ET Q q 0 0 0 rg BT 285.64 586.25 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 77.00 574.25 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 59.00 550.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 550.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 550.25 Td (e expect to pay monthly asset management fees to our ) Tj ET Q q 0 0 0 rg BT 303.90 550.25 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 77.00 538.25 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 518.34 538.25 Td ( most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 526.25 Td (recent determination of an NA) Tj ET Q q 0 0 0 rg BT 197.88 526.25 Td (V) Tj ET Q q 0 0 0 rg BT 204.92 526.25 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 77.00 514.25 Td (applicable waivers by our ) Tj ET Q q 0 0 0 rg BT 181.97 514.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 213.79 514.25 Td (, as described previously) Tj ET Q q 0 0 0 rg BT 312.00 514.25 Td (. ) Tj ET Q q 0 0 0 rg BT 319.32 514.25 Td (These fees generally increase as we acquire additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 502.25 Td (properties before deductions for applicable waivers, if any) Tj ET Q q 0 0 0 rg BT 309.59 502.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 478.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 478.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 478.25 Td (e pay our ) Tj ET Q q 0 0 0 rg BT 124.79 478.25 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 497.83 478.25 Td (W) Tj ET Q q 0 0 0 rg BT 506.47 478.25 Td (e acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 466.25 Td (two properties for an aggregate purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.80 466.25 Td ($234.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.69 466.25 Td ( during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.52 466.25 Td (nine months ended September 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.82 466.25 Td (, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 454.25 Td (compared to three properties for an aggregate purchase price of $253.5 million during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.70 454.25 Td (nine months ended September ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 442.25 Td (30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 442.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 418.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 418.25 Td (General and administrative expenses for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.27 418.25 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.81 418.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.31 418.25 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.57 418.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.01 418.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.01 418.25 Td ( primarily consist of legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 406.25 Td (and accounting fees, costs and expenses associated with our board of directors, transfer agent and other shareholder) Tj ET Q q 0 0 0 rg BT 538.86 406.25 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 394.25 Td (related costs and insurance costs. Certain of these costs are variable and will increase in the future as we continue to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 382.25 Td (raise capital and make additional real estate investments.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 358.25 Td (Funds from Operations and Modified Funds from Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 334.25 Td (Funds from Operations \(FFO\) is a non-GAAP) Tj ET Q q 0 0 0 rg BT 260.94 334.25 Td ( financial performance measure defined by the National ) Tj ET Q q 0 0 0 rg BT 485.85 334.25 Td (Association of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (Real Estate Investment ) Tj ET Q q 0 0 0 rg BT 144.51 322.25 Td (T) Tj ET Q q 0 0 0 rg BT 150.27 322.25 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 50.00 310.25 Td (performance of a real estate company) Tj ET Q q 0 0 0 rg BT 199.55 310.25 Td (. FFO excludes items such as real estate depreciation and amortization. Depreciation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (amortization, as applied in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 252.44 298.25 Td (, implicitly assumes that the value of real estate assets diminishes predictably ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (over time and also assumes that such assets are adequately maintained and renovated as required in order to maintain their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (value. Since real estate values have historically risen or fallen with market conditions such as occupancy rates, rental rates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (inflation, interest rates, the business cycle, unemployment and consumer spending, it is management) Tj ET Q q 0 0 0 rg BT 454.90 262.25 Td (s view) Tj ET Q q 0 0 0 rg BT 480.08 262.25 Td (, and we believe the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (view of many industry investors and analysts, that the presentation of operating results for real estate companies using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (historical cost accounting alone is insuf) Tj ET Q q 0 0 0 rg BT 207.84 238.25 Td (ficient. In addition, FFO excludes gains and losses from the sale of real estate and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (impairment char) Tj ET Q q 0 0 0 rg BT 115.63 226.25 Td (ges related to depreciable real estate assets and in-substance real estate equity investments, which we believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (provides management and investors with a helpful additional measure of the historical performance of our real estate portfolio, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (as it allows for comparisons, year to year) Tj ET Q q 0 0 0 rg BT 213.99 202.25 Td (, that reflect the impact on operations from trends in items such as occupancy rates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (rental rates, operating costs, general and administrative expenses and interest costs. ) Tj ET Q q 0 0 0 rg BT 387.39 190.25 Td (A) Tj ET Q q 0 0 0 rg BT 394.06 190.25 Td ( property will be evaluated for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (impairment if events or circumstances indicate that the carrying amount may not be recoverable \(i.e. the carrying amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (exceeds the total estimated undiscounted future cash flows from the property\). Undiscounted future cash flows are based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 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 50.00 142.25 Td (property) Tj ET Q q 0 0 0 rg BT 83.23 142.25 Td (, and certain other ancillary cash flows. ) Tj ET Q q 0 0 0 rg BT 245.21 142.25 Td (While impairment char) Tj ET Q q 0 0 0 rg BT 337.76 142.25 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 50.00 130.25 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 468.86 130.25 Td (ficult to recover any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (impairment char) Tj ET Q q 0 0 0 rg BT 115.63 118.25 Td (ges.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 94.25 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 94.25 Td (Association, \(the IP) Tj ET Q q 0 0 0 rg BT 489.80 94.25 Td (A\), as a non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 76.86 82.25 Td ( supplemental financial performance measure to evaluate our operating performance. ) Tj ET Q q 0 0 0 rg BT 421.52 82.25 Td (The IP) Tj ET Q q 0 0 0 rg BT 447.54 82.25 Td (A) Tj ET Q q 0 0 0 rg BT 454.21 82.25 Td ( has recommended the use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (of MFFO as a supplemental measure for publicly registered, non-listed REIT) Tj ET Q q 0 0 0 rg BT 357.84 70.25 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 58.25 Td (performance of a non-listed REIT) Tj ET Q q 0 0 0 rg BT 184.76 58.25 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 58.25 Td (. MFFO may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (not be useful as a measure of the long-term operating performance of our investments and our calculation of MFFO may not be ) 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 50.00 742.10 Td (comparable to those of other publicly registered, non-listed REIT) Tj ET Q q 0 0 0 rg BT 310.62 742.10 Td (s that operate with a limited life and tar) Tj ET Q q 0 0 0 rg BT 467.60 742.10 Td (geted exit strategy) Tj ET Q q 0 0 0 rg BT 540.26 742.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (MFFO includes funds generated by the operations of our real estate investments and funds used in our corporate-level ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (operations. MFFO is based on FFO, but includes certain additional adjustments which we believe are appropriate. Such items ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (include reversing the ef) Tj ET Q q 0 0 0 rg BT 143.95 706.10 Td (fects of straight-line rent revenue recognition, fair value adjustments to derivative instruments that do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (not qualify for hedge accounting treatment and certain other items as described below) Tj ET Q q 0 0 0 rg BT 392.56 694.10 Td (. Some of these adjustments are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (necessary to address changes in the accounting and reporting rules under GAAP) Tj ET Q q 0 0 0 rg BT 370.37 682.10 Td ( such as the accounting for acquisition-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (expenses from a capitalization/depreciation model to an expensed-as-incurred model that were put into ef) Tj ET Q q 0 0 0 rg BT 471.60 670.10 Td (fect in 2009 and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (changes to GAAP) Tj ET Q q 0 0 0 rg BT 121.84 658.10 Td ( rules for real estate subsequent to the establishment of NAREIT) Tj ET Q q 0 0 0 rg BT 382.88 658.10 Td (s definition of FFO. ) Tj ET Q q 0 0 0 rg BT 467.15 658.10 Td (These changes in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (accounting and reporting rules under GAAP) Tj ET Q q 0 0 0 rg BT 226.53 646.10 Td ( af) Tj ET Q q 0 0 0 rg BT 236.62 646.10 Td (fected all industries, and as a result of these changes, acquisition fees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (expenses are typically accounted for as operating expenses under GAAP) Tj ET Q q 0 0 0 rg BT 339.07 634.10 Td (. Management believes these fees and expenses do not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 622.10 Td (fect our overall long-term operating performance. ) Tj ET Q q 0 0 0 rg BT 261.21 622.10 Td (These changes also have prompted a significant increase in the magnitude ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (of non-cash and non-operating items included in FFO, as defined. Such items include amortization of out-of-market lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (intangible assets and liabilities and certain tenant incentives.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 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 our public of) Tj ET Q q 0 0 0 rg BT 499.94 466.10 Td (ferings have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (been invested, there will not be any of) Tj ET Q q 0 0 0 rg BT 202.55 454.10 Td (fering proceeds to pay the corresponding acquisition-related costs. ) Tj ET Q q 0 0 0 rg BT 472.47 454.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 521.80 454.10 Td (, unless ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.28 442.10 Td (Advisor determines to waive the payment of any then-outstanding acquisition-related costs otherwise payable to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 81.82 430.10 Td (, such costs will be paid from additional debt, operational earnings or cash flow) Tj ET Q q 0 0 0 rg BT 399.15 430.10 Td (, net proceeds from the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (properties, or ancillary cash flows. ) Tj ET Q q 0 0 0 rg BT 193.11 418.10 Td (Therefore, MFFO may not be an accurate indicator of our operating performance, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (especially during periods in which properties are being acquired. Since MFFO excludes acquisition fees and expenses, MFFO ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (would only be comparable to the operations of non-listed REIT) Tj ET Q q 0 0 0 rg BT 302.85 394.10 Td (s that have completed their acquisition activity and have other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (similar operating 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. MFFO is useful in assisting management and investors in assessing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (sustainability \(that is, the capacity to continue to be maintained\) of operating performance in future operating periods, and in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (particular) Tj ET Q q 0 0 0 rg BT 87.91 262.10 Td (, after the of) Tj ET Q q 0 0 0 rg BT 136.59 262.10 Td (fering and acquisition stages are complete.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 238.10 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 451.98 238.10 Td ( methodology in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 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 50.00 214.10 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 50.00 202.10 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 454.50 202.10 Td (, but rather should be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (reviewed in conjunction with these and other GAAP) Tj ET Q q 0 0 0 rg BT 259.30 190.10 Td ( measurements. Further) Tj ET Q q 0 0 0 rg BT 355.54 190.10 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 50.00 178.10 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 50.00 166.10 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 59.00 142.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 142.10 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 77.00 130.10 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 59.00 106.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 106.10 Td (MFFO excludes acquisition fees payable to our ) Tj ET Q q 0 0 0 rg BT 268.35 106.10 Td (Advisor and acquisition expenses. ) Tj ET Q q 0 0 0 rg BT 409.44 106.10 Td (Although these amounts reduce net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 94.10 Td (income, we generally fund such costs with proceeds from our public of) Tj ET Q q 0 0 0 rg BT 361.18 94.10 Td (ferings and/or acquisition-related indebtedness ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 82.10 Td (and do not consider these fees and expenses in the evaluation of our operating performance and determining MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 58.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 58.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 58.10 Td (e use interest rate caps as economic hedges against the variability of interest rates on our variable interest rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 46.10 Td (borrowings. ) Tj ET Q q 0 0 0 rg BT 129.50 46.10 Td (Although we generally expect to hold these instruments to maturity) Tj ET Q q 0 0 0 rg BT 398.51 46.10 Td (, if we were to settle these instruments ) 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 77.00 742.10 Td (currently) Tj ET Q q 0 0 0 rg BT 112.44 742.10 Td (, it would have an impact on our operating performance. ) Tj ET Q q 0 0 0 rg BT 342.09 742.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 392.00 742.10 Td (, these derivative instruments are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 730.10 Td (measured at fair value on a quarterly basis in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 352.73 730.10 Td (. MFFO excludes gains \(losses\) related to changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 718.10 Td (in the estimated values of our derivative instruments because such adjustments may not be reflective of ongoing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 706.10 Td (operations and may reflect unrealized impacts on our operating performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 682.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 682.10 Td (e utilize the definition of FFO as set forth by NAREIT) Tj ET Q q 0 0 0 rg BT 303.20 682.10 Td ( and the definition of MFFO as set forth by the IP) Tj ET Q q 0 0 0 rg BT 500.87 682.10 Td (A. Our FFO ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 670.10 Td (and MFFO as presented may not be comparable to amounts calculated by other REIT) Tj ET Q q 0 0 0 rg BT 418.15 670.10 Td (s, if they use dif) Tj ET Q q 0 0 0 rg BT 482.13 670.10 Td (ferent approaches.) 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 (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 77.00 634.10 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 497.75 634.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 547.09 634.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 622.10 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 68.00 598.10 Td (Neither the SEC, NAREIT) Tj ET Q q 0 0 0 rg BT 175.02 598.10 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 50.00 586.10 Td (use to calculate FFO or MFFO. In the future, the SEC, NAREIT) Tj ET Q q 0 0 0 rg BT 309.51 586.10 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 50.00 574.10 Td (adjustments across the non-listed REIT) Tj ET Q q 0 0 0 rg BT 207.01 574.10 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 50.00 562.10 Td (MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 538.10 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 50.00 526.10 Td (additional information related to our operations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.04 526.10 Td (three and nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.69 526.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.51 526.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.77 526.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.21 526.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.21 526.10 Td ( and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (period from inception through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.31 514.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.57 514.10 Td ( \(in thousands, except per share amounts\). ) Tj ET Q q 0 0 0 rg BT 426.30 514.10 Td (As we are in the capital raising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (and acquisition phase of our operations, FFO and MFFO are not useful in comparing operations for the periods presented ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (below) Tj ET Q q 0 0 0 rg BT 73.79 490.10 Td (. ) Tj ET Q q 0 0 0 rg BT 81.11 490.10 Td (W) Tj ET Q q 0 0 0 rg BT 89.75 490.10 Td (e expect revenues and expenses to increase in future periods as we raise additional of) Tj ET Q q 0 0 0 rg BT 429.99 490.10 Td (fering proceeds and use them to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (make additional real estate investments.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 430.60 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 430.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 430.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 430.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 430.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 430.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 430.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 430.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 430.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 430.60 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 402.60 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 402.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 402.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 402.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 402.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 402.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 402.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 402.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 402.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 402.60 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 365.60 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 365.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 365.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 365.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 365.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 365.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 365.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 365.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 365.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 365.60 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 337.60 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 337.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 337.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 337.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 337.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 337.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 337.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 337.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 337.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 337.60 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 309.60 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 309.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 309.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 309.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 309.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 309.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 309.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 309.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 309.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 309.60 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 272.60 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 272.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 272.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 272.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 272.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 272.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 272.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 272.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 272.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 272.60 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 235.60 225.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 235.60 45.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 235.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 235.60 45.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 235.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 235.60 45.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 235.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 235.60 45.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 235.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 235.60 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 274.5 444.6 m 319.5 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 444.6 m 323.5 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 444.6 m 368.5 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 444.6 m 417.5 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 444.6 m 421.5 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 444.6 m 466.5 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 430.6 m 319.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 430.6 m 368.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 430.6 m 417.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 430.6 m 466.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 430.6 m 561.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 430.6 m 368.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 388.6 m 319.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 388.6 m 368.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 388.6 m 417.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 388.6 m 466.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 388.6 m 561.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 295.6 m 319.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 295.6 m 368.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 295.6 m 417.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 295.6 m 466.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 295.6 m 561.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 273.6 m 319.5 273.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 271.6 m 319.5 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 273.6 m 368.5 273.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 271.6 m 368.5 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 273.6 m 417.5 273.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 271.6 m 417.5 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 273.6 m 466.5 273.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 271.6 m 466.5 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 273.6 m 561.5 273.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 271.6 m 561.5 271.6 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 449.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 280.05 458.05 Td (Three Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 293.55 449.05 Td (September 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.45 458.05 Td (Nine Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.55 449.05 Td (September 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.05 459.00 Td (Period from July 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.75 450.00 Td (2013 \(date of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 479.70 441.00 Td (inception\) through) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.95 432.05 Td (September 30, 2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.50 435.05 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.50 435.05 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.50 435.05 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.50 435.05 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 421.06 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 421.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 292.75 421.06 Td (\(1,543) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 421.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 421.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.75 421.06 Td (\(7,164) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.00 421.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.00 421.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.25 421.06 Td (\(12,899) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 421.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 421.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 439.75 421.06 Td (\(9,357) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.00 421.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.00 421.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 421.06 Td (\(31,204) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 421.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 407.06 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 183.95 411.14 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 295.75 407.06 Td (7,203) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.75 407.06 Td (5,562) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.25 407.06 Td (22,108) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.75 407.06 Td (9,873) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 407.06 Td (41,736) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 393.06 Td () Tj ET Q q 0 0 0 rg BT 71.75 393.06 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 217.48 397.14 Td ( \(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.50 393.06 Td (\(7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 393.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.50 393.06 Td (\(8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.00 393.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.00 393.06 Td (\(22) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 393.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 393.06 Td (\(15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.00 393.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 393.06 Td (175) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 379.06 Td (Funds From Operations attributable to common) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 370.06 Td (stockholders) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 295.75 370.06 Td (5,653) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.75 370.06 Td (\(1,610) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.00 370.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.75 370.06 Td (9,187) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.50 370.06 Td (501) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 370.06 Td (10,707) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 356.06 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 204.47 360.14 Td ( \(3\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.00 356.06 Td (26) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 356.06 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.50 356.06 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.50 356.06 Td (6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 356.06 Td (147) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 342.06 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 183.96 346.14 Td ( \(4\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 299.50 342.06 Td (\(111) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 342.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.00 342.06 Td (44) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.50 342.06 Td (\(344) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 342.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.50 342.06 Td (\(1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.00 342.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.50 342.06 Td (\(344) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 342.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 328.06 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 230.20 332.14 Td ( \(5\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 299.50 328.06 Td (\(500) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 328.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.50 328.06 Td (\(904) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.00 328.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.75 328.06 Td (\(1,694) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 328.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 439.75 328.06 Td (\(1,420) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.00 328.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 328.06 Td (\(4,668) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 328.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 314.06 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 180.97 318.14 Td (\(6\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.50 314.06 Td (550) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.75 314.06 Td (5,241) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.75 314.06 Td (7,914) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.75 314.06 Td (6,988) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 314.06 Td (21,310) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 300.06 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 217.98 304.14 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.00 300.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.50 300.06 Td (\(4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.00 300.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.50 300.06 Td (\(4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 300.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.50 300.06 Td (\(6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.00 300.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 300.06 Td (\(83) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 300.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 286.06 Td (Modified Funds From Operations attributable to common) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 277.06 Td (stockholders) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 277.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 295.75 277.06 Td (5,618) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 277.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.75 277.06 Td (2,768) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.00 277.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.25 277.06 Td (15,159) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 277.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.75 277.06 Td (6,068) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.00 277.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 277.06 Td (27,069) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 263.06 Td (Basic and diluted income \(loss\) per common share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 263.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 297.25 263.06 Td (\(0.04) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 263.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 263.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 346.25 263.06 Td (\(0.36) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.00 263.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.00 263.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.25 263.06 Td (\(0.38) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 263.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 263.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.25 263.06 Td (\(0.58) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.00 263.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.00 263.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 263.06 Td (\(2.57) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 263.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 249.06 Td (Funds From Operations attributable to common) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 240.06 Td (stockholders per common share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 240.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 300.25 240.06 Td (0.15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 240.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 346.25 240.06 Td (\(0.08) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.00 240.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.00 240.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 398.25 240.06 Td (0.27) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 240.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.25 240.06 Td (0.03) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.00 240.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.25 240.06 Td (0.89) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 226.06 Td (Modified Funds From Operations attributable to common) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 217.06 Td (stockholders per common share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 217.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 300.25 217.06 Td (0.14) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 217.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 349.25 217.06 Td (0.14) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.00 217.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 398.25 217.06 Td (0.44) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 217.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.25 217.06 Td (0.38) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.00 217.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.25 217.06 Td (2.24) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 203.06 Td (Weighted average shares outstanding) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 291.25 203.06 Td (38,932) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 340.25 203.06 Td (19,808) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.25 203.06 Td (34,326) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.25 203.06 Td (16,134) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 203.06 Td (12,075) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.10 Td (Notes to the table:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 151.10 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 68.00 139.10 Td (accordance with GAAP) Tj ET Q q 0 0 0 rg BT 162.59 139.10 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 68.00 127.10 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 68.00 115.10 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 68.00 103.10 Td (determination of FFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 79.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 79.10 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 79.10 Td ( share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 67.10 Td (of the adjustments to convert our net loss to FFO and MFFO.) Tj ET Q endstream endobj 71 0 obj <> endobj 72 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (Represents components of net income \(loss\) related to the estimated changes in the values of our interest rate caps. ) Tj ET Q q 0 0 0 rg BT 531.84 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 540.48 742.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (have excluded this change in value from our evaluation of our operating performance and MFFO because such adjustments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (may not be reflective of our ongoing performance and may reflect unrealized impacts on our operating performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 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 68.00 682.10 Td (than our functional currencies. ) Tj ET Q q 0 0 0 rg BT 194.99 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 203.63 682.10 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 68.00 670.10 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 68.00 658.10 Td (unrealized impacts on our operating performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 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 68.00 622.10 Td (performance and determining MFFO for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.39 622.10 Td (three and nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.04 622.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.86 622.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.12 622.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.56 622.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.56 622.10 Td ( and the period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (from inception through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.26 610.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.52 610.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 558.60 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 558.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 558.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 558.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 558.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 558.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 558.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 558.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 558.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 558.60 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 530.60 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 530.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 530.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 530.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 530.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 530.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 530.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 530.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 530.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 530.60 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 502.60 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 502.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 502.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 502.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 502.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 502.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 502.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 502.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 502.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 502.60 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 274.5 576.6 m 319.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 576.6 m 323.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 576.6 m 368.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 576.6 m 417.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 576.6 m 421.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 576.6 m 466.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 558.6 m 319.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 558.6 m 368.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 558.6 m 417.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 558.6 m 466.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 558.6 m 561.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 502.6 m 319.5 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 502.6 m 368.5 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 502.6 m 417.5 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 502.6 m 466.5 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 502.6 m 561.5 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 489.6 m 319.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 487.6 m 319.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 489.6 m 368.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 487.6 m 368.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 489.6 m 417.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 487.6 m 417.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 489.6 m 466.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 487.6 m 466.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 489.6 m 561.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 487.6 m 561.5 487.6 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 581.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 280.05 590.05 Td (Three Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 293.55 581.05 Td (September 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.45 590.05 Td (Nine Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.55 581.05 Td (September 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.05 590.05 Td (Period fr) Tj ET Q q 0 0 0 rg BT 510.62 590.05 Td (om July 31, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.75 581.05 Td (2013 \(date of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 479.70 572.05 Td (inception\) thr) Tj ET Q q 0 0 0 rg BT 532.28 572.05 Td (ough ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.95 563.05 Td (September) Tj ET Q q 0 0 0 rg BT 519.28 563.05 Td ( 30, 2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.50 563.05 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.50 563.05 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.50 563.05 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.50 563.05 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 549.86 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 157.23 553.94 Td (\(a\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 549.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 299.50 549.06 Td (\(316) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 549.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 549.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.50 549.06 Td (\(888) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.00 549.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.00 549.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.75 549.06 Td (\(1,076) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 549.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 549.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 439.75 549.06 Td (\(1,222) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.00 549.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.00 549.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 549.06 Td (\(3,605) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 549.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 535.86 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 170.96 539.94 Td (\(b\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.00 535.06 Td (29) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 535.06 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.00 535.06 Td (58) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.50 535.06 Td (4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 535.06 Td (65) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 521.86 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 185.70 525.94 Td ( \(b\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 299.50 521.06 Td (\(266) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 521.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 353.00 521.06 Td (\(17) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.00 521.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.50 521.06 Td (\(835) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 521.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 521.06 Td (\(202) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.00 521.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 521.06 Td (\(1,287) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 521.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 507.86 Td (Other) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.00 507.06 Td (53) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.00 507.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.50 507.06 Td (159) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 507.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 507.06 Td (159) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 493.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 493.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 299.50 493.06 Td (\(500) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 493.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 493.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.50 493.06 Td (\(904) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.00 493.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.00 493.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.75 493.06 Td (\(1,694) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 493.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 493.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 439.75 493.06 Td (\(1,420) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.00 493.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.00 493.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 493.06 Td (\(4,668) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 493.06 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 469.90 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 469.90 Td (Represents the adjustments to rental revenue as required by GAAP) Tj ET Q q 0 0 0 rg BT 344.06 469.90 Td ( to recognize minimum lease payments on a straight-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 457.90 Td (line basis over the respective lease terms. ) Tj ET Q q 0 0 0 rg BT 247.03 457.90 Td (W) Tj ET Q q 0 0 0 rg BT 255.67 457.90 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 77.00 445.90 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 77.00 433.90 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 59.00 409.90 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 409.90 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 50.00 385.90 Td (\(6\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 385.90 Td (Represents acquisition-related expenses and acquisition fees paid to our ) Tj ET Q q 0 0 0 rg BT 357.08 385.90 Td (Advisor which are expensed in our condensed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 373.90 Td (consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 225.56 373.90 Td (W) Tj ET Q q 0 0 0 rg BT 234.20 373.90 Td (e fund such costs with proceeds from our public of) Tj ET Q q 0 0 0 rg BT 437.02 373.90 Td (ferings and/or acquisition-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 361.90 Td (related indebtedness, and therefore do not consider these expenses in evaluating our operating performance and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 349.90 Td (determining MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 325.90 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 50.00 313.90 Td (in assessing our operating results:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 289.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 289.90 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.61 289.90 Td (three and nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.25 289.90 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.07 289.90 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.34 289.90 Td (, we incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.31 289.90 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.21 289.90 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.64 289.90 Td ($1.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.54 289.90 Td ( in distribution and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 277.90 Td (stockholder servicing fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 253.90 Td (In addition, commencing with the quarter ended December 31, 2014, our ) Tj ET Q q 0 0 0 rg BT 361.80 253.90 Td (Advisor agreed to waive the asset management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.90 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 458.90 241.90 Td (, as disclosed in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.90 Td (Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as applicable, amounted to less than 100% of the aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.90 Td (distributions declared to our stockholders for such quarter) Tj ET Q q 0 0 0 rg BT 280.78 217.90 Td (. Our ) Tj ET Q q 0 0 0 rg BT 305.78 217.90 Td (Advisor also agreed to waive the asset management fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.90 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 473.37 205.90 Td (, as reduced to reflect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.90 Td (the distribution and stockholder servicing fees payable for such quarter) Tj ET Q q 0 0 0 rg BT 333.68 193.90 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 50.00 181.90 Td (amounted to less than 100% of the aggregate distributions declared to our stockholders for that quarter) Tj ET Q q 0 0 0 rg BT 459.61 181.90 Td (.) Tj ET Q endstream endobj 73 0 obj <> endobj 74 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 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 nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.31 718.10 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 (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.59 706.10 Td (. ) Tj ET Q q 0 0 0 rg BT 195.54 706.10 Td (As a result of the fee waivers described above, cash flows from operations that would have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (been paid to our ) Tj ET Q q 0 0 0 rg BT 116.65 694.10 Td (Advisor for asset management feesmay be available to pay distributions to stockholders. ) Tj ET Q q 0 0 0 rg BT 477.77 694.10 Td (These fee waivers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (are not deferrals and accordingly) Tj ET Q q 0 0 0 rg BT 180.95 682.10 Td (, any fees that are waived will not be paid to our ) Tj ET Q q 0 0 0 rg BT 375.62 682.10 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 September 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 538.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.15 538.27 Td (6,721) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 538.27 Td ($) 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 (4,870) 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 our public of) Tj ET Q q 0 0 0 rg BT 500.38 498.10 Td (ferings, cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 486.10 Td (advances from our ) Tj ET Q q 0 0 0 rg BT 126.36 486.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 158.18 486.10 Td (, cash resulting from a waiver or deferral of fees and/or proceeds from the sale of assets to fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (distributions to our stockholders. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.77 474.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.31 474.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.81 474.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.07 474.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.51 474.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.51 474.10 Td (, we funded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.94 474.10 Td (39%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.27 474.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.71 474.10 Td (46%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.04 474.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 462.10 Td (, of total distributions with cash flows from financing activities, which includes of) Tj ET Q q 0 0 0 rg BT 425.75 462.10 Td (fering proceeds. Our ) Tj ET Q q 0 0 0 rg BT 510.17 462.10 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 450.10 Td (waived $1.0 million in asset management fees payable to it for the nine months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.02 450.10 Td (September30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.28 450.10 Td (. ) Tj ET Q q 0 0 0 rg BT 481.10 450.10 Td (W) Tj ET Q q 0 0 0 rg BT 489.74 450.10 Td (e have not placed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 438.10 Td (a cap on the amount of our distributions that may be paid from sources other than cash flows from operations, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td (proceeds from our debt financings, proceeds from our public of) Tj ET Q q 0 0 0 rg BT 303.63 426.10 Td (ferings, cash advances by our ) Tj ET Q q 0 0 0 rg BT 423.59 426.10 Td (Advisor and cash resulting from a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 414.10 Td (waiver or deferral of fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 390.10 Td (From inception through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.49 390.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.75 390.10 Td (, we declared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.28 390.10 Td ($27.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.17 390.10 Td ( of distributions to our stockholders, compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.10 Td (our total aggregate FFO of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.14 378.10 Td ($10.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.03 378.10 Td ( and our total aggregate net loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.54 378.10 Td ($31.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.44 378.10 Td ( for that period. During our of) Tj ET Q q 0 0 0 rg BT 529.45 378.10 Td (fering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.10 Td (and investment stages, we incur acquisition fees and expenses in connection with our real estate investments, which are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.10 Td (recorded 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 353.55 354.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.82 354.10 Td (, we incurred acquisition fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.10 Td (and expenses totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.59 342.10 Td ($21.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.48 342.10 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.09 342.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.63 342.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.13 342.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.39 342.10 Td (, we declared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.92 342.10 Td ($14.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.81 342.10 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 ($9.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.89 330.10 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.50 330.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.04 330.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.10 Td (September30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.26 318.10 Td (, we declared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.79 318.10 Td ($6.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.68 318.10 Td ( of 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 541.01 318.10 Td ($0.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 306.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 282.10 Td (Related Party ) Tj ET Q q 0 0 0 rg BT 111.46 282.10 Td (T) Tj ET Q q 0 0 0 rg BT 117.39 282.10 Td (ransactions and ) Tj ET Q q 0 0 0 rg BT 186.86 282.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 203.33 282.10 Td (eements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 258.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 258.10 Td (e have entered into agreements with our ) Tj ET Q q 0 0 0 rg BT 238.52 258.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 270.34 258.10 Td (, Dealer Manager and Hines and its af) Tj ET Q q 0 0 0 rg BT 421.77 258.10 Td (filiates, whereby we pay certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 246.10 Td (fees and reimbursements to these entities during the various phases of our or) Tj ET Q q 0 0 0 rg BT 355.85 246.10 Td (ganization and operation. During the or) Tj ET Q q 0 0 0 rg BT 515.90 246.10 Td (ganization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 234.10 Td (and of) Tj ET Q q 0 0 0 rg BT 75.09 234.10 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 50.00 222.10 Td (and stockholder servicing fees, and payments to our ) Tj ET Q q 0 0 0 rg BT 259.67 222.10 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 50.00 210.10 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 50.00 198.10 Td (investments and operations provided to us by our ) Tj ET Q q 0 0 0 rg BT 248.86 198.10 Td (Advisor and Hines and its af) Tj ET Q q 0 0 0 rg BT 362.83 198.10 Td (filiates pursuant to various agreements we have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 186.10 Td (entered into with these entities. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.63 186.10 Td (Note 8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.56 186.10 Td ( Related Party ) Tj ET Q q 0 0 0 rg BT 295.03 186.10 Td (T) Tj ET Q q 0 0 0 rg BT 300.79 186.10 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 50.00 174.10 Td (well as Note 8 Related Party ) Tj ET Q q 0 0 0 rg BT 178.96 174.10 Td (T) Tj ET Q q 0 0 0 rg BT 184.71 174.10 Td (ransactions in our ) Tj ET Q q 0 0 0 rg BT 257.75 174.10 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 50.00 162.10 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 50.00 138.10 Td (Off-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 129.43 138.10 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 114.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 114.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.71 114.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.15 114.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.73 114.10 Td (, we had no of) Tj ET Q q 0 0 0 rg BT 327.48 114.10 Td (f-balance sheet arrangements that have or are reasonably ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 102.10 Td (likely to have a current or future ef) Tj ET Q q 0 0 0 rg BT 189.48 102.10 Td (fect on our financial condition, changes in financial condition, revenues or expenses, results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 90.10 Td (of operations, liquidity) Tj ET Q q 0 0 0 rg BT 140.73 90.10 Td (, capital expenditures or capital resources.) 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 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 (T) Tj ET Q q 0 0 0 rg BT 54.14 718.25 Td (ender Offer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 694.25 Td (On October 3, 2017, we filed a tender of) Tj ET Q q 0 0 0 rg BT 229.49 694.25 Td (fer statement on Schedule ) Tj ET Q q 0 0 0 rg BT 335.38 694.25 Td (T) Tj ET Q q 0 0 0 rg BT 341.31 694.25 Td (O with the SEC and commenced a self-tender of) Tj ET Q q 0 0 0 rg BT 534.96 694.25 Td (fer to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (purchase for cash up to$200 million of our outstanding common stock in any combination of class) Tj ET Q q 0 0 0 rg BT 447.49 682.25 Td (A) Tj ET Q q 0 0 0 rg BT 454.16 682.25 Td ( shares, class ) Tj ET Q q 0 0 0 rg BT 508.41 682.25 Td (T) Tj ET Q q 0 0 0 rg BT 514.33 682.25 Td ( shares and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (class I shares. ) Tj ET Q q 0 0 0 rg BT 109.58 670.25 Td (W) Tj ET Q q 0 0 0 rg BT 118.22 670.25 Td (e are of) Tj ET Q q 0 0 0 rg BT 148.01 670.25 Td (fering to purchase the shares at a price of $9.69 per share, which is the NA) Tj ET Q q 0 0 0 rg BT 445.23 670.25 Td (V) Tj ET Q q 0 0 0 rg BT 452.27 670.25 Td ( per share of our common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td (stock determined as of ) Tj ET Q q 0 0 0 rg BT 141.70 658.25 Td (August 31, 2017, and the maximum number of shares that will be accepted for payment pursuant to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 646.25 Td (fer \(unless the amount of the of) Tj ET Q q 0 0 0 rg BT 182.99 646.25 Td (fer is increased in accordance with applicable law\) is 20,639,835 shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 622.25 Td (The ) Tj ET Q q 0 0 0 rg BT 85.37 622.25 Td (T) Tj ET Q q 0 0 0 rg BT 90.78 622.25 Td (ender Of) Tj ET Q q 0 0 0 rg BT 125.85 622.25 Td (fer will expire at 5:00 p.m., Central ) Tj ET Q q 0 0 0 rg BT 269.52 622.25 Td (T) Tj ET Q q 0 0 0 rg BT 275.28 622.25 Td (ime, on November 15, 2017, unless extended by us. ) Tj ET Q q 0 0 0 rg BT 487.29 622.25 Td (The ) Tj ET Q q 0 0 0 rg BT 505.15 622.25 Td (T) Tj ET Q q 0 0 0 rg BT 510.56 622.25 Td (ender Of) Tj ET Q q 0 0 0 rg BT 545.64 622.25 Td (fer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.25 Td (is being made upon the terms and subject to the conditions set forth in the Of) Tj ET Q q 0 0 0 rg BT 357.31 610.25 Td (fer to Purchase and the related Letter of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.26 598.25 Td (ransmittal, each of which was filed with the SEC on October 3, 2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 574.25 Td (Hines Cr) Tj ET Q q 0 0 0 rg BT 85.52 574.25 Td (edit Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 550.25 Td (On October 2, 2017, we terminated our Hines Credit Facility and subsequently) Tj ET Q q 0 0 0 rg BT 382.06 550.25 Td (, the Operating Partnership, entered into the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.25 Td (Restated Hines Credit Facility with Hines for a maximum principal amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.44 538.25 Td ($240.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.33 538.25 Td (. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.27 538.25 Td (Note 5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.21 538.25 Td ( Debt Financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (for additional information regarding the terms of the Restated Hines Credit Facility) Tj ET Q q 0 0 0 rg BT 381.82 526.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 Td (Queen) Tj ET Q q 0 0 0 rg BT 77.64 502.25 Td (s Court) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 478.25 Td (In October 2017, we, through a wholly-owned subsidiary of the Operating partnership, acquired from CP) Tj ET Q q 0 0 0 rg BT 487.31 478.25 Td (A) Tj ET Q q 0 0 0 rg BT 493.98 478.25 Td ( 18 Pan-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (European Holdings Cooperatif U.A. and Crown Students LLP) Tj ET Q q 0 0 0 rg BT 297.71 466.25 Td ( \(collectively) Tj ET Q q 0 0 0 rg BT 349.53 466.25 Td (, the Sellers\), all of the share capital of the entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.25 Td (that own Queen) Tj ET Q q 0 0 0 rg BT 115.59 454.25 Td (s Court, a student housing asset located in Reading, United Kingdom. ) Tj ET Q q 0 0 0 rg BT 396.49 454.25 Td (The contract purchase price for Queen) Tj ET Q q 0 0 0 rg BT 552.80 454.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.25 Td (Court was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.83 442.25 Td (49.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.72 442.25 Td ( \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.81 442.25 Td ($65.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.70 442.25 Td ( assuming a rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.73 442.25 Td ($1.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.23 442.25 Td ( per GBP) Tj ET Q q 0 0 0 rg BT 404.08 442.25 Td ( as of the acquisition date\), exclusive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.25 Td (of transaction costs and working capital reserves. Queen) Tj ET Q q 0 0 0 rg BT 277.76 430.25 Td (s Court consists of 395 beds and is 100% leased. ) Tj ET Q q 0 0 0 rg BT 474.50 430.25 Td (The Sellers are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.09 418.25 Td (filiated with us or our af) Tj ET Q q 0 0 0 rg BT 153.83 418.25 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 185.86 418.25 Td (W) Tj ET Q q 0 0 0 rg BT 194.50 418.25 Td (e have not concluded our accounting for this recent acquisition, but we expect that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.25 Td (purchase price will primarily be allocated to building, land and in-place lease assets. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (Item3.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 79.99 382.25 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 0 rg BT 254.63 382.25 Td (About Market Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 358.25 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 50.00 346.25 Td (equity prices and other market changes that af) Tj ET Q q 0 0 0 rg BT 233.91 346.25 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 50.00 334.25 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 512.33 334.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.26 322.25 Td (, we were exposed to the market risks listed below) Tj ET Q q 0 0 0 rg BT 331.23 322.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 298.25 Td (Inter) Tj ET Q q 0 0 0 rg BT 87.07 298.25 Td (est ) Tj ET Q q 0 0 0 rg BT 100.68 298.25 Td (Rate ) Tj ET Q q 0 0 0 rg BT 121.50 298.25 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 274.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 274.25 Td (e are exposed to the ef) Tj ET Q q 0 0 0 rg BT 166.13 274.25 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 50.00 262.25 Td (expansion of our real estate investment portfolio and operations. ) Tj ET Q q 0 0 0 rg BT 311.88 262.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.32 262.25 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.58 262.25 Td (, we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.68 262.25 Td ($155.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.57 262.25 Td ( of variable-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (rate 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 421.26 250.25 Td ($1.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.16 250.25 Td ( in interest expense. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 238.25 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 50.00 226.25 Td (secured by Bishop) Tj ET Q q 0 0 0 rg BT 126.66 226.25 Td (s Square and the Montrose Student Residences. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.28 226.25 Td (Note 5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.22 226.25 Td ( Debt Financing in the Notes to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 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 68.00 190.25 Td (For) Tj ET Q q 0 0 0 rg BT 82.63 190.25 Td (eign ) Tj ET Q q 0 0 0 rg BT 102.35 190.25 Td (Curr) Tj ET Q q 0 0 0 rg BT 121.43 190.25 Td (ency ) Tj ET Q q 0 0 0 rg BT 142.24 190.25 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 166.25 Td (Our investments in Bishop) Tj ET Q q 0 0 0 rg BT 177.72 166.25 Td (s Square and the Montrose Student Residences are subject to the ef) Tj ET Q q 0 0 0 rg BT 445.52 166.25 Td (fects of exchange rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (movements between the Euro and the U.S. dollar) Tj ET Q q 0 0 0 rg BT 245.94 154.25 Td (, which may af) Tj ET Q q 0 0 0 rg BT 305.18 154.25 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 50.00 142.25 Td (into U.S. dollars for inclusion in our condensed consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 382.25 142.25 Td (W) Tj ET Q q 0 0 0 rg BT 390.89 142.25 Td (e have entered into mortgage loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 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 50.00 118.25 Td (the Euro and U.S. dollar and reduces our exposure to exchange rate dif) Tj ET Q q 0 0 0 rg BT 333.05 118.25 Td (ferences. ) Tj ET Q q 0 0 0 rg BT 373.31 118.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 423.21 118.25 Td (, we are typically a net receiver of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 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 450.78 106.25 Td (fected by a stronger U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (dollar) Tj ET Q q 0 0 0 rg BT 72.77 94.25 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 82.25 Td (would have decreased the net book value of our investment in Bishop) Tj ET Q q 0 0 0 rg BT 331.32 82.25 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 70.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 70.25 Td ($4.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.15 70.25 Td ( and would have reduced the net income \(loss\) of Bishop) Tj ET Q q 0 0 0 rg BT 389.65 70.25 Td (s Square and the Montrose Student ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (Residences by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.99 58.25 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.88 58.25 Td (.) 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 (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 (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.26 646.25 Td (, to provide reasonable assurance that information required to be disclosed in our reports filed or submitted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (under the Exchange ) Tj ET Q q 0 0 0 rg BT 131.36 634.25 Td (Act is \(i\)recorded, processed, summarized and reported within the time periods specified in the Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (and Exchange Commission) Tj ET Q q 0 0 0 rg BT 162.21 622.25 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 (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.05 550.25 Td ( that has materially af) Tj ET Q q 0 0 0 rg BT 337.50 550.25 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 518.92 550.25 Td (fect, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (internal controls over financial reporting.) Tj ET Q endstream endobj 79 0 obj <> endobj 80 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (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 153.60 682.25 Td (November9, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.31 682.25 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, but we suspended both ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 Td (programs in connection with the launch of our ongoing self-tender of) Tj ET Q q 0 0 0 rg BT 336.03 550.25 Td (fer) Tj ET Q q 0 0 0 rg BT 347.14 550.25 Td (. There is no public market for our common ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 538.25 Td (shares; therefore, it will be dif) Tj ET Q q 0 0 0 rg BT 173.20 538.25 Td (ficult for our stockholders to sell their shares and, if they are able to sell their shares, they will ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (likely sell them at a substantial discount.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 502.25 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 429.51 502.25 Td (Although we have a share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td (redemption program applicable to both class ) Tj ET Q q 0 0 0 rg BT 229.45 490.25 Td (A) Tj ET Q q 0 0 0 rg BT 236.12 490.25 Td ( shares and class ) Tj ET Q q 0 0 0 rg BT 304.81 490.25 Td (T) Tj ET Q q 0 0 0 rg BT 310.74 490.25 Td ( shares and a share redemption program applicable to class I ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (shares and class J shares, each program has been suspended in connection with the launch of our ongoing self-tender of) Tj ET Q q 0 0 0 rg BT 526.95 478.25 Td (fer) Tj ET Q q 0 0 0 rg BT 537.50 478.25 Td (. If ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (and when we lift the suspension of our share redemption programs, they will continue to be limited in terms of the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.25 Td (shares which may be redeemed. It will therefore be dif) Tj ET Q q 0 0 0 rg BT 270.06 454.25 Td (ficult for our stockholders) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 374.20 454.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.70 454.25 Td (to sell their shares of common stock promptly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.25 Td (or at all. ) Tj ET Q q 0 0 0 rg BT 86.99 442.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 136.89 442.25 Td (, our charter contains restrictions on the ownership and transfer of our shares, and these restrictions may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.25 Td (limit the ability of our stockholders) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 190.87 430.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.37 430.25 Td (to sell their shares. If our stockholders) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 348.88 430.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.38 430.25 Td (are able to sell their shares, they may only be able to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.25 Td (sell them at a substantial discount from the price they paid. ) Tj ET Q q 0 0 0 rg BT 290.09 418.25 Td (This may be the result, in part, of the fact that the amount of funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.25 Td (available for investment are reduced by funds used to pay certain up-front fees and expenses, including or) Tj ET Q q 0 0 0 rg BT 472.78 406.25 Td (ganization and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.25 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 394.25 Td (fering costs, such as issuer costs, selling commissions, and the dealer manager fees and acquisition fees and expenses in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.25 Td (connection with our public of) Tj ET Q q 0 0 0 rg BT 167.63 382.25 Td (ferings. Unless our aggregate investments increase in value to compensate for these up-front fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.25 Td (and expenses, which may not occur) Tj ET Q q 0 0 0 rg BT 191.28 370.25 Td (, it is unlikely that our stockholders will be able to sell their shares without incurring a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.25 Td (substantial loss. Our stockholders may also experience substantial losses if we dispose of our assets or in connection with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 Td (liquidation event. ) Tj ET Q q 0 0 0 rg BT 124.30 346.25 Td (W) Tj ET Q q 0 0 0 rg BT 132.94 346.25 Td (e cannot assure our stockholders that their shares will ever appreciate in value to equal the price they paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.25 Td (for their shares. ) Tj ET Q q 0 0 0 rg BT 116.79 334.25 Td (Thus, prospective stockholders should consider our common shares as illiquid and a long-term investment, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.25 Td (they must be prepared to hold their shares for an indefinite length of time. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 298.25 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 73.50 274.25 Td (There is no assurance that distributions will continue to be authorized and paid. ) Tj ET Q q 0 0 0 rg BT 395.74 274.25 Td (W) Tj ET Q q 0 0 0 rg BT 404.37 274.25 Td (e cannot assure our stockholders that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (we will have suf) Tj ET Q q 0 0 0 rg BT 115.13 262.25 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 49.50 250.25 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 447.55 250.25 Td (T) Tj ET Q q 0 0 0 rg BT 453.47 250.25 Td ( shares and class I shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.25 Td (issued in the primary of) Tj ET Q q 0 0 0 rg BT 144.30 238.25 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 497.63 238.25 Td (T) Tj ET Q q 0 0 0 rg BT 503.56 238.25 Td ( shares and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 Td (class I shares, as applicable \(including class ) Tj ET Q q 0 0 0 rg BT 227.04 226.25 Td (T) Tj ET Q q 0 0 0 rg BT 232.97 226.25 Td ( shares and class I shares issued pursuant to the distribution reinvestment plan\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.25 Td (Further) Tj ET Q q 0 0 0 rg BT 78.54 214.25 Td (, because the distribution and stockholder servicing fees payable with respect to class ) Tj ET Q q 0 0 0 rg BT 421.58 214.25 Td (T) Tj ET Q q 0 0 0 rg BT 427.51 214.25 Td ( shares are higher than those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.25 Td (payable with respect to class I shares, distributions with respect to class ) Tj ET Q q 0 0 0 rg BT 337.86 202.25 Td (T) Tj ET Q q 0 0 0 rg BT 343.79 202.25 Td ( shares will be lower than distributions with respect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.25 Td (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 380.90 190.25 Td ( taxable income, we would not qualify for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.25 Td (the favorable tax treatment accorded to REIT) Tj ET Q q 0 0 0 rg BT 229.83 178.25 Td (s.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 154.25 Td (Our share redemption programs are currently suspended. If and when we lift the suspension of our share redemption ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 142.25 Td (programs, the ability of our stockholders to have their shares redeemed will continue to be limited under our share ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 130.25 Td (redemption programs and may be more limited for holders of class ) Tj ET Q q 0 0 0 rg BT 325.52 130.25 Td (A) Tj ET Q q 0 0 0 rg BT 331.63 130.25 Td ( shares and class T shares than for holders of class I ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 118.25 Td (shares and class J shares. If our stockholders are able to have their shares redeemed, it may be at a price that is less than ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 106.25 Td (the price our stockholders paid 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 82.25 Td (Our share redemption programs are currently suspended. If and when we lift the suspension of our share redemption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.25 Td (programs, the ability of our stockholders to have their shares redeemed will be subject to significant restrictions and limitations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.25 Td (For example, only stockholders who purchase their shares directly from us or who received their shares through a non-cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 46.25 Td (transaction, not in the secondary market, will be eligible to participate, holders of class ) Tj ET Q q 0 0 0 rg BT 398.56 46.25 Td (A) Tj ET Q q 0 0 0 rg BT 405.23 46.25 Td ( shares and class ) Tj ET Q q 0 0 0 rg BT 473.92 46.25 Td (T) Tj ET Q q 0 0 0 rg BT 479.85 46.25 Td ( shares generally ) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (will be required to hold their shares for a minimum of one year before they can participate in our share redemption program and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (if holders of class I shares and class J shares do not hold their shares for a minimum of one year) Tj ET Q q 0 0 0 rg BT 432.33 730.10 Td (, then they will only be eligible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (for redemption at 95% of the redemption price that would otherwise apply) Tj ET Q q 0 0 0 rg BT 346.26 718.10 Td (. If the suspension is lifted, the terms of our share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (redemption program applicable to class I shares and class J shares may provide holders of class I shares and class J shares with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (a greater opportunity to have their shares redeemed than holders of class ) Tj ET Q q 0 0 0 rg BT 341.06 694.10 Td (A) Tj ET Q q 0 0 0 rg BT 347.73 694.10 Td ( shares and class ) Tj ET Q q 0 0 0 rg BT 416.42 694.10 Td (T) Tj ET Q q 0 0 0 rg BT 422.35 694.10 Td ( shares. ) Tj ET Q q 0 0 0 rg BT 457.16 694.10 Td (The limit on the amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (of shares that may be redeemed under our share redemption program applicable to class I shares and class J shares is higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (than the limit on our share redemption program applicable to class ) Tj ET Q q 0 0 0 rg BT 316.93 670.10 Td (A) Tj ET Q q 0 0 0 rg BT 323.60 670.10 Td ( shares and class ) Tj ET Q q 0 0 0 rg BT 392.28 670.10 Td (T) Tj ET Q q 0 0 0 rg BT 398.21 670.10 Td ( shares. In addition, the funds available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (for redemptions under our share redemption program applicable to class ) Tj ET Q q 0 0 0 rg BT 339.96 658.10 Td (A) Tj ET Q q 0 0 0 rg BT 346.63 658.10 Td ( shares and class ) Tj ET Q q 0 0 0 rg BT 415.32 658.10 Td (T) Tj ET Q q 0 0 0 rg BT 421.25 658.10 Td ( shares generally will be limited to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (funds received from the distribution reinvestment plan in the prior month; whereas unless our board of directors determines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (otherwise, we intend to fund redemptions pursuant to our share redemption program applicable to class I shares and class J ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (shares from any available cash sources at our disposal, if the suspension is lifted. Our board of directors may terminate or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (amend each of our share redemption programs without stockholder approval. ) Tj ET Q q 0 0 0 rg BT 362.19 610.10 Td (As a result of these limitations, the redemption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (price our stockholders may receive upon any such redemption if the suspension is lifted may not be indicative of the price our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (stockholders would receive if our shares were actively traded or if we were liquidated, and our stockholders should not assume ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (that they will be able to sell all or any portion of their shares back to us pursuant to our share redemption programs or to third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (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 67.50 538.10 Td (The U.S. Department of Labor) Tj ET Q q 0 0 0 rg BT 193.06 538.10 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 49.50 526.10 Td (fiduciary under the Employee Retirement Income Security ) Tj ET Q q 0 0 0 rg BT 302.17 526.10 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 49.50 514.10 Td (could impact our ability to raise significant additional capital in this of) Tj ET Q q 0 0 0 rg BT 340.18 514.10 Td (fering.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.50 490.10 Td (The DOL) Tj ET Q q 0 0 0 rg BT 109.73 490.10 Td ( has adopted certain amendments, including an amendment to the definition of fiduciary under ERISA) Tj ET Q q 0 0 0 rg BT 527.11 490.10 Td ( and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (Code. ) Tj ET Q q 0 0 0 rg BT 77.93 478.10 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 49.50 466.10 Td (relating to investments by employee benefit plans subject to ) Tj ET Q q 0 0 0 rg BT 291.76 466.10 Td (T) Tj ET Q q 0 0 0 rg BT 297.52 466.10 Td (itle I of ERISA) Tj ET Q q 0 0 0 rg BT 357.79 466.10 Td ( or retirement plans or accounts subject to Section ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (4975 of the Code \(including individual retirement accounts\). ) Tj ET Q q 0 0 0 rg BT 297.03 454.10 Td (The amendments took ef) Tj ET Q q 0 0 0 rg BT 395.99 454.10 Td (fect in 2016, with implementation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (scheduled to commence on ) Tj ET Q q 0 0 0 rg BT 160.02 442.10 Td (April 10, 2017 and continue through January 1, 2018; however) Tj ET Q q 0 0 0 rg BT 411.52 442.10 Td (, the initial implementation date was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 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 482.38 430.10 Td ( to, among other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (things, examine the regulation to determine whether it may adversely af) Tj ET Q q 0 0 0 rg BT 336.72 418.10 Td (fect the ability of ) Tj ET Q q 0 0 0 rg BT 407.25 418.10 Td (Americans to gain access to market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (information and financial advice. ) Tj ET Q q 0 0 0 rg BT 184.54 406.10 Td (The outcome of this review by the DOL) Tj ET Q q 0 0 0 rg BT 344.41 406.10 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 49.50 394.10 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 49.50 382.10 Td (employee benefit plans and retirement plans and accounts.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 358.10 Td (The United Kingdom) Tj ET Q q 0 0 0 rg BT 156.76 358.10 Td (s determination to exit the European Union could adversely af) Tj ET Q q 0 0 0 rg BT 412.98 358.10 Td (fect market rental rates and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 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 73.50 322.10 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 49.50 310.10 Td (United Kingdom) Tj ET Q q 0 0 0 rg BT 119.77 310.10 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 49.50 298.10 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 531.31 298.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 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 49.50 274.10 Td (Kingdom and the European Union. ) Tj ET Q q 0 0 0 rg BT 192.07 274.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 217.70 274.10 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 49.50 262.10 Td (access to European Union markets either during a transitional period or more permanently) Tj ET Q q 0 0 0 rg BT 409.84 262.10 Td (. ) Tj ET Q q 0 0 0 rg BT 414.66 262.10 Td (The announcement of the Brexit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 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 49.50 238.10 Td (strengthening of the U.S. dollar against foreign currencies in which we conduct business. ) Tj ET Q q 0 0 0 rg BT 408.12 238.10 Td (The strengthening of the U.S. dollar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (relative to other currencies such as the Euro may adversely af) Tj ET Q q 0 0 0 rg BT 295.33 226.10 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 49.50 214.10 Td (NA) Tj ET Q q 0 0 0 rg BT 62.65 214.10 Td (V) Tj ET Q q 0 0 0 rg BT 69.70 214.10 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 49.50 202.10 Td (vote and the notice of departure may:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.50 180.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 180.10 Td (adversely af) Tj ET Q q 0 0 0 rg BT 132.90 180.10 Td (fect European and worldwide economic and market conditions;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.50 168.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 168.10 Td (adversely af) Tj ET Q q 0 0 0 rg BT 132.90 168.10 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 66.50 156.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 156.10 Td (adversely af) Tj ET Q q 0 0 0 rg BT 132.90 156.10 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 66.50 144.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 144.10 Td (adversely af) Tj ET Q q 0 0 0 rg BT 132.90 144.10 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 84.50 132.10 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 84.50 120.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.50 108.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 108.10 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 96.10 Td (sterling and euro.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 72.10 Td (Each of these ef) Tj ET Q q 0 0 0 rg BT 137.45 72.10 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 60.10 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 60.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 48.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.76 48.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.76 48.10 Td (28%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.09 48.10 Td ( of our real estate investment portfolio consisted of two properties located in Dublin, Ireland \(based ) Tj ET Q endstream endobj 83 0 obj <> endobj 84 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (on the estimated aggregate value of our real estate investments\). ) Tj ET Q q 0 0 0 rg BT 308.02 742.10 Td (A) Tj ET Q q 0 0 0 rg BT 314.69 742.10 Td ( decline in economic conditions could negatively impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (commercial real estate fundamentals and result in lower occupancy) Tj ET Q q 0 0 0 rg BT 317.63 730.10 Td (, lower rental rates and declining values in our portfolio, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (which could, among other things, adversely af) Tj ET Q q 0 0 0 rg BT 234.27 718.10 Td (fect our business and financial condition.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Item2. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 82.49 694.10 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 68.00 670.10 Td (On September 13, 2017, 518.135 restricted common shares were granted to each of our independent directors, Messrs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (Humberto Burt Cabaas, Dougal ) Tj ET Q q 0 0 0 rg BT 192.47 658.10 Td (A. Cameron, and John O. Niemann, Jr) Tj ET Q q 0 0 0 rg BT 345.22 658.10 Td (. Such restricted shares were granted pursuant to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Restricted Share ) Tj ET Q q 0 0 0 rg BT 117.76 646.10 Td (A) Tj ET Q q 0 0 0 rg BT 124.06 646.10 Td (ward ) Tj ET Q q 0 0 0 rg BT 146.00 646.10 Td (Agreements between us and each of our independent directors, as part of the independent directors) Tj ET Q q 0 0 0 rg BT 543.16 646.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (annual compensation for service on our board of directors and without registration under the Securities ) Tj ET Q q 0 0 0 rg BT 463.49 634.10 Td (Act of 1933, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (amended \(the Securities ) Tj ET Q q 0 0 0 rg BT 152.46 622.10 Td (Act\), in reliance upon the exemption from registration contained in Section 4\(a\)\(2\) of the Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (Act.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td (Use of Pr) Tj ET Q q 0 0 0 rg BT 105.96 586.10 Td (oceeds fr) Tj ET Q q 0 0 0 rg BT 141.96 586.10 Td (om Register) Tj ET Q q 0 0 0 rg BT 189.64 586.10 Td (ed Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 562.10 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.17 562.10 Td (August20, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.56 562.10 Td (, the Registration Statement on Form S-1) Tj ET Q q 0 0 0 rg BT 312.34 562.10 Td (1 \(File No. 333-191) Tj ET Q q 0 0 0 rg BT 391.41 562.10 Td (106\) for the Of) Tj ET Q q 0 0 0 rg BT 451.49 562.10 Td (fering was declared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 550.10 Td (fective under the Securities ) Tj ET Q q 0 0 0 rg BT 168.66 550.10 Td (Act. ) Tj ET Q q 0 0 0 rg BT 190.42 550.10 Td (The Of) Tj ET Q q 0 0 0 rg BT 218.83 550.10 Td (fering commenced on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.97 550.10 Td (August20, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.36 550.10 Td (. ) Tj ET Q q 0 0 0 rg BT 379.18 550.10 Td (W) Tj ET Q q 0 0 0 rg BT 387.82 550.10 Td (e suspended the sale of shares in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (primary portion of the Of) Tj ET Q q 0 0 0 rg BT 151.46 538.10 Td (fering as of September 30, 2017. ) Tj ET Q q 0 0 0 rg BT 287.08 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 295.72 538.10 Td (e are continuing to of) Tj ET Q q 0 0 0 rg BT 381.06 538.10 Td (fer shares pursuant to our distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (reinvestment plan. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 502.10 Td (From ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.62 502.10 Td (August20, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.01 502.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.12 502.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.38 502.10 Td (, we received gross proceeds of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.64 502.10 Td ($201.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.54 502.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.59 490.10 Td (20.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.49 490.10 Td ( class ) Tj ET Q q 0 0 0 rg BT 166.37 490.10 Td (A) Tj ET Q q 0 0 0 rg BT 173.04 490.10 Td ( shares, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.53 490.10 Td ($199.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.42 490.10 Td ( through the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.13 490.10 Td (20.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.02 490.10 Td ( class ) Tj ET Q q 0 0 0 rg BT 417.28 490.10 Td (T) Tj ET Q q 0 0 0 rg BT 423.20 490.10 Td ( shares and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.13 490.10 Td ($0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.02 490.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.59 478.10 Td (91,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.09 478.10 Td ( class I shares to the public in connection with the Of) Tj ET Q q 0 0 0 rg BT 333.36 478.10 Td (fering. Since ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.90 478.10 Td (August20, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.29 478.10 Td (, we have used proceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (from the Of) Tj ET Q q 0 0 0 rg BT 97.03 466.10 Td (fering to pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.62 466.10 Td ($23.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.51 466.10 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 445.00 466.10 Td ($9.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.89 466.10 Td ( of issuer costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (related to the Of) Tj ET Q q 0 0 0 rg BT 115.07 454.10 Td (fering. See Item 2. Management) Tj ET Q q 0 0 0 rg BT 256.13 454.10 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 325.30 454.10 Td (Analysis of Financial Condition and Results of Operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td ( Executive Summary for additional information regarding the amendment to our ) Tj ET Q q 0 0 0 rg BT 387.41 442.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 426.58 442.10 Td (Agreement executed in ) Tj ET Q q 0 0 0 rg BT 521.26 442.10 Td (April ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (2016 and ef) Tj ET Q q 0 0 0 rg BT 97.03 430.10 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 447.76 430.10 Td (Advisor as a percentage of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (gross of) Tj ET Q q 0 0 0 rg BT 81.76 418.10 Td (fering proceeds. ) Tj ET Q q 0 0 0 rg BT 150.63 418.10 Td (As a result of the amendment to our ) Tj ET Q q 0 0 0 rg BT 296.15 418.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 335.32 418.10 Td (Agreement, our ) Tj ET Q q 0 0 0 rg BT 400.02 418.10 Td (Advisor reimbursed us for $4.0 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (in issuer costs that we had previously reimbursed to our ) Tj ET Q q 0 0 0 rg BT 274.96 406.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 306.63 406.10 Td (. See Item 2. Management) Tj ET Q q 0 0 0 rg BT 423.81 406.10 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 492.98 406.10 Td (Analysis of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 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 50.00 382.10 Td (the Dealer Manager ) Tj ET Q q 0 0 0 rg BT 131.35 382.10 Td (Agreement, pursuant to which our ) Tj ET Q q 0 0 0 rg BT 270.21 382.10 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 50.00 370.10 Td (dealer manager) Tj ET Q q 0 0 0 rg BT 110.95 370.10 Td (, without reimbursement from us. ) Tj ET Q q 0 0 0 rg BT 249.63 370.10 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 50.00 358.10 Td (to the shares sold through our distribution reinvestment plan. ) Tj ET Q q 0 0 0 rg BT 298.39 358.10 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 50.00 346.10 Td (our dealer manager) Tj ET Q q 0 0 0 rg BT 126.78 346.10 Td (, which is an af) Tj ET Q q 0 0 0 rg BT 187.41 346.10 Td (filiate of Hines and is wholly-owned, indirectly) Tj ET Q q 0 0 0 rg BT 376.44 346.10 Td (, by) Tj ET Q q 0 0 0 rg BT 390.79 346.10 Td (, or for the benefit of, our Chairman, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (Jef) Tj ET Q q 0 0 0 rg BT 61.48 334.10 Td (frey C. Hines and his father) Tj ET Q q 0 0 0 rg BT 171.60 334.10 Td (, Gerald D. Hines.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 310.10 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 492.00 310.10 Td ($354.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.89 310.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 298.10 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 469.87 298.10 Td ($309.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.76 298.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 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 50.00 274.10 Td (leveraging each real estate investment. ) Tj ET Q q 0 0 0 rg BT 209.47 274.10 Td (W) Tj ET Q q 0 0 0 rg BT 218.11 274.10 Td (e had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.24 274.10 Td ($45.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.13 274.10 Td ( in uninvested of) Tj ET Q q 0 0 0 rg BT 422.89 274.10 Td (fering proceeds as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.26 262.10 Td ( which were subsequently used to acquire Queen) Tj ET Q q 0 0 0 rg BT 328.26 262.10 Td (s Court on October 1) Tj ET Q q 0 0 0 rg BT 411.76 262.10 Td (1, 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 238.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.90 238.10 Td (, we have not generated suf) Tj ET Q q 0 0 0 rg BT 227.12 238.10 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 50.00 226.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.61 226.10 Td (September30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.87 226.10 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 50.00 214.10 Td (includes of) Tj ET Q q 0 0 0 rg BT 93.97 214.10 Td (fering proceeds. See Item 2. Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 338.76 214.10 Td (Analysis of Financial Condition and Results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 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 50.00 190.10 Td (been used to fund our distributions.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 166.10 Td (Issuer Redemptions of Equity Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 142.10 Td (In connection with our launch of our self-tender of) Tj ET Q q 0 0 0 rg BT 276.53 142.10 Td (fer) Tj ET Q q 0 0 0 rg BT 287.23 142.10 Td (, in ) Tj ET Q q 0 0 0 rg BT 301.95 142.10 Td (August 2017, we suspended our share redemption program ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (applicable to class ) Tj ET Q q 0 0 0 rg BT 125.25 130.10 Td (A) Tj ET Q q 0 0 0 rg BT 131.92 130.10 Td ( shares and class ) Tj ET Q q 0 0 0 rg BT 200.61 130.10 Td (T) Tj ET Q q 0 0 0 rg BT 206.54 130.10 Td ( shares and a 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 50.00 118.10 Td (provided, that, with respect to any requests for the redemption of shares submitted in good order in connection with the death or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (disability of a stockholder for the month of ) Tj ET Q q 0 0 0 rg BT 223.86 106.10 Td (August 2017 we planned to redeem such shares on ) Tj ET Q q 0 0 0 rg BT 428.54 106.10 Td (August 31, 2017 in accordance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (with the terms of each of our share redemption programs. ) Tj ET Q q 0 0 0 rg BT 284.75 94.10 Td (W) Tj ET Q q 0 0 0 rg BT 293.38 94.10 Td (e anticipate lifting the suspension and reinstating our share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (redemption programs following the termination of our self-tender of) Tj ET Q q 0 0 0 rg BT 323.08 82.10 Td (fer) Tj ET Q q 0 0 0 rg BT 333.62 82.10 Td (. Prior to the suspension, each program allowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (stockholders who had purchased shares from us or 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 50.00 58.10 Td (market, to have their shares redeemed subject to certain limitations and restrictions. ) Tj ET Q q 0 0 0 rg BT 386.37 58.10 Td (The terms of our share redemption ) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (programs, as in ef) Tj ET Q q 0 0 0 rg BT 121.46 742.10 Td (fect prior to the suspension, are described more fully below) Tj ET Q q 0 0 0 rg BT 358.52 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 365.84 742.10 Td (The terms described below will not take ef) Tj ET Q q 0 0 0 rg BT 536.44 742.10 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (unless and until the suspension is lifted. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.00 706.10 Td (Shar) Tj ET Q q 0 0 0 rg BT 96.38 706.10 Td (e Redemption Pr) Tj ET Q q 0 0 0 rg BT 168.41 706.10 Td (ogram ) Tj ET Q q 0 0 0 rg BT 198.12 706.10 Td (Applicable to Class ) Tj ET Q q 0 0 0 rg BT 282.30 706.10 Td (A) Tj ET Q q 0 0 0 rg BT 288.97 706.10 Td ( Shar) Tj ET Q q 0 0 0 rg BT 311.85 706.10 Td (es and Class ) Tj ET Q q 0 0 0 rg BT 366.41 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 372.90 706.10 Td ( Shar) Tj ET Q q 0 0 0 rg BT 395.78 706.10 Td (es - Curr) Tj ET Q q 0 0 0 rg BT 433.92 706.10 Td (ently Suspended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 682.10 Td (In addition to currently being suspended, our share redemption program applicable to class ) Tj ET Q q 0 0 0 rg BT 442.45 682.10 Td (A) Tj ET Q q 0 0 0 rg BT 449.12 682.10 Td ( shares and class ) Tj ET Q q 0 0 0 rg BT 517.81 682.10 Td (T) Tj ET Q q 0 0 0 rg BT 523.74 682.10 Td ( shares is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (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 50.00 658.10 Td (without stockholder approval. ) Tj ET Q q 0 0 0 rg BT 174.52 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 183.15 658.10 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 50.00 646.10 Td (certain other conditions. ) Tj ET Q q 0 0 0 rg BT 151.36 646.10 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 50.00 634.10 Td (as of the same date in the prior calendar year) Tj ET Q q 0 0 0 rg BT 228.68 634.10 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 50.00 622.10 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 50.00 610.10 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 50.00 598.10 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 544.48 598.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (death or disability of a stockholder) Tj ET Q q 0 0 0 rg BT 188.58 586.10 Td (. No fees will be paid to Hines in connection with any redemption.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.00 562.10 Td (Shar) Tj ET Q q 0 0 0 rg BT 96.38 562.10 Td (e Redemption Pr) Tj ET Q q 0 0 0 rg BT 168.41 562.10 Td (ogram ) Tj ET Q q 0 0 0 rg BT 198.12 562.10 Td (Applicable to Class I Shar) Tj ET Q q 0 0 0 rg BT 309.63 562.10 Td (es and Class J Shar) Tj ET Q q 0 0 0 rg BT 392.25 562.10 Td (es - Curr) Tj ET Q q 0 0 0 rg BT 430.38 562.10 Td (ently Suspended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 538.10 Td (In addition to currently being suspended, 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 52.00 526.10 Td (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 52.00 514.10 Td (without stockholder approval. Under our share redemption program applicable to class I shares and class J shares, we may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 502.10 Td (redeem during any calendar month class I shares and class J shares whose aggregate value \(based on the redemption price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 490.10 Td (per share in ef) Tj ET Q q 0 0 0 rg BT 108.73 490.10 Td (fect when the redemption is ef) Tj ET Q q 0 0 0 rg BT 229.90 490.10 Td (fected\) is 2% of the aggregate NA) Tj ET Q q 0 0 0 rg BT 365.21 490.10 Td (V) Tj ET Q q 0 0 0 rg BT 372.25 490.10 Td ( of such classes of shares as of the last ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 478.10 Td (calendar day of the previous month and during any calendar quarter whose aggregate value \(based on the redemption price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 466.10 Td (per share in ef) Tj ET Q q 0 0 0 rg BT 108.73 466.10 Td (fect when the redemption is ef) Tj ET Q q 0 0 0 rg BT 229.90 466.10 Td (fected\) is up to 5% of NA) Tj ET Q q 0 0 0 rg BT 331.91 466.10 Td (V) Tj ET Q q 0 0 0 rg BT 338.95 466.10 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 52.00 454.10 Td (of the prior calendar quarter) Tj ET Q q 0 0 0 rg BT 163.61 454.10 Td (. During a given quarter) Tj ET Q q 0 0 0 rg BT 259.01 454.10 Td (, if in each of the first two months of such quarter the 2% redemption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 442.10 Td (limit is reached and stockholders) Tj ET Q q 0 0 0 rg BT 186.22 442.10 Td ( redemptions are reduced pro rata for such months, then in the third and final month of that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 430.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 79.92 430.10 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 374.68 430.10 Td (V) Tj ET Q q 0 0 0 rg BT 381.72 430.10 Td ( applicable to all such shares as of the last ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 418.10 Td (calendar day of the previous month because the redemptions for that month, combined with the redemptions in the previous ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 406.10 Td (two months, cannot exceed 5% of the NA) Tj ET Q q 0 0 0 rg BT 217.89 406.10 Td (V) Tj ET Q q 0 0 0 rg BT 224.93 406.10 Td ( of such classes of shares as of the last calendar day of the prior calendar quarter) Tj ET Q q 0 0 0 rg BT 545.35 406.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 382.10 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 409.41 382.10 Td (, class I shares and/or class J shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 370.10 Td (that have not been outstanding for at least one year will be redeemed at 95% of the redemption price that would otherwise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 358.10 Td (apply) Tj ET Q q 0 0 0 rg BT 73.57 358.10 Td (. Upon request, we may waive the short-term holding discount in the case of the death or disability of a stockholder) Tj ET Q q 0 0 0 rg BT 537.06 358.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 346.10 Td (The discount also will be waived with respect to shares issued pursuant to our distribution reinvestment plan and any shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 334.10 Td (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 68.00 310.10 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 321.79 310.10 Td (three months ended September 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.87 310.10 Td ( were redeemed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (using proceeds from our distribution reinvestment plan. See the full text of our share redemption programs, which are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (incorporated by reference as Exhibits 99.1 and 99.2 to this Quarterly Report on Form 10-Q, for all of the terms and conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (of the programs. ) Tj ET Q q 0 0 0 rg BT 118.13 274.10 Td (The following table lists shares we redeemed under our share redemption program during the period covered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (by this report, including the average price paid per share.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 198.60 180.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 198.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 198.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 198.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 198.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 198.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 198.60 103.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 198.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 198.60 102.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 170.60 180.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 170.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 170.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 170.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 170.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 170.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 170.60 103.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 170.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 170.60 102.00 -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 49.5 198.60000000000002 m 229.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 198.60000000000002 m 294.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 198.60000000000002 m 348.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 198.60000000000002 m 455.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 198.60000000000002 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 49.5 198.60000000000002 m 229.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 198.60000000000002 m 294.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 198.60000000000002 m 348.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 198.60000000000002 m 455.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 198.60000000000002 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 233.5 156.60000000000002 m 294.5 156.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 156.60000000000002 m 455.5 156.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 156.60000000000002 m 294.5 156.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 143.60000000000002 m 294.5 143.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 141.60000000000002 m 294.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 156.60000000000002 m 455.5 156.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 143.60000000000002 m 455.5 143.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 141.60000000000002 m 455.5 141.60000000000002 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 203.05 Td (Period) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 236.60 221.05 Td (Total Number) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.70 212.05 Td (of Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 243.50 203.05 Td (Redeemed) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 307.30 221.05 Td (Average) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 303.10 212.05 Td (Price Paid) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.00 203.05 Td (Per Share) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 357.70 230.05 Td (Total Number of Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 363.70 221.05 Td (Purchased as Part of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 364.85 212.05 Td (Publicly Announced) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 368.05 203.05 Td (Plans of Programs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.05 230.05 Td (Maximum Number of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.50 221.05 Td (Shares that May Yet be) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.55 212.05 Td (Redeemed Under the) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.15 203.05 Td (Plans or Programs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 189.06 Td (July 1, 2017 to July 31, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 266.25 189.06 Td (15,182) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 301.00 189.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.25 189.06 Td (9.69) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.25 189.06 Td (15,182) Tj ET Q BT /F1 5.85 Tf ET q 0 0 0 rg BT 506.55 193.70 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 175.06 Td (August 1, 2017 to ) Tj ET Q q 0 0 0 rg BT 118.26 175.06 Td (August 31, 2017) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 178.01 179.14 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 266.25 175.06 Td (25,149) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 301.00 175.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.25 175.06 Td (9.65) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.25 175.06 Td (25,149) Tj ET Q BT /F1 5.85 Tf ET q 0 0 0 rg BT 506.55 179.70 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 161.06 Td (September 1, 2017 to September 30, 2017) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 203.48 165.14 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.50 161.06 Td (422) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 301.00 161.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.25 161.06 Td (9.96) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.50 161.06 Td (422) Tj ET Q BT /F1 5.85 Tf ET q 0 0 0 rg BT 506.55 165.70 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 147.06 Td (Total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 266.25 147.06 Td (40,753) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 301.00 147.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.25 147.06 Td (40,753) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.00 147.06 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 119.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 119.10 Td (e limit the number of shares that may be redeemed quarterly under the programs as described above.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 95.10 Td (In connection with our self-tender of) Tj ET Q q 0 0 0 rg BT 214.71 95.10 Td (fer) Tj ET Q q 0 0 0 rg BT 225.41 95.10 Td (, ef) Tj ET Q q 0 0 0 rg BT 238.00 95.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 267.15 95.10 Td (August 18, 2017, we suspended our share redemption programs, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 83.10 Td (required by Rule 14e-5 promulgated under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 339.30 83.10 Td (Act of 1934, as amended; provided, that, with respect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 71.10 Td (to any requests for the redemption of shares submitted in good order in connection with the death or disability of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 59.10 Td (stockholder for the month of ) Tj ET Q q 0 0 0 rg BT 184.37 59.10 Td (August 2017 the we planned to redeem such shares on ) Tj ET Q q 0 0 0 rg BT 403.76 59.10 Td (August 31, 2017 in accordance with ) Tj ET Q 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 /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (the terms of each of our share redemption programs. ) Tj ET Q q 0 0 0 rg BT 282.47 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 291.11 742.10 Td (e anticipate lifting the suspension and reinstating our share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (redemption programs following the termination of our self-tender of) Tj ET Q q 0 0 0 rg BT 341.08 730.10 Td (fer) Tj ET Q q 0 0 0 rg BT 351.62 730.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Item 3. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 706.10 Td (Defaults Upon Senior Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (Item 4. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 658.10 Td (Mine Safety Disclosures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (Item 5. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 610.10 Td (Other Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.10 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (Item 6. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 562.10 Td (Exhibits) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 515.60 51.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.50 515.60 15.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 515.60 446.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 455.60 51.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.50 455.60 15.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 455.60 446.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 405.60 51.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.50 405.60 15.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 405.60 446.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 345.60 51.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.50 345.60 15.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 345.60 446.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 285.60 51.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.50 285.60 15.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 285.60 446.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 225.60 51.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.50 225.60 15.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 225.60 446.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 145.60 51.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.50 145.60 15.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 145.60 446.00 -35.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 515.6 m 100.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 115.5 515.6 m 561.5 515.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.65 530.28 Td (Exhibit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.10 520.28 Td (No.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.25 520.28 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.25 506.17 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 506.17 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 162.43 506.17 Td (Amendment and Restatement of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 371.65 506.17 Td ( II, Inc. \(filed as Exhibit 3.1 to Pre- Ef) Tj ET Q q 0 0 0 rg BT 524.20 506.17 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 496.17 Td (Amendment No. 5 to the Registrant) Tj ET Q q 0 0 0 rg BT 263.53 496.17 Td (s Registration Statement on Form S-1) Tj ET Q q 0 0 0 rg BT 413.99 496.17 Td (1, File No. 333-191) Tj ET Q q 0 0 0 rg BT 492.22 496.17 Td (106 \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 486.17 Td (Registration Statement\) on ) Tj ET Q q 0 0 0 rg BT 236.03 486.17 Td (August 15, 2014 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.25 471.17 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 471.17 Td (Articles Supplementary of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 303.61 471.17 Td ( II, Inc. \(filed as Exhibit 3.1 to Post-Ef) Tj ET Q q 0 0 0 rg BT 457.57 471.17 Td (fective ) Tj ET Q q 0 0 0 rg BT 486.72 471.17 Td (Amendment No. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 461.17 Td (1 to the Registration Statement on December 12, 2014 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.25 446.17 Td (3.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 446.17 Td (Amended and Restated Bylaws of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 334.16 446.17 Td ( II, Inc. \(filed as Exhibit 3.2 to Pre-Ef) Tj ET Q q 0 0 0 rg BT 484.22 446.17 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 436.17 Td (Amendment No. 5 to the Registration Statement on ) Tj ET Q q 0 0 0 rg BT 325.47 436.17 Td (August 15, 2014 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.25 421.17 Td (3.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 421.17 Td (Articles Supplementary of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 303.61 421.17 Td ( II, Inc. \(filed as Exhibit 3.1 to Post-Ef) Tj ET Q q 0 0 0 rg BT 457.57 421.17 Td (fective ) Tj ET Q q 0 0 0 rg BT 486.72 421.17 Td (Amendment No. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 411.17 Td (6 to the Registration Statement on ) Tj ET Q q 0 0 0 rg BT 256.32 411.17 Td (August 12, 2015 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.25 396.17 Td (3.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 396.17 Td (Amendment No. 1 to ) Tj ET Q q 0 0 0 rg BT 204.38 396.17 Td (Amended and Restated Bylaws of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 420.54 396.17 Td ( II, Inc., dated September 23, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 386.17 Td (2015 \(filed as Exhibit 3.5 to Post-Ef) Tj ET Q q 0 0 0 rg BT 262.53 386.17 Td (fective ) Tj ET Q q 0 0 0 rg BT 291.68 386.17 Td (Amendment No. 7 to the Registration Statement on November 17, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 376.17 Td (2015 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.25 361.17 Td (3.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 361.17 Td (Articles Supplementary of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 303.61 361.17 Td ( II, Inc. \(filed as Exhibit 3.1 to Post-Ef) Tj ET Q q 0 0 0 rg BT 457.57 361.17 Td (fective ) Tj ET Q q 0 0 0 rg BT 486.72 361.17 Td (Amendment No. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 351.17 Td (12 to the Registration Statement on ) Tj ET Q q 0 0 0 rg BT 261.32 351.17 Td (April 28, 2017 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.25 336.17 Td (3.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 335.27 Td (Amendment No. 2 to ) Tj ET Q q 0 0 0 rg BT 204.38 335.27 Td (Amended and Restated Bylaws of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 420.54 335.27 Td ( II, Inc. \(filed as Exhibit 3.1 to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 325.27 Td (Registrant) Tj ET Q q 0 0 0 rg BT 161.88 325.27 Td (s Current Report on Form 8-K on September 14, 2017 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.25 311.17 Td (3.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 310.27 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 162.43 310.27 Td (Amendment to ) Tj ET Q q 0 0 0 rg BT 224.09 310.27 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 268.53 310.27 Td (Amendment and Restatement of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 477.74 310.27 Td ( II, Inc. \(filed as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 300.27 Td (Exhibit 3.1 to the Registrant) Tj ET Q q 0 0 0 rg BT 233.82 300.27 Td (s Current Report on Form 8-K on October 16, 2017 and incorporated by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 290.27 Td (reference herein\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.25 276.17 Td (4.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 276.17 Td (Form of Subscription ) Tj ET Q q 0 0 0 rg BT 205.50 276.17 Td (Agreement \(filed as ) Tj ET Q q 0 0 0 rg BT 286.86 276.17 Td (Appendix B to the Prospectus filed on ) Tj ET Q q 0 0 0 rg BT 441.57 276.17 Td (April 28, 2017 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 266.17 Td (incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.25 251.17 Td (4.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 251.17 Td (Hines Global REIT) Tj ET Q q 0 0 0 rg BT 195.58 251.17 Td ( II, Inc. Fifth ) Tj ET Q q 0 0 0 rg BT 248.91 251.17 Td (Amended and Restated Distribution Reinvestment Plan, ef) Tj ET Q q 0 0 0 rg BT 482.85 251.17 Td (fective as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 241.17 Td (October 31, 2016 \(filed as Exhibit 4.1 to the Registrant) Tj ET Q q 0 0 0 rg BT 341.01 241.17 Td (s Current Report on Form 8-K filed on September 22, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 231.17 Td (2016 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.75 216.17 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 216.17 Td (Amendment No. 2 to ) Tj ET Q q 0 0 0 rg BT 204.38 216.17 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 243.55 216.17 Td (Agreement, dated as of ) Tj ET Q q 0 0 0 rg BT 338.24 216.17 Td (April 13, 2016 and ef) Tj ET Q q 0 0 0 rg BT 423.87 216.17 Td (fective as of February 29, 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 206.17 Td (among Hines Global REIT) Tj ET Q q 0 0 0 rg BT 225.30 206.17 Td ( II ) Tj ET Q q 0 0 0 rg BT 236.41 206.17 Td (Advisors LP) Tj ET Q q 0 0 0 rg BT 285.58 206.17 Td (, Hines Global REIT) Tj ET Q q 0 0 0 rg BT 368.17 206.17 Td ( II Properties LP) Tj ET Q q 0 0 0 rg BT 433.43 206.17 Td (, and Hines Global REIT) Tj ET Q q 0 0 0 rg BT 532.96 206.17 Td ( II, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 196.17 Td (Inc. \(filed as Exhibit 10.1 to the Registrant) Tj ET Q q 0 0 0 rg BT 291.57 196.17 Td (s Current Report on Form 8-K on ) Tj ET Q q 0 0 0 rg BT 427.40 196.17 Td (April 15, 2016 and incorporated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 186.17 Td (by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.75 171.17 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 171.17 Td (Loan ) Tj ET Q q 0 0 0 rg BT 140.50 171.17 Td (Agreement, dated as of January 29, 2016 by and between ) Tj ET Q q 0 0 0 rg BT 371.91 171.17 Td (W) Tj ET Q q 0 0 0 rg BT 380.54 171.17 Td (ells Far) Tj ET Q q 0 0 0 rg BT 410.08 171.17 Td (go Bank, National ) Tj ET Q q 0 0 0 rg BT 485.07 171.17 Td (Association, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 161.17 Td (Lender and Hines Global REIT) Tj ET Q q 0 0 0 rg BT 243.34 161.17 Td ( II 891 Coronado LLC, as Borrower \(filed as Exhibit 10.5 to the Registrant) Tj ET Q q 0 0 0 rg BT 545.78 161.17 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 151.17 Td (Current Report on Form 8-K on February 4, 2016 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.75 136.17 Td (10.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 136.17 Td (Promissory Note, dated as of January 29, 2016 by and between Hines Global REIT) Tj ET Q q 0 0 0 rg BT 450.25 136.17 Td ( II 891 Coronado LLC, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 126.17 Td (borrower) Tj ET Q q 0 0 0 rg BT 154.25 126.17 Td (, and ) Tj ET Q q 0 0 0 rg BT 176.01 126.17 Td (W) Tj ET Q q 0 0 0 rg BT 184.65 126.17 Td (ells Far) Tj ET Q q 0 0 0 rg BT 214.18 126.17 Td (go Bank, National ) Tj ET Q q 0 0 0 rg BT 289.17 126.17 Td (Association, as lender \(filed as Exhibit 10.6 to the Registrant) Tj ET Q q 0 0 0 rg BT 535.51 126.17 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 116.17 Td (Current Report on Form 8-K on February 4, 2016 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.75 101.17 Td (10.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 101.17 Td (Amendment No. 3 to Selected Dealer ) Tj ET Q q 0 0 0 rg BT 269.90 101.17 Td (Agreement, dated ) Tj ET Q q 0 0 0 rg BT 342.93 101.17 Td (April 12, 2016, by and among Hines Global REIT) Tj ET Q q 0 0 0 rg BT 543.27 101.17 Td ( II, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 91.17 Td (Inc., Hines Securities, Inc., Hines Global REIT) Tj ET Q q 0 0 0 rg BT 306.38 91.17 Td ( II ) Tj ET Q q 0 0 0 rg BT 317.49 91.17 Td (Advisors LP) Tj ET Q q 0 0 0 rg BT 367.40 91.17 Td ( and ) Tj ET Q q 0 0 0 rg BT 386.29 91.17 Td (Ameriprise Financial Services, Inc. \(filed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 81.17 Td (as Exhibit 10.23 to Post-Ef) Tj ET Q q 0 0 0 rg BT 225.87 81.17 Td (fective ) Tj ET Q q 0 0 0 rg BT 255.02 81.17 Td (Amendment No. 8 to the Registration Statement on ) Tj ET Q q 0 0 0 rg BT 462.49 81.17 Td (April 15, 2016 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 71.17 Td (incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET 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 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 724.5 m 100.5 724.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 115.5 724.5 m 561.5 724.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.65 739.18 Td (Exhibit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.10 729.18 Td (No.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.25 729.18 Td (Description) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 724.50 51.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.50 724.50 15.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 724.50 446.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 644.50 51.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.50 644.50 15.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 644.50 446.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 574.50 51.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.50 574.50 15.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 574.50 446.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 494.50 51.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.50 494.50 15.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 494.50 446.00 -45.00 re f /GS0 gs 0.8 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0.9333333333333333 1 rg /GS0 gs 100.50 112.50 15.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 112.50 446.00 -36.00 re f /GS0 gs BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.75 715.07 Td (10.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 715.07 Td (Sale, Purchase and Escrow ) Tj ET Q q 0 0 0 rg BT 227.69 715.07 Td (Agreement, dated as of May 13, 2016, by and between NOP) Tj ET Q q 0 0 0 rg BT 468.65 715.07 Td ( Cottonwood ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 705.07 Td (Holdings, LLC, HGREIT) Tj ET Q q 0 0 0 rg BT 220.04 705.07 Td ( II Cottonwood Center LLC, Commonwealth Land ) Tj ET Q q 0 0 0 rg BT 425.93 705.07 Td (T) Tj ET Q q 0 0 0 rg BT 431.69 705.07 Td (itle Insurance Company) Tj ET Q q 0 0 0 rg BT 526.57 705.07 Td (, Hines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 695.07 Td (Global REIT) Tj ET Q q 0 0 0 rg BT 169.75 695.07 Td ( II Properties LP) Tj ET Q q 0 0 0 rg BT 235.76 695.07 Td ( and National Of) Tj ET Q q 0 0 0 rg BT 302.50 695.07 Td (fice Partners LLC \(filed as Exhibit 10.1 to the Registrant) Tj ET Q q 0 0 0 rg BT 532.45 695.07 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 685.07 Td (Current Report on Form 8-K filed May 19, 2016 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.75 670.07 Td (10.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 670.07 Td (Agreement of Purchase and Sale, dated as of June 24, 2016, by and between R) Tj ET Q q 0 0 0 rg BT 431.48 670.07 Td (T) Tj ET Q q 0 0 0 rg BT 437.40 670.07 Td ( GOODYEAR, LLC and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 660.07 Td (HGREIT) Tj ET Q q 0 0 0 rg BT 154.48 660.07 Td ( II Goodyear Crossing LLC \(filed as Exhibit 10.6 to the Registrant) Tj ET Q q 0 0 0 rg BT 423.32 660.07 Td (s Quarterly Report on Form 10-Q ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 650.07 Td (on ) Tj ET Q q 0 0 0 rg BT 129.95 650.07 Td (August 12, 2016 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.75 635.07 Td (10.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 635.07 Td (Loan ) Tj ET Q q 0 0 0 rg BT 140.50 635.07 Td (Agreement, dated as of July 5, 2016 by and between Principal Life Insurance Company) Tj ET Q q 0 0 0 rg BT 490.02 635.07 Td (, as Lender and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 625.07 Td (HGREIT) Tj ET Q q 0 0 0 rg BT 154.48 625.07 Td ( II Cottonwood Center LLC, as Borrower \(filed as Exhibit 10.26 to Post-Ef) Tj ET Q q 0 0 0 rg BT 454.81 625.07 Td (fective ) Tj ET Q q 0 0 0 rg BT 483.96 625.07 Td (Amendment No. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 615.07 Td (10 to the Registration Statement on October 5, 2016 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.75 600.07 Td (10.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 600.07 Td (T) Tj ET Q q 0 0 0 rg BT 123.41 600.07 Td (erm Loan ) Tj ET Q q 0 0 0 rg BT 163.95 600.07 Td (Agreement, dated as of ) Tj ET Q q 0 0 0 rg BT 258.64 600.07 Td (August 18, 2016 by and between SunT) Tj ET Q q 0 0 0 rg BT 414.10 600.07 Td (rust Bank, as Lender and HGREIT) Tj ET Q q 0 0 0 rg BT 552.78 600.07 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 590.07 Td (II Goodyear Crossing LLC, as Borrower \(filed as Exhibit 10.27 to Post-Ef) Tj ET Q q 0 0 0 rg BT 414.71 590.07 Td (fective ) Tj ET Q q 0 0 0 rg BT 443.86 590.07 Td (Amendment No. 10 to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 580.07 Td (Registration Statement on October 5, 2016 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.75 565.07 Td (10.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 565.07 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 118.00 555.07 Td (CLP-SPF Rookwood Pavilion, LLC and HGREIT) Tj ET Q q 0 0 0 rg BT 318.39 555.07 Td ( II Edmonson Road LLC and HGREIT) Tj ET Q q 0 0 0 rg BT 473.74 555.07 Td ( II Madison Road ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 545.07 Td (LLC \(filed as Exhibit 10.28 to Post-Ef) Tj ET Q q 0 0 0 rg BT 271.41 545.07 Td (fective ) Tj ET Q q 0 0 0 rg BT 300.56 545.07 Td (Amendment No. 10 to the Registration Statement on October 5, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 535.07 Td (2016 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.25 520.07 Td (10.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 520.07 Td (Form of Property Management and Leasing ) Tj ET Q q 0 0 0 rg BT 295.18 520.07 Td (Agreement between Subsidiary of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 511.61 520.07 Td ( II and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 510.07 Td (Hines Interests Limited Partnership \(Domestic Of) Tj ET Q q 0 0 0 rg BT 316.94 510.07 Td (fice Properties\) \(filed as Exhibit 10.29 to Post-Ef) Tj ET Q q 0 0 0 rg BT 512.83 510.07 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 500.07 Td (Amendment No. 10 to the Registration Statement on October 5, 2016 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.40 485.07 Td (10.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 485.07 Td (Form of Property Management and Leasing ) Tj ET Q q 0 0 0 rg BT 295.18 485.07 Td (Agreement between Subsidiary of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 511.61 485.07 Td ( II and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 475.07 Td (Hines Interests Limited Partnership \(Domestic Multi-family and Industrial Properties\) \(filed as Exhibit 10.30 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 465.07 Td (to Post-Ef) Tj ET Q q 0 0 0 rg BT 158.10 465.07 Td (fective ) Tj ET Q q 0 0 0 rg BT 187.25 465.07 Td (Amendment No. 10 to the Registration Statement on October 5, 2016 and incorporated by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 455.07 Td (reference herein\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.25 440.07 Td (10.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 440.07 Td (Amendment No. 4 to Selected Dealer ) Tj ET Q q 0 0 0 rg BT 269.90 440.07 Td (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 118.00 430.07 Td (REIT) Tj ET Q q 0 0 0 rg BT 140.04 430.07 Td ( II, Inc., Hines Securities, Inc., Hines Global REIT) Tj ET Q q 0 0 0 rg BT 342.58 430.07 Td ( II ) Tj ET Q q 0 0 0 rg BT 353.69 430.07 Td (Advisors LP) Tj ET Q q 0 0 0 rg BT 403.60 430.07 Td ( and) Tj ET Q q 0 0 0 rg BT 422.49 430.07 Td (AmeripriseFinancial Services, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 420.07 Td (Inc. \(filed as Exhibit 10.1 to the Registrant) Tj ET Q q 0 0 0 rg BT 291.57 420.07 Td (s Current Report on Form 8-K on December 8, 2016 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 410.07 Td (incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.25 397.07 Td (10.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 397.07 Td (Cost Reimbursement ) Tj ET Q q 0 0 0 rg BT 204.11 397.07 Td (Agreement, dated as of December 8, 2016 and ef) Tj ET Q q 0 0 0 rg BT 399.96 397.07 Td (fective as of January 1, 2017, by and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 387.07 Td (among Hines Global REIT) Tj ET Q q 0 0 0 rg BT 225.30 387.07 Td ( II, Inc., Hines Securities, Inc., Hines Global REIT) Tj ET Q q 0 0 0 rg BT 427.84 387.07 Td ( II ) Tj ET Q q 0 0 0 rg BT 438.95 387.07 Td (Advisors LP) Tj ET Q q 0 0 0 rg BT 488.86 387.07 Td ( and ) Tj ET Q q 0 0 0 rg BT 507.75 387.07 Td (American ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 377.07 Td (Enterprise Investment Services Inc. \(filed as Exhibit 10.2 to the Registrant) Tj ET Q q 0 0 0 rg BT 418.48 377.07 Td (s Current Report on Form 8-K on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 367.07 Td (December 8, 2016 and incorporated by 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254.36 323.07 Td (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 118.00 313.07 Td (Insurance Company) Tj ET Q q 0 0 0 rg BT 197.60 313.07 Td (, as Lender) Tj ET Q q 0 0 0 rg BT 241.35 313.07 Td (, and CLP-SPF Rookwood Pavilion, LLC, as Borrower \(filed as Exhibit 10.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 303.07 Td (to the Registrant) Tj ET Q q 0 0 0 rg BT 186.88 303.07 Td (s Current Report on Form 8-K on January 6, 2017 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.25 290.07 Td (10.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 289.17 Td (Assumption and Modification ) Tj ET Q q 0 0 0 rg BT 239.94 289.17 Td (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 118.00 279.17 Td (Insurance Company) Tj ET Q q 0 0 0 rg BT 197.60 279.17 Td (, as Lender) Tj ET Q q 0 0 0 rg BT 241.35 279.17 Td (, 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rg BT 485.68 235.07 Td (, and HGREIT) Tj ET Q q 0 0 0 rg BT 544.09 235.07 Td ( II ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 225.07 Td (Edmondson Road LLC, as Borrower \(filed as Exhibit 10.5 to the Registrant) Tj ET Q q 0 0 0 rg BT 423.23 225.07 Td (s Current Report on Form 8-K on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 215.07 Td (January 6, 2017 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.25 200.07 Td (10.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 200.07 Td (Third ) Tj ET Q q 0 0 0 rg BT 142.17 200.07 Td (Amended and Restated ) Tj ET Q q 0 0 0 rg BT 236.86 200.07 Td (Agreement of Limited Partnership of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 465.24 200.07 Td ( II Properties LP) Tj ET Q q 0 0 0 rg BT 530.50 200.07 Td (, dated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 190.07 Td (as of ) Tj ET Q q 0 0 0 rg BT 139.11 190.07 Td (April 28, 2017 \(filed as Exhibit 10.1 to Post-Ef) Tj ET Q q 0 0 0 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