%PDF-1.5 1 0 obj <> endobj 3 0 obj <> endobj 4 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 268.75 742.10 Td (UNITED ST) Tj ET Q q 0 0 0 rg BT 319.33 742.10 Td (A) Tj ET Q q 0 0 0 rg BT 325.44 742.10 Td (TES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.90 718.10 Td (SECURITIES ) Tj ET Q q 0 0 0 rg BT 262.52 718.10 Td (AND EXCHANGE COMMISSION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.05 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 255.38 694.10 Td (ASHINGT) Tj ET Q q 0 0 0 rg BT 299.09 694.10 Td (ON, D.C. 20549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.80 670.10 Td (FORM 8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.70 646.10 Td (CURRENT) Tj ET Q q 0 0 0 rg BT 309.19 646.10 Td ( REPOR) Tj ET Q q 0 0 0 rg BT 343.32 646.10 Td (T) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.80 622.10 Td (Pursuant to Section 13 or 15\(d\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 400.42 622.10 Td (Act of 1934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.20 580.17 Td (Date of Report \(Date of Earliest Event Reported\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.20 580.17 Td (January 2, 2018) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 565.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.35 553.10 Td (Hines Global REIT) Tj ET Q q 0 0 0 rg BT 334.37 553.10 Td (, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.00 541.10 Td (__________________________________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.70 529.10 Td (\(Exact name of registrant as specified in its charter\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 517.10 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 469.6 m 228.5 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 469.6 m 384.5 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 469.6 m 565.5 469.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.05 473.17 Td (Maryland) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.30 473.17 Td (000-53964) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 473.17 Td (26-3999995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.60 460.17 Td (\(State or other jurisdiction of incorporation\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.70 460.17 Td (\(Commission File Number\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.85 460.17 Td (\(I.R.S. Employer Identification No.\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.50 431.10 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46 393.6 m 153 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 153 393.6 m 260 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 393.6 m 459 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 393.6 m 490 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 393.6 m 565 393.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.35 397.17 Td (2800 Post Oak Blvd, Suite 5000, Houston, ) Tj ET Q q 0 0 0 rg BT 228.55 397.17 Td (T) Tj ET Q q 0 0 0 rg BT 234.22 397.17 Td (exas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.50 397.17 Td (77056-61) Tj ET Q q 0 0 0 rg BT 507.64 397.17 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.15 384.17 Td (\(Address of principal executive of) Tj ET Q q 0 0 0 rg BT 209.68 384.17 Td (fices\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.40 384.17 Td (\(Zip Code\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.50 369.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.55 349.17 Td (Registrant) Tj ET Q q 0 0 0 rg BT 170.43 349.17 Td (s telephone number) Tj ET Q q 0 0 0 rg BT 248.34 349.17 Td (, including area code:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 349.17 Td (\(888\) 220-6121) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.55 322.10 Td (Not ) Tj ET Q q 0 0 0 rg BT 292.50 322.10 Td (Applicable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 310.10 Td (______________________________________________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.30 298.10 Td (Former name or former address, if changed since last report) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 262.10 Td (Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 250.10 Td (registrant under any of the following provisions:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 238.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 226.10 Td ([ ] ) Tj ET Q q 0 0 0 rg BT 87.98 226.10 Td (W) Tj ET Q q 0 0 0 rg BT 97.02 226.10 Td (ritten communications pursuant to Rule 425 under the Securities ) Tj ET Q q 0 0 0 rg BT 356.69 226.10 Td (Act \(17 CFR 230.425\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 214.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 202.10 Td ([ ] Soliciting material pursuant to Rule 14a-12 under the Exchange ) Tj ET Q q 0 0 0 rg BT 345.04 202.10 Td (Act \(17 CFR 240.14a-12\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 190.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 178.10 Td ([ ] Pre-commencement communications pursuant to Rule 14d-2\(b\) under the Exchange ) Tj ET Q q 0 0 0 rg BT 426.68 178.10 Td (Act \(17 CFR 240.14d-2\(b\)\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 166.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 154.10 Td ([ ] Pre-commencement communications pursuant to Rule 13e-4\(c\) under the Exchange ) Tj ET Q q 0 0 0 rg BT 425.55 154.10 Td (Act \(17 CFR 240.13e-4\(c\)\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 130.10 Td (Indicate by check mark whether the registrant is an emer) Tj ET Q q 0 0 0 rg BT 303.17 130.10 Td (ging growth company as defined in Rule 405 of the Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 118.10 Td (Act of 1933 \(17 CFR 230.405\) or Rule 12b-2 of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 374.23 118.10 Td (Act of 1934 \(17 CFR 240.12b-2\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 106.10 Td ( ) Tj ET Q q 0 0 0 rg BT 283.50 106.10 Td ( ) Tj ET Q q 0 0 0 rg BT 387.15 106.10 Td ( Emer) Tj ET Q q 0 0 0 rg BT 411.12 106.10 Td (ging Growth Company [ ] ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 82.10 Td (If an emer) Tj ET Q q 0 0 0 rg BT 117.40 82.10 Td (ging growth company) Tj ET Q q 0 0 0 rg BT 204.52 82.10 Td (, indicate by check mark if the registrant has elected not to use the extended transition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 70.10 Td (period for complying with any new or revised financial accounting standards provided pursuant to Section 13\(a\) of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 58.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 117.87 58.10 Td (Act. [ ]) Tj ET Q endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (Item 7.01 Regulation FD Disclosur) Tj ET Q q 0 0 0 rg BT 196.81 730.10 Td (e) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (Shar) Tj ET Q q 0 0 0 rg BT 69.88 706.10 Td (eholder) Tj ET Q q 0 0 0 rg BT 101.92 706.10 Td ( Letter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (On) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.22 682.10 Td (January2, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.82 682.10 Td (, Hines Global REIT) Tj ET Q q 0 0 0 rg BT 209.84 682.10 Td (, Inc. \(the Company\) distributed a communication to its shareholders and certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (broker) Tj ET Q q 0 0 0 rg BT 75.40 670.10 Td (-dealers and is simultaneously making this information available through this filing. ) Tj ET Q q 0 0 0 rg BT 413.12 670.10 Td (A) Tj ET Q q 0 0 0 rg BT 419.79 670.10 Td ( copy of such communication is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K. Pursuant to the rules and regulations of the Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (and Exchange Commission, such exhibit and the information set forth therein are deemed to have been furnished and shall not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (be deemed to be filed under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 270.24 634.10 Td (Act of 1934, as amended.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (Item 8.01 Other) Tj ET Q q 0 0 0 rg BT 117.36 610.10 Td ( Items) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (January 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.56 586.10 Td ( Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (The board of directors \(the Board\) of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 286.17 562.10 Td (, Inc. has authorized the Company to declare distributions for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (month of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.39 550.10 Td (January 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.99 550.10 Td (. ) Tj ET Q q 0 0 0 rg BT 149.30 550.10 Td (These distributions will be calculated based on stockholders of record at the close of business on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (January30, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.10 538.10 Td ( in an amount equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.74 538.10 Td ($0.0541667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.24 538.10 Td ( per month. ) Tj ET Q q 0 0 0 rg BT 305.02 538.10 Td (All distributions will be paid in cash or reinvested in stock for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (those participating in the Company) Tj ET Q q 0 0 0 rg BT 192.81 526.10 Td (s distribution reinvestment plan on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.18 526.10 Td (February 1, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.78 526.10 Td (. Of the amount described above, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td ($0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 514.10 Td ( of the per share, per month distribution will be designated by the Company as a return of a portion of the stockholders) Tj ET Q q 0 0 0 rg BT 549.20 514.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (invested capital and, as such, will reduce the stockholders) Tj ET Q q 0 0 0 rg BT 283.13 502.10 Td ( remaining investment in the Company) Tj ET Q q 0 0 0 rg BT 438.28 502.10 Td (. ) Tj ET Q q 0 0 0 rg BT 445.60 502.10 Td (The designation of a portion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (of the distribution as a return of invested capital will not impact the tax treatment of the distributions to the Company) Tj ET Q q 0 0 0 rg BT 521.06 490.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (stockholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (Shar) Tj ET Q q 0 0 0 rg BT 69.88 454.10 Td (e ) Tj ET Q q 0 0 0 rg BT 76.82 454.10 Td (Redemption ) Tj ET Q q 0 0 0 rg BT 131.54 454.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 141.91 454.10 Td (ogram) Tj ET Q /GS0 gs q 2.50 0 0 9.93 169.68 451.94 cm /I1 Do Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (The Board determined to waive the limitation on the share redemption program and fully honor all redemption requests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (received for the month ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.17 418.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.76 418.10 Td (. Funds available for redemption generally are limited to the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (proceeds received from the Company) Tj ET Q q 0 0 0 rg BT 202.22 406.10 Td (s distribution reinvestment plan in the prior month. However) Tj ET Q q 0 0 0 rg BT 444.83 406.10 Td (, the Board has the discretion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (to redeem shares in excess of this amount if it determines there are suf) Tj ET Q q 0 0 0 rg BT 330.61 394.10 Td (ficient available funds and it is appropriate to do so, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (long as the total amount redeemed does not exceed the amount required to redeem 5% of the Company) Tj ET Q q 0 0 0 rg BT 464.09 382.10 Td (s shares outstanding as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (of the same date in the prior calendar year) Tj ET Q q 0 0 0 rg BT 217.20 370.10 Td (. Pursuant to this discretion, the Board determined for the month ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.81 370.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 358.10 Td ( to redeem shares in the amount of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.01 358.10 Td ($1) Tj ET Q q 0 0 0 rg BT 219.64 358.10 Td (1.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.53 358.10 Td (\(including) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.64 358.10 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.53 358.10 Td (of shares to be redeemed in relation to the death ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (or disability of stockholders\), which was in excess of the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.17 346.10 Td ($7.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.06 346.10 Td (received from the distribution reinvestment plan in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (prior month.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (Statements in this Current Report on Form 8-K, including intentions, beliefs, expectations or projections relating to the timing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (and payment of distributions, are forward-looking statements within the meaning of Section 27A) Tj ET Q q 0 0 0 rg BT 436.37 286.10 Td ( of the Securities ) Tj ET Q q 0 0 0 rg BT 505.79 286.10 Td (Act of 1933, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (as amended, and Section 21E of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 278.32 274.10 Td (Act of 1934, as amended. Such statements are based on current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (expectations and assumptions with respect to, among other things, future economic, competitive and market conditions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (future business decisions that may prove incorrect or inaccurate. Important factors that could cause actual results to dif) Tj ET Q q 0 0 0 rg BT 524.15 250.10 Td (fer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (materially from those in the forward-looking statements include the risks described in the Risk Factors section of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 226.10 Td (s ) Tj ET Q q 0 0 0 rg BT 97.00 226.10 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 293.34 226.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.93 226.10 Td (, and its other filings with the Securities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (Exchange Commission.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (Item 9.01 Financial Statements and Exhibits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (\(d\) Exhibits:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 128.60000000000002 m 108 128.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 108 128.60000000000002 m 112 128.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 112 128.60000000000002 m 562 128.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 133.28 Td (Exhibit No.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.50 133.28 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 119.17 Td (99.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.50 119.17 Td (Shareholder Letter) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.85 742.25 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 304.78 742.25 Td (TURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td (Pursuant to the requirements of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 275.55 718.25 Td (Act of 1934, the registrant has duly caused this report to be signed on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (its behalf by the undersigned hereunto duly authorized.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212 619.75 m 354 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 619.75 m 403 619.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 650.32 Td (Hines Global REIT) Tj ET Q q 0 0 0 rg BT 257.89 650.32 Td (, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.90 623.32 Td (January 3, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 623.32 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.50 623.32 Td (/s/ J. Shea Mor) Tj ET Q q 0 0 0 rg BT 274.41 623.32 Td (genroth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.50 610.32 Td (Name: J. Shea Mor) Tj ET Q q 0 0 0 rg BT 291.53 610.32 Td (genroth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.50 597.32 Td (T) Tj ET Q q 0 0 0 rg BT 220.26 597.32 Td (itle: Chief ) Tj ET Q q 0 0 0 rg BT 262.47 597.32 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 322.00 597.32 Td (ficer and ) Tj ET Q q 0 0 0 rg BT 359.57 597.32 Td (T) Tj ET Q q 0 0 0 rg BT 365.33 597.32 Td (reasurer) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 9 0 obj <> endobj 10 0 obj <> stream /GS0 gs q 96.00 0 0 27.00 139.50 693.00 cm /I2 Do Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 645.40 Td (January 2, 2018 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 597.80 Td (Dear ) Tj ET Q q 0 0 0 rg BT 168.45 597.80 Td (Shareholder:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 574.00 Td (Since ) Tj ET Q q 0 0 0 rg BT 173.11 574.00 Td (launching ) Tj ET Q q 0 0 0 rg BT 220.02 574.00 Td (Hines ) Tj ET Q q 0 0 0 rg BT 249.69 574.00 Td (Global ) Tj ET Q q 0 0 0 rg BT 282.69 574.00 Td (REIT) Tj ET Q q 0 0 0 rg BT 304.36 574.00 Td (, ) Tj ET Q q 0 0 0 rg BT 311.24 574.00 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 331.46 574.00 Td (\(HGR ) Tj ET Q q 0 0 0 rg BT 367.77 574.00 Td (or ) Tj ET Q q 0 0 0 rg BT 380.75 574.00 Td (the ) Tj ET Q q 0 0 0 rg BT 398.75 574.00 Td (Company\) ) Tj ET Q q 0 0 0 rg BT 455.64 574.00 Td (we ) Tj ET Q q 0 0 0 rg BT 472.52 574.00 Td (have ) Tj ET Q q 0 0 0 rg BT 498.30 574.00 Td (remained ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 560.20 Td (steadfast ) Tj ET Q q 0 0 0 rg BT 187.17 560.20 Td (in ) Tj ET Q q 0 0 0 rg BT 197.54 560.20 Td (our ) Tj ET Q q 0 0 0 rg BT 214.57 560.20 Td (focus ) Tj ET Q q 0 0 0 rg BT 241.06 560.20 Td (on ) Tj ET Q q 0 0 0 rg BT 254.77 560.20 Td (maximizing ) Tj ET Q q 0 0 0 rg BT 307.36 560.20 Td (value ) Tj ET Q q 0 0 0 rg BT 333.86 560.20 Td (for ) Tj ET Q q 0 0 0 rg BT 348.11 560.20 Td (our ) Tj ET Q q 0 0 0 rg BT 365.15 560.20 Td (investors. ) Tj ET Q q 0 0 0 rg BT 410.53 560.20 Td (W) Tj ET Q q 0 0 0 rg BT 419.79 560.20 Td (e ) Tj ET Q q 0 0 0 rg BT 427.93 560.20 Td (are ) Tj ET Q q 0 0 0 rg BT 444.97 560.20 Td (pleased ) Tj ET Q q 0 0 0 rg BT 482.59 560.20 Td (to ) Tj ET Q q 0 0 0 rg BT 493.51 560.20 Td (inform ) Tj ET Q q 0 0 0 rg BT 523.88 560.20 Td (you ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 546.40 Td (that ) Tj ET Q q 0 0 0 rg BT 164.30 546.40 Td (on ) Tj ET Q q 0 0 0 rg BT 179.05 546.40 Td (December ) Tj ET Q q 0 0 0 rg BT 228.80 546.40 Td (29, ) Tj ET Q q 0 0 0 rg BT 246.32 546.40 Td (2017, ) Tj ET Q q 0 0 0 rg BT 274.97 546.40 Td (with ) Tj ET Q q 0 0 0 rg BT 296.37 546.40 Td (the ) Tj ET Q q 0 0 0 rg BT 313.90 546.40 Td (authorization ) Tj ET Q q 0 0 0 rg BT 374.78 546.40 Td (of ) Tj ET Q q 0 0 0 rg BT 386.74 546.40 Td (the ) Tj ET Q q 0 0 0 rg BT 404.26 546.40 Td (Company) Tj ET Q q 0 0 0 rg BT 449.10 546.40 Td (s ) Tj ET Q q 0 0 0 rg BT 457.72 546.40 Td (board ) Tj ET Q q 0 0 0 rg BT 486.92 546.40 Td (of ) Tj ET Q q 0 0 0 rg BT 498.88 546.40 Td (directors, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 532.60 Td (HGR ) Tj ET Q q 0 0 0 rg BT 169.01 532.60 Td (declared ) Tj ET Q q 0 0 0 rg BT 210.16 532.60 Td (a ) Tj ET Q q 0 0 0 rg BT 218.51 532.60 Td (special ) Tj ET Q q 0 0 0 rg BT 252.43 532.60 Td (distribution ) Tj ET Q q 0 0 0 rg BT 303.58 532.60 Td (in ) Tj ET Q q 0 0 0 rg BT 314.16 532.60 Td (the ) Tj ET Q q 0 0 0 rg BT 330.85 532.60 Td (amount ) Tj ET Q q 0 0 0 rg BT 366.99 532.60 Td (of ) Tj ET Q q 0 0 0 rg BT 378.12 532.60 Td ($1.05 ) Tj ET Q q 0 0 0 rg BT 405.94 532.60 Td (per ) Tj ET Q q 0 0 0 rg BT 423.18 532.60 Td (share ) Tj ET Q q 0 0 0 rg BT 450.99 532.60 Td (to ) Tj ET Q q 0 0 0 rg BT 462.12 532.60 Td (be ) Tj ET Q q 0 0 0 rg BT 476.03 532.60 Td (paid ) Tj ET Q q 0 0 0 rg BT 497.73 532.60 Td (in ) Tj ET Q q 0 0 0 rg BT 508.30 532.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 532.22 532.60 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 518.80 Td (mid-January ) Tj ET Q q 0 0 0 rg BT 201.80 518.80 Td (2018 ) Tj ET Q q 0 0 0 rg BT 226.82 518.80 Td (to ) Tj ET Q q 0 0 0 rg BT 237.94 518.80 Td (all ) Tj ET Q q 0 0 0 rg BT 250.72 518.80 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 311.31 518.80 Td (of ) Tj ET Q q 0 0 0 rg BT 322.43 518.80 Td (record ) Tj ET Q q 0 0 0 rg BT 353.56 518.80 Td (as ) Tj ET Q q 0 0 0 rg BT 366.90 518.80 Td (of ) Tj ET Q q 0 0 0 rg BT 378.01 518.80 Td (December ) Tj ET Q q 0 0 0 rg BT 426.92 518.80 Td (30, ) Tj ET Q q 0 0 0 rg BT 443.60 518.80 Td (2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 495.00 Td (This ) Tj ET Q q 0 0 0 rg BT 166.60 495.00 Td (distribution ) Tj ET Q q 0 0 0 rg BT 218.67 495.00 Td (reflects ) Tj ET Q q 0 0 0 rg BT 254.61 495.00 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 299.46 495.00 Td (from ) Tj ET Q q 0 0 0 rg BT 323.17 495.00 Td (the ) Tj ET Q q 0 0 0 rg BT 340.78 495.00 Td (sale ) Tj ET Q q 0 0 0 rg BT 362.84 495.00 Td (of ) Tj ET Q q 0 0 0 rg BT 374.89 495.00 Td (six ) Tj ET Q q 0 0 0 rg BT 390.82 495.00 Td (real ) Tj ET Q q 0 0 0 rg BT 411.21 495.00 Td (estate ) Tj ET Q q 0 0 0 rg BT 442.16 495.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 474.77 495.00 Td (in ) Tj ET Q q 0 0 0 rg BT 486.26 495.00 Td (our ) Tj ET Q q 0 0 0 rg BT 504.43 495.00 Td (portfolio ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 481.20 Td (during ) Tj ET Q q 0 0 0 rg BT 174.26 481.20 Td (2017. ) Tj ET Q q 0 0 0 rg BT 201.75 481.20 Td ( ) Tj ET Q q 0 0 0 rg BT 204.05 481.20 Td (These ) Tj ET Q q 0 0 0 rg BT 234.31 481.20 Td (strategic ) Tj ET Q q 0 0 0 rg BT 274.56 481.20 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 329.28 481.20 Td (were ) Tj ET Q q 0 0 0 rg BT 353.42 481.20 Td (identified ) Tj ET Q q 0 0 0 rg BT 395.91 481.20 Td (and ) Tj ET Q q 0 0 0 rg BT 415.06 481.20 Td (selected ) Tj ET Q q 0 0 0 rg BT 454.77 481.20 Td (based ) Tj ET Q q 0 0 0 rg BT 484.48 481.20 Td (on ) Tj ET Q q 0 0 0 rg BT 498.06 481.20 Td (a ) Tj ET Q q 0 0 0 rg BT 506.09 481.20 Td (number ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 467.40 Td (of ) Tj ET Q q 0 0 0 rg BT 157.36 467.40 Td (factors, ) Tj ET Q q 0 0 0 rg BT 195.17 467.40 Td (including ) Tj ET Q q 0 0 0 rg BT 239.66 467.40 Td (the ) Tj ET Q q 0 0 0 rg BT 258.58 467.40 Td (completion ) Tj ET Q q 0 0 0 rg BT 311.96 467.40 Td (of ) Tj ET Q q 0 0 0 rg BT 325.32 467.40 Td (major ) Tj ET Q q 0 0 0 rg BT 355.34 467.40 Td (leasing ) Tj ET Q q 0 0 0 rg BT 392.05 467.40 Td (events ) Tj ET Q q 0 0 0 rg BT 426.53 467.40 Td (as ) Tj ET Q q 0 0 0 rg BT 442.12 467.40 Td (well ) Tj ET Q q 0 0 0 rg BT 464.36 467.40 Td (as ) Tj ET Q q 0 0 0 rg BT 479.94 467.40 Td (the ) Tj ET Q q 0 0 0 rg BT 498.86 467.40 Td (favorable ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 453.60 Td (evaluations ) Tj ET Q q 0 0 0 rg BT 197.11 453.60 Td (of ) Tj ET Q q 0 0 0 rg BT 207.97 453.60 Td (market ) Tj ET Q q 0 0 0 rg BT 241.06 453.60 Td (pricing ) Tj ET Q q 0 0 0 rg BT 273.04 453.60 Td (by ) Tj ET Q q 0 0 0 rg BT 286.12 453.60 Td (the ) Tj ET Q q 0 0 0 rg BT 302.54 453.60 Td (Company) Tj ET Q q 0 0 0 rg BT 347.38 453.60 Td (s ) Tj ET Q q 0 0 0 rg BT 354.91 453.60 Td (management ) Tj ET Q q 0 0 0 rg BT 415.80 453.60 Td (team, ) Tj ET Q q 0 0 0 rg BT 443.33 453.60 Td (the ) Tj ET Q q 0 0 0 rg BT 459.75 453.60 Td (Hines) Tj ET Q q 0 0 0 rg BT 487.17 453.60 Td ( ) Tj ET Q q 0 0 0 rg BT 489.69 453.60 Td (local ) Tj ET Q q 0 0 0 rg BT 512.78 453.60 Td (teams ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 439.80 Td (in ) Tj ET Q q 0 0 0 rg BT 153.98 439.80 Td (each ) Tj ET Q q 0 0 0 rg BT 177.87 439.80 Td (of ) Tj ET Q q 0 0 0 rg BT 188.41 439.80 Td (these ) Tj ET Q q 0 0 0 rg BT 215.07 439.80 Td (markets, ) Tj ET Q q 0 0 0 rg BT 255.61 439.80 Td (and ) Tj ET Q q 0 0 0 rg BT 274.50 439.80 Td (by ) Tj ET Q q 0 0 0 rg BT 287.26 439.80 Td (the ) Tj ET Q q 0 0 0 rg BT 303.36 439.80 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 353.36 439.80 Td (analysis ) Tj ET Q q 0 0 0 rg BT 391.69 439.80 Td (of ) Tj ET Q q 0 0 0 rg BT 402.23 439.80 Td (the ) Tj ET Q q 0 0 0 rg BT 418.33 439.80 Td (Hines ) Tj ET Q q 0 0 0 rg BT 446.09 439.80 Td (Proprietary ) Tj ET Q q 0 0 0 rg BT 497.20 439.80 Td (Research ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 426.00 Td (Group. ) Tj ET Q q 0 0 0 rg BT 178.48 426.00 Td (These ) Tj ET Q q 0 0 0 rg BT 210.46 426.00 Td (six ) Tj ET Q q 0 0 0 rg BT 226.87 426.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 259.96 426.00 Td (were ) Tj ET Q q 0 0 0 rg BT 285.82 426.00 Td (sold ) Tj ET Q q 0 0 0 rg BT 308.35 426.00 Td (for ) Tj ET Q q 0 0 0 rg BT 324.20 426.00 Td ($967.7 ) Tj ET Q q 0 0 0 rg BT 358.98 426.00 Td (million ) Tj ET Q q 0 0 0 rg BT 391.50 426.00 Td (in ) Tj ET Q q 0 0 0 rg BT 403.47 426.00 Td (the ) Tj ET Q q 0 0 0 rg BT 421.56 426.00 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 473.56 426.00 Td (which ) Tj ET Q q 0 0 0 rg BT 503.31 426.00 Td (includes ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 412.20 Td (appreciation ) Tj ET Q q 0 0 0 rg BT 200.58 412.20 Td (of ) Tj ET Q q 0 0 0 rg BT 211.03 412.20 Td ($238.9 ) Tj ET Q q 0 0 0 rg BT 243.71 412.20 Td (million ) Tj ET Q q 0 0 0 rg BT 274.15 412.20 Td (over ) Tj ET Q q 0 0 0 rg BT 295.71 412.20 Td (their ) Tj ET Q q 0 0 0 rg BT 317.26 412.20 Td (original ) Tj ET Q q 0 0 0 rg BT 351.61 412.20 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 398.75 412.20 Td (purchase ) Tj ET Q q 0 0 0 rg BT 441.99 412.20 Td (price ) Tj ET Q q 0 0 0 rg BT 465.76 412.20 Td (of ) Tj ET Q q 0 0 0 rg BT 476.20 412.20 Td ($728.8 ) Tj ET Q q 0 0 0 rg BT 508.89 412.20 Td (million. ) Tj ET Q q 0 0 0 rg BT 542.79 412.20 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 398.40 Td (After ) Tj ET Q q 0 0 0 rg BT 167.84 398.40 Td (these ) Tj ET Q q 0 0 0 rg BT 195.02 398.40 Td (sales, ) Tj ET Q q 0 0 0 rg BT 223.86 398.40 Td (the ) Tj ET Q q 0 0 0 rg BT 240.47 398.40 Td (HGR ) Tj ET Q q 0 0 0 rg BT 265.41 398.40 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 303.71 398.40 Td (now ) Tj ET Q q 0 0 0 rg BT 324.77 398.40 Td (consists ) Tj ET Q q 0 0 0 rg BT 363.61 398.40 Td (of ) Tj ET Q q 0 0 0 rg BT 374.67 398.40 Td (34 ) Tj ET Q q 0 0 0 rg BT 388.51 398.40 Td (real ) Tj ET Q q 0 0 0 rg BT 407.90 398.40 Td (estate ) Tj ET Q q 0 0 0 rg BT 437.86 398.40 Td (assets ) Tj ET Q q 0 0 0 rg BT 469.48 398.40 Td (comprising ) Tj ET Q q 0 0 0 rg BT 520.54 398.40 Td (14.1 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 384.60 Td (million ) Tj ET Q q 0 0 0 rg BT 175.12 384.60 Td (square ) Tj ET Q q 0 0 0 rg BT 208.47 384.60 Td (feet ) Tj ET Q q 0 0 0 rg BT 227.93 384.60 Td (located ) Tj ET Q q 0 0 0 rg BT 262.96 384.60 Td (19 ) Tj ET Q q 0 0 0 rg BT 276.86 384.60 Td (markets ) Tj ET Q q 0 0 0 rg BT 315.20 384.60 Td (\(across ) Tj ET Q q 0 0 0 rg BT 350.76 384.60 Td (the ) Tj ET Q q 0 0 0 rg BT 367.44 384.60 Td (US ) Tj ET Q q 0 0 0 rg BT 384.11 384.60 Td (and ) Tj ET Q q 0 0 0 rg BT 403.57 384.60 Td (in ) Tj ET Q q 0 0 0 rg BT 414.13 384.60 Td (6 ) Tj ET Q q 0 0 0 rg BT 422.47 384.60 Td (other ) Tj ET Q q 0 0 0 rg BT 448.04 384.60 Td (countries\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 360.80 Td (Please ) Tj ET Q q 0 0 0 rg BT 177.35 360.80 Td (note ) Tj ET Q q 0 0 0 rg BT 199.60 360.80 Td (the ) Tj ET Q q 0 0 0 rg BT 216.28 360.80 Td (following ) Tj ET Q q 0 0 0 rg BT 257.96 360.80 Td (information ) Tj ET Q q 0 0 0 rg BT 310.21 360.80 Td (regarding ) Tj ET Q q 0 0 0 rg BT 355.24 360.80 Td (the ) Tj ET Q q 0 0 0 rg BT 371.92 360.80 Td (special ) Tj ET Q q 0 0 0 rg BT 405.83 360.80 Td (distributions ) Tj ET Q q 0 0 0 rg BT 461.96 360.80 Td (you ) Tj ET Q q 0 0 0 rg BT 480.87 360.80 Td (will ) Tj ET Q q 0 0 0 rg BT 497.53 360.80 Td (receive:) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 165.00 334.84 cm /I3 Do Q q 0 0 0 rg BT 169.00 337.00 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.00 337.00 Td (Y) Tj ET Q q 0 0 0 rg BT 188.75 337.00 Td (ou ) Tj ET Q q 0 0 0 rg BT 202.42 337.00 Td (will ) Tj ET Q q 0 0 0 rg BT 218.85 337.00 Td (receive ) Tj ET Q q 0 0 0 rg BT 253.63 337.00 Td (the ) Tj ET Q q 0 0 0 rg BT 270.07 337.00 Td ($1.05 ) Tj ET Q q 0 0 0 rg BT 297.64 337.00 Td (per ) Tj ET Q q 0 0 0 rg BT 314.63 337.00 Td (share ) Tj ET Q q 0 0 0 rg BT 342.19 337.00 Td (special ) Tj ET Q q 0 0 0 rg BT 375.86 337.00 Td (distribution ) Tj ET Q q 0 0 0 rg BT 426.76 337.00 Td (in ) Tj ET Q q 0 0 0 rg BT 437.09 337.00 Td (two ) Tj ET Q q 0 0 0 rg BT 455.19 337.00 Td (separate ) Tj ET Q q 0 0 0 rg BT 496.65 337.00 Td (payments ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.00 323.20 Td (in ) Tj ET Q q 0 0 0 rg BT 193.67 323.20 Td (mid-January ) Tj ET Q q 0 0 0 rg BT 251.58 323.20 Td (2018one ) Tj ET Q q 0 0 0 rg BT 303.40 323.20 Td (payment ) Tj ET Q q 0 0 0 rg BT 344.65 323.20 Td (allocated ) Tj ET Q q 0 0 0 rg BT 387.57 323.20 Td (to ) Tj ET Q q 0 0 0 rg BT 398.79 323.20 Td (tax ) Tj ET Q q 0 0 0 rg BT 415.02 323.20 Td (year ) Tj ET Q q 0 0 0 rg BT 437.37 323.20 Td (2017 ) Tj ET Q q 0 0 0 rg BT 462.50 323.20 Td (and ) Tj ET Q q 0 0 0 rg BT 482.08 323.20 Td (one ) Tj ET Q q 0 0 0 rg BT 501.65 323.20 Td (payment ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.00 309.40 Td (allocated ) Tj ET Q q 0 0 0 rg BT 226.16 309.40 Td (to ) Tj ET Q q 0 0 0 rg BT 237.64 309.40 Td (tax ) Tj ET Q q 0 0 0 rg BT 254.11 309.40 Td (year ) Tj ET Q q 0 0 0 rg BT 276.70 309.40 Td (2018) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 298.95 309.40 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 304.02 309.40 Td (Although ) Tj ET Q q 0 0 0 rg BT 346.64 309.40 Td (the ) Tj ET Q q 0 0 0 rg BT 363.67 309.40 Td (final ) Tj ET Q q 0 0 0 rg BT 385.15 309.40 Td (taxability ) Tj ET Q q 0 0 0 rg BT 427.20 309.40 Td (of ) Tj ET Q q 0 0 0 rg BT 438.67 309.40 Td (your ) Tj ET Q q 0 0 0 rg BT 461.26 309.40 Td (2017 ) Tj ET Q q 0 0 0 rg BT 486.64 309.40 Td (distributions ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.00 295.60 Td (will ) Tj ET Q q 0 0 0 rg BT 200.76 295.60 Td (be ) Tj ET Q q 0 0 0 rg BT 215.76 295.60 Td (included ) Tj ET Q q 0 0 0 rg BT 256.88 295.60 Td (in ) Tj ET Q q 0 0 0 rg BT 268.54 295.60 Td (1099s ) Tj ET Q q 0 0 0 rg BT 299.66 295.60 Td (mailed ) Tj ET Q q 0 0 0 rg BT 333.00 295.60 Td (to ) Tj ET Q q 0 0 0 rg BT 345.21 295.60 Td (you ) Tj ET Q q 0 0 0 rg BT 365.21 295.60 Td (in ) Tj ET Q q 0 0 0 rg BT 376.86 295.60 Td (late ) Tj ET Q q 0 0 0 rg BT 396.86 295.60 Td (January) Tj ET Q q 0 0 0 rg BT 431.70 295.60 Td (, ) Tj ET Q q 0 0 0 rg BT 438.35 295.60 Td (we ) Tj ET Q q 0 0 0 rg BT 455.01 295.60 Td (expect ) Tj ET Q q 0 0 0 rg BT 488.34 295.60 Td (most ) Tj ET Q q 0 0 0 rg BT 513.89 295.60 Td (of ) Tj ET Q q 0 0 0 rg BT 526.10 295.60 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.00 281.80 Td (distributions ) Tj ET Q q 0 0 0 rg BT 238.63 281.80 Td (allocated ) Tj ET Q q 0 0 0 rg BT 280.92 281.80 Td (to ) Tj ET Q q 0 0 0 rg BT 291.53 281.80 Td (tax ) Tj ET Q q 0 0 0 rg BT 307.14 281.80 Td (year ) Tj ET Q q 0 0 0 rg BT 328.86 281.80 Td (2017 ) Tj ET Q q 0 0 0 rg BT 353.37 281.80 Td (to ) Tj ET Q q 0 0 0 rg BT 363.98 281.80 Td (be ) Tj ET Q q 0 0 0 rg BT 377.37 281.80 Td (taxed ) Tj ET Q q 0 0 0 rg BT 404.10 281.80 Td (at ) Tj ET Q q 0 0 0 rg BT 414.70 281.80 Td (capital ) Tj ET Q q 0 0 0 rg BT 445.88 281.80 Td (gains ) Tj ET Q q 0 0 0 rg BT 472.05 281.80 Td (rates ) Tj ET Q q 0 0 0 rg BT 496.55 281.80 Td (due ) Tj ET Q q 0 0 0 rg BT 515.50 281.80 Td (to ) Tj ET Q q 0 0 0 rg BT 526.11 281.80 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.00 266.65 Td (gains ) Tj ET Q q 0 0 0 rg BT 209.99 266.65 Td (generated ) Tj ET Q q 0 0 0 rg BT 258.12 266.65 Td (by ) Tj ET Q q 0 0 0 rg BT 271.77 266.65 Td (these ) Tj ET Q q 0 0 0 rg BT 299.32 266.65 Td (asset ) Tj ET Q q 0 0 0 rg BT 326.30 266.65 Td (sales) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 349.65 266.65 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 352.70 266.65 Td ( ) Tj ET Q q 0 0 0 rg BT 355.79 266.65 Td ( ) Tj ET Q q 0 0 0 rg BT 358.88 266.65 Td (W) Tj ET Q q 0 0 0 rg BT 368.13 266.65 Td (e ) Tj ET Q q 0 0 0 rg BT 376.78 266.65 Td (recommend ) Tj ET Q q 0 0 0 rg BT 432.67 266.65 Td (consulting ) Tj ET Q q 0 0 0 rg BT 480.78 266.65 Td (your ) Tj ET Q q 0 0 0 rg BT 503.32 266.65 Td (financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.00 252.85 Td (or ) Tj ET Q q 0 0 0 rg BT 196.81 252.85 Td (tax ) Tj ET Q q 0 0 0 rg BT 215.07 252.85 Td (advisor ) Tj ET Q q 0 0 0 rg BT 252.23 252.85 Td (about ) Tj ET Q q 0 0 0 rg BT 282.17 252.85 Td (any ) Tj ET Q q 0 0 0 rg BT 303.21 252.85 Td (specific ) Tj ET Q q 0 0 0 rg BT 341.48 252.85 Td (questions ) Tj ET Q q 0 0 0 rg BT 389.21 252.85 Td (you ) Tj ET Q q 0 0 0 rg BT 410.25 252.85 Td (may ) Tj ET Q q 0 0 0 rg BT 434.06 252.85 Td (have ) Tj ET Q q 0 0 0 rg BT 460.67 252.85 Td (regarding ) Tj ET Q q 0 0 0 rg BT 507.84 252.85 Td (the ) Tj ET Q q 0 0 0 rg BT 526.66 252.85 Td (tax ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.00 239.05 Td (treatment ) Tj ET Q q 0 0 0 rg BT 228.02 239.05 Td (of ) Tj ET Q q 0 0 0 rg BT 239.14 239.05 Td (your ) Tj ET Q q 0 0 0 rg BT 261.37 239.05 Td (investment.) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 165.00 223.09 cm /I4 Do Q q 0 0 0 rg BT 169.00 225.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.00 225.25 Td (The ) Tj ET Q q 0 0 0 rg BT 203.25 225.25 Td (net ) Tj ET Q q 0 0 0 rg BT 220.17 225.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 247.09 225.25 Td (value ) Tj ET Q q 0 0 0 rg BT 274.01 225.25 Td (\(NA) Tj ET Q q 0 0 0 rg BT 293.82 225.25 Td (V\) ) Tj ET Q q 0 0 0 rg BT 310.17 225.25 Td (per ) Tj ET Q q 0 0 0 rg BT 327.64 225.25 Td (share ) Tj ET Q q 0 0 0 rg BT 355.68 225.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 397.05 225.25 Td (on ) Tj ET Q q 0 0 0 rg BT 411.19 225.25 Td (your ) Tj ET Q q 0 0 0 rg BT 433.66 225.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 480.59 225.25 Td (for ) Tj ET Q q 0 0 0 rg BT 495.28 225.25 Td (the ) Tj ET Q q 0 0 0 rg BT 512.20 225.25 Td (period ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.00 211.45 Td (ended ) Tj ET Q q 0 0 0 rg BT 213.29 211.45 Td (December ) Tj ET Q q 0 0 0 rg BT 261.90 211.45 Td (31, ) Tj ET Q q 0 0 0 rg BT 278.29 211.45 Td (2017 ) Tj ET Q q 0 0 0 rg BT 303.02 211.45 Td (will ) Tj ET Q q 0 0 0 rg BT 319.39 211.45 Td (be ) Tj ET Q q 0 0 0 rg BT 333.00 211.45 Td (reduced ) Tj ET Q q 0 0 0 rg BT 371.62 211.45 Td (from ) Tj ET Q q 0 0 0 rg BT 394.10 211.45 Td (the ) Tj ET Q q 0 0 0 rg BT 410.49 211.45 Td (most ) Tj ET Q q 0 0 0 rg BT 434.64 211.45 Td (recent ) Tj ET Q q 0 0 0 rg BT 464.92 211.45 Td (NA) Tj ET Q q 0 0 0 rg BT 478.07 211.45 Td (V ) Tj ET Q q 0 0 0 rg BT 487.22 211.45 Td (per ) Tj ET Q q 0 0 0 rg BT 504.16 211.45 Td (share ) Tj ET Q q 0 0 0 rg BT 531.66 211.45 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.00 197.65 Td ($10.03 ) Tj ET Q q 0 0 0 rg BT 215.45 197.65 Td (to ) Tj ET Q q 0 0 0 rg BT 225.65 197.65 Td ($8.98 ) Tj ET Q q 0 0 0 rg BT 252.54 197.65 Td (to ) Tj ET Q q 0 0 0 rg BT 262.74 197.65 Td (reflect ) Tj ET Q q 0 0 0 rg BT 291.84 197.65 Td (this ) Tj ET Q q 0 0 0 rg BT 309.26 197.65 Td ($1.05 ) Tj ET Q q 0 0 0 rg BT 336.15 197.65 Td (per ) Tj ET Q q 0 0 0 rg BT 352.46 197.65 Td (share ) Tj ET Q q 0 0 0 rg BT 379.34 197.65 Td (special ) Tj ET Q q 0 0 0 rg BT 412.33 197.65 Td (distribution, ) Tj ET Q q 0 0 0 rg BT 465.33 197.65 Td (which ) Tj ET Q q 0 0 0 rg BT 492.76 197.65 Td (represents ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.00 183.85 Td (a ) Tj ET Q q 0 0 0 rg BT 190.60 183.85 Td (return ) Tj ET Q q 0 0 0 rg BT 218.75 183.85 Td (of ) Tj ET Q q 0 0 0 rg BT 229.13 183.85 Td (a ) Tj ET Q q 0 0 0 rg BT 236.72 183.85 Td (portion ) Tj ET Q q 0 0 0 rg BT 269.34 183.85 Td (your ) Tj ET Q q 0 0 0 rg BT 290.82 183.85 Td (invested ) Tj ET Q q 0 0 0 rg BT 330.10 183.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 361.04 183.85 Td (in ) Tj ET Q q 0 0 0 rg BT 370.86 183.85 Td (HGR. ) Tj ET Q q 0 0 0 rg BT 397.90 183.85 Td ( ) Tj ET Q q 0 0 0 rg BT 399.93 183.85 Td (Investors ) Tj ET Q q 0 0 0 rg BT 442.54 183.85 Td (who ) Tj ET Q q 0 0 0 rg BT 462.92 183.85 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 509.98 183.85 Td (shares ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.00 170.05 Td (in ) Tj ET Q q 0 0 0 rg BT 192.66 170.05 Td (December ) Tj ET Q q 0 0 0 rg BT 240.66 170.05 Td (2017 ) Tj ET Q q 0 0 0 rg BT 264.78 170.05 Td (will ) Tj ET Q q 0 0 0 rg BT 280.54 170.05 Td (be ) Tj ET Q q 0 0 0 rg BT 293.54 170.05 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 340.45 170.05 Td (at ) Tj ET Q q 0 0 0 rg BT 350.66 170.05 Td (this ) Tj ET Q q 0 0 0 rg BT 368.10 170.05 Td (new ) Tj ET Q q 0 0 0 rg BT 388.32 170.05 Td (NA) Tj ET Q q 0 0 0 rg BT 401.47 170.05 Td (V ) Tj ET Q q 0 0 0 rg BT 410.01 170.05 Td (per ) Tj ET Q q 0 0 0 rg BT 426.34 170.05 Td (share ) Tj ET Q q 0 0 0 rg BT 453.23 170.05 Td (and ) Tj ET Q q 0 0 0 rg BT 471.79 170.05 Td (will ) Tj ET Q q 0 0 0 rg BT 487.55 170.05 Td (also ) Tj ET Q q 0 0 0 rg BT 507.77 170.05 Td (receive ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.00 156.25 Td (the ) Tj ET Q q 0 0 0 rg BT 199.68 156.25 Td (special ) Tj ET Q q 0 0 0 rg BT 233.59 156.25 Td (distribution ) Tj ET Q q 0 0 0 rg BT 284.72 156.25 Td (in ) Tj ET Q q 0 0 0 rg BT 295.29 156.25 Td (January) Tj ET Q q 0 0 0 rg BT 330.12 156.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 165.00 140.29 cm /I5 Do Q q 0 0 0 rg BT 169.00 142.45 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.00 142.45 Td (The ) Tj ET Q q 0 0 0 rg BT 202.07 142.45 Td (board ) Tj ET Q q 0 0 0 rg BT 229.48 142.45 Td (of ) Tj ET Q q 0 0 0 rg BT 239.66 142.45 Td (directors ) Tj ET Q q 0 0 0 rg BT 279.85 142.45 Td (expects ) Tj ET Q q 0 0 0 rg BT 316.15 142.45 Td (to ) Tj ET Q q 0 0 0 rg BT 326.33 142.45 Td (determine ) Tj ET Q q 0 0 0 rg BT 372.63 142.45 Td (a ) Tj ET Q q 0 0 0 rg BT 380.03 142.45 Td (new ) Tj ET Q q 0 0 0 rg BT 400.21 142.45 Td (NA) Tj ET Q q 0 0 0 rg BT 413.36 142.45 Td (V ) Tj ET Q q 0 0 0 rg BT 421.87 142.45 Td (per ) Tj ET Q q 0 0 0 rg BT 438.16 142.45 Td (share ) Tj ET Q q 0 0 0 rg BT 465.02 142.45 Td (in ) Tj ET Q q 0 0 0 rg BT 474.64 142.45 Td (the ) Tj ET Q q 0 0 0 rg BT 490.38 142.45 Td (first ) Tj ET Q q 0 0 0 rg BT 508.32 142.45 Td (quarter ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.00 128.65 Td (of ) Tj ET Q q 0 0 0 rg BT 196.82 128.65 Td (2018 ) Tj ET Q q 0 0 0 rg BT 224.54 128.65 Td (following ) Tj ET Q q 0 0 0 rg BT 268.93 128.65 Td (the ) Tj ET Q q 0 0 0 rg BT 288.31 128.65 Td (completion ) Tj ET Q q 0 0 0 rg BT 342.15 128.65 Td (of ) Tj ET Q q 0 0 0 rg BT 355.97 128.65 Td (third-party ) Tj ET Q q 0 0 0 rg BT 406.46 128.65 Td (valuations ) Tj ET Q q 0 0 0 rg BT 456.97 128.65 Td (of ) Tj ET Q q 0 0 0 rg BT 470.78 128.65 Td (the ) Tj ET Q q 0 0 0 rg BT 490.16 128.65 Td (Company) Tj ET Q q 0 0 0 rg BT 535.00 128.65 Td (s ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.00 114.85 Td (remaining ) Tj ET Q q 0 0 0 rg BT 229.69 114.85 Td (assets.) Tj ET Q /GS0 gs q 4.00 0 0 11.00 165.00 97.28 cm /I6 Do Q /GS0 gs q 14.00 0 0 11.00 169.00 97.28 cm /I7 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.00 99.65 Td (W) Tj ET Q q 0 0 0 rg BT 192.26 99.65 Td (e ) Tj ET Q q 0 0 0 rg BT 201.33 99.65 Td (expect ) Tj ET Q q 0 0 0 rg BT 234.31 99.65 Td (to ) Tj ET Q q 0 0 0 rg BT 246.17 99.65 Td (continue ) Tj ET Q q 0 0 0 rg BT 287.49 99.65 Td (to ) Tj ET Q q 0 0 0 rg BT 299.35 99.65 Td (declare ) Tj ET Q q 0 0 0 rg BT 335.66 99.65 Td (regular ) Tj ET Q q 0 0 0 rg BT 370.30 99.65 Td (distributions ) Tj ET Q q 0 0 0 rg BT 427.18 99.65 Td (at ) Tj ET Q q 0 0 0 rg BT 439.03 99.65 Td (our ) Tj ET Q q 0 0 0 rg BT 457.00 99.65 Td (current ) Tj ET Q q 0 0 0 rg BT 491.64 99.65 Td (annualized ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.00 85.85 Td (distribution ) Tj ET Q q 0 0 0 rg BT 233.68 85.85 Td (rate ) Tj ET Q q 0 0 0 rg BT 253.24 85.85 Td (of ) Tj ET Q q 0 0 0 rg BT 263.90 85.85 Td ($0.65 ) Tj ET Q q 0 0 0 rg BT 291.25 85.85 Td (per ) Tj ET Q q 0 0 0 rg BT 308.03 85.85 Td (share ) Tj ET Q q 0 0 0 rg BT 335.37 85.85 Td (during ) Tj ET Q q 0 0 0 rg BT 365.49 85.85 Td (2018. ) Tj ET Q q 0 0 0 rg BT 392.83 85.85 Td (Because ) Tj ET Q q 0 0 0 rg BT 434.07 85.85 Td (the ) Tj ET Q q 0 0 0 rg BT 450.30 85.85 Td (property ) Tj ET Q q 0 0 0 rg BT 489.31 85.85 Td (sales ) Tj ET Q q 0 0 0 rg BT 514.98 85.85 Td (noted ) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.00 712.75 Td (above ) Tj ET Q q 0 0 0 rg BT 211.75 712.75 Td (will ) Tj ET Q q 0 0 0 rg BT 227.15 712.75 Td (reduce ) Tj ET Q q 0 0 0 rg BT 259.23 712.75 Td (the ) Tj ET Q q 0 0 0 rg BT 274.64 712.75 Td (Company) Tj ET Q q 0 0 0 rg BT 319.48 712.75 Td (s ) Tj ET Q q 0 0 0 rg BT 325.99 712.75 Td (distributable ) Tj ET Q q 0 0 0 rg BT 381.41 712.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 404.04 712.75 Td (flow) Tj ET Q q 0 0 0 rg BT 421.28 712.75 Td (, ) Tj ET Q q 0 0 0 rg BT 425.56 712.75 Td (we ) Tj ET Q q 0 0 0 rg BT 439.85 712.75 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 484.17 712.75 Td (that ) Tj ET Q q 0 0 0 rg BT 502.35 712.75 Td (a ) Tj ET Q q 0 0 0 rg BT 509.42 712.75 Td (portion ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.00 698.95 Td (of ) Tj ET Q q 0 0 0 rg BT 193.37 698.95 Td (those ) Tj ET Q q 0 0 0 rg BT 219.87 698.95 Td (regular ) Tj ET Q q 0 0 0 rg BT 253.03 698.95 Td (monthly ) Tj ET Q q 0 0 0 rg BT 290.08 698.95 Td (distributions ) Tj ET Q q 0 0 0 rg BT 345.48 698.95 Td (in ) Tj ET Q q 0 0 0 rg BT 355.30 698.95 Td (2018 ) Tj ET Q q 0 0 0 rg BT 379.58 698.95 Td (will ) Tj ET Q q 0 0 0 rg BT 395.50 698.95 Td (represent, ) Tj ET Q q 0 0 0 rg BT 442.56 698.95 Td (in ) Tj ET Q q 0 0 0 rg BT 452.38 698.95 Td (part, ) Tj ET Q q 0 0 0 rg BT 474.42 698.95 Td (a ) Tj ET Q q 0 0 0 rg BT 482.02 698.95 Td (return ) Tj ET Q q 0 0 0 rg BT 510.17 698.95 Td (of ) Tj ET Q q 0 0 0 rg BT 520.55 698.95 Td (your ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.00 685.15 Td (invested ) Tj ET Q q 0 0 0 rg BT 223.02 685.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 254.71 685.15 Td (in ) Tj ET Q q 0 0 0 rg BT 265.27 685.15 Td (HGR.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 657.55 Td (W) Tj ET Q q 0 0 0 rg BT 153.26 657.55 Td (e ) Tj ET Q q 0 0 0 rg BT 163.09 657.55 Td (are ) Tj ET Q q 0 0 0 rg BT 181.82 657.55 Td (pleased ) Tj ET Q q 0 0 0 rg BT 221.13 657.55 Td (to ) Tj ET Q q 0 0 0 rg BT 233.74 657.55 Td (be ) Tj ET Q q 0 0 0 rg BT 249.14 657.55 Td (able ) Tj ET Q q 0 0 0 rg BT 272.32 657.55 Td (to ) Tj ET Q q 0 0 0 rg BT 284.94 657.55 Td (provide ) Tj ET Q q 0 0 0 rg BT 322.01 657.55 Td (this ) Tj ET Q q 0 0 0 rg BT 341.85 657.55 Td (special ) Tj ET Q q 0 0 0 rg BT 377.25 657.55 Td (distribution ) Tj ET Q q 0 0 0 rg BT 429.89 657.55 Td (to ) Tj ET Q q 0 0 0 rg BT 442.50 657.55 Td (our ) Tj ET Q q 0 0 0 rg BT 461.23 657.55 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 523.32 657.55 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 643.75 Td (appreciate ) Tj ET Q q 0 0 0 rg BT 192.86 643.75 Td (your ) Tj ET Q q 0 0 0 rg BT 214.47 643.75 Td (continued ) Tj ET Q q 0 0 0 rg BT 260.00 643.75 Td (confidence ) Tj ET Q q 0 0 0 rg BT 310.52 643.75 Td (in ) Tj ET Q q 0 0 0 rg BT 320.46 643.75 Td (Hines ) Tj ET Q q 0 0 0 rg BT 348.19 643.75 Td (to ) Tj ET Q q 0 0 0 rg BT 358.69 643.75 Td (manage ) Tj ET Q q 0 0 0 rg BT 396.98 643.75 Td (your ) Tj ET Q q 0 0 0 rg BT 418.59 643.75 Td (investment. ) Tj ET Q q 0 0 0 rg BT 471.89 643.75 Td ( ) Tj ET Q q 0 0 0 rg BT 474.04 643.75 Td (If ) Tj ET Q q 0 0 0 rg BT 481.76 643.75 Td (you ) Tj ET Q q 0 0 0 rg BT 500.04 643.75 Td (have ) Tj ET Q q 0 0 0 rg BT 523.88 643.75 Td (any ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 629.95 Td (questions ) Tj ET Q q 0 0 0 rg BT 188.96 629.95 Td (about ) Tj ET Q q 0 0 0 rg BT 216.14 629.95 Td (your ) Tj ET Q q 0 0 0 rg BT 237.75 629.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 288.26 629.95 Td (in ) Tj ET Q q 0 0 0 rg BT 298.20 629.95 Td (HGR, ) Tj ET Q q 0 0 0 rg BT 325.36 629.95 Td (please ) Tj ET Q q 0 0 0 rg BT 356.98 629.95 Td (contact ) Tj ET Q q 0 0 0 rg BT 391.38 629.95 Td (your ) Tj ET Q q 0 0 0 rg BT 412.99 629.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 451.83 629.95 Td (advisor ) Tj ET Q q 0 0 0 rg BT 486.22 629.95 Td (or ) Tj ET Q q 0 0 0 rg BT 497.27 629.95 Td (call ) Tj ET Q q 0 0 0 rg BT 514.43 629.95 Td (Hines ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 616.15 Td (Investor ) Tj ET Q q 0 0 0 rg BT 182.35 616.15 Td (Relations ) Tj ET Q q 0 0 0 rg BT 226.82 616.15 Td (at ) Tj ET Q q 0 0 0 rg BT 237.94 616.15 Td (888.220.6121.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 592.35 Td (Sincerely) Tj ET Q q 0 0 0 rg BT 184.39 592.35 Td (,) Tj ET Q /GS0 gs q 130.00 0 0 36.00 144.00 541.35 cm /I8 Do Q BT /F1 10.00 Tf ET BT /F4 11.00 Tf ET q 0 0 0 rg BT 144.00 518.15 Td (Sherri W) Tj ET Q q 0 0 0 rg BT 181.67 518.15 Td (. Schug) Tj ET Q q 0 0 0 rg BT 213.17 518.15 Td (art) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 144.00 504.95 Td (Pr) Tj ET Q q 0 0 0 rg BT 153.37 504.95 Td (esiden) Tj ET Q q 0 0 0 rg BT 182.60 504.95 Td (t and Chie) Tj ET Q q 0 0 0 rg BT 227.63 504.95 Td (f Ex) Tj ET Q q 0 0 0 rg BT 243.32 504.95 Td (ecutiv) Tj ET Q q 0 0 0 rg BT 270.30 504.95 Td (e Of) Tj ET Q q 0 0 0 rg BT 288.79 504.95 Td (ficer) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 491.15 Td ( ) Tj ET Q q 0 0 0 rg BT 108.00 491.15 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 395.95 Td (Please note that the prior NA) Tj ET Q q 0 0 0 rg BT 271.67 395.95 Td (V per share of $10.03 was based on estimates of the value ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 382.15 Td (of our real estate investments, cash and other assets and debt and other liabilities as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 368.35 Td (December 31, 2016 and that no subsequent valuation has been undertaken. ) Tj ET Q q 0 0 0 rg BT 484.07 368.35 Td (The new ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 354.55 Td (estimated NA) Tj ET Q q 0 0 0 rg BT 203.28 354.55 Td (V per share of $8.98 has been calculated as of a moment in time, and has ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 340.75 Td (only been updated to reflect the reduction that results from the declaration of the $1.05 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 326.95 Td (per share special distribution.) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 274.07 331.72 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 275.87 326.95 Td (Shareholders should not rely on the estimated per share ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 313.15 Td (NA) Tj ET Q q 0 0 0 rg BT 157.15 313.15 Td (V as an accurate measure of the then-current value of shares of our common stock in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 299.35 Td (making a decision to reinvest distributions by participating in our distribution reinvestment ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 285.55 Td (plan or to request redemption pursuant to our share redemption program. Details ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 271.75 Td (concerning the methodology pursuant to which the prior estimated per share NA) Tj ET Q q 0 0 0 rg BT 497.34 271.75 Td (V was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 257.95 Td (determined by our board of directors can be found in our 8-K filed with the Securities and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 244.15 Td (Exchange Commission \(SEC\) on February 28, 2017.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 144.00 220.35 Td (Statements in this letter) Tj ET Q q 0 0 0 rg BT 247.94 220.35 Td (, including intentions, beliefs, expectations or projections relating ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 144.00 206.55 Td (to items such as the timing of distribution payments, the fulfillment of redemption ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 144.00 192.75 Td (requests and maximizing value are forward-looking statements within the meaning of ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 144.00 178.95 Td (Section 27A) Tj ET Q q 0 0 0 rg BT 197.55 178.95 Td ( of the Securities ) Tj ET Q q 0 0 0 rg BT 274.44 178.95 Td (Act of 1933, as amended and Section 21E of the Exchange ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 144.00 165.15 Td (Act of 1934, as amended. Such statements are based on current expectations and ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 144.00 151.35 Td (assumptions with respect to, among other things, future economic, competitive and ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 144.00 137.55 Td (market conditions and future business decisions that may prove to be incorrect or ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 144.00 123.75 Td (inaccurate. Important factors that could cause actual results to differ materially from those ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 144.00 109.95 Td (in the forward-looking statements include the risks described in the Risk Factors section ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 144.00 96.15 Td (of the Company) Tj ET Q q 0 0 0 rg BT 216.64 96.15 Td (s ) Tj ET Q q 0 0 0 rg BT 224.04 96.15 Td (Annual Report on Form 10-K for the year ended December 31, 2016, ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 144.00 82.35 Td (as supplemented or updated by its other filings with the SEC.) Tj ET Q endstream endobj 13 0 obj <> /View <>>>>> endobj 14 0 obj <> /View <>>>>> endobj 15 0 obj <> endobj 16 0 obj <> stream xy\E7~n{{w'd'52 HaGPPA!"" b-&h,+TLy?:uk?uΩoH""?W~.Xv3&rm 2\jMgwm'CڴzlycǏ\ rBjx\DsV@{twocmC{Iwl11z:1m!t-\q3D.:yz'Wɨp[_F=>E"ǢӦ/|K&_~=!wn-az3¦h$7,ؑ2Oo_eSFLlk}Fg[F>|;