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Employer Identification No.\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 129.10 416.40 Td (2800 Post Oak Boulevard) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.00 416.26 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 158.10 402.40 Td (Suite5000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.00 402.26 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 148.70 388.40 Td (Houston, ) Tj ET Q q 0 0 0 rg BT 185.63 388.40 Td (T) Tj ET Q q 0 0 0 rg BT 191.14 388.40 Td (exas) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 412.45 388.40 Td (77056-61) Tj ET Q q 0 0 0 rg BT 446.45 388.40 Td (18) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 107.65 375.25 Td (\(Addr) Tj ET Q q 0 0 0 rg BT 128.48 375.25 Td (ess of principal executive offices\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.35 375.25 Td (\(Zip code\)) Tj ET Q BT /F1 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 279.35 348.90 Td (\(888\)220-6121) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.50 338.10 Td (\(Registrant) Tj ET Q q 0 0 0 rg BT 252.83 338.10 Td (s telephone number) Tj ET Q q 0 0 0 rg BT 322.32 338.10 Td (, including ar) Tj ET Q q 0 0 0 rg BT 370.73 338.10 Td (ea code\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 327.30 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 316.50 Td (Securities registered pursuant to Section 12\(b\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 279.18 316.50 Td (Act: None. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 294.90 Td (Indicate by check mark whether the registrant \(1\)has filed all reports required to be filed by Section13 or 15\(d\)of the Securities Exchange ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 284.10 Td (Act of 1934 during the preceding 12 months \(or for such shorter period that the registrant was required to file such reports\), and \(2\)has been ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 273.30 Td (subject to such filing requirements for the past 90 days. ) Tj ET Q q 0 0 0 rg BT 253.62 273.30 Td (Y) Tj ET Q q 0 0 0 rg BT 259.22 273.30 Td (es ) Tj ET Q /GS0 gs q 7.58 0 0 9.18 268.97 271.36 cm /I3 Do Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 276.54 273.30 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.67 273.30 Td (No) Tj ET Q BT /F1 8.00 Tf ET /GS0 gs q 6.22 0 0 9.18 291.92 271.36 cm /I4 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 262.50 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 251.70 Td (Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 240.90 Td (Rule 405 of Regulation S-T) Tj ET Q q 0 0 0 rg BT 149.83 240.90 Td ( \(232.405 of this chapter\) during the preceding 12 months \(or for such shorter period that the registrant was ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (required to submit such files\). ) Tj ET Q q 0 0 0 rg BT 161.89 230.10 Td (Y) Tj ET Q q 0 0 0 rg BT 167.49 230.10 Td (es ) Tj ET Q /GS0 gs q 7.58 0 0 9.18 177.24 228.16 cm /I5 Do Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 184.82 230.10 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 186.94 230.10 Td ( No) Tj ET Q BT /F1 8.00 Tf ET /GS0 gs q 6.22 0 0 9.18 204.69 228.16 cm /I6 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 197.70 Td (Indicate by check mark whether the registrant is a lar) Tj ET Q q 0 0 0 rg BT 241.00 197.70 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 309.09 197.70 Td (, an accelerated filer) Tj ET Q q 0 0 0 rg BT 381.67 197.70 Td (, a non-accelerated filer) Tj ET Q q 0 0 0 rg BT 466.25 197.70 Td (, a smaller reporting ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 186.90 Td (company) Tj ET Q q 0 0 0 rg BT 82.41 186.90 Td (, or an emer) Tj ET Q q 0 0 0 rg BT 125.22 186.90 Td (ging growth company) Tj ET Q q 0 0 0 rg BT 203.62 186.90 Td (. 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Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 29.799999999999955 m 562.5 29.799999999999955 l s BT /F1 10.00 Tf ET endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.65 749.25 Td (T) Tj ET Q q 0 0 0 rg BT 258.58 749.25 Td (ABLE OF) Tj ET Q q 0 0 0 rg BT 301.82 749.25 Td ( CONTENTS) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 696.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 89.50 696.75 409.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 696.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 666.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 89.50 666.75 409.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 666.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 636.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 89.50 636.75 409.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 636.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 606.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 89.50 606.75 409.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 606.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 576.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 89.50 576.75 409.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 576.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 546.75 540.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 516.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 89.50 516.75 409.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 516.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 486.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 89.50 486.75 409.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 486.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 456.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 89.50 456.75 409.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 456.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 426.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 89.50 426.75 409.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 426.75 78.00 -15.00 re f /GS0 gs BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.65 716.43 Td (P) Tj ET Q q 0 0 0 rg BT 224.39 716.43 Td (AR) Tj ET Q q 0 0 0 rg BT 238.28 716.43 Td (T) Tj ET Q q 0 0 0 rg BT 244.69 716.43 Td (I FINANCIAL) Tj ET Q q 0 0 0 rg BT 317.38 716.43 Td ( INFORMA) Tj ET Q q 0 0 0 rg BT 368.12 716.43 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 701.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 701.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 686.42 Td (Item1.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 686.42 Td (Condensed Consolidated Financial Statements \(Unaudited\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 686.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 671.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 671.42 Td (Condensed Consolidated Balance Sheets) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 656.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 656.42 Td (Condensed Consolidated Statements of Operations and Comprehensive Income \(Loss\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 641.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 641.42 Td (Condensed Consolidated Statements of Equity) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 626.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 626.42 Td (Condensed Consolidated Statements of Cash Flows) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 611.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 611.42 Td (Notes to the Condensed Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 596.42 Td (Item2.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 596.42 Td (Management) Tj ET Q q 0 0 0 rg BT 146.98 596.42 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 216.15 596.42 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 581.42 Td (Item3.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 581.42 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 0 rg BT 256.40 581.42 Td (About Market Risk) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 566.42 Td (Item4.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 566.42 Td (Controls and Procedures) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 551.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.00 551.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.70 536.43 Td (P) Tj ET Q q 0 0 0 rg BT 232.07 536.43 Td (AR) Tj ET Q q 0 0 0 rg BT 246.16 536.43 Td (T) Tj ET Q q 0 0 0 rg BT 252.65 536.43 Td (II OTHER INFORMA) Tj ET Q q 0 0 0 rg BT 359.69 536.43 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 521.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.00 521.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 506.42 Td (Item 1.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 506.42 Td (Legal Proceedings) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 491.42 Td (Item 1A.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 491.42 Td (Risk Factors) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 476.42 Td (Item 2.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 476.42 Td (Unregistered Sales of Equity Securities and Use of Proceeds) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 461.42 Td (Item 3.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 461.42 Td (Defaults Upon Senior Securities) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 446.42 Td (Item 4.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 446.42 Td (Mine Safety Disclosures) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 431.42 Td (Item 5.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 431.42 Td (Other Information) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 416.42 Td (Item6.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 416.42 Td (Exhibits) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 568.00 671.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 568.00 656.42 Td (2) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 568.00 641.42 Td (3) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 568.00 626.42 Td (5) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 568.00 611.42 Td (6) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.00 596.42 Td (22) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.00 581.42 Td (37) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.00 566.42 Td (38) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.00 506.42 Td (39) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.00 491.42 Td (39) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.00 476.42 Td (39) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.00 461.42 Td (40) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.00 446.42 Td (40) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.00 431.42 Td (40) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.00 416.42 Td (41) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 7 0 obj <> endobj 8 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 24.60 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 749.25 Td (P) Tj ET Q q 0 0 0 rg BT 41.37 749.25 Td (AR) Tj ET Q q 0 0 0 rg BT 55.46 749.25 Td (T) Tj ET Q q 0 0 0 rg BT 61.95 749.25 Td ( I - FINANCIAL) Tj ET Q q 0 0 0 rg BT 132.79 749.25 Td ( INFORMA) Tj ET Q q 0 0 0 rg BT 183.43 749.25 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 737.25 Td (Item 1) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.49 737.25 Td (. Condensed Consolidated Financial Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.00 713.25 Td (HINES GLOBAL) Tj ET Q q 0 0 0 rg BT 317.86 713.25 Td ( REIT) Tj ET Q q 0 0 0 rg BT 344.07 713.25 Td (, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.75 701.25 Td (CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 311.86 701.25 Td (TED BALANCE SHEETS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 689.25 Td (\(UNAUDITED\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 636.75 372.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 636.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 636.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 636.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 608.75 372.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 608.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 608.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 608.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 580.75 372.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 580.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 580.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 580.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 552.75 372.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 552.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 552.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 552.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 524.75 372.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 524.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 524.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 524.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 496.75 372.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 496.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 496.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 496.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 468.75 372.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 468.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 468.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 468.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 440.75 372.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 440.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 440.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 440.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 412.75 372.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 412.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 412.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 412.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 384.75 372.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 384.75 82.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 384.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 384.75 82.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 338.75 372.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 338.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 338.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 338.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 310.75 372.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 310.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 310.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 310.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 282.75 372.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 282.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 282.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 282.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 254.75 372.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 254.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 254.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 254.75 82.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 664.75 m 490.5 664.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 664.75 m 576.5 664.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 566.75 m 490.5 566.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 566.75 m 576.5 566.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 566.75 m 490.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 553.75 m 490.5 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 551.75 m 490.5 551.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 566.75 m 576.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 553.75 m 576.5 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 551.75 m 576.5 551.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 468.75 m 490.5 468.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 468.75 m 576.5 468.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 468.75 m 490.5 468.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 468.75 m 576.5 468.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 296.75 m 490.5 296.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 296.75 m 576.5 296.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 282.75 m 490.5 282.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 282.75 m 576.5 282.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 268.75 m 490.5 268.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 268.75 m 576.5 268.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 254.75 m 490.5 254.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 254.75 m 576.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 241.75 m 490.5 241.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 239.75 m 490.5 239.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 241.75 m 576.5 241.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 239.75 m 576.5 239.75 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 669.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.20 669.20 Td (Mar) Tj ET Q q 0 0 0 rg BT 436.11 669.20 Td (ch 31, 2020) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 498.70 669.20 Td (December) Tj ET Q q 0 0 0 rg BT 537.59 669.20 Td ( 31, 2019) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 655.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 412.90 655.20 Td (\(In thousands, except per) Tj ET Q q 0 0 0 rg BT 509.83 655.20 Td ( shar) Tj ET Q q 0 0 0 rg BT 528.92 655.20 Td (e amounts\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 205.20 641.20 Td (ASSETS) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.00 641.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.00 641.20 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 627.21 Td (Cash and cash equivalents) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 627.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.75 627.21 Td (386,788) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 627.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 627.21 Td (373,179) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 613.21 Td (Derivative instruments) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.25 613.21 Td (16,421) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 613.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 599.21 Td (T) Tj ET Q q 0 0 0 rg BT 44.18 599.21 Td (enant and other receivables) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.50 599.21 Td (213) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 599.21 Td (1) Tj ET Q q 0 0 0 rg BT 564.00 599.21 Td (14) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 585.21 Td (Other assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.50 585.21 Td (389) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 585.21 Td (574) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 571.21 Td (Assets held for sale) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 571.21 Td (1,261,289) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.00 571.21 Td (1,551,858) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 557.20 Td (T) Tj ET Q q 0 0 0 rg BT 44.59 557.20 Td (otal assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 557.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 557.21 Td (1,665,100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 557.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.00 557.21 Td (1,925,725) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 164.85 543.20 Td (LIABILITIES ) Tj ET Q q 0 0 0 rg BT 222.13 543.20 Td (AND EQUITY) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 543.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 543.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 529.20 Td (Liabilities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 529.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 529.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 515.21 Td (Accounts payable and accrued expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 515.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.75 515.21 Td (2,370) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 515.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.75 515.21 Td (1,419) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 501.21 Td (Due to af) Tj ET Q q 0 0 0 rg BT 72.40 501.21 Td (filiates) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.75 501.21 Td (2,71) Tj ET Q q 0 0 0 rg BT 482.50 501.21 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 501.21 Td (1) Tj ET Q q 0 0 0 rg BT 552.75 501.21 Td (1,159) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 487.21 Td (Derivative instruments) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.00 487.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.75 487.21 Td (3,684) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 473.21 Td (Liabilities associated with assets held for sale) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.75 473.21 Td (315,928) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 473.21 Td (653,900) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 459.20 Td (T) Tj ET Q q 0 0 0 rg BT 44.59 459.20 Td (otal liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.75 459.21 Td (321,009) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 459.21 Td (670,162) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 431.21 Td (Commitments and contingencies \(Note 10\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.00 431.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 431.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 403.20 Td (Equity:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 403.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 403.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 389.21 Td (Stockholders) Tj ET Q q 0 0 0 rg BT 88.66 389.21 Td ( equity:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 389.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 389.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 375.21 Td (Preferred shares, $.001 par value; 500,000 preferred shares authorized, none issued or outstanding as) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 366.21 Td (of March 31, 2020 and December 31, 2019) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.00 366.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 366.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 352.21 Td (Common stock, $.001 par value; 1,500,000 shares authorized, 262,924 and 263,373 issued and) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 343.21 Td (outstanding as of March 31, 2020 and December 31, 2019, respectively) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.50 343.21 Td (263) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 343.21 Td (263) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 329.21 Td (Additional paid-in capital) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 329.21 Td (2,382,838) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.00 329.21 Td (2,386,673) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 315.21 Td (Accumulated distributions in excess of earnings) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.75 315.21 Td (\(948,012) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.00 315.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.00 315.21 Td (\(1,049,332) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 573.00 315.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 301.21 Td (Accumulated other comprehensive income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.25 301.21 Td (\(91,499) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.00 301.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.25 301.21 Td (\(82,571) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 573.00 301.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 287.21 Td (T) Tj ET Q q 0 0 0 rg BT 44.18 287.21 Td (otal stockholders) Tj ET Q q 0 0 0 rg BT 107.77 287.21 Td ( equity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 287.21 Td (1,343,590) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.00 287.21 Td (1,255,033) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 273.21 Td (Noncontrolling interests) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.50 273.21 Td (501) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 273.21 Td (530) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 259.20 Td (T) Tj ET Q q 0 0 0 rg BT 44.59 259.20 Td (otal equity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 259.21 Td (1,344,091) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.00 259.21 Td (1,255,563) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 245.20 Td (T) Tj ET Q q 0 0 0 rg BT 44.18 245.20 Td (otal liabilities and equity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 245.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 245.21 Td (1,665,100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 245.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.00 245.21 Td (1,925,725) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.25 217.25 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 24.60 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.00 749.25 Td (HINES GLOBAL) Tj ET Q q 0 0 0 rg BT 317.86 749.25 Td ( REIT) Tj ET Q q 0 0 0 rg BT 344.07 749.25 Td (, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 737.25 Td (CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 184.11 737.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 218.66 737.25 Td (A) Tj ET Q q 0 0 0 rg BT 225.14 737.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 290.06 737.25 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 326.82 737.25 Td (TIONS ) Tj ET Q q 0 0 0 rg BT 359.89 737.25 Td (AND COMPREHENSIVE INCOME \(LOSS\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.85 725.25 Td (For) Tj ET Q q 0 0 0 rg BT 204.22 725.25 Td ( the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.37 725.25 Td (Thr) Tj ET Q q 0 0 0 rg BT 238.85 725.25 Td (ee) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.73 725.25 Td ( Months Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.81 725.25 Td (Mar) Tj ET Q q 0 0 0 rg BT 334.50 725.25 Td (ch31, 2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.00 725.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.13 725.25 Td (2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.13 725.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 713.25 Td (\(UNAUDITED\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 644.75 356.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 644.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 644.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 644.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 614.75 356.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 614.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 614.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 614.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 584.75 356.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 584.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 584.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 584.75 90.00 -15.00 re f /GS0 gs 0.8 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0.9333333333333333 1 rg /GS0 gs 392.50 464.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 464.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 464.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 434.75 356.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 434.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 434.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 434.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 404.75 356.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 404.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 404.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 404.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 374.75 356.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 374.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 374.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 374.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 344.75 356.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 344.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 344.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 344.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 314.75 356.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 314.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 314.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 314.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 284.75 356.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 284.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 284.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 284.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 254.75 356.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 254.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 254.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 254.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 224.75 356.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 224.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 224.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 224.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 194.75 356.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 194.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 194.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 194.75 90.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 673.75 m 482.5 673.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 673.75 m 576.5 673.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 614.75 m 482.5 614.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 614.75 m 576.5 614.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 494.75 m 482.5 494.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 479.75 m 482.5 479.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 494.75 m 576.5 494.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 479.75 m 576.5 479.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 389.75 m 482.5 389.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 389.75 m 576.5 389.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 359.75 m 482.5 359.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 359.75 m 576.5 359.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 329.75 m 482.5 329.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 329.75 m 576.5 329.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 315.75 m 482.5 315.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 313.75 m 482.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 315.75 m 576.5 315.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 313.75 m 576.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 300.75 m 482.5 300.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 298.75 m 482.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 300.75 m 576.5 300.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 298.75 m 576.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 285.75 m 482.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 283.75 m 482.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 285.75 m 576.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 283.75 m 576.5 283.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 224.75 m 482.5 224.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 224.75 m 576.5 224.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 194.75 m 482.5 194.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 194.75 m 576.5 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 180.75 m 482.5 180.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 178.75 m 482.5 178.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 180.75 m 576.5 180.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 178.75 m 576.5 178.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.40 693.43 Td (Thr) Tj ET Q q 0 0 0 rg BT 431.98 693.43 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 527.63 693.43 Td (ch 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 678.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.00 678.43 Td (2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.00 678.43 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 663.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.10 664.48 Td (\(In thousands, except per) Tj ET Q q 0 0 0 rg BT 503.71 664.48 Td ( shar) Tj ET Q q 0 0 0 rg BT 524.92 664.48 Td (e amounts\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 649.43 Td (Revenues:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 649.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.00 649.43 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 634.42 Td (Rental revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.00 634.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 634.42 Td (34,120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 634.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 634.42 Td (45,856) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 619.42 Td (Other revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 619.42 Td (514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 619.42 Td (2,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 604.42 Td (T) Tj ET Q q 0 0 0 rg BT 44.76 604.42 Td (otal revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 604.42 Td (34,634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 604.42 Td (48,233) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 589.43 Td (Expenses:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 589.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.00 589.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 574.42 Td (Property operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 574.42 Td (1) Tj ET Q q 0 0 0 rg BT 456.15 574.42 Td (1,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 574.42 Td (12,738) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 559.42 Td (Real property taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 559.42 Td (4,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 559.42 Td (6,789) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 544.42 Td (Property management fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 544.42 Td (826) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 544.42 Td (1,148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 529.42 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 529.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 529.42 Td (13,444) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 514.42 Td (Asset management fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 514.42 Td (5,712) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 514.42 Td (6,780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 499.42 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 499.42 Td (2,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 499.42 Td (2,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 484.42 Td (T) Tj ET Q q 0 0 0 rg BT 44.76 484.42 Td (otal expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 484.42 Td (24,869) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 484.42 Td (43,494) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 469.43 Td (Other) Tj ET Q q 0 0 0 rg BT 64.46 469.43 Td ( income \(expenses\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 469.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.00 469.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 454.42 Td (Gain \(loss\) on derivative instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 454.42 Td (20,598) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.30 454.42 Td (\(126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 454.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 439.42 Td (Gain \(loss\) on sale of real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 439.42 Td (80,186) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 439.42 Td (192,189) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 424.42 Td (Foreign currency gains \(losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.80 424.47 Td (\(6,166) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 424.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 424.42 Td (399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 409.42 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.80 409.47 Td (\(2,386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 409.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 409.42 Td (\(7,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 409.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 394.42 Td (Other income \(expenses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 394.42 Td (1,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 394.42 Td (1,283) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 379.43 Td (Income \(loss\) befor) Tj ET Q q 0 0 0 rg BT 120.56 379.43 Td (e benefit \(pr) Tj ET Q q 0 0 0 rg BT 172.59 379.43 Td (ovision\) for) Tj ET Q q 0 0 0 rg BT 221.01 379.43 Td ( income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 379.42 Td (103,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 379.42 Td (191,137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 364.42 Td (Benefit \(provision\) for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.80 364.47 Td (\(1,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 364.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 364.42 Td (273) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 349.43 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 349.42 Td (101,306) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 349.42 Td (191,410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 334.42 Td (Net \(income\) loss attributable to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 334.42 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.30 334.42 Td (\(9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 334.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 319.43 Td (Net income \(loss\) attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.00 319.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 319.42 Td (101,320) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 319.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 319.42 Td (191,401) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 304.43 Td (Basic and diluted income \(loss\) per) Tj ET Q q 0 0 0 rg BT 187.53 304.43 Td ( common shar) Tj ET Q q 0 0 0 rg BT 247.90 304.43 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.00 304.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 304.42 Td (0.38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 304.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.15 304.42 Td (0.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 289.42 Td (W) Tj ET Q q 0 0 0 rg BT 48.04 289.42 Td (eighted average number of common shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 289.42 Td (264,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 289.42 Td (265,029) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 274.43 Td (Net compr) Tj ET Q q 0 0 0 rg BT 84.17 274.43 Td (ehensive income \(loss\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 274.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.00 274.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 259.42 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.00 259.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 259.42 Td (101,306) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 259.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 259.42 Td (191,410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 244.42 Td (Other comprehensive income \(loss\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 244.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.00 244.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 229.42 Td (Foreign currency translation adjustment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.80 229.47 Td (\(8,943) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 229.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 229.42 Td (5,675) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 214.43 Td (Net compr) Tj ET Q q 0 0 0 rg BT 84.17 214.43 Td (ehensive income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 214.42 Td (92,363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 214.42 Td (197,085) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 199.42 Td (Net comprehensive \(income\) loss attributable to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 199.42 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.30 199.42 Td (\(13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 199.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 184.43 Td (Net compr) Tj ET Q q 0 0 0 rg BT 84.08 184.43 Td (ehensive income \(loss\) attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.00 184.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 184.42 Td (92,392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 184.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 184.42 Td (197,072) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.25 156.25 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 24.60 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.00 749.25 Td (HINES GLOBAL) Tj ET Q q 0 0 0 rg BT 317.86 749.25 Td ( REIT) Tj ET Q q 0 0 0 rg BT 344.07 749.25 Td (, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.65 737.25 Td (CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 294.76 737.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 329.31 737.25 Td (A) Tj ET Q q 0 0 0 rg BT 335.79 737.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 400.71 737.25 Td ( EQUITY) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.40 725.25 Td (For) Tj ET Q q 0 0 0 rg BT 224.77 725.25 Td ( the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.92 725.25 Td (Thr) Tj ET Q q 0 0 0 rg BT 259.40 725.25 Td (ee Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.86 725.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.36 725.25 Td (Mar) Tj ET Q q 0 0 0 rg BT 355.05 725.25 Td (ch31, 2020) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 713.25 Td (\(UNAUDITED\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.00 701.25 Td (\(In thousands\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 649.75 101.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 137.50 649.75 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 649.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 649.75 45.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 649.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 649.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 649.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 649.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 649.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 649.75 66.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 649.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 649.75 59.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 649.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 649.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 603.75 101.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 137.50 603.75 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 603.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 603.75 45.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 603.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 603.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 603.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 603.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 603.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 603.75 66.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 603.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 603.75 59.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 603.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 603.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 566.75 101.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 137.50 566.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 566.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 566.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 566.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 566.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 566.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 566.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 566.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 566.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 566.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 566.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 566.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 566.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 529.75 101.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 137.50 529.75 50.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 529.75 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 529.75 45.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 529.75 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 529.75 65.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 529.75 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 529.75 65.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 529.75 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 529.75 66.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 529.75 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 529.75 59.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 529.75 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 529.75 65.00 -32.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 649.75 m 187.5 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 649.75 m 236.5 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 649.75 m 305.5 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 649.75 m 374.5 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 649.75 m 444.5 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 649.75 m 507.5 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 649.75 m 576.5 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 649.75 m 187.5 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 649.75 m 236.5 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 649.75 m 305.5 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 649.75 m 374.5 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 649.75 m 444.5 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 649.75 m 507.5 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 649.75 m 576.5 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 497.75 m 187.5 497.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 497.75 m 236.5 497.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 497.75 m 305.5 497.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 497.75 m 374.5 497.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 497.75 m 444.5 497.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 497.75 m 507.5 497.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 497.75 m 576.5 497.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 497.75 m 187.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 475.75 m 187.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 473.75 m 187.5 473.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 497.75 m 236.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 475.75 m 236.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 473.75 m 236.5 473.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 497.75 m 305.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 475.75 m 305.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 473.75 m 305.5 473.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 497.75 m 374.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 475.75 m 374.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 473.75 m 374.5 473.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 497.75 m 444.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 475.75 m 444.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 473.75 m 444.5 473.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 497.75 m 507.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 475.75 m 507.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 473.75 m 507.5 473.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 497.75 m 576.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 475.75 m 576.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 473.75 m 576.5 473.75 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 654.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 144.25 663.20 Td (Common) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 149.05 654.20 Td (Shar) Tj ET Q q 0 0 0 rg BT 167.47 654.20 Td (es) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 197.70 654.20 Td (Amount) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 251.95 663.20 Td (Additional) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 243.10 654.20 Td (Paid-in Capital) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 316.00 681.20 Td (Accumulated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 316.20 672.20 Td (Distributions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 319.00 663.20 Td (in Excess of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 323.95 654.20 Td (Earnings) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.50 681.20 Td (Accumulated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 399.55 672.20 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 381.05 663.20 Td (Compr) Tj ET Q q 0 0 0 rg BT 408.47 663.20 Td (ehensive) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.85 654.20 Td (Income \(Loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.65 672.20 Td (T) Tj ET Q q 0 0 0 rg BT 473.24 672.20 Td (otal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.30 663.20 Td (Stockholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.45 654.20 Td (Equity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 514.55 663.20 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 550.88 663.20 Td (olling) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.80 654.20 Td (Inter) Tj ET Q q 0 0 0 rg BT 546.13 654.20 Td (ests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 640.20 Td (Balance as of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 631.20 Td (January 1, 2020) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 154.75 631.21 Td (263,373) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 194.00 631.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 219.50 631.21 Td (263) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 243.00 631.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 266.00 631.21 Td (2,386,673) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.00 631.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 332.00 631.21 Td (\(1,049,332) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.00 631.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 381.00 631.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.25 631.21 Td (\(82,571) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 441.00 631.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 631.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 468.00 631.21 Td (1,255,033) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 514.00 631.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 631.21 Td (530) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 617.21 Td (Issuance of common ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 608.21 Td (shares) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 175.00 608.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 224.00 608.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.00 608.21 Td (30) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.00 608.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 432.00 608.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 608.21 Td (30) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 608.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 594.21 Td (Redemption of common ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 585.21 Td (shares) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 167.50 585.21 Td (\(449) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 184.00 585.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 224.00 585.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.75 585.21 Td (\(3,859) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.00 585.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.00 585.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 432.00 585.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.75 585.21 Td (\(3,859) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.00 585.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 585.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 571.21 Td (Issuer costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 175.00 571.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 224.00 571.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.50 571.21 Td (\(6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.00 571.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.00 571.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 432.00 571.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 571.21 Td (\(6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.00 571.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 571.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 557.21 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 175.00 557.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 224.00 557.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.00 557.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.75 557.21 Td (101,320) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 432.00 557.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.75 557.21 Td (101,320) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 561.00 557.21 Td (\(14) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 573.00 557.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 543.21 Td (Foreign currency ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 534.21 Td (translation adjustment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 175.00 534.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 224.00 534.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.00 534.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.00 534.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.25 534.21 Td (\(17,940) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 441.00 534.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.25 534.21 Td (\(17,940) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.00 534.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 561.00 534.21 Td (\(15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 573.00 534.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 520.21 Td (Foreign currency ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 511.21 Td (translation adjustment ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 502.21 Td (reclassified into earnings) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 175.00 502.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 224.00 502.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.00 502.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.00 502.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.75 502.21 Td (9,012) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.75 502.21 Td (9,012) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 502.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 488.20 Td (Balance as of Mar) Tj ET Q q 0 0 0 rg BT 108.57 488.20 Td (ch 31, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 479.20 Td (2020) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 154.75 479.21 Td (262,924) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 194.00 479.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 219.50 479.21 Td (263) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 243.00 479.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 266.00 479.21 Td (2,382,838) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.00 479.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.75 479.21 Td (\(948,012) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.00 479.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 381.00 479.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.25 479.21 Td (\(91,499) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 441.00 479.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 479.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 468.00 479.21 Td (1,343,590) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 514.00 479.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 479.21 Td (501) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.25 451.25 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 24.60 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.00 749.25 Td (HINES GLOBAL) Tj ET Q q 0 0 0 rg BT 317.86 749.25 Td ( REIT) Tj ET Q q 0 0 0 rg BT 344.07 749.25 Td (, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.65 737.25 Td (CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 294.76 737.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 329.31 737.25 Td (A) Tj ET Q q 0 0 0 rg BT 335.79 737.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 400.71 737.25 Td ( EQUITY) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.40 725.25 Td (For) Tj ET Q q 0 0 0 rg BT 224.77 725.25 Td ( the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.92 725.25 Td (Thr) Tj ET Q q 0 0 0 rg BT 259.40 725.25 Td (ee Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.86 725.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.36 725.25 Td (Mar) Tj ET Q q 0 0 0 rg BT 355.05 725.25 Td (ch31, 2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.55 725.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 713.25 Td (\(UNAUDITED\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.00 701.25 Td (\(In thousands\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 637.75 99.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 135.50 637.75 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.50 637.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 637.75 45.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 637.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 637.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 637.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 637.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 637.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 637.75 66.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 637.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 637.75 59.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 637.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 637.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 591.75 99.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 135.50 591.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.50 591.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 591.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 591.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 591.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 591.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 591.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 591.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 591.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 591.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 591.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 591.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 591.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 554.75 99.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 135.50 554.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.50 554.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 554.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 554.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 554.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 554.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 554.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 554.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 554.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 554.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 554.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 554.75 4.00 -14.00 re f /GS0 gs 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Td (Distributions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 317.00 651.20 Td (in Excess of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 321.95 642.20 Td (Earnings) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.50 669.20 Td (Accumulated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.55 660.20 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 379.05 651.20 Td (Compr) Tj ET Q q 0 0 0 rg BT 406.47 651.20 Td (ehensive) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 381.85 642.20 Td (Income \(Loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.65 660.20 Td (T) Tj ET Q q 0 0 0 rg BT 471.24 660.20 Td (otal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.30 651.20 Td (Stockholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.45 642.20 Td (Equity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 512.55 651.20 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 548.88 651.20 Td (olling) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.80 642.20 Td (Inter) Tj ET Q q 0 0 0 rg BT 544.13 642.20 Td (ests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 629.15 Td (Balance as of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 620.15 Td (January 1, 2019) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 152.75 619.21 Td (267,073) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 192.00 619.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 217.50 619.21 Td (267) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 241.00 619.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 264.00 619.21 Td (2,409,529) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.00 619.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.75 619.21 Td (\(688,475) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 619.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 619.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.75 619.21 Td (\(128,927) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 439.00 619.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.00 619.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.00 619.21 Td (1,592,394) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 619.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.50 619.21 Td (468) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 606.01 Td (Contribution from ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 597.01 Td (noncontrolling interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 173.00 596.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 222.00 596.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 291.00 596.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.00 596.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.00 596.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.00 596.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 562.00 596.21 Td (97) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 583.01 Td (Distributions declared) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 173.00 582.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 222.00 582.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 291.00 582.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.75 582.21 Td (\(661,238) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 582.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.00 582.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 582.21 Td (\(661,238) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.00 582.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 582.21 Td (\(53) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 571.00 582.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 569.01 Td (Redemption of common ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 560.01 Td (shares) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 158.75 559.21 Td (\(2,648) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 182.00 559.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 223.50 559.21 Td (\(3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 231.00 559.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.25 559.21 Td (\(16,298) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 300.00 559.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.00 559.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.00 559.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.25 559.21 Td (\(16,301) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.00 559.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 562.00 559.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 546.01 Td (Issuer costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 173.00 545.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 222.00 545.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 292.50 545.21 Td (\(8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 300.00 545.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.00 545.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.00 545.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.50 545.21 Td (\(8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.00 545.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 562.00 545.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 532.01 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 173.00 531.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 222.00 531.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 291.00 531.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 339.75 531.21 Td (191,401) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.00 531.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.75 531.21 Td (191,401) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 566.50 531.21 Td (9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 518.01 Td (Foreign currency ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 509.01 Td (translation adjustment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 173.00 508.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 222.00 508.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 291.00 508.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.00 508.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.75 508.21 Td (5,671) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.75 508.21 Td (5,671) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 566.50 508.21 Td (4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 495.15 Td (Balance as of Mar) Tj ET Q q 0 0 0 rg BT 108.57 495.15 Td (ch 31, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 486.15 Td (2019) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 152.75 485.21 Td (264,425) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 192.00 485.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 217.50 485.21 Td (264) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 241.00 485.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 264.00 485.21 Td (2,393,223) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.00 485.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.00 485.21 Td (\(1,158,312) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 485.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 485.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.75 485.21 Td (\(123,256) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 439.00 485.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.00 485.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.00 485.21 Td (1,1) Tj ET Q q 0 0 0 rg BT 477.25 485.21 Td (1) Tj ET Q q 0 0 0 rg BT 481.75 485.21 Td (1,919) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 485.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.50 485.21 Td (525) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.25 457.25 Td (See notes to the condensed consolidated financial statements.) 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.00 737.25 Td (CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 737.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 315.66 737.25 Td (A) Tj ET Q q 0 0 0 rg BT 322.14 737.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 387.06 737.25 Td ( CASH FLOWS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.85 725.25 Td (For) Tj ET Q q 0 0 0 rg BT 204.22 725.25 Td ( the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.37 725.25 Td (Thr) Tj ET Q q 0 0 0 rg BT 238.85 725.25 Td (ee Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.31 725.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.81 725.25 Td (Mar) Tj ET Q q 0 0 0 rg BT 334.50 725.25 Td (ch31, 2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.00 725.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.13 725.25 Td (2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.13 725.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 713.25 Td (\(UNAUDITED\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 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65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 590.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 590.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 562.75 406.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 562.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 562.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 562.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 534.75 406.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 534.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 534.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 534.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 506.75 406.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 506.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 506.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 506.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 478.75 406.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 478.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 478.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 478.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 449.75 406.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 449.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 449.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 449.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 421.75 406.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 421.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 421.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 421.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 392.75 406.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 392.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 392.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 392.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 364.75 406.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 364.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 364.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 364.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 336.75 406.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 336.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 336.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 336.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 308.75 406.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 308.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 308.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 308.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 280.75 406.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 280.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 280.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 280.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 252.75 406.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 252.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 252.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 252.75 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 688.75 m 507.5 688.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 688.75 m 576.5 688.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 492.75 m 507.5 492.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 492.75 m 576.5 492.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 478.75 m 507.5 478.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 478.75 m 576.5 478.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 435.75 m 507.5 435.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 421.75 m 507.5 421.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 435.75 m 576.5 435.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 421.75 m 576.5 421.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 294.75 m 507.5 294.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 280.75 m 507.5 280.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 294.75 m 576.5 294.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 280.75 m 576.5 280.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 238.75 m 507.5 238.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 238.75 m 576.5 238.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 225.75 m 507.5 225.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 223.75 m 507.5 223.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 225.75 m 576.5 225.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 223.75 m 576.5 223.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 693.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.50 693.43 Td (2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.50 693.43 Td (2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 679.43 Td (CASH FLOWS FROM OPERA) Tj ET Q q 0 0 0 rg BT 175.58 679.43 Td (TING ) Tj ET Q q 0 0 0 rg BT 202.99 679.43 Td (ACTIVITIES:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.00 679.43 Td (\(In thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 665.32 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 665.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 665.32 Td (101,306) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 665.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 665.32 Td (191,410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 651.32 Td (Adjustments to reconcile net income \(loss\) to net cash from operating activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 651.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 651.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 637.32 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 637.32 Td (481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 637.32 Td (16,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 623.32 Td (Foreign currency \(gains\) losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 623.32 Td (6,166) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.30 623.32 Td (\(399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 623.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 609.32 Td (\(Gain\) on the sale of real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.80 609.37 Td (\(80,186) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 609.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 609.32 Td (\(192,189) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 609.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 595.32 Td (\(Gain\) loss on derivative instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.80 595.37 Td (\(20,598) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 595.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 595.32 Td (126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 581.32 Td (Changes in assets and liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 581.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 581.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 567.32 Td (Change in other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 567.32 Td (1,664) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 567.32 Td (\(1,072) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 567.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 553.32 Td (Change in tenant and other receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.80 553.37 Td (\(4,644) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 553.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 553.32 Td (732) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 539.32 Td (Change in deferred leasing costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.80 539.37 Td (\(2,222) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 539.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 539.32 Td (\(3,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 539.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 525.32 Td (Change in accounts payable and accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.80 525.37 Td (\(4,506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 525.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 525.32 Td (\(7,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 525.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 511.32 Td (Change in other liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.80 511.37 Td (\(4,929) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 511.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 511.32 Td (\(4,970) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 511.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 497.32 Td (Change in due to af) Tj ET Q q 0 0 0 rg BT 123.13 497.32 Td (filiates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.80 497.37 Td (\(3,215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 497.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 497.32 Td (\(2,217) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 497.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 483.32 Td (Net cash used in operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.80 483.37 Td (\(10,683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 483.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 483.32 Td (\(2,394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 483.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 468.43 Td (CASH FLOWS FROM INVESTING ) Tj ET Q q 0 0 0 rg BT 199.30 468.43 Td (ACTIVITIES:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 468.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 468.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 454.32 Td (Proceeds from the sale of real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 454.32 Td (248,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 454.32 Td (455,220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 440.32 Td (Capital expenditures at operating properties and developments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.80 440.37 Td (\(4,437) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 440.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 440.32 Td (\(21,979) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 440.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 426.32 Td (Net cash from investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 426.32 Td (243,572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 426.32 Td (433,241) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 411.43 Td (CASH FLOWS FROM FINANCING ) Tj ET Q q 0 0 0 rg BT 200.95 411.43 Td (ACTIVITIES:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 411.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 411.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 397.32 Td (Contribution from noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.65 397.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 397.32 Td (97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 383.32 Td (Redemption of common shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.80 383.37 Td (\(2,772) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 383.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 383.32 Td (\(23,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 383.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 369.32 Td (Payments of issuer costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.30 369.37 Td (\(6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 369.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.30 369.32 Td (\(1) Tj ET Q q 0 0 0 rg BT 567.63 369.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 369.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 355.32 Td (Distributions paid to stockholders and noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.65 355.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 355.32 Td (\(675,758) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 355.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 341.32 Td (Proceeds from notes payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.65 341.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 341.32 Td (169,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 327.32 Td (Payments on notes payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.80 327.37 Td (\(225,535) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 327.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 327.32 Td (\(75,553) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 327.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 313.32 Td (Change in security deposit liability) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 313.32 Td (320) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 313.32 Td (179) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 299.32 Td (Deferred financing costs paid) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.30 299.37 Td (\(396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 299.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 299.32 Td (\(1,761) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 299.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 285.32 Td (Net cash used in financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.80 285.37 Td (\(228,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 285.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 285.32 Td (\(607,543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 285.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 271.43 Td (Effect of exchange rate changes on cash, cash equivalents, and r) Tj ET Q q 0 0 0 rg BT 310.56 271.43 Td (estricted cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.30 271.37 Td (\(499) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 271.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 271.32 Td (313) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 257.43 Td (Net change in cash, cash equivalents, and r) Tj ET Q q 0 0 0 rg BT 221.42 257.43 Td (estricted cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 257.32 Td (4,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 257.32 Td (\(176,383) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 257.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 243.43 Td (Cash, cash equivalents, and r) Tj ET Q q 0 0 0 rg BT 163.38 243.43 Td (estricted cash, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 243.32 Td (385,959) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 243.32 Td (261,017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 229.43 Td (Cash, cash equivalents, and r) Tj ET Q q 0 0 0 rg BT 163.29 229.43 Td (estricted cash, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 229.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 229.32 Td (389,960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 229.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 229.32 Td (84,634) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.25 201.25 Td (See notes to the condensed consolidated financial statements.) 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 24.60 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.00 749.25 Td (HINES GLOBAL) Tj ET Q q 0 0 0 rg BT 317.86 749.25 Td ( REIT) Tj ET Q q 0 0 0 rg BT 344.07 749.25 Td (, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.95 737.25 Td (NOTES) Tj ET Q q 0 0 0 rg BT 167.17 737.25 Td (T) Tj ET Q q 0 0 0 rg BT 173.66 737.25 Td (O ) Tj ET Q q 0 0 0 rg BT 183.76 737.25 Td (THE CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 332.49 737.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 411.67 737.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 425.66 737.25 Td (A) Tj ET Q q 0 0 0 rg BT 432.14 737.25 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.85 725.25 Td (For) Tj ET Q q 0 0 0 rg BT 204.22 725.25 Td ( the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.37 725.25 Td (Thr) Tj ET Q q 0 0 0 rg BT 238.85 725.25 Td (ee) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.73 725.25 Td ( Months Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.81 725.25 Td (Mar) Tj ET Q q 0 0 0 rg BT 334.50 725.25 Td (ch31, 2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.00 725.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.13 725.25 Td (2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.13 725.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 701.25 Td (1.ORGANIZA) Tj ET Q q 0 0 0 rg BT 102.76 701.25 Td (TION) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 677.25 Td (The accompanying interim unaudited condensed consolidated financial information has been pr) Tj ET Q q 0 0 0 rg BT 438.58 677.25 Td (epar) Tj ET Q q 0 0 0 rg BT 456.53 677.25 Td (ed accor) Tj ET Q q 0 0 0 rg BT 490.87 677.25 Td (ding to the rules and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 665.25 Td (r) Tj ET Q q 0 0 0 rg BT 39.52 665.25 Td (egulations of the United States Securities and Exchange Commission \(SEC\). Certain information and footnote disclosur) Tj ET Q q 0 0 0 rg BT 530.51 665.25 Td (es ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 653.25 Td (normally included in financial statements pr) Tj ET Q q 0 0 0 rg BT 213.11 653.25 Td (epar) Tj ET Q q 0 0 0 rg BT 231.07 653.25 Td (ed in accor) Tj ET Q q 0 0 0 rg BT 275.68 653.25 Td (dance with accounting principles generally accepted in the United States ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 641.25 Td (of ) Tj ET Q q 0 0 0 rg BT 46.10 641.25 Td (America \(GAAP\) have been condensed or omitted accor) Tj ET Q q 0 0 0 rg BT 282.05 641.25 Td (ding to such rules and r) Tj ET Q q 0 0 0 rg BT 376.96 641.25 Td (egulations. For further information, r) Tj ET Q q 0 0 0 rg BT 527.15 641.25 Td (efer to the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 629.25 Td (financial statements and footnotes for the year ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.97 629.25 Td (December31, 2019) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 329.55 629.25 Td ( included in Hines Global REIT) Tj ET Q q 0 0 0 rg BT 455.74 629.25 Td (, Inc.) Tj ET Q q 0 0 0 rg BT 478.05 629.25 Td (s ) Tj ET Q q 0 0 0 rg BT 484.26 629.25 Td (Annual Report on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 617.25 Td (Form10-K for the year ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 158.75 617.25 Td (December31, 2019) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 237.34 617.25 Td (. In the opinion of management, all adjustments and eliminations, consisting only of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 605.25 Td (normal r) Tj ET Q q 0 0 0 rg BT 70.91 605.25 Td (ecurring adjustments, necessary to pr) Tj ET Q q 0 0 0 rg BT 221.36 605.25 Td (esent fairly and in conformity with GAAP) Tj ET Q q 0 0 0 rg BT 387.26 605.25 Td ( the financial position of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 564.01 605.25 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 593.25 Td (Inc. as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.44 593.25 Td (Mar) Tj ET Q q 0 0 0 rg BT 92.29 593.25 Td (ch31, 2020) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 139.23 593.25 Td (, the r) Tj ET Q q 0 0 0 rg BT 162.46 593.25 Td (esults of operations for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 272.19 593.25 Td (thr) Tj ET Q q 0 0 0 rg BT 283.49 593.25 Td (ee) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.36 593.25 Td ( months ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 352.63 593.25 Td (Mar) Tj ET Q q 0 0 0 rg BT 369.48 593.25 Td (ch31, 2020) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 416.42 593.25 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 436.42 593.25 Td (2019) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 456.42 593.25 Td ( and cash flows for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 549.75 593.25 Td (thr) Tj ET Q q 0 0 0 rg BT 561.05 593.25 Td (ee ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 581.25 Td (months ended) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 91.27 581.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 93.77 581.25 Td (Mar) Tj ET Q q 0 0 0 rg BT 110.62 581.25 Td (ch31, 2020) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 157.56 581.25 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 177.56 581.25 Td (2019) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 197.56 581.25 Td ( have been included.The r) Tj ET Q q 0 0 0 rg BT 305.77 581.25 Td (esults of operations for such interim periods ar) Tj ET Q q 0 0 0 rg BT 494.01 581.25 Td (e not necessarily ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 569.25 Td (indicative of the r) Tj ET Q q 0 0 0 rg BT 106.44 569.25 Td (esults for the full year) Tj ET Q q 0 0 0 rg BT 193.10 569.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.25 Td (Hines Global REIT) Tj ET Q q 0 0 0 rg BT 131.02 545.25 Td (, Inc. \(the Company\) was formed as a Maryland corporation on December10, 2008, under the General ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 533.25 Td (Corporation Law of the state of Maryland for the purpose of engaging in the business of investing in and owning commercial real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 521.25 Td (estate properties and other real estate investments. ) Tj ET Q q 0 0 0 rg BT 239.08 521.25 Td (The Company conducts substantially all of its operations through Hines Global ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 509.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 58.04 509.25 Td ( Properties, LP) Tj ET Q q 0 0 0 rg BT 117.38 509.25 Td ( \(the Operating Partnership\) and subsidiaries of the Operating Partnership. ) Tj ET Q q 0 0 0 rg BT 425.72 509.25 Td (The Company operates in a manner ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 497.25 Td (to qualify as a real estate investment trust \(REIT\) for federal income tax purposes. ) Tj ET Q q 0 0 0 rg BT 375.97 497.25 Td (The day-to-day business of the Company is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 485.25 Td (managed by Hines Global REIT) Tj ET Q q 0 0 0 rg BT 164.68 485.25 Td ( ) Tj ET Q q 0 0 0 rg BT 166.63 485.25 Td (AdvisorsLP) Tj ET Q q 0 0 0 rg BT 216.54 485.25 Td ( \(the Advisor\), an af) Tj ET Q q 0 0 0 rg BT 306.04 485.25 Td (filiate of Hines Interests Limited Partnership \(Hines\), pursuant to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 473.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.17 473.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 89.33 473.25 Td (Agreement between the Company) Tj ET Q q 0 0 0 rg BT 225.03 473.25 Td (, the ) Tj ET Q q 0 0 0 rg BT 244.19 473.25 Td (Advisor and the Operating Partnership \(the Advisory ) Tj ET Q q 0 0 0 rg BT 462.76 473.25 Td (Agreement\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 449.25 Td (The Company raised the equity capital for its real estate investments through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.91 449.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.91 449.25 Td ( public of) Tj ET Q q 0 0 0 rg BT 417.06 449.25 Td (ferings from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.71 449.25 Td (August5, 2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.10 449.25 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 437.25 Td (April1) Tj ET Q q 0 0 0 rg BT 64.24 437.25 Td (1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.24 437.25 Td (, which included primary of) Tj ET Q q 0 0 0 rg BT 205.41 437.25 Td (fering shares as well as shares issued through its distribution reinvestment plan. ) Tj ET Q q 0 0 0 rg BT 526.00 437.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 425.25 Td (Company terminated its of) Tj ET Q q 0 0 0 rg BT 142.74 425.25 Td (fering of primary of) Tj ET Q q 0 0 0 rg BT 222.25 425.25 Td (fering shares in ) Tj ET Q q 0 0 0 rg BT 285.85 425.25 Td (April 2014, but continued to issue shares through its distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 413.25 Td (reinvestment plan \(the DRP) Tj ET Q q 0 0 0 rg BT 151.43 413.25 Td ( Of) Tj ET Q q 0 0 0 rg BT 164.31 413.25 Td (fering\) from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.84 413.25 Td (April24, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.45 413.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.67 413.25 Td (August 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.06 413.25 Td (. Collectively) Tj ET Q q 0 0 0 rg BT 397.79 413.25 Td (, through its public of) Tj ET Q q 0 0 0 rg BT 483.99 413.25 Td (ferings, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 401.25 Td (received gross of) Tj ET Q q 0 0 0 rg BT 104.13 401.25 Td (fering proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.37 401.25 Td ($3.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.48 401.25 Td ( from the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.51 401.25 Td (313.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.41 401.25 Td ( shares, which was invested in the Company) Tj ET Q q 0 0 0 rg BT 527.37 401.25 Td (s real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 389.25 Td (portfolio. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 365.25 Td (In recent years, the Company has concentrated its ef) Tj ET Q q 0 0 0 rg BT 262.90 365.25 Td (forts on actively managing its assets and exploring a variety of strategic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 353.25 Td (opportunities focused on enhancing the composition of its portfolio and its total return potential for its stockholders. On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.25 353.25 Td (April23, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 341.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 341.25 Td (, in connection with its review of potential strategic alternatives available to the Company) Tj ET Q q 0 0 0 rg BT 414.69 341.25 Td (, the Company) Tj ET Q q 0 0 0 rg BT 476.07 341.25 Td (s board of directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 329.25 Td (determined that it is in the best interest of the Company and its stockholders to sell all or substantially all of the Company) Tj ET Q q 0 0 0 rg BT 525.36 329.25 Td (s properties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 317.25 Td (and assets and for the Company to liquidate and dissolve pursuant to a Plan of Liquidation and Dissolution \(the Plan of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 305.25 Td (Liquidation\). ) Tj ET Q q 0 0 0 rg BT 97.75 305.25 Td (The principal purpose of the Plan of Liquidation is to provide liquidity to the Company) Tj ET Q q 0 0 0 rg BT 449.36 305.25 Td (s stockholders by selling the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 293.25 Td (Company) Tj ET Q q 0 0 0 rg BT 77.67 293.25 Td (s assets, paying its debts and distributing the net proceeds from liquidation to the Company) Tj ET Q q 0 0 0 rg BT 445.11 293.25 Td (s stockholders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 269.25 Td (As required by Maryland law and the Company) Tj ET Q q 0 0 0 rg BT 247.56 269.25 Td (s charter) Tj ET Q q 0 0 0 rg BT 281.31 269.25 Td (, the Plan of Liquidation was approved by the af) Tj ET Q q 0 0 0 rg BT 473.86 269.25 Td (firmative vote of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 257.25 Td (holders of at least a majority of the shares of the Company) Tj ET Q q 0 0 0 rg BT 272.88 257.25 Td (s common stock outstanding and entitled to vote thereon at the Company) Tj ET Q q 0 0 0 rg BT 567.55 257.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 245.25 Td (annual meeting of stockholders held on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.96 245.25 Td (July17, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.13 245.25 Td (. In accordance with Maryland law) Tj ET Q q 0 0 0 rg BT 388.87 245.25 Td (, the Plan of Liquidation provides the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 233.25 Td (Company) Tj ET Q q 0 0 0 rg BT 77.67 233.25 Td (s board of directors with the authority to modify or amend the Plan of Liquidation without further action by the Company) Tj ET Q q 0 0 0 rg BT 566.45 233.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 221.25 Td (stockholders to the extent permitted by then-current law and to terminate the Plan of Liquidation for any reason, provided that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 209.25 Td (board of directors may not terminate the Plan of Liquidation after ) Tj ET Q q 0 0 0 rg BT 300.09 209.25 Td (Articles of Dissolution have been filed with and accepted for record ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 197.25 Td (by the State Department of ) Tj ET Q q 0 0 0 rg BT 145.69 197.25 Td (Assessments and ) Tj ET Q q 0 0 0 rg BT 216.06 197.25 Td (T) Tj ET Q q 0 0 0 rg BT 221.47 197.25 Td (axation of Maryland. ) Tj ET Q q 0 0 0 rg BT 307.93 197.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 367.65 197.25 Td (s original goal was to complete the liquidation of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 185.25 Td (assets and make final distributions to its stockholders by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.03 185.25 Td (July17, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.20 185.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.03 185.25 Td (24 months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.98 185.25 Td ( after stockholder approval of the Plan of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 173.25 Td (Liquidation\). ) Tj ET Q q 0 0 0 rg BT 93.31 173.25 Td (While the Company has been actively marketing the remaining assets for disposition, the recent spread of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 161.25 Td (COVID-19 \(more commonly referred to as the Coronavirus\) pandemic and its impact on the global economic environment has had, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 149.25 Td (and is expected to continue to have, an adverse impact on overall market conditions and the Company) Tj ET Q q 0 0 0 rg BT 446.71 149.25 Td (s disposition process. ) Tj ET Q q 0 0 0 rg BT 533.93 149.25 Td (As a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 137.25 Td (result, the Company believes it is unlikely that it will be able to complete the liquidation of its assets and make final cash distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 125.25 Td (to its stockholders by July17, 2020. ) Tj ET Q q 0 0 0 rg BT 182.39 125.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 231.73 125.25 Td (, any remaining assets and liabilities of the Company will be transferred into a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 113.25 Td (liquidating trust as described in the Plan of Liquidation approved by the Company) Tj ET Q q 0 0 0 rg BT 367.61 113.25 Td (s stockholders in July 2018. ) Tj ET Q q 0 0 0 rg BT 480.94 113.25 Td (At that time, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 101.25 Td (Company) Tj ET Q q 0 0 0 rg BT 77.67 101.25 Td (s stockholders will receive shares of beneficial interest in the liquidating trust and the Company will be dissolved. ) Tj ET Q q 0 0 0 rg BT 535.43 101.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 89.25 Td (liquidating trust will operate substantially in the same manner as the Company operates today and will continue to pursue the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 77.25 Td (liquidation of the remaining assets with the goal of distributing the net proceeds of the liquidation to the Company) Tj ET Q q 0 0 0 rg BT 495.91 77.25 Td (s stockholders. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 65.25 Td (There can be no assurances regarding the timing or amounts of any additional liquidating distributions.) 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 24.60 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 749.10 Td (Through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.94 749.10 Td (May15, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.77 749.10 Td (, the Company has paid aggregate return of capital distributions of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.73 749.10 Td ($4.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.23 749.10 Td ( per share to its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 737.10 Td (stockholders, which included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.42 737.10 Td ($2.83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.92 737.10 Td ( per share of liquidating distributions pursuant to the Plan of Liquidation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td (Because the Plan of Liquidation follows the Company) Tj ET Q q 0 0 0 rg BT 273.68 713.10 Td (s initial business plan, these financial statements have not been prepared on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 701.10 Td (the liquidation basis of accounting.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (The Company sold its interests in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.66 677.10 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.33 677.10 Td ( properties for an aggregate sales price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.03 677.10 Td ($1.0 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.14 677.10 Td ( during 2017, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.25 677.10 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.25 677.10 Td ( properties in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.51 677.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.51 677.10 Td ( for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 665.10 Td (an aggregate sales price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.55 665.10 Td ($1.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.67 665.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.67 665.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.33 665.10 Td ( properties in 2019 for an aggregate sales price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.81 665.10 Td ($1.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.92 665.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.86 665.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.86 665.10 Td ( properties in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 653.10 Td (first quarter of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.25 653.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.25 653.10 Td ( for an aggregate sales price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.47 653.10 Td ($379.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.36 653.10 Td (. ) Tj ET Q q 0 0 0 rg BT 307.31 653.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.75 653.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.35 653.10 Td (, the Company owned interests in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.72 653.10 Td (eight) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.71 653.10 Td ( real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 641.10 Td (estate investments, consisting of the following types of investments:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 617.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 617.10 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 103.83 617.10 Td (of) Tj ET Q q 0 0 0 rg BT 111.97 617.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 129.46 617.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 179.73 617.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.06 617.10 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.06 617.10 Td ( ) Tj ET Q q 0 0 0 rg BT 190.56 617.10 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 605.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 605.10 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 103.83 605.10 Td (other ) Tj ET Q q 0 0 0 rg BT 126.87 605.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 177.15 605.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.48 605.10 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.48 605.10 Td ( ) Tj ET Q q 0 0 0 rg BT 187.98 605.10 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 593.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 593.10 Td (International ) Tj ET Q q 0 0 0 rg BT 116.59 593.10 Td (of) Tj ET Q q 0 0 0 rg BT 124.74 593.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 142.22 593.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 192.50 593.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.83 593.10 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.83 593.10 Td ( ) Tj ET Q q 0 0 0 rg BT 203.33 593.10 Td (investments\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 569.10 Td (2.SUMMAR) Tj ET Q q 0 0 0 rg BT 97.25 569.10 Td (Y) Tj ET Q q 0 0 0 rg BT 104.10 569.10 Td ( ) Tj ET Q q 0 0 0 rg BT 106.60 569.10 Td (OF) Tj ET Q q 0 0 0 rg BT 120.12 569.10 Td ( ) Tj ET Q q 0 0 0 rg BT 122.62 569.10 Td (SIGNIFICANT) Tj ET Q q 0 0 0 rg BT 189.12 569.10 Td ( ) Tj ET Q q 0 0 0 rg BT 191.07 569.10 Td (ACCOUNTING ) Tj ET Q q 0 0 0 rg BT 263.01 569.10 Td (POLICIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.10 Td (Described below are certain of the Company) Tj ET Q q 0 0 0 rg BT 235.60 545.10 Td (s significant accounting policies. ) Tj ET Q q 0 0 0 rg BT 369.00 545.10 Td (The disclosures regarding several of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 533.10 Td (policies have been condensed or omitted in accordance with interim reporting regulations specified in the instructions for Form 10-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 521.10 Td (Q. Please see the Company) Tj ET Q q 0 0 0 rg BT 147.92 521.10 Td (s ) Tj ET Q q 0 0 0 rg BT 153.76 521.10 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 350.10 521.10 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.68 521.10 Td ( for a complete listing of all of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 509.10 Td (its significant accounting policies.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 485.10 Td (Cor) Tj ET Q q 0 0 0 rg BT 69.19 485.10 Td (onavirus Outbr) Tj ET Q q 0 0 0 rg BT 130.21 485.10 Td (eak) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.09 485.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 461.10 Td (The preparation of financial statements in conformity with GAAP) Tj ET Q q 0 0 0 rg BT 317.45 461.10 Td ( requires the Company) Tj ET Q q 0 0 0 rg BT 411.04 461.10 Td (s management to make estimates and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 449.10 Td (assumptions that af) Tj ET Q q 0 0 0 rg BT 113.03 449.10 Td (fect the amounts reported in the financial statements. ) Tj ET Q q 0 0 0 rg BT 326.57 449.10 Td (Although these estimates are based on management) Tj ET Q q 0 0 0 rg BT 535.95 449.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 437.10 Td (knowledge of current events and actions it may undertake in the future, actual results may dif) Tj ET Q q 0 0 0 rg BT 409.03 437.10 Td (fer from these estimates. In particular) Tj ET Q q 0 0 0 rg BT 558.56 437.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 425.10 Td (the Coronavirus pandemic has adversely impacted and is likely to further adversely impact the Company) Tj ET Q q 0 0 0 rg BT 458.10 425.10 Td (s business, the businesses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 413.10 Td (of the Company) Tj ET Q q 0 0 0 rg BT 103.21 413.10 Td (s tenants and the real estate market generally) Tj ET Q q 0 0 0 rg BT 281.65 413.10 Td (. ) Tj ET Q q 0 0 0 rg BT 286.47 413.10 Td (The full extent to which the pandemic will directly or indirectly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 401.10 Td (impact the Company's business, results of operations and financial condition, including fair value measurements, and asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 389.10 Td (impairment char) Tj ET Q q 0 0 0 rg BT 101.63 389.10 Td (ges, will depend on future developments that are highly uncertain and dif) Tj ET Q q 0 0 0 rg BT 394.13 389.10 Td (ficult to predict. ) Tj ET Q q 0 0 0 rg BT 460.60 389.10 Td (These developments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 377.10 Td (include, but are not limited to, the duration and spread of the outbreak, its severity) Tj ET Q q 0 0 0 rg BT 363.87 377.10 Td (, the actions to contain the virus or address its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 365.10 Td (impact, governmental actions to contain the spread of the pandemic and respond to the reduction in global economic activity) Tj ET Q q 0 0 0 rg BT 533.81 365.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 353.10 Td (how quickly and to what extent normal economic and operating conditions can resume.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 329.10 Td (The ongoing global outbreak of the Coronavirus pandemic continues to adversely impact global commercial activity and has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 317.10 Td (contributed to significant volatility in financial markets. It has disrupted global travel and supply chains, adversely impacted global ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 305.10 Td (commercial activity) Tj ET Q q 0 0 0 rg BT 115.04 305.10 Td (, and its long-term economic impact remains uncertain. Considerable uncertainty still surrounds the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 293.10 Td (Coronavirus and its potential ef) Tj ET Q q 0 0 0 rg BT 161.90 293.10 Td (fects on the population, as well as the ef) Tj ET Q q 0 0 0 rg BT 321.95 293.10 Td (fectiveness of any responses taken on a national and local ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 281.10 Td (level by government authorities and businesses. ) Tj ET Q q 0 0 0 rg BT 229.39 281.10 Td (The travel restrictions, limits on hours of operations and/or closures of non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 269.10 Td (essential businesses and other ef) Tj ET Q q 0 0 0 rg BT 165.23 269.10 Td (forts to curb the spread of the Coronavirus have significantly disrupted business activity globally) Tj ET Q q 0 0 0 rg BT 552.00 269.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 257.10 Td (including in the markets where the Company) Tj ET Q q 0 0 0 rg BT 218.73 257.10 Td (s remaining assets are located, and the Company expects them to have an adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 245.10 Td (impact on the performance of its investments. Many of the Company) Tj ET Q q 0 0 0 rg BT 314.54 245.10 Td (s tenants are subject to shelter in place and other quarantine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 233.10 Td (restrictions, and the restrictions could be in place for an extended period of time. ) Tj ET Q q 0 0 0 rg BT 360.71 233.10 Td (These restrictions are particularly adversely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 221.10 Td (impacting many of the Company) Tj ET Q q 0 0 0 rg BT 170.42 221.10 Td (s retail tenants \(other than grocery tenants\), as government instructions regarding social ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 209.10 Td (distancing and mandated closures have reduced and, in some cases, eliminated customer foot traf) Tj ET Q q 0 0 0 rg BT 424.30 209.10 Td (fic, causing many of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 197.10 Td (Company) Tj ET Q q 0 0 0 rg BT 77.67 197.10 Td (s retail tenants to temporarily close their brick and mortar stores. ) Tj ET Q q 0 0 0 rg BT 340.64 197.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.09 197.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.69 197.10 Td (, the Company owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.95 197.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.61 197.10 Td ( retail ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 185.10 Td (properties in the U.S., which comprised nearly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.84 185.10 Td (51%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.17 185.10 Td ( of total revenues recognized by the Company during the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 173.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.60 173.10 Td (. Further) Tj ET Q q 0 0 0 rg BT 133.64 173.10 Td (, while the Company collected approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.30 173.10 Td (94%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.63 173.10 Td ( of March rents at its retail properties, collections in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 161.10 Td (April dropped to around ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.42 161.10 Td (33%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.75 161.10 Td (. ) Tj ET Q q 0 0 0 rg BT 161.07 161.10 Td (The Company is in preliminary discussions with these tenants and currently expects to grant relief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 149.10 Td (to some of its tenants to defer rent payments as a result of their estimated lost revenues from the current Coronavirus pandemic; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 137.10 Td (however) Tj ET Q q 0 0 0 rg BT 70.03 137.10 Td (, there can be no assurance the Company will reach an agreement with any tenant or if an agreement is reached, that any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 125.10 Td (such tenant will be able to repay any such deferred rent in the future. Excluding retail properties, the Company collected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 113.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.26 113.10 Td (97%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.59 113.10 Td ( of March rents and approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.65 113.10 Td (87%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.98 113.10 Td ( of ) Tj ET Q q 0 0 0 rg BT 286.76 113.10 Td (April rents.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 101.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 89.10 Td (The outbreak will likely have a continued adverse impact on economic and market conditions and trigger a period of global ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 77.10 Td (economic slowdown. In addition, the rapidly evolving nature of the pandemic makes it dif) Tj ET Q q 0 0 0 rg BT 396.56 77.10 Td (ficult to ascertain the long-term impact it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 65.10 Td (will have on commercial real estate markets and the Company) Tj ET Q q 0 0 0 rg BT 287.86 65.10 Td (s investments. Nevertheless, the Coronavirus presents material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 53.10 Td (uncertainty and risk with respect to the performance of the Company) Tj ET Q q 0 0 0 rg BT 314.24 53.10 Td (s real estate investments, its financial results, such as rent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 41.10 Td (concessions or reduced rental rates, and ability to complete the disposition of its remaining properties pursuant to the Plan of ) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 742.10 Td (Liquidation, such as the potential negative impact to occupancy at the Company) Tj ET Q q 0 0 0 rg BT 359.24 742.10 Td (s properties, the potential closure of certain of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 730.10 Td (assets for an extended period, the potential for adverse impacts with respect to financing arrangements, increased costs of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 718.10 Td (operations, decrease in values of the Company) Tj ET Q q 0 0 0 rg BT 225.11 718.10 Td (s real estate investments, changes in law and/or regulation, and uncertainty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 706.10 Td (regarding government and regulatory policy) Tj ET Q q 0 0 0 rg BT 211.96 706.10 Td (. ) Tj ET Q q 0 0 0 rg BT 216.78 706.10 Td (The Company is unable to estimate the impact the Coronavirus will have on its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 694.10 Td (financial results at this time. See Note 1 Or) Tj ET Q q 0 0 0 rg BT 223.28 694.10 Td (ganization for a description of the delays it has caused with respect to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 682.10 Td (Company's completion of its Plan of Liquidation, which will cause the Company to transfer its assets and liabilities to a liquidating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 670.10 Td (trust in the third quarter of this year) Tj ET Q q 0 0 0 rg BT 177.91 670.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 646.10 Td (Due to the business disruptions and challenges severely af) Tj ET Q q 0 0 0 rg BT 286.54 646.10 Td (fecting the global economy caused by the Coronavirus pandemic, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 634.10 Td (many lessors may be required to provide rent deferrals and other lease concessions to lessees. ) Tj ET Q q 0 0 0 rg BT 412.36 634.10 Td (While the lease modification ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 622.10 Td (guidance in ) Tj ET Q q 0 0 0 rg BT 84.32 622.10 Td (Accounting Standards Codification \(ASC\) ) Tj ET Q q 0 0 0 rg BT 265.21 622.10 Td (T) Tj ET Q q 0 0 0 rg BT 270.62 622.10 Td (opic 842 \("T) Tj ET Q q 0 0 0 rg BT 320.66 622.10 Td (opic 842"\) addresses routine changes to lease terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 610.10 Td (resulting from negotiations between the lessee and the lessor) Tj ET Q q 0 0 0 rg BT 278.31 610.10 Td (, this guidance did not contemplate concessions being so rapidly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 598.10 Td (executed to address the sudden liquidity constraints of some lessees arising from the Coronavirus pandemic. In ) Tj ET Q q 0 0 0 rg BT 481.73 598.10 Td (April 2020, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 586.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 75.16 586.10 Td (Accounting Standards Board \(F) Tj ET Q q 0 0 0 rg BT 205.78 586.10 Td (ASB\) staf) Tj ET Q q 0 0 0 rg BT 249.76 586.10 Td (f issued a question and answer document \(the Lease Modification Q&A\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 574.10 Td (focused on the application of lease accounting guidance to lease concessions provided as a result of the Coronavirus pandemic. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 562.10 Td (Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 550.10 Td (result of a new arrangement reached with the tenant \(treated within the lease modification accounting framework\) or if a lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 538.10 Td (concession was under the enforceable rights and obligations within the existing lease agreement \(precluded from applying the lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 526.10 Td (modification accounting framework\). ) Tj ET Q q 0 0 0 rg BT 187.99 526.10 Td (The Lease Modification Q&A) Tj ET Q q 0 0 0 rg BT 308.23 526.10 Td ( allows the Company) Tj ET Q q 0 0 0 rg BT 392.29 526.10 Td (, if certain criteria have been met, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 514.10 Td (bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 502.10 Td (election applied consistently to leases with similar characteristics and similar circumstances. ) Tj ET Q q 0 0 0 rg BT 407.92 502.10 Td (The Company has elected to apply ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 490.10 Td (such relief and will avail itself of the election to avoid performing a lease by lease analysis for the lease concessions that 1\) were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 478.10 Td (granted as relief due to the Coronavirus pandemic and 2\) result in the cash flows remaining substantially the same or less. ) Tj ET Q q 0 0 0 rg BT 525.13 478.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 466.10 Td (Lease Modification Q&A) Tj ET Q q 0 0 0 rg BT 138.20 466.10 Td ( has no material impact on the Company) Tj ET Q q 0 0 0 rg BT 302.88 466.10 Td (s consolidated financial statements as of and for the three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 454.10 Td (months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.33 454.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.92 454.10 Td (, however) Tj ET Q q 0 0 0 rg BT 196.95 454.10 Td (, its future impact to the Company is dependent upon the extent of lease concessions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 442.10 Td (granted to tenants as a result of the Coronavirus pandemic in future periods and the elections made by the Company at the time of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 430.10 Td (entering into such concessions.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 406.10 Td (Assets and Liabilities Held for Sale) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 382.10 Td (As described previously) Tj ET Q q 0 0 0 rg BT 150.00 382.10 Td (, in connection with the execution of the Plan of Liquidation, the Company is actively working to sell ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 370.10 Td (its remaining properties by July 2020. ) Tj ET Q q 0 0 0 rg BT 189.59 370.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 238.93 370.10 Td (, in July 2019, the Company determined that all of its real estate properties and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 358.10 Td (their related assets and associated liabilities should be classified as held for sale in accordance with the Financial ) Tj ET Q q 0 0 0 rg BT 488.63 358.10 Td (Accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 346.10 Td (Standards Board \(F) Tj ET Q q 0 0 0 rg BT 117.46 346.10 Td (ASB\) ) Tj ET Q q 0 0 0 rg BT 146.63 346.10 Td (Accounting Standards Codification \(ASC\) 360-10. ) Tj ET Q q 0 0 0 rg BT 362.99 346.10 Td (ASC 360-10 requires amounts related to assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 334.10 Td (held for sale to be recorded at the lower of their current carrying value or their estimated net realizable value \(i.e. fair value less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 322.10 Td (costs to sell\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 298.10 Td (As ) Tj ET Q q 0 0 0 rg BT 67.06 298.10 Td (ASC 360-10 requires the separate presentation of assets and liabilities classified as held for sale, the Company has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 286.10 Td (aggregated and presented these assets and liabilities each as one line on the Condensed Consolidated Balance Sheet \(assets held ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 274.10 Td (for sale and liabilities associated with assets held for sale, respectively\), which are described further in the tables below) Tj ET Q q 0 0 0 rg BT 525.72 274.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 262.10 Td (Further) Tj ET Q q 0 0 0 rg BT 65.04 262.10 Td (, as a result of the held for sale designation, no depreciation or amortization related to the properties was recorded after July ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 250.10 Td (2019. ) Tj ET Q q 0 0 0 rg BT 63.32 250.10 Td (These assets did not qualify to be classified as discontinued operations, because the sale of these assets does not represent a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 238.10 Td (strategic shift in the Company) Tj ET Q q 0 0 0 rg BT 159.31 238.10 Td (s operations. ) Tj ET Q q 0 0 0 rg BT 214.31 238.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.75 238.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.35 238.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.79 238.10 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.37 238.10 Td (, assets held for sale consisted of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 226.10 Td (following \(in thousands\):) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (9) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 37.00 733.50 317.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 733.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 733.50 93.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 733.50 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.00 733.50 94.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 37.00 705.50 317.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 705.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 705.50 93.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 705.50 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.00 705.50 94.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 37.00 677.50 317.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 677.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 677.50 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 677.50 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.00 677.50 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 37.00 647.50 317.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 647.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 647.50 93.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 647.50 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.00 647.50 94.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 37.00 619.50 317.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 619.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 619.50 93.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 619.50 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.00 619.50 94.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 358 733.5 m 451 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 466 733.5 m 560 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 466 733.5 m 560 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 358 619.5 m 451 619.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 466 619.5 m 560 619.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 606.5 m 451 606.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 604.5 m 451 604.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466 606.5 m 560 606.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466 604.5 m 560 604.5 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.50 738.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.90 738.18 Td (Mar) Tj ET Q q 0 0 0 rg BT 389.69 738.18 Td (ch 31, 2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 738.18 Td (December) Tj ET Q q 0 0 0 rg BT 515.27 738.18 Td ( 31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.50 724.07 Td (Investment property) Tj ET Q q 0 0 0 rg BT 119.99 724.07 Td (, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.50 724.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 724.07 Td (893,834) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.50 724.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.15 724.07 Td (1,179,770) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.50 710.07 Td (Restricted cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 710.07 Td (3,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.65 710.07 Td (12,780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.50 696.07 Td (T) Tj ET Q q 0 0 0 rg BT 45.26 696.07 Td (enant and other receivables, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 696.07 Td (94,526) Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 453.50 701.33 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.65 696.07 Td (50,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.50 682.07 Td (Intangible lease assets, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 682.07 Td (89,152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.65 682.07 Td (97,030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.50 667.17 Td (Right-of-use asset, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 667.17 Td (91,034) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.65 667.17 Td (97,499) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.50 652.17 Td (Deferred leasing costs, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 652.17 Td (79,801) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.65 652.17 Td (102,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.50 638.07 Td (Deferred financing costs, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.15 638.07 Td (845) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 638.07 Td (845) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.50 624.07 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 624.07 Td (8,925) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.65 624.07 Td (1) Tj ET Q q 0 0 0 rg BT 533.65 624.07 Td (1,290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 610.07 Td (T) Tj ET Q q 0 0 0 rg BT 56.91 610.07 Td (otal assets held for sale) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.50 610.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 610.07 Td (1,261,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.50 610.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.15 610.07 Td (1,551,858) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 570.00 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 570.00 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.44 570.00 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.04 570.00 Td (, ) Tj ET Q q 0 0 0 rg BT 164.86 570.00 Td (T) Tj ET Q q 0 0 0 rg BT 170.27 570.00 Td (enant and other receivables, net included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.03 570.00 Td ($47.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.92 570.00 Td ( related to proceeds to be received from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 558.00 Td (the sale of Perspective Defense. See Note 3 Investment Property for more information on the sale of Perspective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 546.00 Td (Defense.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 522.00 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.44 522.00 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.04 522.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.48 522.00 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.06 522.00 Td (, liabilities associated with assets held for sale consisted of the following \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 510.00 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 39.50 472.50 320.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 472.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 472.50 96.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 472.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 472.50 94.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 39.50 444.50 320.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 444.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 444.50 96.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 444.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 444.50 94.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 39.50 416.50 320.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 416.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 416.50 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 416.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 416.50 94.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 472.5 m 459.5 472.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 472.5 m 557.5 472.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 401.5 m 459.5 401.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 401.5 m 557.5 401.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 388.5 m 459.5 388.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 386.5 m 459.5 386.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 401.5 m 557.5 401.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 388.5 m 557.5 388.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 386.5 m 557.5 386.5 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 42.00 477.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.90 477.18 Td (Mar) Tj ET Q q 0 0 0 rg BT 396.69 477.18 Td (ch 31, 2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.65 477.18 Td (December) Tj ET Q q 0 0 0 rg BT 512.77 477.18 Td ( 31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 42.00 463.07 Td (Accounts payable and accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.00 463.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 463.07 Td (37,681) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.00 463.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 463.07 Td (48,459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 42.00 449.07 Td (Due to af) Tj ET Q q 0 0 0 rg BT 79.12 449.07 Td (filiates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 449.07 Td (824) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 449.07 Td (2,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 42.00 435.07 Td (Intangible lease liabilities, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 435.07 Td (43,534) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 435.07 Td (45,425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 42.00 421.07 Td (Other liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 421.07 Td (12,447) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 421.07 Td (21,328) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 42.00 406.17 Td (Notes payable, net ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 118.64 410.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 406.17 Td (221,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 406.17 Td (536,685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 392.07 Td (T) Tj ET Q q 0 0 0 rg BT 59.41 392.07 Td (otal liabilities associated with assets held for sale) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.00 392.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 392.07 Td (315,928) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.00 392.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 392.07 Td (653,900) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 364.00 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 364.00 Td (Includes outstanding liabilities related to the Company) Tj ET Q q 0 0 0 rg BT 293.62 364.00 Td (s Revolving Credit Facility \(as defined below\), which is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 352.00 Td (collateralized by several of the remaining properties and must be repaid after the sale of those properties.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 328.00 Td (Other ) Tj ET Q q 0 0 0 rg BT 79.65 328.00 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 304.00 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.44 304.00 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.04 304.00 Td (, other assets included the following \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 266.50 306.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 266.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 266.50 87.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 266.50 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 266.50 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 238.50 306.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 238.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 238.50 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 238.50 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 238.50 100.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 266.5 m 433.5 266.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 266.5 m 547.5 266.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 223.5 m 433.5 223.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 223.5 m 547.5 223.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 210.5 m 433.5 210.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 208.5 m 433.5 208.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 210.5 m 547.5 210.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 208.5 m 547.5 208.5 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 271.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.40 271.18 Td (Mar) Tj ET Q q 0 0 0 rg BT 375.19 271.18 Td (ch 31, 2020) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 436.20 276.34 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.65 271.18 Td (December) Tj ET Q q 0 0 0 rg BT 499.77 271.18 Td ( 31, 2019) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 550.70 276.34 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 257.07 Td (Prepaid expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.00 257.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 257.07 Td (1,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 257.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 257.07 Td (1,580) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 243.07 Td (Deferred tax assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 243.07 Td (8,027) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.15 243.07 Td (10,056) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 228.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 228.17 Td (225) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.65 228.17 Td (228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 214.07 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.00 214.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 214.07 Td (9,314) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 214.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.15 214.07 Td (1) Tj ET Q q 0 0 0 rg BT 521.15 214.07 Td (1,864) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 186.00 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 186.00 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.44 186.00 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.04 186.00 Td (, with the exception of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.24 186.00 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.13 186.00 Td ( related to corporate level activities, these amounts were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 174.00 Td (included in other assets within assets held for sale.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 150.00 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 150.00 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.44 150.00 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.03 150.00 Td (, with the exception of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.22 150.00 Td ($0.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.12 150.00 Td ( related to corporate level activities, these amounts were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 138.00 Td (included in other assets within assets held for sale.) 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 /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 742.10 Td (Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 730.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 718.10 Td (As of January 1, 2018, the Company began accounting for the sale of real estate properties under ) Tj ET Q q 0 0 0 rg BT 443.60 718.10 Td (ASU 2017-05, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 706.10 Td (provides for revenue recognition based on completed performance obligations, which typically occurs upon the transfer of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 694.10 Td (ownership of a real estate asset.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 670.10 Td (Rental payments are generally paid by the tenants prior to the beginning of each month or quarter to which they relate. ) Tj ET Q q 0 0 0 rg BT 532.46 670.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 658.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.60 658.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.04 658.10 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.62 658.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 250.28 658.10 Td (, the Company recorded liabilities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.41 658.10 Td ($5.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.30 658.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.74 658.10 Td ($12.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.63 658.10 Td ( related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 646.10 Td (prepaid rental payments, which were included in liabilities associated with assets held for sale as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.16 646.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.75 646.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 634.10 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.58 634.10 Td (, respectively in the accompanying Condensed Consolidated Balance Sheets. ) Tj ET Q q 0 0 0 rg BT 424.04 634.10 Td (The Company recognizes rental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 622.10 Td (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 383.85 622.10 Td (. Straight-line rent receivable was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.02 622.10 Td ($34.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 610.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.89 610.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.33 610.10 Td ($40.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.22 610.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.38 610.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.98 610.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.42 610.10 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.00 610.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 376.66 610.10 Td (. Straight-line rent receivable consists of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 598.10 Td (dif) Tj ET Q q 0 0 0 rg BT 46.93 598.10 Td (ference between the tenants) Tj ET Q q 0 0 0 rg BT 160.29 598.10 Td ( rents calculated on a straight-line basis from the date of acquisition or lease commencement over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 586.10 Td (the remaining terms of the related leases and the tenants) Tj ET Q q 0 0 0 rg BT 262.67 586.10 Td ( actual rents due under the lease agreements and is included in assets held ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 574.10 Td (for sale as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.87 574.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.47 574.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.90 574.10 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.49 574.10 Td ( in the accompanying Condensed Consolidated Balance Sheets. Revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 562.10 Td (associated with operating expense recoveries are recognized in the period in which the expenses are incurred based upon the tenant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 550.10 Td (lease provisions. Revenues relating to lease termination fees are recognized on a straight-line basis amortized from the time that a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 538.10 Td (tenant) Tj ET Q q 0 0 0 rg BT 63.21 538.10 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 54.00 514.10 Td (Other revenues consist primarily of parking revenue, tenant reimbursements and interest on loans receivable. Parking revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 502.10 Td (represents amounts generated from contractual and transient parking and is recognized in accordance with contractual terms or as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 490.10 Td (services are rendered. Other revenues 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 54.00 466.10 Td (Recently ) Tj ET Q q 0 0 0 rg BT 90.74 466.10 Td (Adopted ) Tj ET Q q 0 0 0 rg BT 126.38 466.10 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 184.05 466.10 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 454.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 442.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.28 442.10 Td (August 2018, the F) Tj ET Q q 0 0 0 rg BT 140.21 442.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 189.11 442.10 Td (ASU No. 2018-13, "Changes to the Disclosure Requirements for Fair ) Tj ET Q q 0 0 0 rg BT 469.08 442.10 Td (V) Tj ET Q q 0 0 0 rg BT 475.19 442.10 Td (alue Measurement." ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 430.10 Td (This ) Tj ET Q q 0 0 0 rg BT 55.73 430.10 Td (ASU amends and removes several disclosure requirements including the valuation processes for Level 3 fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 418.10 Td (measurements. ) Tj ET Q q 0 0 0 rg BT 98.02 418.10 Td (The ) Tj ET Q q 0 0 0 rg BT 115.52 418.10 Td (ASU also modifies some disclosure requirements and requires additional disclosures for changes in unrealized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 406.10 Td (gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and requires the range and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 394.10 Td (weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. ) Tj ET Q q 0 0 0 rg BT 447.63 394.10 Td (The provisions of ) Tj ET Q q 0 0 0 rg BT 520.12 394.10 Td (ASU No. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 382.10 Td (2018-13 are ef) Tj ET Q q 0 0 0 rg BT 94.13 382.10 Td (fective for the Company as of January 1, 2020 and have not materially impacted the Company) Tj ET Q q 0 0 0 rg BT 474.01 382.10 Td (s financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 370.10 Td (statements. ) 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 24.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 24.60 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 749.25 Td (3. INVESTMENT) Tj ET Q q 0 0 0 rg BT 113.06 749.25 Td ( PROPER) Tj ET Q q 0 0 0 rg BT 156.31 749.25 Td (TY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 737.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 725.25 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 302.01 725.25 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.61 725.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.04 725.25 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.63 725.25 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 687.75 338.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 687.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 687.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 687.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 658.75 338.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 658.75 99.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 658.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 658.75 99.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 630.75 338.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 630.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 630.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 630.75 99.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 687.75 m 473.5 687.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 687.75 m 576.5 687.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 687.75 m 473.5 687.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 687.75 m 576.5 687.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 658.75 m 473.5 658.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 658.75 m 576.5 658.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 630.75 m 473.5 630.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 630.75 m 576.5 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 616.75 m 473.5 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 614.75 m 473.5 614.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 616.75 m 576.5 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 614.75 m 576.5 614.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 692.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.40 692.43 Td (Mar) Tj ET Q q 0 0 0 rg BT 409.19 692.43 Td (ch 31, 2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.15 692.43 Td (December) Tj ET Q q 0 0 0 rg BT 529.27 692.43 Td ( 31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 677.42 Td (Buildings and improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 677.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 677.42 Td (712,755) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 677.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 677.42 Td (955,41) Tj ET Q q 0 0 0 rg BT 567.65 677.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 663.32 Td (Less: accumulated depreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.80 663.37 Td (\(43,280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 663.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 663.32 Td (\(79,394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 663.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 649.32 Td (Buildings and improvements, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 649.32 Td (669,475) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 649.32 Td (876,017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 635.32 Td (Land) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 635.32 Td (224,359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 635.32 Td (303,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 620.42 Td (Investment property) Tj ET Q q 0 0 0 rg BT 119.16 620.42 Td (, net ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 138.88 624.95 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 620.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 620.42 Td (893,834) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 620.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 620.42 Td (1,179,770) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 592.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 592.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.44 592.25 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.04 592.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.48 592.25 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.06 592.25 Td (, these amounts were included in assets held for sale.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 568.25 Td (Recent Dispositions of Real Estate Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 544.25 Td (In January 2020, the Company completed the sale of its Riverside Center property for a contract sales price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.64 544.25 Td ($235.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.53 544.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 532.25 Td (The Company recognized a gain on sale of this asset of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.54 532.25 Td ($48.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.44 532.25 Td ( net of disposition fees, which was recorded in gain on sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 520.25 Td (real estate investments on the Condensed Consolidated Statements of Operations and Comprehensive Income \(Loss\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 496.25 Td (In February 2020, the Company completed the sale of its Perspective Defense property for a contract sales price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.51 496.25 Td (129.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 574.40 496.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 484.25 Td (\(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.59 484.25 Td ($144.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.48 484.25 Td ( at a rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.95 484.25 Td ($1.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.45 484.25 Td ( per EUR\). ) Tj ET Q q 0 0 0 rg BT 276.87 484.25 Td (The Company recognized a gain on sale of this asset of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.41 484.25 Td ($17.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.31 484.25 Td ( net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 472.25 Td (of disposition fees, which was recorded in gain on sale of real estate investments on the Condensed Consolidated Statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 460.25 Td (Operations and Comprehens) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 149.86 467.18 75.25 -9.09 re f /GS0 gs q 0 0 0 rg BT 149.86 460.25 Td (ive Income \(Loss\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 436.25 Td (During the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.36 436.25 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.96 436.25 Td (, the Company completed the sale of several outparcels at its property) Tj ET Q q 0 0 0 rg BT 522.11 436.25 Td (, ) Tj ET Q q 0 0 0 rg BT 526.92 436.25 Td (The Rim, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 424.25 Td (for a total aggregate contract sales price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.69 424.25 Td ($25.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.58 424.25 Td (. ) Tj ET Q q 0 0 0 rg BT 269.90 424.25 Td (The Company recognized a gain on sale of these assets of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.44 424.25 Td ($15.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.33 424.25 Td ( net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 412.25 Td (of disposition fees, ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 114.33 419.18 433.50 -9.09 re f /GS0 gs q 0 0 0 rg BT 114.33 412.25 Td (which was recorded in gain on sale of real estate investments on the Condensed Consolidated Statements of ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 36.00 407.18 189.12 -9.09 re f /GS0 gs q 0 0 0 rg BT 36.00 400.25 Td (Operations and Comprehensive Income \(Loss\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 376.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.44 376.25 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.04 376.25 Td (, the cost basis and accumulated amortization related to lease intangibles were as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 309.75 295.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 309.75 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 309.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 309.75 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 309.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 309.75 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 281.75 295.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 281.75 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 281.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 281.75 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 281.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 281.75 76.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 339.75 m 416.5 339.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 339.75 m 420.5 339.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 339.75 m 496.5 339.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 339.75 m 500.5 339.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 339.75 m 576.5 339.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 309.75 m 416.5 309.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 309.75 m 496.5 309.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 309.75 m 576.5 309.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 309.75 m 416.5 309.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 309.75 m 496.5 309.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 309.75 m 576.5 309.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 281.75 m 416.5 281.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 281.75 m 496.5 281.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 281.75 m 576.5 281.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 268.75 m 416.5 268.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 266.75 m 416.5 266.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 268.75 m 496.5 268.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 266.75 m 496.5 266.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 268.75 m 576.5 268.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 266.75 m 576.5 266.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 344.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.05 344.43 Td (Lease Intangibles ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 488.28 348.96 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 329.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.05 314.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.55 314.42 Td (In-Place Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.05 324.43 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.45 314.43 Td (Lease ) Tj ET Q q 0 0 0 rg BT 457.84 314.43 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.05 324.43 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.10 314.43 Td (Lease Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 314.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 300.32 Td (Cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.00 300.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 300.32 Td (159,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 300.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 300.32 Td (13,993) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.00 300.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 300.32 Td (\(69,698) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 300.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 286.32 Td (Less: accumulated amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.80 286.37 Td (\(77,157) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 286.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 286.37 Td (\(7,220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 286.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 286.32 Td (26,164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 272.32 Td (Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.00 272.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 272.32 Td (82,379) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 272.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 272.32 Td (6,773) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.00 272.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 272.32 Td (\(43,534) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 272.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 244.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 244.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.44 244.25 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.04 244.25 Td (, these amounts were included in assets held for sale and liabilities associated with assets held for sale.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 220.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.44 220.25 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.03 220.25 Td (, the cost basis and accumulated amortization related to lease intangibles were as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 153.75 304.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 153.75 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 153.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 153.75 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 153.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 153.75 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 125.75 304.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 125.75 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 125.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 125.75 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 125.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 125.75 76.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 183.75 m 416.5 183.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 183.75 m 420.5 183.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 183.75 m 496.5 183.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 183.75 m 500.5 183.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 183.75 m 576.5 183.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 153.75 m 416.5 153.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 153.75 m 496.5 153.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 153.75 m 576.5 153.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 153.75 m 416.5 153.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 153.75 m 496.5 153.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 153.75 m 576.5 153.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 125.75 m 416.5 125.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 125.75 m 496.5 125.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 125.75 m 576.5 125.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 112.75 m 416.5 112.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 110.75 m 416.5 110.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 112.75 m 496.5 112.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 110.75 m 496.5 110.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 112.75 m 576.5 112.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 110.75 m 576.5 110.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 188.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.55 188.43 Td (Lease Intangibles ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 492.78 192.96 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 173.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.00 173.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.05 168.43 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.45 158.43 Td (Lease ) Tj ET Q q 0 0 0 rg BT 457.84 158.43 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.05 168.43 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.10 158.43 Td (Lease Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 158.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.80 158.43 Td (In-Place Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 144.32 Td (Cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.00 144.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 144.32 Td (221,996) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 144.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 144.32 Td (21,776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.00 144.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 144.32 Td (\(75,002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 144.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 130.32 Td (Less: accumulated amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.80 130.37 Td (\(131,940) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 130.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.80 130.37 Td (\(14,802) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 130.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 130.32 Td (29,577) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 116.32 Td (Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.00 116.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 116.32 Td (90,056) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 116.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 116.32 Td (6,974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.00 116.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 116.32 Td (\(45,425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 116.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 88.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 88.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.44 88.25 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.03 88.25 Td (, these amounts were included in assets held for sale and liabilities associated with assets held for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 76.25 Td (sale.) 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 24.60 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 749.10 Td (Amortization expense of in-place leases was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.49 749.10 Td ($4.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.38 749.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.76 749.10 Td (three months ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.67 749.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.17 749.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.17 749.10 Td (. ) Tj ET Q q 0 0 0 rg BT 463.99 749.10 Td (There was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.85 749.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.85 749.10 Td ( amortization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 737.10 Td (of in-place leases for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.79 737.10 Td (three months ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.70 737.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.20 737.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.20 737.10 Td (, due to the related properties being classified as held for sale. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 725.10 Td (Amortization of out-of-market leases resulted in an increase to rental revenue of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.20 725.10 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.09 725.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.47 725.10 Td (three months ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.38 725.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 713.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 713.10 Td (. ) Tj ET Q q 0 0 0 rg BT 63.32 713.10 Td (There was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.19 713.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.19 713.10 Td ( amortization of out-of-market leases for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.84 713.10 Td (three months ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.75 713.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.25 713.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.25 713.10 Td (, due to the related properties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 701.10 Td (being classified as held for sale.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td ( Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 665.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 113.71 653.10 Td (s leases are generally for terms of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.60 653.10 Td (15 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.20 653.10 Td (or less and may include multiple options to extend the lease term upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 641.10 Td (tenant election. ) Tj ET Q q 0 0 0 rg BT 99.40 641.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 159.12 641.10 Td (s leases typically do not include an option to purchase. Generally) Tj ET Q q 0 0 0 rg BT 418.67 641.10 Td (, the Company does not expect the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 629.10 Td (value of its real estate assets to be impacted materially at the end of any individual lease term, as the Company is typically able to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 617.10 Td (release the space and real estate assets tend to hold their value over a long period of time. ) Tj ET Q q 0 0 0 rg BT 395.40 617.10 Td (T) Tj ET Q q 0 0 0 rg BT 400.81 617.10 Td (enant terminations prior to the lease end ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 605.10 Td (date occasionally result in a one-time termination fee based on the remaining unpaid lease payments including variable payments and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 593.10 Td (could be material to the tenant. Many of the Company) Tj ET Q q 0 0 0 rg BT 255.38 593.10 Td (s leases have increasing minimum rental rates during the terms of the leases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 581.10 Td (through escalation provisions. In addition, the majority of the Company) Tj ET Q q 0 0 0 rg BT 325.67 581.10 Td (s leases provide for separate billings for variable rent, such as, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 569.10 Td (reimbursements of real estate taxes, maintenance and insurance and may include an amount based on a percentage of the tenants) Tj ET Q q 0 0 0 rg BT 552.27 569.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 557.10 Td (sales. ) Tj ET Q q 0 0 0 rg BT 62.76 557.10 Td (T) Tj ET Q q 0 0 0 rg BT 68.17 557.10 Td (otal billings related to expense reimbursements from tenants for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.87 557.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.85 557.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.68 557.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.28 557.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.72 557.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.72 557.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.27 557.10 Td ($10.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 545.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.89 545.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.33 545.10 Td ($12.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.22 545.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 190.88 545.10 Td (, which is included in rental revenue on the Condensed Consolidated Statements of Operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 533.10 Td (and Comprehensive Income \(Loss\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.10 Td (The Company has entered into non-cancelable lease agreements with tenants for space. ) Tj ET Q q 0 0 0 rg BT 407.20 509.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.64 509.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.24 509.10 Td (, the approximate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 497.10 Td (fixed future minimum rentals for the period from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.28 497.10 Td (April 1, 2020 through December 31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.58 497.10 Td (, for each of the years ending December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 485.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 485.10 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 485.10 Td ( through December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.69 485.10 Td (2025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.69 485.10 Td ( and for the period thereafter are as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 438.60 425.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 438.60 115.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 410.60 425.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 410.60 115.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 382.60 425.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 382.60 115.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 354.60 425.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 354.60 115.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 438.6 m 576.5 438.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 438.6 m 576.5 438.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 340.6 m 576.5 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 327.6 m 576.5 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 325.6 m 576.5 325.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 443.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.00 453.28 Td (Fixed Futur) Tj ET Q q 0 0 0 rg BT 519.21 453.28 Td (e Minimum ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.35 443.28 Td (Rentals ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 532.07 447.81 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 429.17 Td (April 1, 2020 through December 31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 429.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 429.17 Td (66,273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 415.17 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 415.17 Td (90,528) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 401.17 Td (2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 401.17 Td (89,696) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 387.17 Td (2023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 387.17 Td (83,233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 373.17 Td (2024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 373.17 Td (71,924) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 359.17 Td (2025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 359.17 Td (65,439) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 345.17 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 345.17 Td (401,674) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 331.17 Td (T) Tj ET Q q 0 0 0 rg BT 44.41 331.17 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 331.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 331.17 Td (868,767) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 303.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.61 303.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.05 303.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.65 303.10 Td (, these amounts were related to assets classified as held for sale.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 279.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.55 279.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.86 279.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.36 279.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.96 279.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.39 279.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.39 279.10 Td (, the Company did not earn more than 10% of its total rental revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 267.10 Td (from any individual tenant. ) 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 24.60 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 749.25 Td (4. DEBT) Tj ET Q q 0 0 0 rg BT 73.05 749.25 Td ( FINANCING) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 737.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 725.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.44 725.25 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.04 725.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.48 725.25 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.06 725.25 Td (, the Company had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.11 725.25 Td ($222.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 725.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.44 725.25 Td ($537.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.33 725.25 Td ( of principal outstanding, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 713.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 83.66 713.25 Td (, with a weighted average years to maturity of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.71 713.25 Td (0.6 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.80 713.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.24 713.25 Td (0.4 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.34 713.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 414.00 713.25 Td (, and a weighted average interest rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 701.25 Td (3.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.83 701.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.27 701.25 Td (3.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.10 701.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 149.76 701.25 Td (. ) Tj ET Q q 0 0 0 rg BT 157.08 701.25 Td (The following table describes the Company) Tj ET Q q 0 0 0 rg BT 334.54 701.25 Td (s debt outstanding at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.53 701.25 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.12 701.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.56 701.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 689.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 689.25 Td ( \(in thousands, except percentages\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 638.75 100.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.50 638.75 4.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 140.50 638.75 54.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 638.75 4.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 638.75 43.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 638.75 13.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 638.75 56.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 638.75 4.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 638.75 69.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 638.75 4.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 638.75 81.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 638.75 14.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 638.75 76.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 598.75 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.50 598.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 140.50 598.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 598.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 598.75 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 598.75 13.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 598.75 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 598.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 598.75 69.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 598.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 598.75 81.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 598.75 14.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 598.75 76.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 572.75 100.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.50 572.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 140.50 572.75 54.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 572.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 572.75 43.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 572.75 13.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 572.75 56.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 572.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 572.75 69.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 572.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 572.75 81.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 572.75 14.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 572.75 76.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 522.75 158.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 522.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 522.75 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 522.75 13.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 522.75 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 522.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 522.75 69.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 522.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 522.75 81.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 522.75 14.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 522.75 76.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 488.75 158.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 488.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 488.75 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 488.75 13.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 488.75 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 488.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 488.75 69.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 488.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 488.75 81.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 488.75 14.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 488.75 76.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 651.75 m 136.5 651.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 140.5 651.75 m 194.5 651.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 651.75 m 241.5 651.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 651.75 m 310.5 651.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 651.75 m 383.5 651.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 651.75 m 468.5 651.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 651.75 m 558.5 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 522.75 m 468.5 522.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 522.75 m 558.5 522.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 488.75 m 468.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 488.75 m 558.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 475.75 m 468.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 475.75 m 558.5 475.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 655.98 Td (Description) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 143.80 670.87 Td (Origination or) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 147.80 663.37 Td (Assumption) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 159.50 655.87 Td (Date) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 204.90 663.37 Td (Maturity) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 212.00 655.87 Td (Date) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 261.10 663.37 Td (Inter) Tj ET Q q 0 0 0 rg BT 277.21 663.37 Td (est Rate) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 263.45 655.87 Td (Description) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 319.30 663.37 Td (Inter) Tj ET Q q 0 0 0 rg BT 335.41 663.37 Td (est Rate as of ) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 323.65 655.87 Td (Mar) Tj ET Q q 0 0 0 rg BT 337.67 655.87 Td (ch 31, 2020) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 386.00 655.87 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 391.75 663.37 Td (Principal Outstanding ) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 394.80 655.87 Td (at Mar) Tj ET Q q 0 0 0 rg BT 416.95 655.87 Td (ch 31, 2020 ) Tj ET Q BT /F2 7.50 Tf ET BT /F2 4.87 Tf ET q 0 0 0 rg BT 454.45 659.27 Td (\(1\)) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 505.20 670.87 Td (Principal ) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 495.90 663.37 Td (Outstanding at ) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 485.95 655.87 Td (December) Tj ET Q q 0 0 0 rg BT 518.30 655.87 Td ( 31, 2019 ) Tj ET Q BT /F2 7.50 Tf ET BT /F2 4.87 Tf ET q 0 0 0 rg BT 548.30 659.27 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 642.98 Td (Secur) Tj ET Q q 0 0 0 rg BT 58.48 642.98 Td (ed Mortgage Debt) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 167.00 642.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 219.50 642.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 317.00 642.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 386.00 642.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 390.00 642.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 485.00 642.90 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 616.00 Td (New City) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 151.75 615.90 Td (3/28/2013) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 204.25 615.90 Td (3/18/2021) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 257.00 630.90 Td (V) Tj ET Q q 0 0 0 rg BT 262.00 630.90 Td (ariable, subject) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 260.50 623.40 Td (to interest rate) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 276.75 615.90 Td (cap) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 363.60 615.90 Td (2.30) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 376.75 615.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 390.00 615.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 444.85 615.90 Td (69,1) Tj ET Q q 0 0 0 rg BT 457.98 615.90 Td (12) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 485.00 615.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 534.85 615.90 Td (71,144) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 603.00 Td (Perspective Dfense) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 151.75 602.90 Td (6/21/2013) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 204.25 602.90 Td (7/25/2020) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 269.50 602.90 Td (V) Tj ET Q q 0 0 0 rg BT 274.50 602.90 Td (ariable) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 365.60 602.90 Td ( N/A) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 458.00 602.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 534.85 602.90 Td (78,505) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 590.00 Td (25 Cabot Square) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 151.75 589.90 Td (3/26/2014) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 204.25 589.90 Td (9/30/2020) Tj ET Q BT /F1 4.87 Tf ET q 0 0 0 rg BT 244.00 593.74 Td (\(2\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 273.45 589.90 Td (Fixed) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 363.60 589.90 Td (3.50) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 376.75 589.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 441.10 589.90 Td (153,1) Tj ET Q q 0 0 0 rg BT 457.98 589.90 Td (16) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 531.10 589.90 Td (163,164) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 576.98 Td (Other) Tj ET Q q 0 0 0 rg BT 59.29 576.98 Td ( Notes Payable) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 167.00 576.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 219.50 576.90 Td () Tj ET Q BT /F1 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 380.00 576.90 Td () Tj ET Q BT /F1 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 390.00 576.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 485.00 576.90 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 564.00 Td (JPMor) Tj ET Q q 0 0 0 rg BT 60.27 564.00 Td (gan Chase Revolving) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 556.00 Td (Credit Facility - Revolving) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 548.00 Td (Loan) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 151.75 547.90 Td (4/13/2012) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 206.15 547.90 Td (9/4/2020) Tj ET Q BT /F1 4.87 Tf ET q 0 0 0 rg BT 244.65 551.74 Td (\(3\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 269.50 547.90 Td (V) Tj ET Q q 0 0 0 rg BT 274.50 547.90 Td (ariable) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 365.60 547.90 Td ( N/A) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 458.00 547.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 548.00 547.90 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 535.00 Td (JPMor) Tj ET Q q 0 0 0 rg BT 60.20 535.00 Td (gan Chase Revolving) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 527.00 Td (Credit Facility - ) Tj ET Q q 0 0 0 rg BT 91.96 527.00 Td (T) Tj ET Q q 0 0 0 rg BT 96.29 527.00 Td (erm Loan) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 151.75 526.90 Td (5/22/2013) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 206.15 526.90 Td (9/4/2020) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 269.50 526.90 Td (V) Tj ET Q q 0 0 0 rg BT 274.08 526.90 Td (ariable) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 365.60 526.90 Td ( N/A) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 458.00 526.90 Td () Tj ET Q BT /F1 4.87 Tf ET q 0 0 0 rg BT 472.15 530.74 Td (\(4\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 531.10 526.90 Td (225,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 45.00 513.98 Td (T) Tj ET Q q 0 0 0 rg BT 49.97 513.98 Td (otal Principal Outstanding) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 219.50 513.90 Td () Tj ET Q BT /F1 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 317.00 513.90 Td () Tj ET Q BT /F1 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 390.00 513.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 441.10 513.90 Td (222,228) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 485.00 513.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 531.10 513.90 Td (537,813) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 501.00 Td (Unamortized Deferred ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 493.00 Td (Financing Costs) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 90.78 496.63 Td (\(5\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 390.00 492.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 451.75 492.90 Td (\(786) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 465.50 492.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 485.00 492.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 536.10 492.90 Td (\(1,128) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 555.50 492.90 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 45.00 479.98 Td (Notes Payable, net) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 219.50 479.90 Td () Tj ET Q BT /F1 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 317.00 479.90 Td () Tj ET Q BT /F1 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 390.00 479.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 441.10 479.90 Td (221,442) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 485.00 479.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 531.10 479.90 Td (536,685) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 452.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 452.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.44 452.25 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.04 452.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.48 452.25 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.06 452.25 Td (, these amounts were included in liabilities associated with assets held for sale.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 428.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 428.25 Td (In March 2020, the secured mortgage loan at 25 Cabot Square was amended, resulting in a new maturity date of September ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 416.25 Td (30, 2020.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 392.25 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 392.25 Td (In March 2020, the Revolving Credit Facility was amended, resulting in a new maturity date of September 4, 2020.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 368.25 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 368.25 Td (In January 2020, the Company paid of) Tj ET Q q 0 0 0 rg BT 225.40 368.25 Td (f the Revolving Credit Facility - ) Tj ET Q q 0 0 0 rg BT 356.31 368.25 Td (T) Tj ET Q q 0 0 0 rg BT 361.72 368.25 Td (erm Loan in full.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 344.25 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 344.25 Td (Unamortized deferred financing costs related to the revolving loan commitment of the JPMor) Tj ET Q q 0 0 0 rg BT 445.60 344.25 Td (gan Chase Revolving Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 332.25 Td (Facility were included in assets held for sale as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.61 332.25 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.21 332.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 308.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.44 308.25 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.04 308.25 Td (, the variable-rate debt has variable interest rates ranging from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.32 308.25 Td (the LIBOR or EURIBOR screen rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.78 308.25 Td ( plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 296.25 Td (1.45%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.83 296.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.61 296.25 Td (2.30%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.44 296.25 Td ( per annum. ) Tj ET Q q 0 0 0 rg BT 152.37 296.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.82 296.25 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.41 296.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.41 296.25 Td ($55.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.31 296.25 Td ( of one of the Company) Tj ET Q q 0 0 0 rg BT 396.79 296.25 Td (s variable-rate loans was capped at a strike ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 284.25 Td (rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.32 284.25 Td (0.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.15 284.25 Td (. ) Tj ET Q q 0 0 0 rg BT 97.09 284.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 147.00 284.25 Td (, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.66 284.25 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.24 284.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.24 284.25 Td ($56.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.13 284.25 Td ( one of the Company) Tj ET Q q 0 0 0 rg BT 397.78 284.25 Td (s variable-rate loans was capped at a strike ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 272.25 Td (rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.32 272.25 Td (0.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.15 272.25 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 248.25 Td (JP) Tj ET Q q 0 0 0 rg BT 64.37 248.25 Td ( Mor) Tj ET Q q 0 0 0 rg BT 83.72 248.25 Td (gan Chase Revolving Cr) Tj ET Q q 0 0 0 rg BT 181.39 248.25 Td (edit Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 224.25 Td (In ) Tj ET Q q 0 0 0 rg BT 64.28 224.25 Td (April 2012, the Operating Partnership entered into a credit agreement with JPMor) Tj ET Q q 0 0 0 rg BT 391.23 224.25 Td (gan Chase Bank, N.A. \(the Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 212.25 Td (Agreement\), as administrative agent for itself and various lenders named in the Credit ) Tj ET Q q 0 0 0 rg BT 385.89 212.25 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 437.63 212.25 Td (The Company refers to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 200.25 Td (revolving loan commitment and term loan commitment collectively as the Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 440.81 200.25 Td (. ) Tj ET Q q 0 0 0 rg BT 452.20 200.25 Td (As amended in March 2020, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 188.25 Td (the borrowings may be denominated in U.S. dollars, British pound sterling, Euros, ) Tj ET Q q 0 0 0 rg BT 367.35 188.25 Td (Australian dollars or Canadian dollars with up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 176.25 Td ($200.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.89 176.25 Td ( maximum amount available under the Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 353.08 176.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 152.25 Td (Prior to the March 2020 amendment total commitments under the Revolving Credit Facility were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.58 152.25 Td ($725.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.47 152.25 Td (. ) Tj ET Q q 0 0 0 rg BT 511.42 152.25 Td (As amended, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 140.25 Td (the Credit ) Tj ET Q q 0 0 0 rg BT 77.66 140.25 Td (Agreement provides for a revolving loan commitment of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.82 140.25 Td ($200.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.71 140.25 Td ( and a term loan commitment of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.28 140.25 Td ($225.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 128.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.89 128.25 Td (. ) Tj ET Q q 0 0 0 rg BT 71.84 128.25 Td (Aggregate foreign currency commitments can constitute up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.31 128.25 Td ($100.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.21 128.25 Td ( of the maximum amount available under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 116.25 Td (revolving loan commitment. ) Tj ET Q q 0 0 0 rg BT 154.41 116.25 Td (The March 2020 amendment extended the maturity date of the Revolving Credit Facility from March 4, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 104.25 Td (2020 to September 4, 2020. ) Tj ET Q q 0 0 0 rg BT 151.36 104.25 Td (The Company may elect to extend the maturity by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.92 104.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.92 104.25 Td ( additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.91 104.25 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.58 104.25 Td (-month extensions at the Company) Tj ET Q q 0 0 0 rg BT 568.78 104.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 92.25 Td (option and subject to the satisfaction of certain conditions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 68.25 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.55 68.25 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.86 68.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.36 68.25 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.96 68.25 Td (, the Company made ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.21 68.25 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.21 68.25 Td ( draws and a payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.74 68.25 Td ($225.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.63 68.25 Td ( on the Revolving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 56.25 Td (Credit Facility to pay it of) Tj ET Q q 0 0 0 rg BT 139.97 56.25 Td (f in full.) 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 24.60 Td (14) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 749.10 Td (Financial Covenants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 725.10 Td (The Company's mortgage agreements and other loan documents for the debt described in the table above contain customary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 713.10 Td (events of default, with corresponding grace periods, including payment defaults, cross-defaults to other agreements and bankruptcy-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 701.10 Td (related defaults, and customary covenants, including limitations on liens and indebtedness and maintenance of certain financial ratios. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 689.10 Td (In addition, the Company has executed customary recourse carve-out guarantees of certain obligations under its mortgage agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 677.10 Td (and the other loan documents.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.24 677.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.06 677.10 Td (The Company is not aware of any instances of noncompliance with financial covenants as of March 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 665.10 Td (2020. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.82 665.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 120.53 665.10 Td (s continued compliance with these covenants depends on many factors and could be impacted by current or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 653.10 Td (future economic conditions associated with the Coronavirus pandemic. Failure to comply with these covenants would result in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 641.10 Td (default which, if the Company were unable to cure or obtain a waiver from the lenders, could accelerate the repayment obligations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 629.10 Td (strain the liquidity of the Company) Tj ET Q q 0 0 0 rg BT 175.61 629.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 605.10 Td (Principal Payments on Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 593.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (The Companyis requiredto make the following principal payments on its outstanding notes payable for period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.29 581.10 Td (April 1, 2020 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 569.10 Td (through December 31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.19 569.10 Td (, and each of the years ending December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.39 569.10 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.39 569.10 Td ( through December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.08 569.10 Td (2024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.08 569.10 Td ( and for the period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 557.10 Td (thereafter \(amounts are in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 494.60 139.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 494.60 111.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 494.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 494.60 53.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 494.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 494.60 53.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 494.60 5.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 494.60 53.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 494.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 494.60 53.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 494.60 8.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 494.60 53.00 -16.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 519.6 m 286.5 519.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 519.6 m 290.5 519.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 519.6 m 343.5 519.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 519.6 m 347.5 519.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 519.6 m 400.5 519.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 519.6 m 405.5 519.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 519.6 m 458.5 519.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 519.6 m 462.5 519.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 519.6 m 515.5 519.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 519.6 m 523.5 519.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 519.6 m 576.5 519.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 519.6 m 286.5 519.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 494.6 m 286.5 494.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 519.6 m 343.5 519.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 494.6 m 343.5 494.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 519.6 m 400.5 519.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 494.6 m 400.5 494.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 519.6 m 458.5 519.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 494.6 m 458.5 494.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 519.6 m 515.5 519.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 494.6 m 515.5 494.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 519.6 m 576.5 519.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 494.6 m 576.5 494.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 494.6 m 286.5 494.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 494.6 m 343.5 494.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 494.6 m 400.5 494.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 494.6 m 458.5 494.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 494.6 m 515.5 494.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 494.6 m 576.5 494.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 524.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.10 524.28 Td (Payments due by ) Tj ET Q q 0 0 0 rg BT 403.20 524.28 Td (Y) Tj ET Q q 0 0 0 rg BT 409.68 524.28 Td (ear) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 499.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.45 509.28 Td (April 1, 2020 thr) Tj ET Q q 0 0 0 rg BT 255.38 509.28 Td (ough ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.15 499.28 Td (December) Tj ET Q q 0 0 0 rg BT 233.28 499.28 Td ( 31, 2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.50 499.28 Td (2021) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.50 499.28 Td (2022) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.50 499.28 Td (2023) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.50 499.28 Td (2024) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.60 499.28 Td (Ther) Tj ET Q q 0 0 0 rg BT 547.53 499.28 Td (eafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 483.27 Td (Principal payments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.00 483.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.15 483.27 Td (154,770) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 483.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.15 483.27 Td (67,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.00 483.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 483.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 483.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 483.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 483.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 483.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.00 483.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 483.27 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 455.10 Td (5. DERIV) Tj ET Q q 0 0 0 rg BT 76.94 455.10 Td (A) Tj ET Q q 0 0 0 rg BT 83.42 455.10 Td (TIVE INSTRUMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.10 Td (The Company has entered into several interest rate cap contracts in connection with certain of its secured mortgage loans in order ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 419.10 Td (to limit its exposure against the variability of future interest rates on its variable interest rate borrowings.) Tj ET Q q 0 0 0 rg BT 459.32 419.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 519.03 419.10 Td (s interest rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 407.10 Td (cap agreements have economically limited the interest rate on each of the loans to which they relate.) Tj ET Q q 0 0 0 rg BT 442.04 407.10 Td (The Company has not designated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 395.10 Td (any of these derivatives as hedges for accounting purposes. ) Tj ET Q q 0 0 0 rg BT 277.69 395.10 Td (The Company has not entered into a master netting arrangement with its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.10 Td (third-party counterparty and does not of) Tj ET Q q 0 0 0 rg BT 195.49 383.10 Td (fset on its consolidated balance sheets the fair value amount recorded for its derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.10 Td (instruments. See Note 4 Debt Financing for additional information on the interest rate caps associated with the Company) Tj ET Q q 0 0 0 rg BT 537.00 371.10 Td (s variable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 359.10 Td (rate loans and Note 7 Fair ) Tj ET Q q 0 0 0 rg BT 154.40 359.10 Td (V) Tj ET Q q 0 0 0 rg BT 160.51 359.10 Td (alue Measurements for additional information regarding the fair value of the Company) Tj ET Q q 0 0 0 rg BT 510.12 359.10 Td (s interest rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 347.10 Td (contracts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 323.10 Td (The Company has also entered into foreign currency forward contracts as economic hedges against the variability of foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 311.10 Td (exchange rates related to certain cash flows of some of its international investments. ) Tj ET Q q 0 0 0 rg BT 375.15 311.10 Td (These forward contracts fixed the currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 299.10 Td (exchange rates on each of the investments to which they related. ) Tj ET Q q 0 0 0 rg BT 295.72 299.10 Td (The Company did not designate any of these contracts as fair value or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 287.10 Td (cash flow hedges for accounting purposes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.10 Td (The table below provides additional information regarding the Company) Tj ET Q q 0 0 0 rg BT 347.26 263.10 Td (s foreign currency forward contracts that were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 251.10 Td (outstanding, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.33 251.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.92 251.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 190.60 209.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 190.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 190.60 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 190.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 190.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 190.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 190.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 190.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 190.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 160.60 209.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 160.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 160.60 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 160.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 160.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 160.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 160.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 160.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 160.60 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 190.60000000000002 m 244.5 190.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 190.60000000000002 m 353.5 190.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 190.60000000000002 m 427.5 190.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 190.60000000000002 m 501.5 190.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 190.60000000000002 m 575.5 190.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 219.28 Td (For) Tj ET Q q 0 0 0 rg BT 53.46 219.28 Td (eign Curr) Tj ET Q q 0 0 0 rg BT 95.21 219.28 Td (ency Forward Contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 195.28 Td (Effective Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.15 195.28 Td (Expiration Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.65 205.28 Td (Notional) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.45 195.28 Td (Amount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 195.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.20 195.28 Td (Buy/Sell) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 195.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.50 205.28 Td (T) Tj ET Q q 0 0 0 rg BT 530.43 205.28 Td (raded) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.25 195.28 Td (Curr) Tj ET Q q 0 0 0 rg BT 529.73 195.28 Td (ency Rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 180.27 Td (December 4, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.15 180.27 Td (April 30, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.00 180.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.15 180.27 Td (225,000) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 430.00 178.36 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.05 180.27 Td (USD/GBP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.00 180.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 180.27 Td (1.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 165.27 Td (December 5, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.15 165.27 Td (April 30, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.00 165.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 165.27 Td (20,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.60 165.27 Td (USD/EUR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.00 165.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 165.27 Td (1.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 150.27 Td (March 27, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.15 150.27 Td (April 30, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.00 150.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 150.27 Td (45,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.60 150.27 Td (USD/EUR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.00 150.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 150.27 Td (1.1) Tj ET Q q 0 0 0 rg BT 566.65 150.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 742.10 Td (The table below presents the ef) Tj ET Q q 0 0 0 rg BT 178.49 742.10 Td (fects of the changes in fair value of the Company) Tj ET Q q 0 0 0 rg BT 378.15 742.10 Td (s derivative instruments in the Company) Tj ET Q q 0 0 0 rg BT 542.84 742.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 730.10 Td (condensed consolidated statements of operations and comprehensive income \(loss\) for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.95 730.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.93 730.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.76 730.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.36 730.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 718.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 718.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 620.60 381.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 620.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 620.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 620.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 590.60 381.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 590.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 590.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 590.60 78.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 673.6 m 493.5 673.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 673.6 m 497.5 673.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 673.6 m 575.5 673.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 659.6 m 493.5 659.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 659.6 m 497.5 659.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 659.6 m 575.5 659.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 635.6 m 493.5 635.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 635.6 m 575.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 590.6 m 493.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 576.6 m 493.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 574.6 m 493.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 590.6 m 575.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 576.6 m 575.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 574.6 m 575.5 574.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.30 686.33 Td (Gain \(Loss\) Recorded on) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.90 676.33 Td (Derivative Instruments) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 38.00 662.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.00 664.28 Td (Thr) Tj ET Q q 0 0 0 rg BT 466.58 664.28 Td (ee Months Ended) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 38.00 638.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.65 650.28 Td (Mar) Tj ET Q q 0 0 0 rg BT 451.44 650.28 Td (ch 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.50 640.28 Td (2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.15 650.28 Td (Mar) Tj ET Q q 0 0 0 rg BT 532.85 650.28 Td (ch 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.00 640.28 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 625.27 Td (Derivatives not designated as hedging instruments:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 610.27 Td (Unrealized foreign currency forward contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 610.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 610.27 Td (20,105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 610.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 610.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 595.27 Td (Settlement of foreign currency forward contract) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 595.27 Td (493) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.30 595.27 Td (\(126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 595.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 580.27 Td (T) Tj ET Q q 0 0 0 rg BT 43.41 580.27 Td (otal gain \(loss\) on derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 580.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 580.27 Td (20,598) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 580.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.30 580.27 Td (\(126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 580.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 552.10 Td (6.RELA) Tj ET Q q 0 0 0 rg BT 75.54 552.10 Td (TED P) Tj ET Q q 0 0 0 rg BT 103.97 552.10 Td (AR) Tj ET Q q 0 0 0 rg BT 118.06 552.10 Td (TY) Tj ET Q q 0 0 0 rg BT 131.58 552.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.90 552.10 Td (TRANSACTIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 528.10 Td (The table below outlines feesand expense reimbursements incurred that are payable by the Company to the ) Tj ET Q q 0 0 0 rg BT 486.36 528.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 518.18 528.10 Td (, Hines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 516.10 Td (and its af) Tj ET Q q 0 0 0 rg BT 72.47 516.10 Td (filiates for the periods indicated below and amounts unpaid as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.79 516.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.39 516.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.83 516.10 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.41 516.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 435.60 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 435.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 435.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 435.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 435.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 435.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 435.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 435.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 435.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 407.60 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 407.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 407.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 407.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 407.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 407.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 407.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 407.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 407.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 379.60 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 379.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 379.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 379.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 379.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 379.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 379.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 379.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 379.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 351.60 283.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 351.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 351.60 48.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 351.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 351.60 48.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 351.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 351.60 55.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 351.60 13.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 351.60 54.00 -23.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 478.6 m 323.5 478.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 478.6 m 371.5 478.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 478.6 m 375.5 478.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 478.6 m 423.5 478.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 457.6 m 371.5 457.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 457.6 m 375.5 457.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 457.6 m 423.5 457.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 457.6 m 482.5 457.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 457.6 m 495.5 457.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 457.6 m 549.5 457.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 435.6 m 319.5 435.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 457.6 m 371.5 457.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 435.6 m 371.5 435.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 457.6 m 423.5 457.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 435.6 m 423.5 435.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 457.6 m 482.5 457.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 435.6 m 482.5 435.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 457.6 m 549.5 457.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 435.6 m 549.5 435.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 328.6 m 482.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 315.6 m 482.5 315.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 313.6 m 482.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 328.6 m 549.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 315.6 m 549.5 315.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 313.6 m 549.5 313.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 483.27 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 353.80 483.05 Td (Incurr) Tj ET Q q 0 0 0 rg BT 379.22 483.05 Td (ed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 483.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 483.27 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 462.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 332.05 470.00 Td (Thr) Tj ET Q q 0 0 0 rg BT 346.97 470.00 Td (ee Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 353.30 461.00 Td (Mar) Tj ET Q q 0 0 0 rg BT 370.21 461.00 Td (ch 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 463.70 462.05 Td (Unpaid as of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 440.05 Td (T) Tj ET Q q 0 0 0 rg BT 44.67 440.05 Td (ype and Recipient) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 440.05 Td (2020) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 390.00 440.05 Td (2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.80 449.00 Td (Mar) Tj ET Q q 0 0 0 rg BT 451.71 449.00 Td (ch 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.50 440.00 Td (2020) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 485.00 443.96 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.55 449.00 Td (December) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 506.25 440.00 Td (31, 2019) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 552.00 443.96 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 426.06 Td (Asset Management Fee- the ) Tj ET Q q 0 0 0 rg BT 141.72 426.06 Td (Advisor and af) Tj ET Q q 0 0 0 rg BT 194.88 426.06 Td (filiates of Hines) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 426.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.75 426.06 Td (5,712) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.00 426.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.75 426.06 Td (6,780) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.00 426.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.75 426.06 Td (1,584) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 498.00 426.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 525.75 426.06 Td (1,763) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 412.06 Td (Disposition Fee- the ) Tj ET Q q 0 0 0 rg BT 113.99 412.06 Td (Advisor) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 412.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.75 412.06 Td (4,049) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.00 412.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.75 412.06 Td (4,777) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.50 412.06 Td (251) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 525.75 412.06 Td (7,976) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 398.06 Td (Other ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 61.74 402.14 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.56 398.06 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 398.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 354.50 398.06 Td (750) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.00 398.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.75 398.06 Td (1,488) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.50 398.06 Td (818) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 525.75 398.06 Td (1,477) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 384.06 Td (Property Management Fee- Hines) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 384.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 354.50 384.06 Td (472) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.00 384.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.75 384.06 Td (1,055) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.50 384.06 Td (153) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 532.50 384.06 Td (277) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 370.06 Td (Development/Construction Management Fee- Hines) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 370.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.00 370.06 Td (12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.00 370.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.50 370.06 Td (572) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.50 370.06 Td (103) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 532.50 370.06 Td (1) Tj ET Q q 0 0 0 rg BT 537.00 370.06 Td (19) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 356.06 Td (Leasing Fee- Hines) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 356.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.00 356.06 Td (99) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.00 356.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.50 356.06 Td (194) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.50 356.06 Td (369) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 525.75 356.06 Td (1,061) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 342.06 Td (Expense Reimbursement- Hines \(with respect to management and) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 333.06 Td (operations of the Company) Tj ET Q q 0 0 0 rg BT 139.23 333.06 Td (s properties\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 333.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.75 333.06 Td (1,356) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.00 333.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.75 333.06 Td (1,887) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.50 333.06 Td (257) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 532.50 333.06 Td (489) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 319.05 Td (Due to ) Tj ET Q q 0 0 0 rg BT 66.00 319.05 Td (Affiliates) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.00 319.05 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 378.00 319.05 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.00 319.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.75 319.06 Td (3,535) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 498.00 319.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.25 319.06 Td (13,162) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 291.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 291.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.44 291.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.04 291.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.48 291.10 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.06 291.10 Td (, with the exception of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.26 291.10 Td ($2.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 291.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.59 291.10 Td ($1) Tj ET Q q 0 0 0 rg BT 410.22 291.10 Td (1.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.11 291.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 506.77 291.10 Td (, related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 279.10 Td (corporate level activities, these amounts were included in due to af) Tj ET Q q 0 0 0 rg BT 320.67 279.10 Td (filiates within liabilities associated with assets held for sale.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 255.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 255.10 Td (Includes amounts the ) Tj ET Q q 0 0 0 rg BT 140.93 255.10 Td (Advisor paid on behalf of the Company such as general and administrative expenses and of) Tj ET Q q 0 0 0 rg BT 506.20 255.10 Td (fering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 243.10 Td (costs.) Tj ET Q q 0 0 0 rg BT 81.32 243.10 Td (These amounts are generally reimbursed to the ) Tj ET Q q 0 0 0 rg BT 270.42 243.10 Td (Advisor during the month following the period in which they are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 231.10 Td (incurred.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 207.10 Td (Summit Development ) Tj ET Q q 0 0 0 rg BT 144.74 207.10 Td (Agreement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 183.10 Td (In March 2019, the Company entered into a Development Management ) Tj ET Q q 0 0 0 rg BT 341.97 183.10 Td (Agreement with Hines, the Company) Tj ET Q q 0 0 0 rg BT 493.89 183.10 Td (s sponsor) Tj ET Q q 0 0 0 rg BT 530.99 183.10 Td (, for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 171.10 Td (the construction and development of an of) Tj ET Q q 0 0 0 rg BT 204.66 171.10 Td (fice building at the Summit in Bellevue, ) Tj ET Q q 0 0 0 rg BT 367.23 171.10 Td (W) Tj ET Q q 0 0 0 rg BT 375.86 171.10 Td (ashington. Hines was paid a project ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 159.10 Td (administration fee equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.41 159.10 Td (2.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.24 159.10 Td ( of the qualified construction costs. In December 2019, ) Tj ET Q q 0 0 0 rg BT 391.00 159.10 Td (The Summit, including the of) Tj ET Q q 0 0 0 rg BT 508.86 159.10 Td (fice building ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 147.10 Td (in development, was sold and the Company is no longer a party to this agreement.) 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 24.60 Td (16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 749.25 Td (7.F) Tj ET Q q 0 0 0 rg BT 53.87 749.25 Td (AIR ) Tj ET Q q 0 0 0 rg BT 74.52 749.25 Td (V) Tj ET Q q 0 0 0 rg BT 80.45 749.25 Td (ALUE MEASUREMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 725.25 Td (Financial Instruments Fair V) Tj ET Q q 0 0 0 rg BT 170.38 725.25 Td (alue Disclosur) Tj ET Q q 0 0 0 rg BT 228.62 725.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 713.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 701.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.44 701.25 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.04 701.25 Td (, the Company estimated that the fair value of its notes payable, which had a book value \(excluding any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 689.25 Td (unamortized discount or premium and deferred financing costs\) of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.97 689.25 Td ($222.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.86 689.25 Td (, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.91 689.25 Td ($222.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.80 689.25 Td (. ) Tj ET Q q 0 0 0 rg BT 449.25 689.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.70 689.25 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.28 689.25 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 677.25 Td (Company estimated that the fair value of its notes payable, which had a book value \(excluding any unamortized discount or premium\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 665.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.83 665.25 Td ($537.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.72 665.25 Td (, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.77 665.25 Td ($538.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.67 665.25 Td (. Management has utilized available market information, such as interest rate and spread ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 653.25 Td (assumptions of notes payable with similar terms and remaining maturities, to estimate the amounts required to be disclosed. ) Tj ET Q q 0 0 0 rg BT 533.12 653.25 Td (Although ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 641.25 Td (the Company has determined 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 563.25 641.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 629.25 Td (the 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 466.86 629.25 Td (, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.52 629.25 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.12 629.25 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 617.25 Td (Company has assessed the significance of the impact of the credit quality adjustments on the overall valuations of its fair market value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 605.25 Td (of notes payable and has determined that they are not significant.) Tj ET Q q 0 0 0 rg BT 298.14 605.25 Td (As a result, the Company has determined these financial instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 593.25 Td (utilize Level 2 inputs. Since such amounts are estimates that are based on limited available market information for similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 581.25 Td (transactions, there can be no assurance that the disclosed values could be realized.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.25 Td (Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, restricted cash, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 545.25 Td (tenant and other receivables, accounts payable and accrued expenses, other liabilities, due to af) Tj ET Q q 0 0 0 rg BT 415.66 545.25 Td (filiates and distributions payable. ) Tj ET Q q 0 0 0 rg BT 553.23 545.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 533.25 Td (carrying value of these items reasonably approximates their fair value based on their highly liquid nature and/or short-term maturities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 521.25 Td (Due to the short-term nature of these instruments, Level 1 inputs are utilized to estimate the fair value of the cash and cash equivalents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 509.25 Td (and restricted cash and Level 2 inputs are utilized to estimate the fair value of the remaining financial instruments.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 485.25 Td (Financial Instruments Measur) Tj ET Q q 0 0 0 rg BT 175.28 485.25 Td (ed on a Nonr) Tj ET Q q 0 0 0 rg BT 227.41 485.25 Td (ecurring Basis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 461.25 Td (Certain long-lived assets are measured at fair value on a non-recurring basis. ) Tj ET Q q 0 0 0 rg BT 362.87 461.25 Td (These assets are not measured at fair value on an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 449.25 Td (ongoing basis, but are subject to fair value adjustments \(i.e., impairments\) in certain circumstances. ) Tj ET Q q 0 0 0 rg BT 438.48 449.25 Td (The fair value methodologies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 437.25 Td (used to measure long-lived assets are described in Note 2 Summary of Significant ) Tj ET Q q 0 0 0 rg BT 378.14 437.25 Td (Accounting Policies - Investment Property and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 425.25 Td (Lease Intangibles.) Tj ET Q q 0 0 0 rg BT 113.57 425.25 Td (The inputs associated with the valuation of long-lived assets are generally included in Level 3 of the fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 413.25 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 73.10 413.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 389.25 Td (Impairment of Investment Pr) Tj ET Q q 0 0 0 rg BT 168.88 389.25 Td (operty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 365.25 Td (Investment properties are reviewed for impairment at each reporting period if events or changes in circumstances indicate that the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 353.25 Td (carrying amount may not be recoverable. No investment properties were impaired during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.76 353.25 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.07 353.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.57 353.25 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.17 353.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 329.25 Td (As a result of the Company) Tj ET Q q 0 0 0 rg BT 166.48 329.25 Td (s remaining real estate properties meeting the criteria to be classified as held for sale for the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 317.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.38 317.25 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.96 317.25 Td (, the Company determined that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.04 317.25 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.71 317.25 Td ( of its remaining properties were impaired by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.99 317.25 Td ($1) Tj ET Q q 0 0 0 rg BT 471.62 317.25 Td (15.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.51 317.25 Td ( based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 305.25 Td (such assets having carrying values that exceeded their estimated sales price less costs to sell based on the of) Tj ET Q q 0 0 0 rg BT 466.80 305.25 Td (fers received \(level 2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 293.25 Td (inputs\) and third party broker consultations \(level 3 inputs\), which were obtained in conjunction with its marketing process. Of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 281.25 Td (amount, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 281.25 Td ($46.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.89 281.25 Td ( is attributable to the requirement when real estate properties are classified as held for sale to include cumulative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 269.25 Td (foreign currency translation adjustments \(cumulative CT) Tj ET Q q 0 0 0 rg BT 266.51 269.25 Td (A\) in the carrying value for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.13 269.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.13 269.25 Td ( of the Company) Tj ET Q q 0 0 0 rg BT 467.84 269.25 Td (s foreign denominated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 257.25 Td (assets within the impairment tests in accordance with ) Tj ET Q q 0 0 0 rg BT 250.95 257.25 Td (ASC 830, Foreign Currency Matters. ) Tj ET Q q 0 0 0 rg BT 401.58 257.25 Td (These impairment losses are limited to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 245.25 Td (carrying amount of each asset. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 221.25 Td (Prior to designating its properties as held for sale, investment properties were reviewed for impairment at each reporting period if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 209.25 Td (events or changes in circumstances indicated that the carrying amount may not be recoverable. During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.37 209.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 197.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 197.25 Td (, the Company determined that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.08 197.25 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.52 197.25 Td ( of its properties was impaired by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.88 197.25 Td ($7.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.77 197.25 Td ( as a result of deteriorating market conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 185.25 Td (and valued it using level 3 inputs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 161.25 Td (The changes in assumptions resulted in the net book value of the assets exceeding the projected undiscounted cash flows for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 149.25 Td (property) Tj ET Q q 0 0 0 rg BT 69.23 149.25 Td (. ) Tj ET Q q 0 0 0 rg BT 76.18 149.25 Td (As a result, the assets were written down to fair value. ) Tj ET Q q 0 0 0 rg BT 297.60 149.25 Td (The following table summarizes activity for the Company) Tj ET Q q 0 0 0 rg BT 532.26 149.25 Td (s assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 137.25 Td (measured at fair value, on a non-recurring basis as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.64 137.25 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.24 137.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.68 137.25 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.26 137.25 Td ( \(in thousands\).) 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 24.60 Td (17) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 687.50 146.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 687.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.50 687.50 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 687.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 687.50 45.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 687.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 687.50 75.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 687.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 687.50 63.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 687.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 687.50 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 687.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 687.50 62.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 186.5 741.5 m 246.5 741.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 741.5 m 250.5 741.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 741.5 m 295.5 741.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 741.5 m 299.5 741.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 741.5 m 374.5 741.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 741.5 m 378.5 741.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 741.5 m 441.5 741.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 741.5 m 445.5 741.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 741.5 m 510.5 741.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 741.5 m 514.5 741.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 741.5 m 576.5 741.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 687.5 m 182.5 687.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 186.5 687.5 m 246.5 687.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 687.5 m 295.5 687.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 687.5 m 374.5 687.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 687.5 m 441.5 687.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 687.5 m 510.5 687.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 687.5 m 576.5 687.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.40 746.18 Td (Basis of Fair) Tj ET Q q 0 0 0 rg BT 362.20 746.18 Td ( ) Tj ET Q q 0 0 0 rg BT 364.52 746.18 Td (V) Tj ET Q q 0 0 0 rg BT 371.19 746.18 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 423.69 746.18 Td (ements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 692.18 Td (As of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.25 692.18 Td (Description) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.40 712.18 Td (Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.00 702.18 Td (V) Tj ET Q q 0 0 0 rg BT 261.30 702.18 Td (alue of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.15 692.18 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.35 732.18 Td (Quoted Prices) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.15 722.18 Td (In ) Tj ET Q q 0 0 0 rg BT 328.55 722.18 Td (Active) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.90 712.18 Td (Markets for) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.40 702.18 Td (Identical Items) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.75 692.18 Td (\(Level 1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.40 732.18 Td (Significant) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.80 722.18 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.05 712.18 Td (Observable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.60 702.18 Td (Inputs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.75 692.18 Td (\(Level 2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.40 722.18 Td (Significant) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.05 712.18 Td (Unobservable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.60 702.18 Td (Inputs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.75 692.18 Td (\(Level 3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.15 702.18 Td (Impairment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.25 692.18 Td (Loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 667.17 Td (December 31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.75 677.17 Td (Investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.05 667.17 Td (property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.00 667.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.10 667.17 Td (544,846) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.00 667.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.65 667.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.00 667.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 667.17 Td (458,828) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.00 667.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 667.17 Td (86,018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.00 667.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 667.17 Td (122,603) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 639.00 Td (The Company) Tj ET Q q 0 0 0 rg BT 113.71 639.00 Td (s estimated fair value of the investment properties measured using level 3 inputs were based on comparisons of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 627.00 Td (recent market activity and discounted cash flow models, which include estimates of property-specific inflows and outflows over a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 615.00 Td (specific holding period. Significant unobservable quantitative inputs used in determining the fair value of the investment property for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 603.00 Td (the period ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.14 603.00 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.72 603.00 Td ( include: a discount rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.58 603.00 Td (8.80%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.41 603.00 Td (; a capitalization rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.30 603.00 Td (6.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.13 603.00 Td (; stabilized occupancy rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 591.00 Td (91.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.83 591.00 Td (; and current market rental rates ranging from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.75 591.00 Td ($12.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.25 591.00 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.03 591.00 Td ($47.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.53 591.00 Td ( per square foot.) Tj ET Q q 0 0 0 rg BT 384.33 591.00 Td (These inputs are based on the location, type ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 579.00 Td (and nature of each property) Tj ET Q q 0 0 0 rg BT 145.30 579.00 Td (, current and anticipated market conditions, and management) Tj ET Q q 0 0 0 rg BT 392.15 579.00 Td (s knowledge and expertise in real estate.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 555.00 Td (8. REPOR) Tj ET Q q 0 0 0 rg BT 80.65 555.00 Td (T) Tj ET Q q 0 0 0 rg BT 86.58 555.00 Td (ABLE SEGMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 531.00 Td (The Company) Tj ET Q q 0 0 0 rg BT 113.71 531.00 Td (s real estate investments are geographically diversified and management evaluates the operating performance of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 519.00 Td (each at an individual investment level and considers each investment to be an operating segment. ) Tj ET Q q 0 0 0 rg BT 426.81 519.00 Td (The Company has aggregated all of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 507.00 Td (its operating segments into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.99 507.00 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.65 507.00 Td ( reportable segments based on the location of the segment and the underlying asset class. Management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 495.00 Td (has aggregated the Company) Tj ET Q q 0 0 0 rg BT 154.57 495.00 Td (s investments that are not of) Tj ET Q q 0 0 0 rg BT 266.87 495.00 Td (fice properties in other based on the geographic location of the investment, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 483.00 Td (due to the Company) Tj ET Q q 0 0 0 rg BT 119.60 483.00 Td (s ownership of interests in various dif) Tj ET Q q 0 0 0 rg BT 269.95 483.00 Td (ferent types of investments that do not stand alone as their own reportable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 471.00 Td (segment. ) Tj ET Q q 0 0 0 rg BT 76.64 471.00 Td (The Company) Tj ET Q q 0 0 0 rg BT 136.36 471.00 Td (s reporting segments consist of the following, based on the Company) Tj ET Q q 0 0 0 rg BT 415.48 471.00 Td (s investments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.81 471.00 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.41 471.00 Td (:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 447.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 447.00 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 103.83 447.00 Td (of) Tj ET Q q 0 0 0 rg BT 111.97 447.00 Td (fice ) Tj ET Q q 0 0 0 rg BT 129.46 447.00 Td (investments ) Tj ET Q q 0 0 0 rg BT 179.73 447.00 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.06 447.00 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.06 447.00 Td ( ) Tj ET Q q 0 0 0 rg BT 190.56 447.00 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 435.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 435.00 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 103.83 435.00 Td (other ) Tj ET Q q 0 0 0 rg BT 126.87 435.00 Td (investments ) Tj ET Q q 0 0 0 rg BT 177.15 435.00 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.48 435.00 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.48 435.00 Td ( ) Tj ET Q q 0 0 0 rg BT 187.98 435.00 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 423.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 423.00 Td (International ) Tj ET Q q 0 0 0 rg BT 116.59 423.00 Td (of) Tj ET Q q 0 0 0 rg BT 124.74 423.00 Td (fice ) Tj ET Q q 0 0 0 rg BT 142.22 423.00 Td (investments ) Tj ET Q q 0 0 0 rg BT 192.50 423.00 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.83 423.00 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.83 423.00 Td ( ) Tj ET Q q 0 0 0 rg BT 203.33 423.00 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 411.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 411.00 Td (International ) Tj ET Q q 0 0 0 rg BT 116.59 411.00 Td (other ) Tj ET Q q 0 0 0 rg BT 139.64 411.00 Td (investments ) Tj ET Q q 0 0 0 rg BT 189.91 411.00 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.24 411.00 Td (0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.24 411.00 Td ( ) Tj ET Q q 0 0 0 rg BT 200.74 411.00 Td (investments ) Tj ET Q q 0 0 0 rg BT 251.01 411.00 Td (remaining ) Tj ET Q q 0 0 0 rg BT 294.05 411.00 Td (as ) Tj ET Q q 0 0 0 rg BT 304.88 411.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.71 411.00 Td (March31, ) Tj ET Q q 0 0 0 rg BT 359.31 411.00 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.31 411.00 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 387.00 Td (The tables below provide additional information related to each of the Company) Tj ET Q q 0 0 0 rg BT 378.07 387.00 Td (s segments, geographic location and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 375.00 Td (reconciliation to the Company) Tj ET Q q 0 0 0 rg BT 160.14 375.00 Td (s net income \(loss\), as applicable. Corporate-Level ) Tj ET Q q 0 0 0 rg BT 372.28 375.00 Td (Accounts includes amounts incurred by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 363.00 Td (corporate-level entities which are not allocated to any of the reportable segments \(all amounts are in thousands, except for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 351.00 Td (percentages\): ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 275.50 386.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 275.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 275.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 275.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 245.50 386.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 245.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 245.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 245.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 215.50 386.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 215.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 215.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 215.50 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 305.5 m 497.5 305.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 305.5 m 501.5 305.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 305.5 m 576.5 305.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 290.5 m 497.5 290.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 290.5 m 576.5 290.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 275.5 m 422.5 275.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 215.5 m 497.5 215.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 201.5 m 497.5 201.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 199.5 m 497.5 199.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 215.5 m 576.5 215.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 201.5 m 576.5 201.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 199.5 m 576.5 199.5 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 310.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.40 310.18 Td (Thr) Tj ET Q q 0 0 0 rg BT 446.98 310.18 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 542.63 310.18 Td (ch 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 295.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.50 295.18 Td (2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.50 295.18 Td (2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 280.18 Td (T) Tj ET Q q 0 0 0 rg BT 45.21 280.18 Td (otal Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 280.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 280.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 265.17 Td (Domestic of) Tj ET Q q 0 0 0 rg BT 88.06 265.17 Td (fice investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 265.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 265.17 Td (3,162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 265.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 265.17 Td (16,841) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 250.17 Td (Domestic other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 250.17 Td (17,637) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 250.17 Td (18,660) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 235.17 Td (International of) Tj ET Q q 0 0 0 rg BT 100.83 235.17 Td (fice investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 235.17 Td (13,835) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 235.17 Td (1) Tj ET Q q 0 0 0 rg BT 550.15 235.17 Td (1,991) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 220.17 Td (International other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 220.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 220.17 Td (741) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 205.18 Td (T) Tj ET Q q 0 0 0 rg BT 44.75 205.18 Td (otal Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 205.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 205.17 Td (34,634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 205.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 205.17 Td (48,233) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 41 0 obj <> endobj 42 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 749.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.11 749.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.09 749.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.92 749.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.52 749.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.96 749.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.96 749.10 Td ( the Company) Tj ET Q q 0 0 0 rg BT 327.84 749.10 Td (s total revenue was attributable to the following countries:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 673.60 386.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 673.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 673.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 673.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 643.60 386.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 643.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 643.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 643.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 613.60 386.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 613.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 613.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 613.60 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 703.6 m 497.5 703.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 703.6 m 501.5 703.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 703.6 m 576.5 703.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 688.6 m 497.5 688.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 688.6 m 576.5 688.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 673.6 m 422.5 673.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.40 708.28 Td (Thr) Tj ET Q q 0 0 0 rg BT 446.98 708.28 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 542.63 708.28 Td (ch 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.50 693.28 Td (2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.50 693.28 Td (2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 678.28 Td (T) Tj ET Q q 0 0 0 rg BT 44.75 678.28 Td (otal Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 663.27 Td (United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 663.27 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 663.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 663.27 Td (73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 663.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 648.27 Td (United Kingdom) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 648.27 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 648.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 648.27 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 648.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 633.27 Td (Poland) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 633.27 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 633.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 633.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 633.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 618.27 Td (Russia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 618.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 618.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 618.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 618.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 603.27 Td (France) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 603.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 603.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 603.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 603.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.11 575.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.09 575.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.92 575.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.52 575.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.96 575.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.96 575.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 330.34 575.10 Td (s property revenues in excess of expenses by segment was as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.10 Td (follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 487.60 386.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 487.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 487.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 487.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 457.60 386.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 457.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 457.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 457.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 427.60 386.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 427.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 427.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 427.60 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 517.6 m 497.5 517.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 517.6 m 501.5 517.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 517.6 m 576.5 517.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 502.6 m 497.5 502.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 502.6 m 576.5 502.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 487.6 m 422.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 427.6 m 497.5 427.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 413.6 m 497.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 411.6 m 497.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 427.6 m 576.5 427.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 413.6 m 576.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 411.6 m 576.5 411.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 522.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.40 522.28 Td (Thr) Tj ET Q q 0 0 0 rg BT 446.98 522.28 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 542.63 522.28 Td (ch 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 507.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.50 507.28 Td (2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.50 507.28 Td (2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 492.28 Td (Pr) Tj ET Q q 0 0 0 rg BT 49.37 492.28 Td (operty r) Tj ET Q q 0 0 0 rg BT 83.89 492.28 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 209.71 496.81 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.00 492.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 492.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 477.27 Td (Domestic of) Tj ET Q q 0 0 0 rg BT 88.06 477.27 Td (fice investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 477.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 477.27 Td (1,157) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 477.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 477.27 Td (10,166) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 462.27 Td (Domestic other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 462.27 Td (9,771) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 462.27 Td (1) Tj ET Q q 0 0 0 rg BT 550.15 462.27 Td (1,393) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 447.27 Td (International of) Tj ET Q q 0 0 0 rg BT 100.83 447.27 Td (fice investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 447.27 Td (6,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 447.27 Td (5,599) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 432.27 Td (International other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.30 432.32 Td (\(171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.65 432.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 432.27 Td (400) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 417.28 Td (Pr) Tj ET Q q 0 0 0 rg BT 49.37 417.28 Td (operty r) Tj ET Q q 0 0 0 rg BT 83.89 417.28 Td (evenues in excess of expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 417.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 417.27 Td (17,550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 417.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 417.27 Td (27,558) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 389.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 389.10 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 54.00 365.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.44 365.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.04 365.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.48 365.10 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.06 365.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 301.45 365.10 Td (s total assets by segment was as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 310.60 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 310.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 310.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 310.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 280.60 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 280.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 280.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 280.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 250.60 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 250.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 250.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 250.60 92.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 325.6 m 480.5 325.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 325.6 m 576.5 325.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 310.6 m 388.5 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 235.60000000000002 m 480.5 235.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 221.60000000000002 m 480.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 219.60000000000002 m 480.5 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 235.60000000000002 m 576.5 235.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 221.60000000000002 m 576.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 219.60000000000002 m 576.5 219.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 330.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.90 330.28 Td (Mar) Tj ET Q q 0 0 0 rg BT 419.69 330.28 Td (ch 31, 2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 330.28 Td (December) Tj ET Q q 0 0 0 rg BT 532.77 330.28 Td ( 31, 2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 315.28 Td (T) Tj ET Q q 0 0 0 rg BT 45.21 315.28 Td (otal ) Tj ET Q q 0 0 0 rg BT 63.08 315.28 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 315.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 315.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 300.27 Td (Domestic of) Tj ET Q q 0 0 0 rg BT 88.06 300.27 Td (fice investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 300.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 300.27 Td (75,666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 300.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 300.27 Td (261,330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 285.27 Td (Domestic other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 285.27 Td (655,626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 285.27 Td (665,079) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 270.27 Td (International of) Tj ET Q q 0 0 0 rg BT 100.83 270.27 Td (fice investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 270.27 Td (546,818) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 270.27 Td (655,138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 255.27 Td (International other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 255.27 Td (6,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 255.27 Td (7,723) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 240.27 Td (Corporate-level accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 240.27 Td (380,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 240.27 Td (336,455) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 225.28 Td (T) Tj ET Q q 0 0 0 rg BT 44.75 225.28 Td (otal ) Tj ET Q q 0 0 0 rg BT 62.81 225.28 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 225.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 225.27 Td (1,665,100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 225.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 225.27 Td (1,925,725) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 197.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.44 197.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.04 197.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.48 197.10 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.06 197.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 301.45 197.10 Td (s total assets were attributable to the following countries:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 142.60 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 142.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 142.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 142.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 112.60 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 112.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 112.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 112.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 82.60 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 82.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 82.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 82.60 92.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 157.60000000000002 m 479.5 157.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 157.60000000000002 m 575.5 157.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 142.60000000000002 m 387.5 142.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.90 162.28 Td (Mar) Tj ET Q q 0 0 0 rg BT 418.69 162.28 Td (ch 31, 2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 162.28 Td (December) Tj ET Q q 0 0 0 rg BT 531.77 162.28 Td ( 31, 2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 147.28 Td (T) Tj ET Q q 0 0 0 rg BT 43.75 147.28 Td (otal ) Tj ET Q q 0 0 0 rg BT 61.81 147.28 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 132.27 Td (United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 132.27 Td (67) 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 556.65 132.27 Td (66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 132.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 117.27 Td (United Kingdom) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 117.27 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 117.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 117.27 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 117.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 102.27 Td (Poland) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 102.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 102.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 102.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 102.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 87.27 Td (France) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 87.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 87.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 87.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 87.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 72.27 Td (Russia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 72.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 72.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 72.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 72.27 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 24.60 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 749.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.11 749.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.09 749.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.92 749.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.52 749.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.96 749.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.96 749.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 330.34 749.10 Td (s reconciliation to the Company) Tj ET Q q 0 0 0 rg BT 460.87 749.10 Td (s property revenues in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 737.10 Td (excess of expenses is as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 659.60 386.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 659.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 659.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 659.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 629.60 386.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 629.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 629.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 629.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 599.60 386.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 599.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 599.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 599.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 569.60 386.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 569.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 569.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 569.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 539.60 386.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 539.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 539.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 509.60 386.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 509.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 509.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 509.60 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 689.6 m 497.5 689.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 689.6 m 501.5 689.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 689.6 m 576.5 689.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 689.6 m 497.5 689.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 674.6 m 497.5 674.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 689.6 m 576.5 689.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 674.6 m 576.5 674.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 659.6 m 422.5 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 509.6 m 497.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 495.6 m 497.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 493.6 m 497.5 493.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 509.6 m 576.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 495.6 m 576.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 493.6 m 576.5 493.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 694.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.40 694.28 Td (Thr) Tj ET Q q 0 0 0 rg BT 446.98 694.28 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 542.63 694.28 Td (ch 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 679.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.50 679.28 Td (2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.50 679.28 Td (2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 664.28 Td (Reconciliation to pr) Tj ET Q q 0 0 0 rg BT 123.34 664.28 Td (operty r) Tj ET Q q 0 0 0 rg BT 157.87 664.28 Td (evenues in excess of expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 664.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 664.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 649.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 649.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 649.27 Td (101,306) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 649.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 649.27 Td (191,410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 634.27 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 634.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 634.27 Td (13,444) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 619.27 Td (Asset management fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 619.27 Td (5,712) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 619.27 Td (6,780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 604.27 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 604.27 Td (2,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 604.27 Td (2,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 589.27 Td (\(Gain\) loss on derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.80 589.32 Td (\(20,598) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.65 589.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 589.27 Td (126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 574.27 Td (\(Gain\) loss on sale of real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.80 574.32 Td (\(80,186) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.65 574.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 574.27 Td (\(192,189) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 574.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 559.27 Td (Foreign currency \(gains\) losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 559.27 Td (6,166) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.30 559.27 Td (\(399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 559.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 544.27 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 544.27 Td (2,386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 544.27 Td (7,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 529.27 Td (Other \(income\) expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.80 529.32 Td (\(1,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.65 529.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 529.27 Td (\(1,283) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 529.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 514.27 Td (\(Benefit\) provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 514.27 Td (1,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.30 514.27 Td (\(273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 514.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 499.28 Td (T) Tj ET Q q 0 0 0 rg BT 44.75 499.28 Td (otal pr) Tj ET Q q 0 0 0 rg BT 73.18 499.28 Td (operty r) Tj ET Q q 0 0 0 rg BT 107.71 499.28 Td (evenues in excess of expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 499.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 499.27 Td (17,550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 499.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 499.27 Td (27,558) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 471.10 Td (9. SUPPLEMENT) Tj ET Q q 0 0 0 rg BT 113.60 471.10 Td (AL) Tj ET Q q 0 0 0 rg BT 126.94 471.10 Td ( CASH FLOW) Tj ET Q q 0 0 0 rg BT 190.10 471.10 Td ( DISCLOSURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 447.10 Td (Supplemental cash flow disclosures for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.40 447.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.71 447.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.21 447.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.81 447.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.25 447.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.25 447.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 380.60 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 380.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 380.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 380.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 350.60 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 350.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 350.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 350.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 320.60 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 320.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 320.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 320.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 290.60 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 290.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 290.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 290.60 92.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 410.6 m 480.5 410.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 410.6 m 484.5 410.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 410.6 m 576.5 410.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 395.6 m 480.5 395.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 395.6 m 576.5 395.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.40 415.28 Td (Thr) Tj ET Q q 0 0 0 rg BT 429.98 415.28 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 525.63 415.28 Td (ch 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 400.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.00 400.28 Td (2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.00 400.28 Td (2019) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 39.00 385.28 Td (Supplemental Disclosure of Cash Flow Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 385.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 385.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 370.27 Td (Cash paid for interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 370.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 370.27 Td (2,708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 370.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 370.27 Td (5,717) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 355.27 Td (Cash paid for taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 355.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 355.27 Td (376) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 355.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 355.27 Td (794) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 39.00 340.28 Td (Supplemental Schedule of Non-Cash ) Tj ET Q q 0 0 0 rg BT 193.65 340.28 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 340.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 340.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 325.27 Td (Shares tendered for redemption) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 325.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 325.27 Td (1,785) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 325.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 325.27 Td (705) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 310.27 Td (Receivables related to proceeds from dispositions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 310.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 310.27 Td (48,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 310.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 310.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 295.27 Td (Assumption of mortgage upon disposition of property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 295.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 295.27 Td (78,519) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 295.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 295.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 280.27 Td (Accrued capital additions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 280.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 280.27 Td (1,437) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 280.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 280.27 Td (7,182) 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 24.60 Td (20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 749.25 Td (10. COMMITMENTS ) Tj ET Q q 0 0 0 rg BT 132.95 749.25 Td (AND CONTINGENCIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 725.25 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 514.81 725.25 Td (These matters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 713.25 Td (are generally covered by insurance. ) Tj ET Q q 0 0 0 rg BT 180.19 713.25 Td (While the resolution of these matters cannot be predicted with certainty) Tj ET Q q 0 0 0 rg BT 465.55 713.25 Td (, management believes the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 701.25 Td (final outcome of such matters will not have a material adverse ef) Tj ET Q q 0 0 0 rg BT 294.89 701.25 Td (fect on the Company) Tj ET Q q 0 0 0 rg BT 381.25 701.25 Td (s condensed 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 36.00 742.25 Td (1) Tj ET Q q 0 0 0 rg BT 40.45 742.25 Td (1. SUBSEQUENT) Tj ET Q q 0 0 0 rg BT 117.51 742.25 Td ( EVENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 718.25 Td (Additional Suspension of Shar) Tj ET Q q 0 0 0 rg BT 175.02 718.25 Td (e Redemption Pr) Tj ET Q q 0 0 0 rg BT 241.85 718.25 Td (ogram) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 694.25 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.83 694.25 Td (February 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.43 694.25 Td (, in line with common practice within the industry when executing a plan of liquidation, the Company suspended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 682.25 Td (its share redemption program \(SRP\), with the exception of redemptions related to the death or disability of a stockholder) Tj ET Q q 0 0 0 rg BT 526.70 682.25 Td (. ) Tj ET Q q 0 0 0 rg BT 531.15 682.25 Td (As ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 670.25 Td (previously announced, because values are dif) Tj ET Q q 0 0 0 rg BT 216.86 670.25 Td (ficult to discern at this time due to the market unrest resulting from the Coronavirus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 658.25 Td (pandemic, the Company) Tj ET Q q 0 0 0 rg BT 136.25 658.25 Td (s board of directors has determined it would not be prudent to attempt to determine a new net asset value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 646.25 Td (\(NA) Tj ET Q q 0 0 0 rg BT 56.92 646.25 Td (V\) per share of the Company) Tj ET Q q 0 0 0 rg BT 180.49 646.25 Td (s common stock at this time.Since the Coronavirus pandemic is ongoing, and given that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 634.25 Td (redemption price under the SRP) Tj ET Q q 0 0 0 rg BT 163.93 634.25 Td ( is equal to the most recently determined NA) Tj ET Q q 0 0 0 rg BT 342.04 634.25 Td (V) Tj ET Q q 0 0 0 rg BT 349.08 634.25 Td ( per share of the Company) Tj ET Q q 0 0 0 rg BT 457.66 634.25 Td (s common stock and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 622.25 Td (NA) Tj ET Q q 0 0 0 rg BT 49.15 622.25 Td (V) Tj ET Q q 0 0 0 rg BT 56.20 622.25 Td ( per share was last determined as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.14 622.25 Td (February14, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.74 622.25 Td (, the Board has determined to also suspend redemptions related to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 610.25 Td (death or disability of a stockholder) Tj ET Q q 0 0 0 rg BT 174.73 610.25 Td (, ef) Tj ET Q q 0 0 0 rg BT 187.32 610.25 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.02 610.25 Td (May17, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.85 610.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 586.25 Td (The Rim) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 87.61 586.25 Td ( Outpar) Tj ET Q q 0 0 0 rg BT 118.63 586.25 Td (cel) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 562.25 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.28 562.25 Td (April 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.89 562.25 Td (, the Company sold an outparcel at ) Tj ET Q q 0 0 0 rg BT 249.34 562.25 Td (The Rim for a contract sales prices of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.06 562.25 Td ($6.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.95 562.25 Td (. ) Tj ET Q q 0 0 0 rg BT 458.27 562.25 Td (The purchaser is not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 550.25 Td (af) Tj ET Q q 0 0 0 rg BT 43.59 550.25 Td (filiated with the Company or its af) Tj ET Q q 0 0 0 rg BT 181.16 550.25 Td (filiates.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 526.25 Td (The ) Tj ET Q q 0 0 0 rg BT 71.32 526.25 Td (A) Tj ET Q q 0 0 0 rg BT 76.88 526.25 Td (venue at Murfr) Tj ET Q q 0 0 0 rg BT 136.49 526.25 Td (eesbor) Tj ET Q q 0 0 0 rg BT 162.78 526.25 Td (o) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 167.78 526.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 502.25 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.28 502.25 Td (April 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.89 502.25 Td (, the Company entered into a contract to sell ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.10 502.25 Td (The ) Tj ET Q q 0 0 0 rg BT 304.59 502.25 Td (A) Tj ET Q q 0 0 0 rg BT 311.07 502.25 Td (venue at Murfreesboro) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.14 502.25 Td ( for a contract sales prices of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.59 502.25 Td ($141.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 490.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.89 490.25 Td (. ) Tj ET Q q 0 0 0 rg BT 71.84 490.25 Td (Although the Company expects the closing of this sale to occur in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.35 490.25 Td (August 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.74 490.25 Td (, there can be no assurances as to if or when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 478.25 Td (this sale is completed.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 454.25 Td (The Markets at T) Tj ET Q q 0 0 0 rg BT 121.69 454.25 Td (own Center) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 168.08 454.25 Td ( Outpar) Tj ET Q q 0 0 0 rg BT 199.10 454.25 Td (cel) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 430.25 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.83 430.25 Td (May 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.66 430.25 Td (, the Company entered into a contract to sell an outparcel at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.23 430.25 Td (The Markets at ) Tj ET Q q 0 0 0 rg BT 409.08 430.25 Td (T) Tj ET Q q 0 0 0 rg BT 414.49 430.25 Td (own Center) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.87 430.25 Td ( for a contract sales prices of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 418.25 Td ($10.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.89 418.25 Td (. ) Tj ET Q q 0 0 0 rg BT 96.84 418.25 Td (Although the Company expects the closing of this sale to occur in 2020, there can be no assurances as to if or when this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 406.25 Td (sale is completed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.50 370.25 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 24.60 Td (22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 749.25 Td (Item2.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 65.99 749.25 Td ( Management) Tj ET Q q 0 0 0 rg BT 130.53 749.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 202.12 749.25 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 725.25 Td (The following discussion and analysis of our financial condition and r) Tj ET Q q 0 0 0 rg BT 334.75 725.25 Td (esults of operations should be r) Tj ET Q q 0 0 0 rg BT 460.21 725.25 Td (ead in conjunction with our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 713.25 Td (unaudited condensed consolidated financial statements andthe notes ther) Tj ET Q q 0 0 0 rg BT 331.14 713.25 Td (eto included in Item 1 in this Quarterly Report on Form10-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 701.25 Td (Q.The following discussion should also be r) Tj ET Q q 0 0 0 rg BT 216.47 701.25 Td (ead in conjunction with our audited consolidated financial statements and the notes ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 689.25 Td (ther) Tj ET Q q 0 0 0 rg BT 51.74 689.25 Td (eto and Management) Tj ET Q q 0 0 0 rg BT 143.76 689.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 213.87 689.25 Td (Analysis of Financial Condition and Results of Operations included in our ) Tj ET Q q 0 0 0 rg BT 520.07 689.25 Td (Annual ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 677.25 Td (Report on Form 10-K for the year ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 200.97 677.25 Td (December31, 2019) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 279.56 677.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 653.25 Td (Cautionary NoteRegarding Forward-Looking Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 629.25 Td (This Quarterly Report on Form10-Q includes certain statements that may be deemed forward-looking statements within the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 617.25 Td (meaning of Section-27A) Tj ET Q q 0 0 0 rg BT 133.76 617.25 Td ( of the Securities ) Tj ET Q q 0 0 0 rg BT 203.19 617.25 Td (Act of 1933, as amended \(the Securities ) Tj ET Q q 0 0 0 rg BT 369.25 617.25 Td (Act\), and Section-21E of the Securities Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 605.25 Td (Act of 1934, as amended \(the Exchange ) Tj ET Q q 0 0 0 rg BT 202.05 605.25 Td (Act\). Such forward-looking statements relate to, without limitation, economic conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 593.25 Td (that may impact our operations, our ability to ef) Tj ET Q q 0 0 0 rg BT 227.16 593.25 Td (fectively liquidate our assets and pay liquidating distributions to our stockholders in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 581.25 Td (the expected time frame or not at all, our future leverage and financial position, our future capital expenditures, future distributions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 569.25 Td (other developments and trend in the commercial real estate industry and our business strategy) Tj ET Q q 0 0 0 rg BT 409.96 569.25 Td (. Forward-looking statements are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 557.25 Td (generally identifiable by the use of the words may) Tj ET Q q 0 0 0 rg BT 240.28 557.25 Td (, will, should, expect, could, intend, plan, anticipate, estimate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 545.25 Td (believe, continue, predict, potential or the negative of these words or other comparable terminology) Tj ET Q q 0 0 0 rg BT 469.06 545.25 Td (. ) Tj ET Q q 0 0 0 rg BT 476.38 545.25 Td (These statements are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 533.25 Td (guarantees of future performance, and involve certain risks, uncertainties and assumptions that are dif) Tj ET Q q 0 0 0 rg BT 442.62 533.25 Td (ficult to predict.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.25 Td (The forward-looking statements in this Form10-Q are based on our current expectations, plans, estimates, assumptions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 497.25 Td (beliefs that involve numerous risks and uncertainties. ) Tj ET Q q 0 0 0 rg BT 250.95 497.25 Td (Assumptions relating to the foregoing involve judgments with respect to, among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 485.25 Td (other things, current and future economic, competitive and market conditions, the availability of future financing and future business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 473.25 Td (decisions, all of which are dif) Tj ET Q q 0 0 0 rg BT 154.12 473.25 Td (ficult or impossible to predict accurately and many of which are beyond our control. ) Tj ET Q q 0 0 0 rg BT 493.18 473.25 Td (Any of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 461.25 Td (assumptions underlying forward-looking statements could prove to be inaccurate. ) Tj ET Q q 0 0 0 rg BT 364.62 461.25 Td (T) Tj ET Q q 0 0 0 rg BT 370.03 461.25 Td (o the extent that our assumptions dif) Tj ET Q q 0 0 0 rg BT 515.38 461.25 Td (fer from actual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 449.25 Td (results, our ability to meet such forward-looking statements, including our ability to generate positive cash flow from operations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 437.25 Td (provide distributions to our stockholders and maintain the value of the real estate properties in which we hold an interest, may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 425.25 Td (significantly hindered.) Tj ET Q endstream endobj 51 0 obj <> endobj 52 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 749.10 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 424.26 749.10 Td (fer materially from those presented in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 737.10 Td (certain forward-looking statements:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 713.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 713.17 Td (Whether we will be able to complete the sale of all or substantially all of our assets as expected;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 694.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 693.27 Td (Risks associated with adverse changes in general economic or local market conditions, including the impact of the ongoing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 683.27 Td (COVID-19 \(more commonly referred to as the Coronavirus\) pandemic and ef) Tj ET Q q 0 0 0 rg BT 366.27 683.27 Td (forts to prevent the spread, which are) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 673.27 Td (adversely af) Tj ET Q q 0 0 0 rg BT 104.40 673.27 Td (fecting the markets in which we and our tenants operate;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 655.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 655.17 Td (Unanticipated dif) Tj ET Q q 0 0 0 rg BT 125.61 655.17 Td (ficulties, expenditures or delays relating to our implementation of our plan of liquidation and dissolution,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 645.17 Td (which may reduce or delay our payment of additional liquidating distributions to our stockholders;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 626.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 626.17 Td (Risks associated with the potential response of tenants, business partners and competitors to our adoption and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 616.17 Td (implementation of the plan of liquidation and dissolution;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 597.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 597.17 Td (Risks associated with legal proceedings that may be instituted against us and others related to the Plan of Liquidation;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 578.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 578.17 Td (Competition for tenants, including competition with af) Tj ET Q q 0 0 0 rg BT 274.48 578.17 Td (filiates of Hines Interests Limited Partnership \(Hines\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 559.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 559.17 Td (Our reliance on Hines Global REIT) Tj ET Q q 0 0 0 rg BT 198.37 559.17 Td ( ) Tj ET Q q 0 0 0 rg BT 200.50 559.17 Td (Advisors LP) Tj ET Q q 0 0 0 rg BT 250.32 559.17 Td ( \(the Advisor\) Hines and af) Tj ET Q q 0 0 0 rg BT 368.06 559.17 Td (filiates of Hines for our day-to-day operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 549.17 Td (and the management of our real estate investments, and our advisor) Tj ET Q q 0 0 0 rg BT 325.82 549.17 Td () Tj ET Q q 0 0 0 rg BT 329.06 549.17 Td (s ability to attract and retain high-quality personnel who) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 539.17 Td (can provide service at a level acceptable to us;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 520.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 520.17 Td (Risks associated with conflicts of interest that result from our relationship with our ) Tj ET Q q 0 0 0 rg BT 389.83 520.17 Td (Advisor and Hines, as well as conflicts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 510.17 Td (of interests certain of our of) Tj ET Q q 0 0 0 rg BT 167.26 510.17 Td (ficers 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 39.00 492.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 492.17 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 56.00 482.17 Td (property operating expenses and costs of compliance with environmental matters or discovery of previously undetected) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 472.17 Td (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 39.00 454.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 454.17 Td (The amount and timing of additional liquidating distributions we may pay is uncertain and cannot be assured;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 436.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 436.17 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 39.00 418.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 418.17 Td (Catastrophic events, such as hurricanes, earthquakes, tornadoes and terrorist attacks; and our ability to secure adequate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 408.17 Td (insurance at reasonable and appropriate rates;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 390.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 390.17 Td (The failure of any bank in which we deposit our funds could reduce the amount of cash we have available to fund our) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 380.17 Td (operating expenses and other capital expenditures;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 362.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 362.17 Td (Changes in governmental, tax, real estate and zoning laws and regulations and the related costs of compliance and increases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 352.17 Td (in our administrative operating expenses, including expenses associated with operating as a public company;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 334.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 334.17 Td (International investment risks, including the burden of complying with a wide variety of foreign laws and the uncertainty of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 324.17 Td (such laws, the tax treatment of transaction structures, political and economic instability) Tj ET Q q 0 0 0 rg BT 404.19 324.17 Td (, foreign currency fluctuations, and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 314.17 Td (inflation and governmental measures to curb inflation may adversely af) Tj ET Q q 0 0 0 rg BT 341.65 314.17 Td (fect our operations and our ability to make) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 304.17 Td (distributions;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 285.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 285.17 Td (The lack of liquidity associated with our assets;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 267.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 267.17 Td (Our ability to continue to qualify as a real estate investment trust \(REIT\) for U.S. federal income tax purposes; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 249.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 249.17 Td (Risks related to the United Kingdom's exit from the European Union \(Brexit\), including, but not limited to the decline of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 239.17 Td (revenue derived from, and the market value of, our properties located in the United Kingdom and Poland, which may) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 229.17 Td (negatively impact on our ability to sell these properties and the pricing we are able to receive.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 200.10 Td (These risks are more fully discussed in, and all forward-looking statements should be read in light of, all of the factors discussed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 188.10 Td (in Risk Factors in our ) Tj ET Q q 0 0 0 rg BT 133.49 188.10 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 329.83 188.10 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.41 188.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 164.10 Td (Our stockholders are cautioned not to place undue reliance on any forward-looking statement in this Quarterly Report on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 152.10 Td (Form10-Q. ) Tj ET Q q 0 0 0 rg BT 85.17 152.10 Td (All forward-looking statements are made as of the date of this Quarterly Report on Form10-Q and the risk that actual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 140.10 Td (results will dif) Tj ET Q q 0 0 0 rg BT 93.59 140.10 Td (fer materially from the expectations expressed in this Quarterly Report on Form10-Q may increase with the passage of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 128.10 Td (time. In light of the significant uncertainties inherent in the forward-looking statements in this Quarterly Report on Form10-Q, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 116.10 Td (inclusion of such forward-looking statements should not be regarded as a representation by us or any other person that the objectives ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 104.10 Td (and plans set forth in this Quarterly Report on Form10-Q will be achieved. ) Tj ET Q q 0 0 0 rg BT 339.55 104.10 Td (All subsequent written and oral forward-looking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 92.10 Td (statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by reference to these risks and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 80.10 Td (uncertainties. Each forward-looking statement speaks only as of the date of the particular statement, and we do not undertake to update ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 68.10 Td (any forward-looking statement.) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 742.25 Td (Executive Summary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 718.25 Td (Hines Global REIT) Tj ET Q q 0 0 0 rg BT 131.02 718.25 Td (, Inc. \(Hines Global and, together with its consolidated subsidiaries, we, us or the Company\) was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 706.25 Td (incorporated under the Maryland General Corporation Laws on December10, 2008, primarily for the purpose of investing in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 694.25 Td (diversified portfolio of quality commercial real estate properties and other real estate investments located throughout the United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 682.25 Td (States and internationally) Tj ET Q q 0 0 0 rg BT 136.99 682.25 Td (. Hines Global raised the equity capital for its real estate investments through two public of) Tj ET Q q 0 0 0 rg BT 503.66 682.25 Td (ferings from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 670.25 Td (August 2009 through ) Tj ET Q q 0 0 0 rg BT 122.95 670.25 Td (April 2014, and through its distribution reinvestment plan \(the DRP) Tj ET Q q 0 0 0 rg BT 398.10 670.25 Td ( Of) Tj ET Q q 0 0 0 rg BT 410.97 670.25 Td (fering\) from ) Tj ET Q q 0 0 0 rg BT 466.50 670.25 Td (April 2014 through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 658.25 Td (August 2018. Collectively) Tj ET Q q 0 0 0 rg BT 143.12 658.25 Td (, through its public of) Tj ET Q q 0 0 0 rg BT 229.32 658.25 Td (ferings, Hines Global raised gross of) Tj ET Q q 0 0 0 rg BT 375.78 658.25 Td (fering proceeds of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.28 658.25 Td ($3.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.39 658.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 646.25 Td (including the DRP) Tj ET Q q 0 0 0 rg BT 110.07 646.25 Td ( Of) Tj ET Q q 0 0 0 rg BT 122.94 646.25 Td (fering, all of which was invested in the Company) Tj ET Q q 0 0 0 rg BT 322.62 646.25 Td (s real estate portfolio.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 622.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 622.25 Td (e invested the proceeds from our public of) Tj ET Q q 0 0 0 rg BT 231.57 622.25 Td (ferings into a diverse portfolio of real estate investments. In recent years, we have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 610.25 Td (concentrated our ef) Tj ET Q q 0 0 0 rg BT 113.00 610.25 Td (forts on actively managing our assets and exploring a variety of strategic opportunities focused on enhancing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 598.25 Td (the composition of our portfolio and its total return potential for its stockholders. On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.17 598.25 Td (April23, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.78 598.25 Td (, in connection with its review ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 586.25 Td (of potential strategic alternatives available to the Company) Tj ET Q q 0 0 0 rg BT 271.10 586.25 Td (, our board of directors determined that it is in the best interest of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 574.25 Td (Company and its stockholders to sell all or substantially all of our properties and assets and for the Company to liquidate and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 562.25 Td (dissolve pursuant to the Plan of Liquidation. ) Tj ET Q q 0 0 0 rg BT 218.30 562.25 Td (The principal purpose of the liquidation is to provide liquidity to our stockholders by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 550.25 Td (selling the Company) Tj ET Q q 0 0 0 rg BT 121.55 550.25 Td (s assets, paying its debts and distributing the net proceeds from liquidation to our stockholders. ) Tj ET Q q 0 0 0 rg BT 505.94 550.25 Td (As required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 538.25 Td (by Maryland law and our charter) Tj ET Q q 0 0 0 rg BT 166.94 538.25 Td (, the Plan of Liquidation was approved by the af) Tj ET Q q 0 0 0 rg BT 359.49 538.25 Td (firmative vote of the holders of at least a majority ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 526.25 Td (of the shares of our common stock outstanding and entitled to vote thereon at the Company) Tj ET Q q 0 0 0 rg BT 403.97 526.25 Td (s annual meeting of stockholders held ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 514.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.50 514.25 Td (July17, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.67 514.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 490.25 Td (In ) Tj ET Q q 0 0 0 rg BT 64.28 490.25 Td (April 2018, our board of directors estimated that, in addition to regular operating distributions paid to our stockholders, if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 478.25 Td (we are able to successfully implement the Plan of Liquidation, then after the sale of all or substantially all of the Company) Tj ET Q q 0 0 0 rg BT 528.64 478.25 Td (s assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 466.25 Td (and the payment of all of the outstanding liabilities, we will have made total Return of Capital Distributions to our stockholders of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 454.25 Td (approximately $10.00 to $1) Tj ET Q q 0 0 0 rg BT 146.17 454.25 Td (1.00 per share of the Company) Tj ET Q q 0 0 0 rg BT 272.25 454.25 Td (s common stock, consisting of three components: \(i\) the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.87 454.25 Td ($1.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.37 454.25 Td ( per share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 442.25 Td (special distribution paid to stockholders in January 2018 \(the Special Distribution\); \(ii\) the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.53 442.25 Td ($0.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.03 442.25 Td ( per share of return on invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 430.25 Td (capital distributions paid to stockholders for the six months ended June 30, 2018 \(the Return of Invested Capital Distributions\); ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 418.25 Td (and \(iii\) the range of liquidating distributions to be made pursuant to the Plan of Liquidation of $8.83 to $9.83 per share, estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 406.25 Td (by our board of directors in ) Tj ET Q q 0 0 0 rg BT 147.64 406.25 Td (April 2018, and we have made liquidating distributions of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.30 406.25 Td ($2.83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 406.25 Td ( per share to date. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 382.25 Td (From January 2018 through February 2019, we paid Return of Capital Distributions to our stockholders totaling approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 370.25 Td ($4.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 370.25 Td ( per share, consisting of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.97 370.25 Td ($1.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.47 370.25 Td ( per share Special Distribution paid in January 2018, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.92 370.25 Td ($0.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.42 370.25 Td ( per share Return of Invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 358.25 Td (Capital Distributions paid for the six months ended June 30, 2018, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.74 358.25 Td ($0.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.24 358.25 Td ( per share monthly liquidating distributions paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 346.25 Td (between ) Tj ET Q q 0 0 0 rg BT 71.26 346.25 Td (August 2018 and January 2019, and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.35 346.25 Td ($2.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.85 346.25 Td ( per share liquidating distribution paid in February 2019. ) Tj ET Q q 0 0 0 rg BT 486.57 346.25 Td (W) Tj ET Q q 0 0 0 rg BT 495.21 346.25 Td (e have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 334.25 Td (working diligently to successfully execute the Plan of Liquidation. Our original goal was to complete the liquidation and make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 322.25 Td (final distributions to our stockholders by July 17, 2020 \(24 months after stockholder approval of the Plan of Liquidation\). ) Tj ET Q q 0 0 0 rg BT 524.35 322.25 Td (While ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 310.25 Td (we have been actively marketing the remaining assets for disposition, the recent spread of the COVID-19 \(more commonly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 298.25 Td (referred to as the Coronavirus\) pandemic and its impact on the global economic environment has had, and is expected to continue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 286.25 Td (to have, an adverse impact on overall market conditions and our disposition process. ) Tj ET Q q 0 0 0 rg BT 375.64 286.25 Td (At this time, we cannot predict the ultimate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 274.25 Td (impact to the process or timing, but we remain very thoughtful in proactively positioning our portfolio to be flexible and adaptable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 262.25 Td (to the evolving circumstances. ) Tj ET Q q 0 0 0 rg BT 162.08 262.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 211.42 262.25 Td (, there can be no assurances regarding the timing or amounts of any further liquidating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 250.25 Td (distributions, that we will ultimately pay aggregate liquidating distributions within the range estimated by our board of directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 238.25 Td (when it approved the Plan of Liquidation in ) Tj ET Q q 0 0 0 rg BT 212.64 238.25 Td (April 2018, or that we will make the final distribution on or before July 17, 2020. If ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 226.25 Td (we are unable to complete the liquidation and make final distributions to our stockholders by July 17, 2020, we expect that any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 214.25 Td (remaining assets and liabilities of the Company would be transferred into a liquidating trust as described in the Plan of Liquidation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 202.25 Td (approved by our stockholders in July 2018. In addition, even if we sell all of our assets by July 17, 2020, we may determine not to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 190.25 Td (distribute all distributable cash by that date and may establish a reserve to provide for any remaining obligations and to cover our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 178.25 Td (expenses as we complete our wind down and dissolution.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 154.25 Td (At the peak of our acquisition phase, we owned interests in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.83 154.25 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.83 154.25 Td ( properties. ) Tj ET Q q 0 0 0 rg BT 352.63 154.25 Td (W) Tj ET Q q 0 0 0 rg BT 361.27 154.25 Td (e sold interests in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.48 154.25 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 154.25 Td ( properties for an aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 142.25 Td (sales price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.25 142.25 Td ($1.0 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.37 142.25 Td ( during 2017, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.48 142.25 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.48 142.25 Td ( properties for an aggregate sales price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.18 142.25 Td ($1.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.29 142.25 Td ( during 2018, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.40 142.25 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.06 142.25 Td ( properties during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 130.25 Td (2019 for an aggregate sales price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.21 130.25 Td ($1.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.33 130.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.77 130.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.77 130.25 Td ( additional properties in the first quarter of 2020 for an aggregate sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 118.25 Td (price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.32 118.25 Td ($379.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.21 118.25 Td (. ) Tj ET Q q 0 0 0 rg BT 135.16 118.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.60 118.25 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.20 118.25 Td (, we owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.52 118.25 Td (eight) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.51 118.25 Td ( properties in our portfolio that include the following investments:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 94.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 94.25 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 103.83 94.25 Td (of) Tj ET Q q 0 0 0 rg BT 111.97 94.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 129.46 94.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 179.73 94.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.06 94.25 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.06 94.25 Td ( ) Tj ET Q q 0 0 0 rg BT 190.56 94.25 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 82.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 82.25 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 103.83 82.25 Td (other ) Tj ET Q q 0 0 0 rg BT 126.87 82.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 177.15 82.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.48 82.25 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.48 82.25 Td ( ) Tj ET Q q 0 0 0 rg BT 187.98 82.25 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 70.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 70.25 Td (International ) Tj ET Q q 0 0 0 rg BT 116.59 70.25 Td (of) Tj ET Q q 0 0 0 rg BT 124.74 70.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 142.22 70.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 192.50 70.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.83 70.25 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.83 70.25 Td ( ) Tj ET Q q 0 0 0 rg BT 203.33 70.25 Td (investments\)) Tj ET Q endstream endobj 55 0 obj <> endobj 56 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 742.10 Td (Our portfolio is comprised of approximately) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 231.46 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 233.96 742.10 Td (64%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.29 742.10 Td ( domestic and) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 307.83 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 310.33 742.10 Td (36%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.66 742.10 Td ( international investments and our current investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 730.10 Td (types encompass approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.24 730.10 Td (41%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.57 730.10 Td ( of) Tj ET Q q 0 0 0 rg BT 195.22 730.10 Td (fice and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.65 730.10 Td (59%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.98 730.10 Td ( retail based on the estimated values of our investments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.47 730.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.06 730.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 718.10 Td (which were based on the appraised values of our real estate investments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.56 718.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.14 718.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 694.10 Td (The following table provides additional information regarding each of the properties in which we owned an interest as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 682.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.60 682.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 608.60 126.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.50 608.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.50 608.60 103.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 608.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 608.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 608.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 608.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 608.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 608.60 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 608.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 608.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 608.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 608.60 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 581.60 126.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.50 581.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.50 581.60 103.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 581.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 581.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 581.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 581.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 581.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 581.60 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 581.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 581.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 581.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 581.60 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 554.60 126.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.50 554.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.50 554.60 103.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 554.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 554.60 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 554.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 554.60 63.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 554.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 554.60 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 554.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 554.60 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 554.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 554.60 40.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 519.60 126.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.50 519.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.50 519.60 103.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 519.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 519.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 519.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 519.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 519.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 519.60 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 519.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 519.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 519.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 519.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 476.60 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 476.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 476.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 476.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 476.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 476.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 476.60 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 476.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 476.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 476.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 476.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 449.60 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 449.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 449.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 449.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 449.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 449.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 449.60 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 449.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 449.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 449.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 449.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 421.60 126.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.50 421.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.50 421.60 103.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 421.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 421.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 421.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 421.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 421.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 421.60 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 421.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 421.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 421.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 421.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 393.60 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 393.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 393.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 393.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 393.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 393.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 393.60 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 393.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 393.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 393.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 393.60 40.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 622.6 m 180.5 622.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 184.5 622.6 m 287.5 622.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 622.6 m 341.5 622.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 622.6 m 408.5 622.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 622.6 m 470.5 622.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 622.6 m 519.5 622.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 622.6 m 563.5 622.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 608.6 m 180.5 608.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 608.6 m 184.5 608.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 184.5 608.6 m 287.5 608.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 595.6 m 519.5 595.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 581.6 m 519.5 581.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 595.6 m 563.5 595.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 581.6 m 563.5 581.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 581.6 m 519.5 581.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 581.6 m 563.5 581.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 554.6 m 180.5 554.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 554.6 m 184.5 554.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 184.5 554.6 m 287.5 554.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 476.6 m 519.5 476.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 462.6 m 519.5 462.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 476.6 m 563.5 476.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 462.6 m 563.5 462.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 462.6 m 519.5 462.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 462.6 m 563.5 462.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 435.6 m 180.5 435.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 435.6 m 184.5 435.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 184.5 435.6 m 287.5 435.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 393.6 m 519.5 393.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 379.6 m 519.5 379.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 393.6 m 563.5 393.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 379.6 m 563.5 379.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 366.6 m 519.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 364.6 m 519.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 366.6 m 563.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 364.6 m 563.5 364.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 626.83 Td (Pr) Tj ET Q q 0 0 0 rg BT 65.37 626.83 Td (operty) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 187.00 626.83 Td (Location) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 296.85 634.83 Td (Investment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.60 626.83 Td (T) Tj ET Q q 0 0 0 rg BT 312.64 626.83 Td (ype) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.65 650.83 Td (Date ) Tj ET Q q 0 0 0 rg BT 368.20 650.83 Td (Acquir) Tj ET Q q 0 0 0 rg BT 392.06 650.83 Td (ed/ ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.80 642.83 Td (Net Pur) Tj ET Q q 0 0 0 rg BT 380.53 642.83 Td (chase ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.95 634.83 Td (Price \(in ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.90 626.83 Td (millions\)) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 387.68 625.69 Td ( ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 388.98 630.46 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.65 650.83 Td (Estimated ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.85 642.83 Td (Going-in ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.75 634.83 Td (Capitalization ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.95 626.83 Td (Rate ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 446.94 630.46 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.35 642.83 Td (Leasable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.30 634.83 Td (Squar) Tj ET Q q 0 0 0 rg BT 505.13 634.83 Td (e) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.15 626.83 Td (Feet) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.95 634.83 Td (Per) Tj ET Q q 0 0 0 rg BT 541.79 634.83 Td (cent) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.00 626.83 Td (Leased) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 612.83 Td (Domestic Office Investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.50 612.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.00 612.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.50 612.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 543.00 612.83 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 599.85 Td (Campus at Marlborough) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 187.00 599.85 Td (Marlborough, Massachusetts) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.85 599.85 Td (Of) Tj ET Q q 0 0 0 rg BT 314.22 599.85 Td (fice) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 350.40 599.85 Td (10/201) Tj ET Q q 0 0 0 rg BT 372.47 599.85 Td (1; $103.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.65 599.85 Td (8.0%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.25 599.85 Td (531,916) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.30 599.85 Td (76) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.30 599.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 585.83 Td (T) Tj ET Q q 0 0 0 rg BT 61.97 585.83 Td (otal for) Tj ET Q q 0 0 0 rg BT 86.63 585.83 Td ( Domestic Office Investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.00 585.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.25 585.85 Td (531,916) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.30 585.85 Td (76) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.30 585.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 558.83 Td (Domestic Other) Tj ET Q q 0 0 0 rg BT 110.91 558.83 Td ( Investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.00 558.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.00 558.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.00 558.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 560.00 558.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 537.85 Td (Minneapolis Retail Center) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 187.00 537.85 Td (Minneapolis, Minnesota) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.40 537.85 Td (Retail) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.25 545.85 Td (8/2012 &) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 350.25 537.85 Td (12/2012; $130.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.65 537.85 Td (6.5%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.25 537.85 Td (398,585) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.30 537.85 Td (95) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.30 537.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 523.85 Td (The Markets at ) Tj ET Q q 0 0 0 rg BT 107.35 523.85 Td (T) Tj ET Q q 0 0 0 rg BT 111.89 523.85 Td (own Center) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 187.00 523.85 Td (Jacksonville, Florida) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.40 523.85 Td (Retail) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.25 523.85 Td (7/2013; $135.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.65 523.85 Td (5.9%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.25 523.85 Td (317,557) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.30 523.85 Td (65) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.30 523.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 509.85 Td (The ) Tj ET Q q 0 0 0 rg BT 71.22 509.85 Td (A) Tj ET Q q 0 0 0 rg BT 76.48 509.85 Td (venue at Murfreesboro) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 187.00 509.85 Td (Nashville, ) Tj ET Q q 0 0 0 rg BT 221.59 509.85 Td (T) Tj ET Q q 0 0 0 rg BT 226.12 509.85 Td (ennessee) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.40 509.85 Td (Retail) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.25 509.85 Td (8/2013; $163.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.65 509.85 Td (6.4%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.25 509.85 Td (800,106) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.30 509.85 Td (85) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.30 509.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 480.85 Td (The Rim) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 187.00 480.85 Td (San ) Tj ET Q q 0 0 0 rg BT 200.78 480.85 Td (Antonio, ) Tj ET Q q 0 0 0 rg BT 230.71 480.85 Td (T) Tj ET Q q 0 0 0 rg BT 235.24 480.85 Td (exas) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.40 480.85 Td (Retail) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.25 496.85 Td (2/2014, 4/2015,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.25 488.85 Td (12/2015 &) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 350.25 480.85 Td (12/2016: $285.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.65 480.85 Td (5.9%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.25 480.85 Td (1,051,219) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.30 480.85 Td (96) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.30 480.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 466.83 Td (T) Tj ET Q q 0 0 0 rg BT 61.97 466.83 Td (otal for) Tj ET Q q 0 0 0 rg BT 86.63 466.83 Td ( Domestic Other) Tj ET Q q 0 0 0 rg BT 142.47 466.83 Td ( Investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.25 466.85 Td (2,567,467) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.30 466.85 Td (89) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.30 466.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 439.83 Td (International Office Investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.00 439.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 425.85 Td (Gogolevsky 1) Tj ET Q q 0 0 0 rg BT 101.52 425.85 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 187.00 425.85 Td (Moscow) Tj ET Q q 0 0 0 rg BT 214.29 425.85 Td (, Russia) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.85 425.85 Td (Of) Tj ET Q q 0 0 0 rg BT 314.22 425.85 Td (fice) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.40 425.85 Td (8/201) Tj ET Q q 0 0 0 rg BT 372.47 425.85 Td (1; $96.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.65 425.85 Td (8.9%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.25 425.85 Td (94,519) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.30 425.85 Td (95) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.30 425.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 411.85 Td (New City) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 187.00 411.85 Td (W) Tj ET Q q 0 0 0 rg BT 194.23 411.85 Td (arsaw) Tj ET Q q 0 0 0 rg BT 212.31 411.85 Td (, Poland) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.85 411.85 Td (Of) Tj ET Q q 0 0 0 rg BT 314.22 411.85 Td (fice) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.25 411.85 Td (3/2013; $163.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.65 411.85 Td (7.1%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.25 411.85 Td (484,591) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.30 411.85 Td (97) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.30 411.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 397.85 Td (25 Cabot Square) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 187.00 397.85 Td (London, England) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.85 397.85 Td (Of) Tj ET Q q 0 0 0 rg BT 314.22 397.85 Td (fice) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.25 397.85 Td (3/2014; $371.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.65 397.85 Td (6.7%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.25 397.85 Td (477,485) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.30 397.85 Td (99) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.30 397.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 383.83 Td (T) Tj ET Q q 0 0 0 rg BT 61.97 383.83 Td (otal for) Tj ET Q q 0 0 0 rg BT 86.63 383.83 Td ( International Office Pr) Tj ET Q q 0 0 0 rg BT 167.13 383.83 Td (operties) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.50 383.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.25 383.85 Td (1,056,595) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.30 383.85 Td (97) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.30 383.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 369.83 Td (T) Tj ET Q q 0 0 0 rg BT 61.60 369.83 Td (otal for) Tj ET Q q 0 0 0 rg BT 86.56 369.83 Td ( ) Tj ET Q q 0 0 0 rg BT 88.12 369.83 Td (All Investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.00 369.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.25 369.85 Td (4,155,978) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.30 369.85 Td (89) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.30 369.85 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 342.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 342.10 Td (For acquisitions denominated in a foreign currency) Tj ET Q q 0 0 0 rg BT 275.74 342.10 Td (, amounts have been translated to U.S. dollars at a rate based on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 330.10 Td (exchange rate in ef) Tj ET Q q 0 0 0 rg BT 147.61 330.10 Td (fect on the acquisition date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 306.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 306.10 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 72.00 294.10 Td (revenues in excess of expenses for the first fiscal year following the date of acquisition by the net purchase price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 282.10 Td (\(excluding closing costs and taxes\). Property revenues in excess of expenses includes all projected operating revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 270.10 Td (\(rental income, tenant reimbursements, parking and any other property-related income\) less all projected operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 258.10 Td (expenses \(property operating and maintenance expenses, property taxes, insurance and property management fees\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 234.10 Td (The projected property revenues in excess of expenses includes assumptions which may not be indicative of the actual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 222.10 Td (future performance of the property) Tj ET Q q 0 0 0 rg BT 210.17 222.10 Td (, and the actual economic performance of each property for our period of ownership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 210.10 Td (may dif) Tj ET Q q 0 0 0 rg BT 102.64 210.10 Td (fer materially from the amounts used in calculating the estimated going-in capitalization rate. ) Tj ET Q q 0 0 0 rg BT 477.89 210.10 Td (These include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 198.10 Td (assumptions, with respect to each property) Tj ET Q q 0 0 0 rg BT 241.86 198.10 Td (, that in-place tenants will continue to perform under their lease agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 186.10 Td (during the 12months following our acquisition of the property) Tj ET Q q 0 0 0 rg BT 322.15 186.10 Td (.In addition, with respect to the Minneapolis Retail Center) Tj ET Q q 0 0 0 rg BT 559.47 186.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 174.10 Td (The Markets at ) Tj ET Q q 0 0 0 rg BT 134.85 174.10 Td (T) Tj ET Q q 0 0 0 rg BT 140.26 174.10 Td (own Center) Tj ET Q q 0 0 0 rg BT 186.24 174.10 Td (, and the ) Tj ET Q q 0 0 0 rg BT 222.34 174.10 Td (A) Tj ET Q q 0 0 0 rg BT 228.82 174.10 Td (venue at Murfreesboro, the projected property revenues in excess of expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 162.10 Td (include 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 36.00 138.10 Td (Critical ) Tj ET Q q 0 0 0 rg BT 70.71 138.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 122.10 138.10 Td (Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 114.10 Td (Each of our critical accounting policies involves the use of estimates that require management to make assumptions that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 102.10 Td (subjective in nature. Management relies on its experience, collects historical and current market data, and analyzes these assumptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 90.10 Td (in order to arrive at what it believes to be reasonable estimates.In addition, application of these accounting policies involves the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 78.10 Td (exercise of judgments regarding assumptions as to future uncertainties. ) Tj ET Q q 0 0 0 rg BT 322.04 78.10 Td (Actual results could materially dif) Tj ET Q q 0 0 0 rg BT 458.48 78.10 Td (fer from these estimates. ) Tj ET Q q 0 0 0 rg BT 558.72 78.10 Td (A) Tj ET Q q 0 0 0 rg BT 565.39 78.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 66.10 Td (disclosure of our critical accounting policies is included in our ) Tj ET Q q 0 0 0 rg BT 287.60 66.10 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 483.94 66.10 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.52 66.10 Td ( in ) 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 24.60 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 749.10 Td (Management) Tj ET Q q 0 0 0 rg BT 90.98 749.10 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 160.15 749.10 Td (Analysis of Financial Condition and Results of Operations. ) Tj ET Q q 0 0 0 rg BT 399.11 749.10 Td (There have been no changes to our critical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 737.10 Td (accounting policies during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.58 737.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.58 737.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 713.10 Td (FinancialCondition, ) Tj ET Q q 0 0 0 rg BT 126.30 713.10 Td (Liquidityand ) Tj ET Q q 0 0 0 rg BT 187.44 713.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 221.61 713.10 Td (Resour) Tj ET Q q 0 0 0 rg BT 251.98 713.10 Td (ces) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 689.10 Td (As described previously) Tj ET Q q 0 0 0 rg BT 150.00 689.10 Td (, we commenced the Plan of Liquidation in July 2018 and have been selling our properties and have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 677.10 Td (distributed proceeds from the sale of our properties to our stockholders in the form of liquidating distributions at that time. ) Tj ET Q q 0 0 0 rg BT 530.72 677.10 Td (W) Tj ET Q q 0 0 0 rg BT 539.35 677.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 665.10 Td (received proceeds from the sale of 28 properties from 2017 through February 2019, which were used to make Return of Capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 653.10 Td (distributions totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.56 653.10 Td ($1.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.67 653.10 Td ( from January 2018 through February 2019 \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 653.10 Td ($4.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 653.10 Td ( per share\). ) Tj ET Q q 0 0 0 rg BT 478.15 653.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 528.05 653.10 Td (, we sold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 641.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.66 641.10 Td ( properties in late 2019 and early 2020 and used the proceeds to significantly reduce our leverage, as indicated below) Tj ET Q q 0 0 0 rg BT 520.18 641.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td (Our original goal was to complete the liquidation of our portfolio and make final distributions to our stockholders by July17, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 605.10 Td (2020 \(24 months after stockholder approval of the Plan of Liquidation\). ) Tj ET Q q 0 0 0 rg BT 327.70 605.10 Td (While we have been actively marketing our remaining assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 593.10 Td (for disposition, the recent spread of the Coronavirus pandemic and its impact on the global economic environment has had, and is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 581.10 Td (expected to continue to have, an adverse impact on overall market conditions and our disposition process. ) Tj ET Q q 0 0 0 rg BT 463.38 581.10 Td (As a result, we believe it is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 569.10 Td (unlikely that we will be able to complete the liquidation of our assets and make final cash distributions to our stockholders by July17, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 557.10 Td (2020. ) Tj ET Q q 0 0 0 rg BT 60.45 557.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 109.78 557.10 Td (, any remaining assets and liabilities will be transferred into a liquidating trust as described in the Plan of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 545.10 Td (Liquidation approved by our stockholders in July 2018. ) Tj ET Q q 0 0 0 rg BT 260.14 545.10 Td (At that time, our stockholders will receive shares of beneficial interest in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 533.10 Td (liquidating trust and Hines Global will be dissolved. ) Tj ET Q q 0 0 0 rg BT 249.69 533.10 Td (The liquidating trust will operate substantially in the same manner as we operate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 521.10 Td (today and will continue to pursue the liquidation of the remaining assets with the goal of distributing the net proceeds of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 509.10 Td (liquidation to our stockholders. ) Tj ET Q q 0 0 0 rg BT 163.30 509.10 Td (There can be no assurances regarding the timing or amounts of any additional liquidating distributions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.10 Td (The Coronavirus pandemic did not have a material impact on our liquidity and capital resources for the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 473.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.60 473.10 Td (. ) Tj ET Q q 0 0 0 rg BT 104.42 473.10 Td (W) Tj ET Q q 0 0 0 rg BT 113.06 473.10 Td (e are still in the early stages of navigating the actual and potential long-term impacts the pandemic will have on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 461.10 Td (business. However) Tj ET Q q 0 0 0 rg BT 111.14 461.10 Td (, we have already begun to experience certain ef) Tj ET Q q 0 0 0 rg BT 303.91 461.10 Td (fects on our liquidity and capital resources such as reduced rent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 449.10 Td (collections at certain of our properties and adverse ef) Tj ET Q q 0 0 0 rg BT 247.95 449.10 Td (fects on our disposition process. ) Tj ET Q q 0 0 0 rg BT 378.86 449.10 Td (These conditions may continue to worsen as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 437.10 Td (pandemic continues. Fortunately) Tj ET Q q 0 0 0 rg BT 166.15 437.10 Td (, we have a strong liquidity position as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.91 437.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.50 437.10 Td (, resulting from $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.94 437.10 Td (386.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.83 437.10 Td ( of cash on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 425.10 Td (hand and significant undrawn capacity under our revolving credit facility that we may use to fund cash needs, including shortages that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 413.10 Td (may arise as a result of the Coronavirus pandemic. ) Tj ET Q q 0 0 0 rg BT 240.38 413.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 290.29 413.10 Td (, we only have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.10 413.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.10 413.10 Td ( outstanding mortgages totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.97 413.10 Td ($222.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.87 413.10 Td ( on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 401.10 Td (our remaining portfolio of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.20 401.10 Td (eight) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.19 401.10 Td ( properties as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.84 401.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.44 401.10 Td (. ) Tj ET Q q 0 0 0 rg BT 300.76 401.10 Td (W) Tj ET Q q 0 0 0 rg BT 309.39 401.10 Td (e expect to repay these loans using proceeds from the sale of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 389.10 Td (real estate investments and available cash on hand, but may refinance them to conserve our cash for other purposes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 365.10 Td (The discussions below provide additional details regarding our operating, investing, and financing cash flows.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 341.10 Td ( Cash Flows fr) Tj ET Q q 0 0 0 rg BT 112.81 341.10 Td (om Operating ) Tj ET Q q 0 0 0 rg BT 170.96 341.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 317.10 Td (Our real estate properties generate cash flow in the form of rental revenues, which are used to pay direct leasing costs, property-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 305.10 Td (level operating expenses and interest payments. Property-level operating expenses consist primarily of salaries and wages of property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 293.10 Td (management personnel, utilities, cleaning, insurance, security and building maintenance costs, property management and leasing fees, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 281.10 Td (and property taxes. ) Tj ET Q q 0 0 0 rg BT 114.31 281.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 164.21 281.10 Td (, we pay general and administrative expenses, acquisition fees and expenses and asset management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 269.10 Td (fees, which also reduce our operating cash flows.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 245.10 Td (Net cash from operating activities decreased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.42 245.10 Td ($8.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.31 245.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.69 245.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 245.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.50 245.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.10 245.10 Td (, as compared to the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 233.10 Td (period in the prior year) Tj ET Q q 0 0 0 rg BT 127.79 233.10 Td (, primarily due to our dispositions of four properties in 2019 and two properties in the first quarter of 2020.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 221.10 Td ( ) 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 24.60 Td (27) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 749.10 Td (Cash Flows fr) Tj ET Q q 0 0 0 rg BT 110.31 749.10 Td (om Investing ) Tj ET Q q 0 0 0 rg BT 164.00 749.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 725.10 Td (Net cash from investing activitiesprimarily relates to proceeds received from the sales of our real estate investments and capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 713.10 Td (expenditures at our properties. Net cash from investing activities decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.45 713.10 Td ($189.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.34 713.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.72 713.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.03 713.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.53 713.10 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 701.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 701.10 Td ( compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.79 701.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.79 701.10 Td (, primarily as a result of property sales in each period. ) 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 54 675.7669921875 m 74 675.7669921875 l s q 0 0 0 rg BT 54.00 677.10 Td (2020) Tj ET Q BT /F3 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 653.10 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 653.10 Td (e received net proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.52 653.10 Td ($248.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.41 653.10 Td (, primarily from the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.66 653.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.66 653.10 Td ( properties, and several outparcels at another ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 641.10 Td (property during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.70 641.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.01 641.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.51 641.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.11 641.10 Td (. See Note 3 Investment Property for additional information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 629.10 Td (regarding the sale of the properties. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 617.10 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 617.10 Td (e paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.29 617.10 Td ($4.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.18 617.10 Td ( in capital expenditures at our operating properties.) 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 54 591.7669921875 m 74 591.7669921875 l s q 0 0 0 rg BT 54.00 593.10 Td (2019) Tj ET Q BT /F3 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 569.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 569.10 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 569.10 Td (e received proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.81 569.10 Td ($455.2 million) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 231.70 576.03 171.34 -9.09 re f /GS0 gs q 0 0 0 rg BT 231.70 569.10 Td ( from the sale of two properties during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.04 569.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.35 569.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.85 569.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.45 569.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 557.10 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 557.10 Td (e paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.29 557.10 Td ($22.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.18 557.10 Td ( in capital expenditures at our operating properties. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 533.10 Td (Cash Flows fr) Tj ET Q q 0 0 0 rg BT 110.31 533.10 Td (om Financing ) Tj ET Q q 0 0 0 rg BT 168.45 533.10 Td (Activities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 509.10 Td (Redemptions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.10 Td (As described previously) Tj ET Q q 0 0 0 rg BT 150.00 485.10 Td (, we ceased of) Tj ET Q q 0 0 0 rg BT 206.45 485.10 Td (fering primary shares pursuant to our second public of) Tj ET Q q 0 0 0 rg BT 423.43 485.10 Td (fering in ) Tj ET Q q 0 0 0 rg BT 459.54 485.10 Td (April 2014. In December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 473.10 Td (2018, the Board determined to suspend our share redemption program, ef) Tj ET Q q 0 0 0 rg BT 329.07 473.10 Td (fective February 2, 2019, except for redemption requests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 461.10 Td (related to the death or disability of the stockholder) Tj ET Q q 0 0 0 rg BT 237.05 461.10 Td (. ) Tj ET Q q 0 0 0 rg BT 244.00 461.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 293.91 461.10 Td (, in ) Tj ET Q q 0 0 0 rg BT 308.63 461.10 Td (April 2020, the Board determined to suspend redemptions related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 449.10 Td (to the death or disability of a stockholder) Tj ET Q q 0 0 0 rg BT 199.73 449.10 Td (, ef) Tj ET Q q 0 0 0 rg BT 212.31 449.10 Td (fective May 17, 2020. See Note 1) Tj ET Q q 0 0 0 rg BT 350.79 449.10 Td (1 Subsequent Events for additional information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 437.10 Td (regarding the sale of the properties. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.66 437.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.97 437.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.47 437.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.07 437.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.51 437.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.51 437.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 462.17 437.10 Td (, we redeemed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.69 437.10 Td ($2.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.58 437.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 425.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.94 425.10 Td ($23.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.83 425.10 Td ( in shares of our common stock through our share redemption program.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 401.10 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 377.10 Td (As described previously) Tj ET Q q 0 0 0 rg BT 150.00 377.10 Td (, we declared distributions of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.11 377.10 Td ($0.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.61 377.10 Td ( per share \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.57 377.10 Td ($0.0541667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.07 377.10 Td ( per share, per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 365.10 Td (month\) for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.35 365.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.93 365.10 Td (. ) Tj ET Q q 0 0 0 rg BT 227.88 365.10 Td (Approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.92 365.10 Td ($0.45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.42 365.10 Td ( per share of these distributions were designated as a return of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 353.10 Td (portion of the stockholders) Tj ET Q q 0 0 0 rg BT 146.07 353.10 Td ( invested capital as further described below) Tj ET Q q 0 0 0 rg BT 318.69 353.10 Td (. Distributions were paid monthly on or around the first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 341.10 Td (business day following the completion of each month to which they relate. ) Tj ET Q q 0 0 0 rg BT 336.21 341.10 Td (All distributions were paid in cash or reinvested in shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 329.10 Td (of our common stock for those participating in our distribution reinvestment plan. ) Tj ET Q q 0 0 0 rg BT 367.61 329.10 Td (As a result of the suspension of our distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 317.10 Td (reinvestment plan, all distributions paid after ) Tj ET Q q 0 0 0 rg BT 217.35 317.10 Td (August31, 2018 were paid to our stockholders in cash.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 293.10 Td (From January 2018 through February 2019, we paid aggregate Return of Capital Distributions to stockholders totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 281.10 Td (approximately $4.00 per share, which represent a portion of the stockholders) Tj ET Q q 0 0 0 rg BT 345.72 281.10 Td ( invested capital. ) Tj ET Q q 0 0 0 rg BT 418.01 281.10 Td (These Return of Capital Distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 269.10 Td (reduced the stockholders) Tj ET Q q 0 0 0 rg BT 138.00 269.10 Td ( remaining investment in the Company and were made up of the following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 245.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 245.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.94 245.10 Td ($1.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.44 245.10 Td ( per share Special Distribution declared to all stockholders of record as of December 30, 2017 and paid in January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 233.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 99.32 233.10 Td (The Special Distribution was funded with a portion of the net proceeds received from the strategic sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.63 233.10 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 233.10 Td ( assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 221.10 Td (during 2017. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 209.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 209.10 Td ($0.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 209.10 Td ( per share resulting from a portion of the monthly distributions declared for the months of January 2018 through June ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 197.10 Td (2018, \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.59 197.10 Td ($0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.09 197.10 Td ( per share, per month\), which were designated by our board of directors as a return of a portion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 185.10 Td (the stockholders) Tj ET Q q 0 0 0 rg BT 139.85 185.10 Td ( invested capital and, as such, reduced the stockholders) Tj ET Q q 0 0 0 rg BT 362.92 185.10 Td ( remaining investment in the Company) Tj ET Q q 0 0 0 rg BT 518.08 185.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 173.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 173.10 Td (Approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.04 173.10 Td ($0.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.54 173.10 Td ( per share resulting from the monthly liquidating distributions declared for the months of July 2018 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 161.10 Td (through December 2018 \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.28 161.10 Td ($0.0541667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.78 161.10 Td ( per share, per month\), which reduced the stockholders) Tj ET Q q 0 0 0 rg BT 504.74 161.10 Td ( remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 149.10 Td (investment in the Company) Tj ET Q q 0 0 0 rg BT 181.61 149.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 137.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 137.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.94 137.10 Td ($2.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.44 137.10 Td ( per share liquidating distribution declared to all stockholders of record as of February 13, 2019 and paid in February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 125.10 Td (2019.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 101.10 Td (Distributions paid to stockholders during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.09 101.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.40 101.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.90 101.10 Td (March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.00 101.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.50 101.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.50 101.10 Td ( were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.93 101.10 Td ($675.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.82 101.10 Td (. ) Tj ET Q q 0 0 0 rg BT 470.14 101.10 Td (These were all Return of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 89.10 Td (Capital Distributions. ) Tj ET Q q 0 0 0 rg BT 126.93 89.10 Td (W) Tj ET Q q 0 0 0 rg BT 135.57 89.10 Td (e have paid no distributions since February 2019.) Tj ET Q endstream endobj 61 0 obj <> endobj 62 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (28) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 749.10 Td (Debt Financings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 725.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 725.10 Td (e utilize permanent mortgage financing to leverage returns on our real estate investments and use borrowings under our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 713.10 Td (Revolving Credit Facility to provide funding for near) Tj ET Q q 0 0 0 rg BT 248.81 713.10 Td (-term investment or working capital needs. ) Tj ET Q q 0 0 0 rg BT 424.88 713.10 Td (As mentioned previously) Tj ET Q q 0 0 0 rg BT 524.77 713.10 Td (, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 701.10 Td (portfolio was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.55 701.10 Td (12%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.88 701.10 Td ( leveraged as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.40 701.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.00 701.10 Td ( \(based on the values of our real estate investments\) with a weighted average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 689.10 Td (interest rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.25 689.10 Td (3.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.08 689.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (Below is additional information regarding our loan activities for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.82 665.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.13 665.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.63 665.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.23 665.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.67 665.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.67 665.10 Td (. See Note 4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 653.10 Td (Debt Financing for additional information regarding our outstanding debt: ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 54 627.7669921875 m 74 627.7669921875 l s q 0 0 0 rg BT 54.00 629.10 Td (2020) Tj ET Q BT /F3 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 605.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 605.10 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 605.10 Td (e made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.39 605.10 Td ($225.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.28 605.10 Td ( under our Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 367.44 605.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 593.10 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 593.10 Td (e made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.39 593.10 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.28 593.10 Td ( related to deferred financing costs due to the refinancing of the Revolving Credit Facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 581.10 Td (in March 2020. ) 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 54 555.7669921875 m 74 555.7669921875 l s q 0 0 0 rg BT 54.00 557.10 Td (2019) Tj ET Q BT /F3 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 533.10 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 533.10 Td (e borrowed approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.66 533.10 Td ($169.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.55 533.10 Td ( and made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.80 533.10 Td ($75.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.69 533.10 Td ( under our Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 541.85 533.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 521.10 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 521.10 Td (e made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.39 521.10 Td ($1.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.28 521.10 Td ( related to deferred financing costs due to the refinancing of the Revolving Credit Facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 509.10 Td (in March 2019.) 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 24.60 Td (29) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 749.25 Td (Results of Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 725.25 Td (The table below presents information regarding changes in our results of operations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.00 725.25 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.31 725.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.81 725.25 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.41 725.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 713.25 Td (compared to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.92 713.25 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.23 713.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.73 713.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.33 713.25 Td (, including explanations for significant changes and any significant or unusual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 701.25 Td (activity) Tj ET Q q 0 0 0 rg BT 65.34 701.25 Td (. ) Tj ET Q q 0 0 0 rg BT 70.16 701.25 Td (The Coronavirus pandemic did not have a material ef) Tj ET Q q 0 0 0 rg BT 283.24 701.25 Td (fect on our results of operations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.52 701.25 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.83 701.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.33 701.25 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 689.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 689.25 Td (. However) Tj ET Q q 0 0 0 rg BT 99.75 689.25 Td (, we can provide no assurances as to its impact in future periods. ) Tj ET Q q 0 0 0 rg BT 359.40 689.25 Td (All amounts are in thousands, except for percentages: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 613.75 327.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 613.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 613.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 613.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 613.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 613.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 613.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 613.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 583.75 327.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 583.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 583.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 583.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 583.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 583.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 583.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 583.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 553.75 327.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 553.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 553.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 553.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 553.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 553.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 553.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 553.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 523.75 327.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 523.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 523.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 523.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 523.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 523.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 523.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 523.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 493.75 327.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 493.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 493.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 493.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 493.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 493.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 493.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 493.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 463.75 327.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 463.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 463.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 463.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 463.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 463.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 463.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 463.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 433.75 327.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 433.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 433.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 433.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 433.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 433.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 433.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 433.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 403.75 327.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 403.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 403.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 403.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 403.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 403.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 403.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 403.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 373.75 327.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 373.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 373.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 373.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 373.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 373.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 373.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 373.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 343.75 327.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 343.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 343.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 343.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 343.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 343.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 343.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 343.75 49.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 642.75 m 414.5 642.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 642.75 m 418.5 642.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 642.75 m 470.5 642.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 642.75 m 522.5 642.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 642.75 m 526.5 642.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 642.75 m 575.5 642.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 627.75 m 414.5 627.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 627.75 m 470.5 627.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 627.75 m 522.5 627.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 627.75 m 575.5 627.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 583.75 m 414.5 583.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 583.75 m 414.5 583.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 583.75 m 470.5 583.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 583.75 m 522.5 583.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 583.75 m 575.5 583.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 463.75 m 414.5 463.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 463.75 m 470.5 463.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 463.75 m 522.5 463.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 463.75 m 575.5 463.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 358.75 m 414.5 358.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 358.75 m 470.5 358.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 358.75 m 522.5 358.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 358.75 m 575.5 358.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 328.75 m 414.5 328.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 314.75 m 414.5 314.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 312.75 m 414.5 312.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 328.75 m 470.5 328.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 314.75 m 470.5 314.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 312.75 m 470.5 312.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 328.75 m 522.5 328.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 314.75 m 522.5 314.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 312.75 m 522.5 312.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 328.75 m 575.5 328.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 314.75 m 575.5 314.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 312.75 m 575.5 312.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.50 657.43 Td (Thr) Tj ET Q q 0 0 0 rg BT 387.08 657.43 Td (ee Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.15 647.43 Td (Mar) Tj ET Q q 0 0 0 rg BT 412.94 647.43 Td (ch 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.10 647.43 Td (Change) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 632.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.00 632.43 Td (2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.00 632.43 Td (2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.50 632.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.50 632.43 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 618.43 Td (Revenues:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 618.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 618.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.00 618.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.00 618.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 603.42 Td (Rental revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 603.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 603.42 Td (34,120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 603.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 603.42 Td (45,856) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.00 603.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.80 603.47 Td (\(1) Tj ET Q q 0 0 0 rg BT 496.13 603.47 Td (1,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 603.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.95 603.47 Td (\(26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.30 603.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 588.42 Td (Other revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 588.42 Td (514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 588.42 Td (2,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.80 588.47 Td (\(1,863) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 588.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.95 588.47 Td (\(78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.30 588.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 573.42 Td (T) Tj ET Q q 0 0 0 rg BT 43.76 573.42 Td (otal revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 573.42 Td (34,634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 573.42 Td (48,233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.80 573.47 Td (\(13,599) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 573.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.95 573.47 Td (\(28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.30 573.42 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 558.43 Td (Expenses:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 558.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 558.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.00 558.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.00 558.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 543.42 Td (Property operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 543.42 Td (1) Tj ET Q q 0 0 0 rg BT 388.15 543.42 Td (1,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 543.42 Td (12,738) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.80 543.47 Td (\(1,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 543.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.95 543.47 Td (\(8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.30 543.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 528.42 Td (Real property taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 528.42 Td (4,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 528.42 Td (6,789) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.80 528.47 Td (\(2,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 528.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.95 528.47 Td (\(32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.30 528.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 513.42 Td (Property management fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 513.42 Td (826) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 513.42 Td (1,148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.30 513.47 Td (\(322) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 513.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.95 513.47 Td (\(28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.30 513.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 498.42 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 498.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 498.42 Td (13,444) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.80 498.47 Td (\(13,444) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 498.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.95 498.42 Td (\(100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.30 498.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 483.42 Td (Asset management fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 483.42 Td (5,712) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 483.42 Td (6,780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.80 483.47 Td (\(1,068) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 483.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.95 483.47 Td (\(16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.30 483.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 468.42 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 468.42 Td (2,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 468.42 Td (2,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.30 468.47 Td (\(522) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 468.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.95 468.47 Td (\(20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.30 468.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 453.42 Td (T) Tj ET Q q 0 0 0 rg BT 43.76 453.42 Td (otal expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 453.42 Td (24,869) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 453.42 Td (43,494) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.80 453.47 Td (\(18,625) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 453.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.95 453.47 Td (\(43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.30 453.42 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 438.43 Td (Other) Tj ET Q q 0 0 0 rg BT 63.46 438.43 Td ( income \(expenses\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 438.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 438.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.00 438.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.00 438.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 423.42 Td (Gain \(loss\) on derivative instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 423.42 Td (20,598) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.30 423.47 Td (\(126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 423.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.10 423.42 Td (20,724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.00 423.42 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 408.42 Td (Gain \(loss\) on sale of real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 408.42 Td (80,186) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.10 408.42 Td (192,189) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.80 408.47 Td (\(1) Tj ET Q q 0 0 0 rg BT 491.13 408.47 Td (12,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 408.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.95 408.47 Td (\(58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.30 408.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 393.42 Td (Foreign currency gains \(losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.80 393.47 Td (\(6,166) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 393.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 393.42 Td (399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.80 393.47 Td (\(6,565) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 393.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.00 393.42 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 378.42 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.80 378.47 Td (\(2,386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 378.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.80 378.47 Td (\(7,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 378.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 378.42 Td (4,961) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.95 378.47 Td (\(68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.30 378.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 363.42 Td (Other income \(expenses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 363.42 Td (1,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 363.42 Td (1,283) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.30 363.47 Td (\(274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 363.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.95 363.47 Td (\(21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.30 363.42 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 348.43 Td (Income \(loss\) befor) Tj ET Q q 0 0 0 rg BT 119.56 348.43 Td (e benefit \(pr) Tj ET Q q 0 0 0 rg BT 171.59 348.43 Td (ovision\) for) Tj ET Q q 0 0 0 rg BT 220.01 348.43 Td ( income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.10 348.42 Td (103,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.10 348.42 Td (191,137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.80 348.47 Td (\(88,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 348.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.95 348.47 Td (\(46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.30 348.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 333.42 Td (Benefit \(provision\) for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.80 333.47 Td (\(1,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 333.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 333.42 Td (273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.80 333.47 Td (\(1,973) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 333.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.00 333.42 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 318.43 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 318.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.10 318.42 Td (101,306) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 318.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.10 318.42 Td (191,410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.00 318.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.80 318.47 Td (\(90,104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 318.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.95 318.47 Td (\(47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.30 318.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 290.25 Td (* Not a meaningful percentage) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 54 264.9169921875 m 440.3720703125 264.9169921875 l s q 0 0 0 rg BT 54.00 266.25 Td (T) Tj ET Q q 0 0 0 rg BT 59.41 266.25 Td (otal revenues, 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 440.37 266.25 Td ( ) Tj ET Q q 0 0 0 rg BT 442.69 266.25 Td (These amounts relate directly to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 254.25 Td (the operations of our real estate investments. ) Tj ET Q q 0 0 0 rg BT 219.37 254.25 Td (The decrease in these amounts is primarily due to the disposition of real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 242.25 Td (investments during 2019 and the first quarter of 2020. ) Tj ET Q q 0 0 0 rg BT 256.61 242.25 Td (W) Tj ET Q q 0 0 0 rg BT 265.25 242.25 Td (e disposed of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.52 242.25 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.52 242.25 Td ( real estate investments during the quarter ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.56 242.25 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 230.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 230.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.44 230.25 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.10 230.25 Td ( real estate investments during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.23 230.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.23 230.25 Td (. Please refer to our Same-store ) Tj ET Q q 0 0 0 rg BT 366.19 230.25 Td (Analysis below for additional discussion on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 218.25 Td (results of operations of our portfolio. ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 54 192.9169921875 m 178.39453125 192.9169921875 l s q 0 0 0 rg BT 54.00 194.25 Td (Depreciation and amortization:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.39 194.25 Td ( ) Tj ET Q q 0 0 0 rg BT 180.71 194.25 Td (The decrease in depreciation and amortization expense is primarily due to the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 182.25 Td (properties being classified as held for sale in July 2019. ) Tj ET Q q 0 0 0 rg BT 262.62 182.25 Td (As a result of the held for sale classification, no depreciation or amortization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 170.25 Td (related to the properties was recorded after July 2019.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 54 144.9169921875 m 151.1875 144.9169921875 l s q 0 0 0 rg BT 54.00 146.25 Td (Asset management fees:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.19 146.25 Td ( ) Tj ET Q q 0 0 0 rg BT 153.51 146.25 Td (W) Tj ET Q q 0 0 0 rg BT 162.14 146.25 Td (e pay monthly asset management fees to the ) Tj ET Q q 0 0 0 rg BT 340.43 146.25 Td (Advisor based on an annual fee of 1.5% of the net equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 134.25 Td (capital invested in real estate, which may be af) Tj ET Q q 0 0 0 rg BT 222.68 134.25 Td (fected by the timing of the property sales, amounts of equity invested in properties that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 122.25 Td (are sold, capital expenditures and changes in the leverage of our properties. ) Tj ET Q q 0 0 0 rg BT 341.72 122.25 Td (Asset management fees decreased during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.15 122.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.15 122.25 Td ( as a result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 110.25 Td (of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.55 110.25 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.55 110.25 Td ( property dispositions in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.99 110.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.99 110.25 Td ( and to date in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.14 110.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.14 110.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 54 84.9169921875 m 206.16796875 84.9169921875 l s q 0 0 0 rg BT 54.00 86.25 Td (General and administrative expenses: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.17 86.25 Td (General and administrative expenses include legal and accounting fees, printing and mailing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 74.25 Td (costs, corporate insurance costs, costs and expenses associated with our board of directors and other administrative expenses. ) Tj ET Q q 0 0 0 rg BT 539.00 74.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 62.25 Td (decrease is due to the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.89 62.25 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.89 62.25 Td ( properties during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.49 62.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.49 62.25 Td ( and to date in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.64 62.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.64 62.25 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 24.60 Td (30) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 54 747.7669921875 m 205.083984375 747.7669921875 l s q 0 0 0 rg BT 54.00 749.10 Td (Gain \(loss\) on derivative instruments:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.08 749.10 Td ( ) Tj ET Q q 0 0 0 rg BT 207.40 749.10 Td (The gain on derivatives for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.92 749.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.23 749.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.73 749.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.33 749.10 Td ( was primarily related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 737.10 Td (an unrealized gain on our outstanding Great British Pound foreign currency forward contract that we entered into related to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 725.10 Td (expected sale of one of our properties. ) Tj ET Q q 0 0 0 rg BT 193.81 725.10 Td (The loss on derivatives for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.67 725.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.98 725.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.48 725.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.08 725.10 Td ( was primarily related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 713.10 Td (timing dif) Tj ET Q q 0 0 0 rg BT 75.54 713.10 Td (ferences for foreign currency forward contracts that we entered into related to the sales of our properties.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 54 687.7669921875 m 160.3427734375 687.7669921875 l s q 0 0 0 rg BT 54.00 689.10 Td (Gain on sale of real estate:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.34 689.10 Td ( ) Tj ET Q q 0 0 0 rg BT 162.66 689.10 Td (The gain on sale of real estate investments for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.70 689.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.01 689.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.51 689.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.11 689.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.55 689.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.55 689.10 Td (, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 677.10 Td (due to the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.81 677.10 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.81 677.10 Td ( properties during each of the quarters ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.85 677.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.45 677.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.89 677.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.89 677.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 448.55 677.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 54 651.7669921875 m 182.0224609375 651.7669921875 l s q 0 0 0 rg BT 54.00 653.10 Td (Foreign currency gains \(losses\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.02 653.10 Td ( Our international real estate investments use functional currencies other than the U.S. dollar) Tj ET Q q 0 0 0 rg BT 551.63 653.10 Td (. ) Tj ET Q q 0 0 0 rg BT 556.45 653.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 641.10 Td (financial statements for these subsidiaries are translated into U.S. dollars for reporting purposes. ) Tj ET Q q 0 0 0 rg BT 422.57 641.10 Td (Assets and liabilities are translated at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 629.10 Td (the exchange rate in ef) Tj ET Q q 0 0 0 rg BT 126.32 629.10 Td (fect as of the balance sheet date while income statement amounts are translated using the average exchange rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 617.10 Td (for the period and significant nonrecurring transactions using the rate on the transaction date. Gains or losses resulting from translation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 605.10 Td (are included in accumulated other comprehensive income \(loss\) within stockholders) Tj ET Q q 0 0 0 rg BT 374.87 605.10 Td ( equity) Tj ET Q q 0 0 0 rg BT 401.72 605.10 Td (. By contrast, gains and losses related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 593.10 Td (transactions denominated in currencies other than an entity) Tj ET Q q 0 0 0 rg BT 274.53 593.10 Td (s functional currency are recorded in foreign currency gains \(losses\) on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 581.10 Td (Condensed Consolidated Statement of Operations and Comprehensive Income \(Loss\). ) Tj ET Q q 0 0 0 rg BT 382.60 581.10 Td (An exception is made where an intercompany ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 569.10 Td (loan or advance is deemed to be of a long-term investment nature, in which instance foreign currency transaction gains or losses are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 557.10 Td (included in accumulated other comprehensive income \(loss\) within stockholders) Tj ET Q q 0 0 0 rg BT 360.17 557.10 Td ( equity until the properties are sold and the gains or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 545.10 Td (losses are realized. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.55 521.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.86 521.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.36 521.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.96 521.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.39 521.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.39 521.10 Td (, these gains/losses were primarily related to the ef) Tj ET Q q 0 0 0 rg BT 485.65 521.10 Td (fect of remeasuring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 509.10 Td (our Euro borrowings that are denominated in the Polish Zloty and the changes to the related exchange rates between the date of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 497.10 Td (borrowing and the end of each period. ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 54 471.7669921875 m 121.470703125 471.7669921875 l s q 0 0 0 rg BT 54.00 473.10 Td (Interest expense:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.47 473.10 Td ( ) Tj ET Q q 0 0 0 rg BT 123.79 473.10 Td (The decrease in the interest expense in the table above is primarily due to our lower total outstanding debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 461.10 Td (principal during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.37 461.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.68 461.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.18 461.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.78 461.10 Td (, compared to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.70 461.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.01 461.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.51 461.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.10 461.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 54 435.7669921875 m 202.291015625 435.7669921875 l s q 0 0 0 rg BT 54.00 437.10 Td (Benefit \(provision\) for income taxes:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.29 437.10 Td ( ) Tj ET Q q 0 0 0 rg BT 204.61 437.10 Td (The change from a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.35 437.10 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.24 437.10 Td ( tax benefit during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.05 437.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.36 437.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.86 437.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.46 437.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 425.10 Td (to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.22 425.10 Td ($1.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.11 425.10 Td ( tax provision for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.48 425.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.79 425.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.29 425.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.89 425.10 Td ( is a result of changes in our deferred tax assets and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 413.10 Td (liabilities related to changes in estimates and book / tax timing dif) Tj ET Q q 0 0 0 rg BT 299.37 413.10 Td (ferences at our international subsidiaries. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 389.10 Td (Same-stor) Tj ET Q q 0 0 0 rg BT 94.18 389.10 Td (e ) Tj ET Q q 0 0 0 rg BT 100.94 389.10 Td (Analysis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 365.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 365.10 Td (e evaluate our consolidated results of operations on a same-store basis, which allows us to analyze our property operating) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 353.10 Td (results excluding the ef) Tj ET Q q 0 0 0 rg BT 128.85 353.10 Td (fects of acquisitions and dispositions during the periods under comparison. Properties in our portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 341.10 Td (are considered same-store if they were owned for the full periods presented. ) Tj ET Q q 0 0 0 rg BT 342.09 341.10 Td (The following table presents the property-level) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 329.10 Td (revenues in excess of expenses for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.22 329.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.53 329.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.03 329.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.63 329.10 Td (, as compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.75 329.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.75 329.10 Td (, by reportable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 317.10 Td (segment. Same-store properties for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.17 317.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.48 317.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.98 317.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.58 317.10 Td ( include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.02 317.10 Td (eight) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.01 317.10 Td ( properties that were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.42 317.10 Td (89%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.75 317.10 Td ( leased as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 305.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.60 305.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.30 305.10 Td (85%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.63 305.10 Td ( leased as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.28 305.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.88 305.10 Td (. In total, property revenues in excess of expenses of our same-store ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 293.10 Td (properties decreased by an insignificant amount for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.70 293.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.01 293.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.51 293.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.11 293.10 Td ( as compared to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.36 293.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.67 293.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 281.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.60 281.10 Td (. Below is additional information regarding our same-store results and significant variances from the prior year) Tj ET Q q 0 0 0 rg BT 542.80 281.10 Td (. Most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 269.10 Td (of our leases are net leases, which provide for the recovery of most operating expenses, property taxes and management fees at our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 257.10 Td (properties. ) Tj ET Q q 0 0 0 rg BT 80.43 257.10 Td (As a result, we believe it is beneficial to analyze our same-store results on a net basis, as shown below) Tj ET Q q 0 0 0 rg BT 488.83 257.10 Td (. ) Tj ET Q q 0 0 0 rg BT 493.28 257.10 Td (All amounts are in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 245.10 Td (thousands, except for percentages:) 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 24.60 Td (31) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 678.60 221.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 678.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 678.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 678.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 678.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 678.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 678.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 678.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 648.60 221.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 648.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 648.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 648.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 648.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 648.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 648.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 648.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 618.60 221.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 618.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 618.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 618.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 618.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 618.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 618.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 618.60 61.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 723.6 m 352.5 723.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 723.6 m 356.5 723.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 723.6 m 446.5 723.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 723.6 m 511.5 723.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 723.6 m 515.5 723.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 723.6 m 576.5 723.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 708.6 m 352.5 708.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 708.6 m 446.5 708.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 708.6 m 511.5 708.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 708.6 m 576.5 708.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 633.6 m 352.5 633.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 633.6 m 446.5 633.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 633.6 m 511.5 633.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 633.6 m 576.5 633.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 603.6 m 352.5 603.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 603.6 m 446.5 603.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 603.6 m 511.5 603.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 603.6 m 576.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 589.6 m 352.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 587.6 m 352.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 589.6 m 446.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 587.6 m 446.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 589.6 m 511.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 587.6 m 511.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 589.6 m 576.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 587.6 m 576.5 587.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 728.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.90 728.28 Td (Thr) Tj ET Q q 0 0 0 rg BT 299.48 728.28 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 395.13 728.28 Td (ch 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.60 728.28 Td (Change) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 713.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.50 713.28 Td (2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.00 713.28 Td (2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.00 713.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.50 713.28 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 698.28 Td (Pr) Tj ET Q q 0 0 0 rg BT 49.37 698.28 Td (operty r) Tj ET Q q 0 0 0 rg BT 83.89 698.28 Td (evenues in excess of expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.21 698.28 Td ( ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 209.71 702.81 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 698.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.00 698.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.00 698.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 698.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 683.31 Td (Same-stor) Tj ET Q q 0 0 0 rg BT 79.18 683.31 Td (e pr) Tj ET Q q 0 0 0 rg BT 94.64 683.31 Td (operties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 668.27 Td (Domestic of) Tj ET Q q 0 0 0 rg BT 94.06 668.27 Td (fice investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 668.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 668.27 Td (1,269) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.00 668.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.65 668.27 Td (994) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.00 668.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 668.27 Td (275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.30 668.27 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 668.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 653.27 Td (Domestic other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 653.27 Td (9,775) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.15 653.27 Td (1) Tj ET Q q 0 0 0 rg BT 420.15 653.27 Td (1,415) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.80 653.32 Td (\(1,640) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 653.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.95 653.32 Td (\(14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.30 653.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 638.27 Td (International of) Tj ET Q q 0 0 0 rg BT 106.74 638.27 Td (fice investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 638.27 Td (6,603) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 638.27 Td (5,398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 638.27 Td (1,205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.30 638.27 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 638.27 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.00 623.31 Td (T) Tj ET Q q 0 0 0 rg BT 55.64 623.31 Td (otal same-stor) Tj ET Q q 0 0 0 rg BT 112.77 623.31 Td (e pr) Tj ET Q q 0 0 0 rg BT 128.23 623.31 Td (operties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.15 623.27 Td (17,647) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.15 623.27 Td (17,807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.30 623.32 Td (\(160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 623.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.95 623.32 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.30 623.27 Td (\)%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 608.31 Td (Disposed pr) Tj ET Q q 0 0 0 rg BT 87.24 608.31 Td (operties ) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 121.96 612.84 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.30 608.32 Td (\(97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 608.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 608.27 Td (9,751) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.80 608.32 Td (\(9,848) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 608.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.95 608.27 Td (\(101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.30 608.27 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 593.28 Td (T) Tj ET Q q 0 0 0 rg BT 44.75 593.28 Td (otal pr) Tj ET Q q 0 0 0 rg BT 73.18 593.28 Td (operty r) Tj ET Q q 0 0 0 rg BT 107.71 593.28 Td (evenues in excess of expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 593.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.15 593.27 Td (17,550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.00 593.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.15 593.27 Td (27,558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.00 593.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.80 593.32 Td (\(10,008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 593.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.95 593.32 Td (\(36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.30 593.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 565.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 565.10 Td (Property revenues in excess of expenses include total revenues less property operating expenses, real property taxes and property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 553.10 Td (management fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 529.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 529.10 Td (Includes the property revenues in excess of expenses for the properties that were sold in 2020 and 2019.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 505.10 Td ( ) Tj ET Q q 0 0 0 rg BT 72.00 505.10 Td (Domestic other) Tj ET Q q 0 0 0 rg BT 136.52 505.10 Td ( investments:) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 90.00 484.94 cm /I15 Do Q q 0 0 0 rg BT 94.00 487.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 487.10 Td (Revenues in excess of expenses of ) Tj ET Q q 0 0 0 rg BT 248.33 487.10 Td (The Rim decreased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.52 487.10 Td ($1.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.41 487.10 Td ( primarily due to the sale of several outparcels ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 475.10 Td (during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.33 475.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.64 475.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.14 475.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.73 475.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 439.10 Td ( ) Tj ET Q q 0 0 0 rg BT 72.00 439.10 Td (International office investments:) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 90.00 418.94 cm /I16 Do Q q 0 0 0 rg BT 94.00 421.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 421.10 Td (Revenues in excess of expenses of 25 Cabot Square increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.92 421.10 Td ($0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.81 421.10 Td ( primarily due to increased occupancy) Tj ET Q q 0 0 0 rg BT 558.60 421.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 409.10 Td (25 Cabot was 99% leased at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.97 409.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.57 409.10 Td (, compared to 76% at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.32 409.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.92 409.10 Td (, due to leasing activity following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 397.10 Td (the completion of portions of the redevelopment project at the property in 2019. ) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 90.00 376.94 cm /I17 Do Q q 0 0 0 rg BT 94.00 379.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 379.10 Td (Revenues in excess of expenses of New City increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.88 379.10 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.77 379.10 Td ( primarily due to increased occupancy) Tj ET Q q 0 0 0 rg BT 530.55 379.10 Td (. New ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 367.10 Td (City was 97% leased at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.81 367.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.41 367.10 Td (, compared to 88% at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.16 367.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 337.10 Td (Funds from Operations andModified Funds from Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 325.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 313.10 Td (Funds from Operations \(FFO\) is a non-GAAP) Tj ET Q q 0 0 0 rg BT 246.94 313.10 Td ( financial performance measure defined by the National ) Tj ET Q q 0 0 0 rg BT 471.85 313.10 Td (Association of Real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 301.10 Td (Estate Investment ) Tj ET Q q 0 0 0 rg BT 109.69 301.10 Td (T) Tj ET Q q 0 0 0 rg BT 115.44 301.10 Td (rusts \(NAREIT\) and is widely recognized by investors and analysts as one measure of operating performance of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 289.10 Td (a real estate company) Tj ET Q q 0 0 0 rg BT 121.69 289.10 Td (. FFO excludes items such as real estate depreciation and amortization. Depreciation and amortization, as applied ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 277.10 Td (in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 140.14 277.10 Td (, implicitly assumes that the value of real estate assets diminishes predictably over time and also assumes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 265.10 Td (that such assets are adequately maintained and renovated as required in order to maintain their value. Since real estate values have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 253.10 Td (historically risen or fallen with market conditions such as occupancy rates, rental rates, inflation, interest rates, the business cycle, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 241.10 Td (unemployment and consumer spending, it is management) Tj ET Q q 0 0 0 rg BT 269.01 241.10 Td (s view) Tj ET Q q 0 0 0 rg BT 294.19 241.10 Td (, and we believe the view of many industry investors and analysts, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 229.10 Td (that the presentation of operating results for real estate companies using historical cost accounting alone is insuf) Tj ET Q q 0 0 0 rg BT 483.47 229.10 Td (ficient. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 217.10 Td (FFO excludes gains and losses from the sale of real estate and impairment char) Tj ET Q q 0 0 0 rg BT 352.11 217.10 Td (ges related to depreciable real estate assets and in-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 205.10 Td (substance real estate equity investments, which we believe provides management and investors with a helpful additional measure of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 193.10 Td (the historical performance of our real estate portfolio, as it allows for comparisons, year to year) Tj ET Q q 0 0 0 rg BT 416.85 193.10 Td (, that reflect the impact on operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 181.10 Td (from trends in items such as occupancy rates, rental rates, operating costs, general and administrative expenses and interest costs. ) Tj ET Q q 0 0 0 rg BT 555.00 181.10 Td (A) Tj ET Q q 0 0 0 rg BT 561.67 181.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 169.10 Td (property will be evaluated for impairment if events or circumstances indicate that the carrying amount may not be recoverable \(i.e. the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 157.10 Td (carrying amount exceeds the total estimated undiscounted future cash flows from the property\). Undiscounted future cash flows are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 145.10 Td (based on 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 36.00 133.10 Td (property) Tj ET Q q 0 0 0 rg BT 69.23 133.10 Td (, and certain other ancillary cash flows. ) Tj ET Q q 0 0 0 rg BT 228.71 133.10 Td (While impairment char) Tj ET Q q 0 0 0 rg BT 321.26 133.10 Td (ges are excluded from the calculation of FFO as described ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 121.10 Td (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 414.04 121.10 Td (ficult to recover any impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 109.10 Td (char) Tj ET Q q 0 0 0 rg BT 53.03 109.10 Td (ges. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 85.10 Td (In January 2017, the F) Tj ET Q q 0 0 0 rg BT 142.96 85.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 191.87 85.10 Td (ASU 2017-01 to clarify the definition of a business with the objective of adding guidance to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 73.10 Td (assist entities with evaluating whether transactions should be accounted for as acquisitions of assets or businesses. ) Tj ET Q q 0 0 0 rg BT 497.39 73.10 Td (W) Tj ET Q q 0 0 0 rg BT 506.02 73.10 Td (e adopted ) Tj ET Q q 0 0 0 rg BT 546.57 73.10 Td (ASU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 61.10 Td (2017-01 on January 1, 2018. Prior to ) Tj ET Q q 0 0 0 rg BT 187.66 61.10 Td (ASU 2017-01, real estate acquisitions were generally considered business combinations and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 49.10 Td (acquisition-related expenses and acquisition fees were treated as operating expenses under GAAP) Tj ET Q q 0 0 0 rg BT 426.14 49.10 Td (.) 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 24.60 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 737.10 Td (In addition to FFO, management uses Modified Funds from Operations \(MFFO\), as defined by the Institute for Portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 725.10 Td (Alternatives \(the IP) Tj ET Q q 0 0 0 rg BT 117.83 725.10 Td (A\), as a non-GAAP) Tj ET Q q 0 0 0 rg BT 200.78 725.10 Td ( supplemental financial performance measure to evaluate our operating performance. ) Tj ET Q q 0 0 0 rg BT 542.94 725.10 Td (The IP) Tj ET Q q 0 0 0 rg BT 568.96 725.10 Td (A) Tj ET Q q 0 0 0 rg BT 575.63 725.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 713.10 Td (has recommended the use of MFFO as a supplemental measure for publicly registered, non-listed REIT) Tj ET Q q 0 0 0 rg BT 449.36 713.10 Td (s to enhance the assessment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 701.10 Td (the operating performance of a non-listed REIT) Tj ET Q q 0 0 0 rg BT 225.74 701.10 Td (. MFFO is not equivalent to our net income or loss as determined under GAAP) Tj ET Q q 0 0 0 rg BT 540.42 701.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 689.10 Td (MFFO may not be useful as a measure of the long-term operating performance of our investments or as a comparative measure to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 677.10 Td (other publicly registered, non-listed REIT) Tj ET Q q 0 0 0 rg BT 202.76 677.10 Td (s if we do not continue to operate with a limited life and tar) Tj ET Q q 0 0 0 rg BT 440.01 677.10 Td (geted exit strategy) Tj ET Q q 0 0 0 rg BT 512.67 677.10 Td (, as currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 665.10 Td (intended and described herein. MFFO includes funds generated by the operations of our real estate investments and funds used in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 653.10 Td (corporate-level operations. MFFO is based on FFO, but includes certain additional adjustments which we believe are appropriate. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 641.10 Td (Such items include reversing the ef) Tj ET Q q 0 0 0 rg BT 176.61 641.10 Td (fects of straight-line rent revenue recognition, fair value adjustments to derivative instruments that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 629.10 Td (do not qualify for hedge accounting treatment and certain other items as described below) Tj ET Q q 0 0 0 rg BT 391.06 629.10 Td (. Some of these adjustments are necessary to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 617.10 Td (address changes in the accounting and reporting rules under GAAP) Tj ET Q q 0 0 0 rg BT 304.72 617.10 Td ( for real estate subsequent to the establishment of NAREIT) Tj ET Q q 0 0 0 rg BT 543.82 617.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 605.10 Td (definition of FFO. ) Tj ET Q q 0 0 0 rg BT 113.88 605.10 Td (These changes also have prompted a significant increase in the magnitude of non-cash and non-operating items ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 593.10 Td (included in FFO, as defined. Such items include amortization of out-of-market lease intangible assets and liabilities and certain tenant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 581.10 Td (incentives. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.10 Td (Other adjustments included in MFFO are necessary to address issues that are common to publicly registered, non-listed REIT) Tj ET Q q 0 0 0 rg BT 555.41 557.10 Td (s. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 545.10 Td (Publicly registered, non-listed REIT) Tj ET Q q 0 0 0 rg BT 180.27 545.10 Td (s typically have a significant amount of acquisition activity and are substantially more dynamic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 533.10 Td (during their initial years of investment and operations. ) Tj ET Q q 0 0 0 rg BT 255.49 533.10 Td (While other start-up entities may also experience significant acquisition activity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 521.10 Td (during their initial years, we believe that non-listed REIT) Tj ET Q q 0 0 0 rg BT 264.40 521.10 Td (s like us are unique in that they have a limited life with tar) Tj ET Q q 0 0 0 rg BT 497.21 521.10 Td (geted exit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 509.10 Td (strategies within a relatively limited time frame after the acquisition activity ceases. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.10 Td (The purchase of properties, and the corresponding expenses associated with that process, including acquisition fees and expenses, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 473.10 Td (was a key operational feature of our business plan to generate operational income and cash flows in order to make distributions to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 461.10 Td (stockholders. MFFO excludes any acquisition fees payable to our ) Tj ET Q q 0 0 0 rg BT 299.84 461.10 Td (Advisor and acquisition expenses. ) Tj ET Q q 0 0 0 rg BT 440.93 461.10 Td (As described above, prior to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 449.10 Td (adoption of ) Tj ET Q q 0 0 0 rg BT 83.77 449.10 Td (ASU 2017-01, under GAAP) Tj ET Q q 0 0 0 rg BT 196.00 449.10 Td (, acquisition fees and expenses were characterized as operating expenses in determining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 437.10 Td (operating net income. ) Tj ET Q q 0 0 0 rg BT 125.23 437.10 Td (These expenses were paid in cash by us, and therefore such funds were not available to distribute to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 425.10 Td (stockholders. ) Tj ET Q q 0 0 0 rg BT 91.37 425.10 Td (Therefore, MFFO may not be an accurate indicator of our operating performance, especially during periods in which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 413.10 Td (properties were being acquired. Since MFFO excludes acquisition fees and expenses related to all of our acquisitions, MFFO would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 401.10 Td (only be comparable to the operations of non-listed REIT) Tj ET Q q 0 0 0 rg BT 261.35 401.10 Td (s that have completed their acquisition activity and have other similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 389.10 Td (operating characteristics. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 365.10 Td (Management uses MFFO to evaluate the financial performance of our investment portfolio, including the impact of potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 353.10 Td (future investments. In addition, management uses MFFO to evaluate and establish our distribution policy and the sustainability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 341.10 Td (thereof. Further) Tj ET Q q 0 0 0 rg BT 98.35 341.10 Td (, we believe MFFO is one of several measures that may be useful to investors in evaluating the potential performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 329.10 Td (of our portfolio following the conclusion of the acquisition phase, as it excludes acquisition fees and expenses incurred prior to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 317.10 Td (January 1, 2018, as described herein.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 293.10 Td (MFFO is useful in assisting management and investors in assessing the sustainability \(that is, the capacity to continue to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 281.10 Td (maintained\) of operating performance in future operating periods, and in particular) Tj ET Q q 0 0 0 rg BT 366.86 281.10 Td (, after the of) Tj ET Q q 0 0 0 rg BT 415.54 281.10 Td (fering and acquisition stages are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 269.10 Td (complete. MFFO is not a useful measure in evaluating net asset value because impairments are taken into account in determining net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 257.10 Td (asset value but not in determining MFFO. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 233.10 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 437.98 233.10 Td ( methodology in calculating net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 221.10 Td (income or in its applicability in evaluating our operating performance. In addition, FFO and MFFO should not be considered as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 209.10 Td (alternatives to net income \(loss\) or income \(loss\) from continuing operations as an indication of our performance or as alternatives to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 197.10 Td (cash flows from operating activities as an indication of our liquidity) Tj ET Q q 0 0 0 rg BT 306.95 197.10 Td (, but rather should be reviewed in conjunction with these and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 185.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 62.86 185.10 Td ( measurements. Further) Tj ET Q q 0 0 0 rg BT 156.60 185.10 Td (, FFO and MFFO are not intended to be used as liquidity measures indicative of cash flow available to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 173.10 Td (fund our cash needs, including our ability to make distributions to our stockholders. Please see the limitations listed below associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 161.10 Td (with the use of MFFO: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 137.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 137.10 Td (MFFO excluded acquisition fees paid to our ) Tj ET Q q 0 0 0 rg BT 241.58 137.10 Td (Advisor and acquisition expenses for periods prior to January 1, 2018. ) Tj ET Q q 0 0 0 rg BT 524.59 137.10 Td (Although ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 125.10 Td (these amounts reduced net income, we generally have funded such costs with proceeds from our public of) Tj ET Q q 0 0 0 rg BT 486.30 125.10 Td (ferings and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 113.10 Td (acquisition-related indebtedness \(and, solely with respect to acquisition-related costs incurred in connection with our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 101.10 Td (acquisition of the Brindleyplace Project in July 2010, equity capital contributions from our joint venture partner\) and do not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 89.10 Td (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 45.00 65.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 65.10 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 65.10 Td (e use interest rate swap contracts and interest rate caps as economic hedges against the variability of interest rates on variable-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 53.10 Td (rate loans. ) Tj ET Q q 0 0 0 rg BT 106.04 53.10 Td (Although we expect to hold these instruments to maturity) Tj ET Q q 0 0 0 rg BT 335.35 53.10 Td (, if we were to settle these instruments currently) Tj ET Q q 0 0 0 rg BT 526.59 53.10 Td (, it would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 41.10 Td (have an impact on our operating performance.) Tj ET Q q 0 0 0 rg BT 252.09 41.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 301.99 41.10 Td (, these derivative instruments are measured at fair value on a ) 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 24.60 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 749.10 Td (quarterly basis in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 228.23 749.10 Td (.MFFO excludes gains \(losses\) related to changes in these estimated values of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 737.10 Td (derivative instruments because such adjustments may not be reflective of ongoing operations and may reflect unrealized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 725.10 Td (impacts on our operating performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 701.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 701.10 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 701.10 Td (e use foreign currency forward contracts as economic hedges against the variability of foreign exchange rates on certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 689.10 Td (international investments. ) Tj ET Q q 0 0 0 rg BT 168.63 689.10 Td (These derivative instruments are typically short-term and are frequently settled at amounts that result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 677.10 Td (in additional amounts paid or received. However) Tj ET Q q 0 0 0 rg BT 257.81 677.10 Td (, such gains \(losses\) are excluded from MFFO since they are not considered to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 665.10 Td (be operational in nature.) Tj ET Q q 0 0 0 rg BT 164.63 665.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 214.53 665.10 Td (, these derivative instruments are measured at fair value on a quarterly basis in accordance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 653.10 Td (with GAAP) Tj ET Q q 0 0 0 rg BT 109.40 653.10 Td (.MFFO excludes gains \(losses\) related to changes in these estimated values of our derivative instruments because ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 641.10 Td (such adjustments may not be reflective of ongoing operations or may reflect unrealized impacts on our operating performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 617.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 617.10 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 617.10 Td (e utilize the definition of FFO as set forth by NAREIT) Tj ET Q q 0 0 0 rg BT 289.20 617.10 Td ( and the definition of MFFO as set forth by the IP) Tj ET Q q 0 0 0 rg BT 486.87 617.10 Td (A. Our FFO and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 605.10 Td (MFFO as presented may not be comparable to amounts calculated by other REIT) Tj ET Q q 0 0 0 rg BT 387.21 605.10 Td (s, if they use dif) Tj ET Q q 0 0 0 rg BT 451.19 605.10 Td (ferent approaches.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 581.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 581.10 Td (Our business is subject to volatility in the real estate markets and general economic conditions, and adverse changes in those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 569.10 Td (conditions could have a material adverse impact on our business, results of operations and MFFO. ) Tj ET Q q 0 0 0 rg BT 457.64 569.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 506.98 569.10 Td (, the predictive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 557.10 Td (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 54.00 533.10 Td (Neither the United States Securities and Exchange Commission \(the SEC\), NAREIT) Tj ET Q q 0 0 0 rg BT 401.24 533.10 Td ( nor any regulatory body has passed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 521.10 Td (judgment on the acceptability of the adjustments that we use to calculate FFO or MFFO. In the future, the SEC, NAREIT) Tj ET Q q 0 0 0 rg BT 521.56 521.10 Td ( or a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 509.10 Td (regulatory body may decide to standardize the allowable adjustments across the non-listed REIT) Tj ET Q q 0 0 0 rg BT 421.82 509.10 Td ( industry and we would have to adjust ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 497.10 Td (our calculation and characterization of FFO or MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 473.10 Td (The following section presents our calculation of FFO and MFFO and provides additional information related to our operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 461.10 Td (\(in thousands, except per share amounts\) for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.66 461.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.65 461.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.47 461.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.07 461.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.51 461.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.51 461.10 Td ( and the period from inception ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 449.10 Td (\(December 10, 2008\) through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.35 449.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.95 449.10 Td (. ) Tj ET Q q 0 0 0 rg BT 227.90 449.10 Td (As we are in the process of liquidating our portfolio, FFO and MFFO are not useful in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 437.10 Td (comparing operations for the two periods presented below) Tj ET Q q 0 0 0 rg BT 268.34 437.10 Td (. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 376.60 346.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 376.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 376.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 376.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 376.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 376.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 346.60 346.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 346.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 346.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 346.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 346.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 346.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 316.60 346.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 316.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 316.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 316.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 316.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 316.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 286.60 346.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 286.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 286.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 286.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 286.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 286.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 256.60 346.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 256.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 256.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 256.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 256.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 256.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 226.60 346.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 226.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 226.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 226.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 226.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 226.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 196.60 346.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 196.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 196.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 196.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 196.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 196.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 166.60 346.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 166.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 166.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 166.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 166.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 166.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 136.60 346.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 136.60 45.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 136.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 136.60 45.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 136.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 136.60 96.00 -24.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 376.6 m 427.5 376.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 376.6 m 476.5 376.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 376.6 m 576.5 376.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 271.6 m 427.5 271.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 271.6 m 476.5 271.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 271.6 m 576.5 271.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 181.60000000000002 m 427.5 181.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 181.60000000000002 m 476.5 181.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 181.60000000000002 m 576.5 181.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 167.60000000000002 m 427.5 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 165.60000000000002 m 427.5 165.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 167.60000000000002 m 476.5 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 165.60000000000002 m 476.5 165.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 167.60000000000002 m 576.5 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 165.60000000000002 m 576.5 165.60000000000002 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 396.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.05 405.05 Td (Thr) Tj ET Q q 0 0 0 rg BT 402.97 405.05 Td (ee Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.30 396.05 Td (Mar) Tj ET Q q 0 0 0 rg BT 426.21 396.05 Td (ch 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.30 406.00 Td (Period fr) Tj ET Q q 0 0 0 rg BT 519.87 406.00 Td (om Inception) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.70 397.00 Td (\(December) Tj ET Q q 0 0 0 rg BT 530.51 397.00 Td ( 10, 2008\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.75 388.00 Td (thr) Tj ET Q q 0 0 0 rg BT 503.58 388.00 Td (ough Mar) Tj ET Q q 0 0 0 rg BT 541.67 388.00 Td (ch 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.00 379.05 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 381.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.50 381.28 Td (2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.50 381.28 Td (2019) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 39.00 366.16 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.00 366.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.10 366.27 Td (101,306) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 366.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.10 366.27 Td (191,410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 366.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 366.27 Td (1,195,555) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.00 351.16 Td (Depreciation and amortization ) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 177.29 355.47 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 351.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.10 351.27 Td (13,444) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 351.27 Td (1,124,583) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.00 336.16 Td ( Loss \(gain\) on sale of investment property ) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 222.69 340.47 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.80 336.32 Td (\(80,186) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 336.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.80 336.32 Td (\(192,189) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 336.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.30 336.27 Td (\(1,598,198) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 336.27 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.00 321.16 Td ( Impairment Losses ) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 134.31 325.47 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 321.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 321.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 321.27 Td (148,908) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.00 306.27 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.38 306.27 Td (Provision for income taxes related to sale of real estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 306.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 306.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 306.27 Td (35,757) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.00 291.16 Td ( Gain on sale of property from unconsolidated subsidiary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 291.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 291.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 291.27 Td (\(7,196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 291.27 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.00 276.16 Td () Tj ET Q q 0 0 0 rg BT 58.85 276.16 Td (Adjustments for noncontrolling interests) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 212.68 280.47 Td ( \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 276.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 276.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 276.27 Td (\(31,580) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 276.27 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 39.00 261.16 Td (Funds from Operations attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.10 261.27 Td (21,120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.10 261.27 Td (12,670) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 261.27 Td (867,829) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.00 246.16 Td (Loss \(gain\) on derivative instruments ) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 201.32 250.47 Td (\(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.80 246.32 Td (\(20,598) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 246.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 246.27 Td (126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 246.27 Td (\(23,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 246.27 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.00 231.16 Td (Loss \(gain\) on foreign currency ) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 179.67 235.47 Td (\(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 231.27 Td (4,482) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 231.27 Td (237) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 231.27 Td (44,231) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.00 216.16 Td (Other components of revenues and expenses) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 226.10 220.47 Td ( \(7\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.80 216.32 Td (\(1,660) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 216.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 216.32 Td (\(860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 216.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 216.27 Td (\(33,817) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 216.27 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.00 201.16 Td (Acquisition fees and expenses ) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 174.14 205.47 Td (\(8\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 201.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 201.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 201.27 Td (223,148) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.00 186.16 Td (Adjustments for noncontrolling interests ) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 213.21 190.47 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 186.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 186.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 186.27 Td (5,216) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 39.00 171.16 Td (Modified Funds From Operations attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.00 171.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 171.27 Td (3,344) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 171.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.10 171.27 Td (12,173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 171.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 171.27 Td (1,083,544) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 39.00 156.16 Td (Basic and diluted income \(loss\) per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.00 156.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 156.27 Td (0.38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 156.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 156.27 Td (0.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 156.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.15 156.27 Td (6.16) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 39.00 141.16 Td (Funds From Operations attributable to common stockholders per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.00 141.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 141.27 Td (0.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 141.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 141.27 Td (0.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 141.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.15 141.27 Td (4.69) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 39.00 126.66 Td (Modified Funds From Operations attributable to common stockholders per common) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 39.00 117.16 Td (share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.00 117.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 117.27 Td (0.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 117.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 117.27 Td (0.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 117.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.15 117.27 Td (5.86) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 39.00 102.16 Td (W) Tj ET Q q 0 0 0 rg BT 47.21 102.16 Td (eighted average shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.10 102.27 Td (264,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.10 102.27 Td (265,029) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 102.27 Td (184,994) Tj ET Q BT /F1 10.00 Tf ET 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 24.60 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 749.10 Td (Notes to the table:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 725.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 725.10 Td (Represents the depreciation and amortization of various 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 54.00 713.10 Td (accordance with GAAP) Tj ET Q q 0 0 0 rg BT 148.59 713.10 Td ( implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (values have historically risen or fallen with market conditions, we believe that such depreciation and amortization may be of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 689.10 Td (limited relevance in evaluating current operating performance and, as such, these items are excluded from our determination of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (FFO. In addition, no depreciation or amortization was recorded after July 2019, due to all of our properties being classified as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (held for sale.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 641.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (Represents the gain on disposition of certain real estate investments. ) Tj ET Q q 0 0 0 rg BT 331.71 641.10 Td (Although this gain is included in the calculation of net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 629.10 Td (income \(loss\), we have excluded it from FFO because we believe doing so appropriately presents the operating performance of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td (our real estate investments on a comparative basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 593.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td (Represents impairment char) Tj ET Q q 0 0 0 rg BT 166.00 593.10 Td (ges recorded in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 323.44 593.10 Td (. ) Tj ET Q q 0 0 0 rg BT 327.89 593.10 Td (Although such impairment char) Tj ET Q q 0 0 0 rg BT 454.63 593.10 Td (ges on operating real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (investments and our investments in unconsolidated entities are included in the calculation of net income \(loss\), we have excluded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 569.10 Td (them from FFO because we believedoing so more appropriately presents the operating performance of our real estate investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.10 Td (and our investments in unconsolidated entities on a comparative basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 533.10 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.10 Td (Includes income attributable to noncontrolling interests and all adjustments to eliminate the noncontrolling interests) Tj ET Q q 0 0 0 rg BT 519.54 533.10 Td ( share of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.10 Td (adjustments to convert our net income \(loss\) to FFO and MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 497.10 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.10 Td (Represents components of net income \(loss\) related to the estimated changes in the values of our interest rate contract derivatives ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.10 Td (and foreign currency forwards. ) Tj ET Q q 0 0 0 rg BT 182.65 485.10 Td (W) Tj ET Q q 0 0 0 rg BT 191.29 485.10 Td (e have excluded these changes in value from our evaluation of our operating performance and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 473.10 Td (MFFO because such adjustments may not be reflective of our ongoing performance and may reflect unrealized impacts on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 461.10 Td (operating performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 437.10 Td (\(6\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 437.10 Td (Represents components of net income \(loss\) primarily resulting from the remeasurement of loans denominated in currencies other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 425.10 Td (than our functional currencies. ) Tj ET Q q 0 0 0 rg BT 178.49 425.10 Td (W) Tj ET Q q 0 0 0 rg BT 187.13 425.10 Td (e have excluded these changes in value from our evaluation of our operating performance and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 413.10 Td (MFFO because such adjustments may not be reflective of our ongoing performance and may reflect unrealized impacts on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 401.10 Td (operating performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 377.10 Td (\(7\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 377.10 Td (Includes the following components of revenues and expenses that we do not consider in evaluating our operating performance and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 365.10 Td (determining MFFO for the period from inception through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.74 365.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.34 365.10 Td ( and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.49 365.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.48 365.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.30 365.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.90 365.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.34 365.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 568.34 365.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 353.10 Td (\(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 293.60 278.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 293.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 293.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 293.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 293.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 293.60 104.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 263.60 278.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 263.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 263.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 263.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 263.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 263.60 104.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 233.60 278.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 233.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 233.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 233.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 233.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 233.60 104.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 293.6 m 389.5 293.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 293.6 m 468.5 293.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 293.6 m 576.5 293.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 293.6 m 576.5 293.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 233.60000000000002 m 389.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 233.60000000000002 m 468.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 233.60000000000002 m 576.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 219.60000000000002 m 389.5 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 217.60000000000002 m 389.5 217.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 219.60000000000002 m 468.5 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 217.60000000000002 m 468.5 217.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 219.60000000000002 m 576.5 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 217.60000000000002 m 576.5 217.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 313.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.40 313.28 Td (Thr) Tj ET Q q 0 0 0 rg BT 338.98 313.28 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 434.63 313.28 Td (ch 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.30 316.05 Td (Period fr) Tj ET Q q 0 0 0 rg BT 515.87 316.05 Td (om Inception ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.70 307.05 Td (\(December) Tj ET Q q 0 0 0 rg BT 526.51 307.05 Td ( 10, 2008\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.65 298.05 Td (thr) Tj ET Q q 0 0 0 rg BT 489.48 298.05 Td (ough Mar) Tj ET Q q 0 0 0 rg BT 527.57 298.05 Td (ch 31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 298.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.50 298.28 Td (2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.50 298.28 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 284.17 Td (Straight-line rent adjustment \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 283.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.80 283.32 Td (\(1,660) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 283.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.00 283.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.80 283.32 Td (\(3,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 283.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 283.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 283.27 Td (\(122,828) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 283.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 269.17 Td (Amortization of lease incentives \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 268.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 268.27 Td (3,81) Tj ET Q q 0 0 0 rg BT 459.65 268.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 268.27 Td (73,545) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 254.17 Td (Amortization of out-of-market leases \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 253.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.80 253.32 Td (\(1,030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 253.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 253.27 Td (12,459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 239.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 238.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 238.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 238.27 Td (3,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 223.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 223.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.80 223.32 Td (\(1,660) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 223.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.00 223.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.30 223.32 Td (\(860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 223.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 223.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 223.27 Td (\(33,817) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 223.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 195.10 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 195.10 Td (Represents the adjustments to rental revenue as required by GAAP) Tj ET Q q 0 0 0 rg BT 339.06 195.10 Td ( to recognize minimum lease payments on a straight-line ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 183.10 Td (basis over the respective lease terms.) Tj ET Q q 0 0 0 rg BT 224.54 183.10 Td (W) Tj ET Q q 0 0 0 rg BT 233.18 183.10 Td (e have excluded these adjustments from our evaluation of our operating performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 171.10 Td (and in determining MFFO because we believe that the rent that is billable during the current period is a more relevant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 159.10 Td (measure of our operating performance for such period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 135.10 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 135.10 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 36.00 111.10 Td (\(8\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 111.10 Td (Represents acquisition expenses and acquisition fees paid to the ) Tj ET Q q 0 0 0 rg BT 311.44 111.10 Td (Advisor that were expensed in our Condensed Consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 99.10 Td (Statement of Operations and Comprehensive Income \(Loss\). ) Tj ET Q q 0 0 0 rg BT 298.76 99.10 Td (W) Tj ET Q q 0 0 0 rg BT 307.39 99.10 Td (e funded such costs with proceeds from our of) Tj ET Q q 0 0 0 rg BT 492.16 99.10 Td (fering, and therefore ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 87.10 Td (do not consider these expenses in evaluating our operating performance and determining MFFO. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 63.10 Td (From inception through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.49 63.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.09 63.10 Td (, we declared operating distributions to our stockholders totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.59 63.10 Td ($1.0 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.70 63.10 Td ( \(which does ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 51.10 Td (not include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.21 51.10 Td ($1.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.33 51.10 Td ( of Return of Capital Distributions declared from December 2017 to February 2019\), compared to total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 39.10 Td (aggregate FFO of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.04 39.10 Td ($867.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.93 39.10 Td ( and cash flows from operating activities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.99 39.10 Td ($575.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.88 39.10 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.49 39.10 Td (three months ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.40 39.10 Td ( ) 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 24.60 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 749.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 749.10 Td (, we declared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.52 749.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.52 749.10 Td ( operating distributions to our stockholders, compared to total aggregate FFO of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.96 749.10 Td ($21.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.85 749.10 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.46 749.10 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 737.10 Td (months ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.42 737.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.92 737.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.92 737.10 Td (, we declared no operating distributions \(excluding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.98 737.10 Td ($661.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.87 737.10 Td ( of liquidating distributions declared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 725.10 Td (in February 2019\) to our stockholders, compared to total aggregate FFO of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.88 725.10 Td ($12.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.77 725.10 Td (. Our board of directors does not intend to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 713.10 Td (declare additional operating distributions, and intends for all future distributions to be liquidating distributions. During our of) Tj ET Q q 0 0 0 rg BT 539.34 713.10 Td (fering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 701.10 Td (and investment stages, we incurred acquisition fees and expenses in connection with our real estate investments, which were recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 689.10 Td (as 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 310.41 689.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.01 689.10 Td (, we incurred acquisition fees and expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 677.10 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.05 677.10 Td ($223.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.94 677.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 653.10 Td (Related-Party ) Tj ET Q q 0 0 0 rg BT 98.29 653.10 Td (T) Tj ET Q q 0 0 0 rg BT 104.22 653.10 Td (ransactions and ) Tj ET Q q 0 0 0 rg BT 173.69 653.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 190.17 653.10 Td (eements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 629.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 629.10 Td (e have entered into agreements with the ) Tj ET Q q 0 0 0 rg BT 223.41 629.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 255.23 629.10 Td (, Dealer Manager and Hines or its af) Tj ET Q q 0 0 0 rg BT 400.55 629.10 Td (filiates, whereby we pay certain fees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 617.10 Td (reimbursements to these entities during the various phases of our or) Tj ET Q q 0 0 0 rg BT 306.31 617.10 Td (ganization and operation. During the or) Tj ET Q q 0 0 0 rg BT 466.36 617.10 Td (ganization and of) Tj ET Q q 0 0 0 rg BT 535.60 617.10 Td (fering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 605.10 Td (stage, these included payments to our Dealer Manager for selling commissions and the dealer manager fee and payments to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 593.10 Td (Advisor for reimbursement of issuer costs. During the acquisition and operational stages, these include payments for certain services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 581.10 Td (related to acquisitions, financing and management of our investments and operations provided to us by the ) Tj ET Q q 0 0 0 rg BT 463.95 581.10 Td (Advisor and Hines and its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 569.10 Td (af) Tj ET Q q 0 0 0 rg BT 43.59 569.10 Td (filiates pursuant to various agreements we have entered into or anticipate entering into with these entities. See Note 6 Related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 557.10 Td (Party ) Tj ET Q q 0 0 0 rg BT 59.43 557.10 Td (T) Tj ET Q q 0 0 0 rg BT 65.18 557.10 Td (ransactions in this Quarterly Report on Form 10-Q and Note 6 Related Party ) Tj ET Q q 0 0 0 rg BT 394.37 557.10 Td (T) Tj ET Q q 0 0 0 rg BT 400.13 557.10 Td (ransactions in our ) Tj ET Q q 0 0 0 rg BT 477.61 557.10 Td (Annual Report of Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 545.10 Td (10-K for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.01 545.10 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.60 545.10 Td ( for additional information concerning our related-party transactions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 521.10 Td (Off-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 115.43 521.10 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.44 497.10 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.04 497.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.48 497.10 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.06 497.10 Td (, we had no of) Tj ET Q q 0 0 0 rg BT 296.81 497.10 Td (f-balance sheet arrangements that have or are reasonably likely to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 485.10 Td (have a current or future ef) Tj ET Q q 0 0 0 rg BT 139.93 485.10 Td (fect on our financial condition, changes in financial condition, revenues or expenses, results of operations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 473.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 69.24 473.10 Td (, capital expenditures or capital resources.) 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 36.00 742.25 Td (Subsequent Events) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 718.25 Td (Additional Suspension of Shar) Tj ET Q q 0 0 0 rg BT 175.02 718.25 Td (e Redemption Pr) Tj ET Q q 0 0 0 rg BT 241.85 718.25 Td (ogram) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 694.25 Td (In February 2019, in line with common practice within the industry when executing a plan of liquidation, we suspended our share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 682.25 Td (redemption program \(SRP\), with the exception of redemptions related to the death or disability of a stockholder) Tj ET Q q 0 0 0 rg BT 491.16 682.25 Td (. ) Tj ET Q q 0 0 0 rg BT 495.60 682.25 Td (As previously ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 670.25 Td (announced, because values are dif) Tj ET Q q 0 0 0 rg BT 172.14 670.25 Td (ficult to discern at this time due to the market unrest resulting from the Coronavirus pandemic, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 658.25 Td (board of directors determined it would not be prudent to attempt to determine a NA) Tj ET Q q 0 0 0 rg BT 368.50 658.25 Td (V) Tj ET Q q 0 0 0 rg BT 375.55 658.25 Td ( per share of our common stock at this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 646.25 Td (time.Since the Coronavirus pandemic is ongoing, and given that the redemption price under the SRP) Tj ET Q q 0 0 0 rg BT 440.27 646.25 Td ( was equal to the most recently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 634.25 Td (determined NA) Tj ET Q q 0 0 0 rg BT 96.63 634.25 Td (V) Tj ET Q q 0 0 0 rg BT 103.68 634.25 Td ( per share of our common stock and the NA) Tj ET Q q 0 0 0 rg BT 277.62 634.25 Td (V) Tj ET Q q 0 0 0 rg BT 284.66 634.25 Td ( per share was last determined as of February 14, 2019, our board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 622.25 Td (directors determined to also suspend redemptions related to the death or disability of a stockholder) Tj ET Q q 0 0 0 rg BT 429.94 622.25 Td (, ef) Tj ET Q q 0 0 0 rg BT 442.52 622.25 Td (fective May 17, 2020.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 598.25 Td (The Rim) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 87.61 598.25 Td ( Outpar) Tj ET Q q 0 0 0 rg BT 118.63 598.25 Td (cel) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 574.25 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.28 574.25 Td (April 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.89 574.25 Td (, we sold an outparcel at ) Tj ET Q q 0 0 0 rg BT 207.39 574.25 Td (The Rim for a contract sales prices of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.11 574.25 Td ($6.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 574.25 Td (. ) Tj ET Q q 0 0 0 rg BT 416.32 574.25 Td (The purchaser is not af) Tj ET Q q 0 0 0 rg BT 507.77 574.25 Td (filiated with us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 562.25 Td (or our af) Tj ET Q q 0 0 0 rg BT 70.25 562.25 Td (filiates.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 538.25 Td (The ) Tj ET Q q 0 0 0 rg BT 71.32 538.25 Td (A) Tj ET Q q 0 0 0 rg BT 76.88 538.25 Td (venue at Murfr) Tj ET Q q 0 0 0 rg BT 136.49 538.25 Td (eesbor) Tj ET Q q 0 0 0 rg BT 162.78 538.25 Td (o) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 167.78 538.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 514.25 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.28 514.25 Td (April 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.89 514.25 Td (, we entered into a contract to sell ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.15 514.25 Td (The ) Tj ET Q q 0 0 0 rg BT 262.65 514.25 Td (A) Tj ET Q q 0 0 0 rg BT 269.13 514.25 Td (venue at Murfreesboro) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.20 514.25 Td ( for a contract sales prices of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 514.25 Td ($141.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.54 514.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 502.25 Td (Although we expect the closing of this sale to occur in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.67 502.25 Td (August 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.06 502.25 Td (, there can be no assurances as to if or when this sale is completed.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 478.25 Td (The Markets at T) Tj ET Q q 0 0 0 rg BT 121.69 478.25 Td (own Center) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 168.08 478.25 Td ( Outpar) Tj ET Q q 0 0 0 rg BT 199.10 478.25 Td (cel) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 454.25 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.83 454.25 Td (May 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.66 454.25 Td (, we entered into a contract to sell an outparcel at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.28 454.25 Td (The Markets at ) Tj ET Q q 0 0 0 rg BT 367.13 454.25 Td (T) Tj ET Q q 0 0 0 rg BT 372.54 454.25 Td (own Center) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.92 454.25 Td ( for a contract sales prices of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.37 454.25 Td ($10.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 442.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.89 442.25 Td (. ) Tj ET Q q 0 0 0 rg BT 71.84 442.25 Td (Although we expect the closing of this sale to occur in 2020, there can be no assurances as to if or when this sale is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 430.25 Td (completed.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 406.25 Td (Impact of Cor) Tj ET Q q 0 0 0 rg BT 109.74 406.25 Td (onavirus Pandemic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 382.25 Td (See Note 2 Summary of Significant ) Tj ET Q q 0 0 0 rg BT 210.92 382.25 Td (Accounting Policies Coronavirus Outbreak in the Notes to the Condensed Consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 370.25 Td (Financial Statements for information concerning the impact of the Coronavirus Pandemic on our business, portfolio and operations.) 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 24.60 Td (37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 749.25 Td (Item3.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 65.99 749.25 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 0 rg BT 240.63 749.25 Td (About Market Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 725.25 Td (Market risk includes risks that arise from changes in interest rates, foreign currency exchange rates, commodity prices, equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 713.25 Td (prices and other market changes that af) Tj ET Q q 0 0 0 rg BT 192.42 713.25 Td (fect market-sensitive instruments. In pursuing our business plan, we believe that interest rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 701.25 Td (risk, foreign currency risk and real estate valuation risk are the primary market risks to which we are exposed.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 677.25 Td (Inter) Tj ET Q q 0 0 0 rg BT 73.07 677.25 Td (est ) Tj ET Q q 0 0 0 rg BT 86.68 677.25 Td (Rate ) Tj ET Q q 0 0 0 rg BT 107.50 677.25 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 653.25 Td (e are exposed to the ef) Tj ET Q q 0 0 0 rg BT 152.13 653.25 Td (fects of interest rate changes primarily as a result of debt used to maintain liquidity and fund expansion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 641.25 Td (our real estate investment portfolio and operations. One of our interest rate risk management objectives is to limit the impact of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 629.25 Td (interest rate changes on cash flows. ) Tj ET Q q 0 0 0 rg BT 179.94 629.25 Td (T) Tj ET Q q 0 0 0 rg BT 185.35 629.25 Td (o achieve this objective, we may borrow at fixed rates or fix the variable rates of interest on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 617.25 Td (variable interest rate borrowings through the use of interest rate swaps and caps. ) Tj ET Q q 0 0 0 rg BT 359.05 617.25 Td (W) Tj ET Q q 0 0 0 rg BT 367.68 617.25 Td (e have entered into and may continue to enter into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 605.25 Td (derivative financial instruments such as interest rate swaps and caps in order to mitigate our interest rate risk on a related financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 593.25 Td (instrument. ) Tj ET Q q 0 0 0 rg BT 83.59 593.25 Td (W) Tj ET Q q 0 0 0 rg BT 92.23 593.25 Td (e will not enter into derivative or interest rate transactions for speculative purposes. ) Tj ET Q q 0 0 0 rg BT 428.05 593.25 Td (W) Tj ET Q q 0 0 0 rg BT 436.69 593.25 Td (e are exposed to credit risk of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 581.25 Td (counterparty to these contracts in the event of non-performance under the terms of the derivative contracts.In the event of non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 569.25 Td (performance by the counterparty) Tj ET Q q 0 0 0 rg BT 166.12 569.25 Td (, if we were not able to replace these contracts, we would be subject to the variability of interest rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 557.25 Td (on the total amount of debt outstanding under the related mortgage.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.50 533.25 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.10 533.25 Td (, we had fixed-rate debt of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.11 533.25 Td ($153.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 533.25 Td ( and variable-rate debt of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.00 533.25 Td ($69.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.89 533.25 Td (. If interest rates were to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 521.25 Td (increase by 1% and all other variables were held constant, we would incur ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.34 521.25 Td ($0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.23 521.25 Td ( in additional annual interest expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 509.25 Td (associated with our variable-rate debt. ) Tj ET Q q 0 0 0 rg BT 192.88 509.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 242.79 509.25 Td (, we hedged approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.58 509.25 Td ($55.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.47 509.25 Td ( of our variable-rate debt using interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 497.25 Td (rate caps, which limit our exposure to rising interest rates. ) Tj ET Q q 0 0 0 rg BT 272.33 497.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.77 497.25 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.37 497.25 Td (, the variable interest rates did not exceed their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 485.25 Td (capped interest rates. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 461.25 Td (For) Tj ET Q q 0 0 0 rg BT 68.63 461.25 Td (eign ) Tj ET Q q 0 0 0 rg BT 88.35 461.25 Td (Curr) Tj ET Q q 0 0 0 rg BT 107.43 461.25 Td (ency ) Tj ET Q q 0 0 0 rg BT 128.24 461.25 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 437.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 437.25 Td (e currently have real estate investments located in countries outside of the U.S. that are subject to the ef) Tj ET Q q 0 0 0 rg BT 476.20 437.25 Td (fects of exchange rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 425.25 Td (movements between the foreign currency of each real estate investment and the U.S. dollar) Tj ET Q q 0 0 0 rg BT 399.63 425.25 Td (, which may af) Tj ET Q q 0 0 0 rg BT 458.87 425.25 Td (fect future costs and cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 413.25 Td (flows as well as amounts translated into U.S. dollars for inclusion in our condensed consolidated financial statements. Generally) Tj ET Q q 0 0 0 rg BT 551.06 413.25 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 401.25 Td (have entered into mortgage loans denominated in foreign currencies for these investments, which provide natural hedges with regard ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 389.25 Td (to changes in exchange rates between the foreign currencies and U.S. dollar and reduces our exposure to exchange rate dif) Tj ET Q q 0 0 0 rg BT 524.78 389.25 Td (ferences. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 377.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 85.90 377.25 Td (, we are typically a net receiver of these foreign currencies, and, as a result, our foreign operations benefit from a weaker ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 365.25 Td (U.S. dollar and are adversely af) Tj ET Q q 0 0 0 rg BT 162.16 365.25 Td (fected by a stronger U.S. dollar) Tj ET Q q 0 0 0 rg BT 286.84 365.25 Td (. ) Tj ET Q q 0 0 0 rg BT 294.16 365.25 Td (The table below identifies the ef) Tj ET Q q 0 0 0 rg BT 423.10 365.25 Td (fect that a 10% immediate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 353.25 Td (unfavorable change in the exchange rates would have on our equity in these international real estate investments and their net income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 341.25 Td (for the most recently completed period, by foreign currency \(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 334.52 345.78 Td (\(1\)\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.67 341.25 Td (: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 274.75 289.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 274.75 119.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 274.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 274.75 106.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 244.75 289.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 244.75 119.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 244.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 244.75 106.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 274.75 m 461.5 274.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 274.75 m 575.5 274.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.55 289.43 Td (Reduction in Book ) Tj ET Q q 0 0 0 rg BT 430.42 289.43 Td (V) Tj ET Q q 0 0 0 rg BT 437.09 289.43 Td (alue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.25 279.43 Td (as of Mar) Tj ET Q q 0 0 0 rg BT 398.26 279.43 Td (ch 31, 2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.85 309.43 Td (Reduction in Net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.40 299.43 Td (Income \(Loss\) for) Tj ET Q q 0 0 0 rg BT 551.76 299.43 Td ( the) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.50 289.43 Td (Thr) Tj ET Q q 0 0 0 rg BT 492.99 289.43 Td (ee Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.90 279.43 Td (Mar) Tj ET Q q 0 0 0 rg BT 507.60 279.43 Td (ch 31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 264.42 Td (EUR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.00 264.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 264.42 Td (7,530) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 264.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 264.42 Td (1,560) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 249.42 Td (GBP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.00 249.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 249.42 Td (19,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 249.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 249.42 Td (90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 234.42 Td (RUB) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.00 234.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 234.42 Td (750) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 234.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 234.42 Td (78) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 206.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 206.25 Td (Our real estate asset in Moscow) Tj ET Q q 0 0 0 rg BT 189.81 206.25 Td (, Russia was purchased in U.S. dollars and we expect that when we dispose of this asset, the sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 194.25 Td (transaction may also be denominated in U.S. dollars. If the sale price is denominated in U.S. dollars, we do not expect to have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 182.25 Td (economic exposure to the Ruble upon disposition. However) Tj ET Q q 0 0 0 rg BT 304.50 182.25 Td (, changes in the exchange rate between the Ruble and the U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 170.25 Td (dollar could result in realized losses recorded in our consolidated statement of operations at the time of sale.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 146.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 146.25 Td (Our real estate asset in Poland was purchased in Euros and we expect that when we dispose of this asset, the sale transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 134.25 Td (will also be denominated in Euros. ) Tj ET Q q 0 0 0 rg BT 203.81 134.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 253.15 134.25 Td (, we do not expect to have Polish zloty exposure upon disposition.) 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 24.60 Td (38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 749.25 Td (Item4.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 65.99 749.25 Td (Controls and Procedures) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 725.25 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 75.82 725.25 Td (e Contr) Tj ET Q q 0 0 0 rg BT 108.13 725.25 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 151.29 725.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 180.55 725.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 713.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 701.25 Td (In accordance with Rules13a-15 and 15d-15 promulgated under the Exchange ) Tj ET Q q 0 0 0 rg BT 370.28 701.25 Td (Act, we carried out an evaluation, under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 689.25 Td (supervision and with the participation of management, including our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 390.17 689.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 502.72 689.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 520.64 689.25 Td (, of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 677.25 Td (ef) Tj ET Q q 0 0 0 rg BT 43.59 677.25 Td (fectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 665.25 Td (Chief Executive Of) Tj ET Q q 0 0 0 rg BT 113.57 665.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 226.12 665.25 Td (ficer concluded that our disclosure controls and procedures were ef) Tj ET Q q 0 0 0 rg BT 494.44 665.25 Td (fective as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 653.25 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.60 653.25 Td (, to provide reasonable assurance that information required to be disclosed in our reports filed or submitted under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 641.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 77.37 641.25 Td (Act is \(i\)recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 629.25 Td (Commission) Tj ET Q q 0 0 0 rg BT 89.34 629.25 Td (s rules and forms, and \(ii\)accumulated and communicated to our management, including our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 541.80 629.25 Td (ficer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 617.25 Td (and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 127.74 617.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 145.65 617.25 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 36.00 593.25 Td (Change in Internal Contr) Tj ET Q q 0 0 0 rg BT 144.99 593.25 Td (ols) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 569.25 Td (There have not been any changes 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 36.00 557.25 Td (Act\) during the quarter ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.79 557.25 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.38 557.25 Td ( that has materially af) Tj ET Q q 0 0 0 rg BT 306.83 557.25 Td (fected, or are reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 493.79 557.25 Td (fect, our internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 545.25 Td (controls over financial reporting. ) Tj ET Q q 0 0 0 rg BT 169.94 545.25 Td (W) Tj ET Q q 0 0 0 rg BT 178.58 545.25 Td (e have not experienced any material impact to our internal control over financial reporting to date ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 533.25 Td (as a result of most of the employees of Hines and its af) Tj ET Q q 0 0 0 rg BT 255.21 533.25 Td (filiates working remotely due to the Coronavirus pandemic. ) Tj ET Q q 0 0 0 rg BT 496.36 533.25 Td (W) Tj ET Q q 0 0 0 rg BT 504.99 533.25 Td (e are continually ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 521.25 Td (monitoring and assessing the Coronavirus pandemic on our internal controls to minimize the impact to their design and operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 509.25 Td (ef) Tj ET Q q 0 0 0 rg BT 43.59 509.25 Td (fectiveness.) 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 24.60 Td (39) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 749.25 Td (P) Tj ET Q q 0 0 0 rg BT 41.37 749.25 Td (AR) Tj ET Q q 0 0 0 rg BT 55.46 749.25 Td (T) Tj ET Q q 0 0 0 rg BT 61.95 749.25 Td ( II- OTHER INFORMA) Tj ET Q q 0 0 0 rg BT 164.82 749.25 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 725.25 Td (Item1.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.49 725.25 Td (Legal Proceedings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 713.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 701.25 Td (From time to time in the ordinary course of business, the Company or its subsidiaries may become subject to legal proceedings, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 689.25 Td (claims or disputes. ) Tj ET Q q 0 0 0 rg BT 112.66 689.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.10 689.25 Td (May15, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.93 689.25 Td (, neither the Company nor any of its subsidiaries was a party to any material pending legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 677.25 Td (proceedings.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 653.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 58.49 653.25 Td (1A.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 78.21 653.25 Td (Risk ) Tj ET Q q 0 0 0 rg BT 99.05 653.25 Td (Factors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 629.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 629.25 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 515.57 629.25 Td (Annual Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 617.25 Td (on Form 10-K for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.68 617.25 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.27 617.25 Td (. Except as set forth below) Tj ET Q q 0 0 0 rg BT 357.20 617.25 Td (, there have been no material changes to the risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 605.25 Td (factors set forth under Part I, Item 1A, Risk Factors in our ) Tj ET Q q 0 0 0 rg BT 278.72 605.25 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 475.06 605.25 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.64 605.25 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 581.25 Td (Legislative or r) Tj ET Q q 0 0 0 rg BT 97.29 581.25 Td (egulatory action could adversely affect us and/or our investors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 557.25 Td (In recent years, numerous legislative, judicial and administrative changes have been made to the U.S. federal income tax laws ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 545.25 Td (applicable to investments in real estate and REIT) Tj ET Q q 0 0 0 rg BT 231.63 545.25 Td (s, including the passage of the ) Tj ET Q q 0 0 0 rg BT 354.47 545.25 Td (T) Tj ET Q q 0 0 0 rg BT 359.88 545.25 Td (ax Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 429.33 545.25 Td (Act of 2017. Federal legislation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 533.25 Td (intended to ameliorate the economic impact of the Coronavirus pandemic, the Coronavirus ) Tj ET Q q 0 0 0 rg BT 401.17 533.25 Td (Aid, Relief and Economic Security ) Tj ET Q q 0 0 0 rg BT 543.36 533.25 Td (Act, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 521.25 Td (the CARES ) Tj ET Q q 0 0 0 rg BT 84.90 521.25 Td (Act, has been enacted that makes technical corrections to, or modifies on a temporary basis, certain of the provisions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 509.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.54 509.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.95 509.25 Td (ax Cut and Jobs ) Tj ET Q q 0 0 0 rg BT 121.50 509.25 Td (Act of 2017, and it is possible that additional such legislation may be enacted in the future. ) Tj ET Q q 0 0 0 rg BT 487.07 509.25 Td (The full impact of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 497.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.41 497.25 Td (ax Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 110.86 497.25 Td (Act of 2017 and the CARES ) Tj ET Q q 0 0 0 rg BT 226.96 497.25 Td (Act may not become evident for some period of time. In addition, there can be no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 485.25 Td (assurance that future changes to the U.S. federal income tax laws or regulatory changes will not be proposed or enacted that could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 473.25 Td (impact our business and financial results. ) Tj ET Q q 0 0 0 rg BT 203.28 473.25 Td (The REIT) Tj ET Q q 0 0 0 rg BT 243.36 473.25 Td ( rules are constantly under review by persons involved in the legislative process ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 461.25 Td (and by the Internal Revenue Service and the U.S. ) Tj ET Q q 0 0 0 rg BT 235.48 461.25 Td (T) Tj ET Q q 0 0 0 rg BT 241.23 461.25 Td (reasury Department, which may result in revisions to regulations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 449.25 Td (interpretations in addition to statutory changes. If enacted, certain of such changes could have an adverse impact on our business and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 437.25 Td (financial results. ) Tj ET Q q 0 0 0 rg BT 104.41 437.25 Td (W) Tj ET Q q 0 0 0 rg BT 113.05 437.25 Td (e cannot predict whether) Tj ET Q q 0 0 0 rg BT 211.21 437.25 Td (, when or to what extent any new U.S. federal tax laws, regulations, interpretations or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 425.25 Td (rulings will impact the real estate investment industry or REIT) Tj ET Q q 0 0 0 rg BT 285.52 425.25 Td (s.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 401.25 Td (Item2. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.49 401.25 Td (Unregistered Sales of Equity Securities and Use of Proceeds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 389.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 377.25 Td (During the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.36 377.25 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.96 377.25 Td (, we did not sell or issue any equity securities that were not registered under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 365.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 77.38 365.25 Td (Act of 1933, as amended. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 341.25 Td (The following table lists shares we redeemed under our share redemption program during the period covered by this report.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 277.75 158.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 277.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 277.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 277.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 277.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 277.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 277.75 129.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 277.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 277.75 115.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 249.75 158.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 249.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 249.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 249.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 249.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 249.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 249.75 129.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 249.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 249.75 115.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 277.75 m 194.5 277.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 277.75 m 259.5 277.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 277.75 m 324.5 277.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 277.75 m 457.5 277.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 277.75 m 576.5 277.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 277.75 m 259.5 277.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 235.75 m 259.5 235.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 235.75 m 324.5 235.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 235.75 m 457.5 235.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 222.75 m 259.5 222.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 220.75 m 259.5 220.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 222.75 m 324.5 222.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 220.75 m 324.5 220.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 222.75 m 457.5 222.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 220.75 m 457.5 220.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 282.20 Td (Period) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 201.60 300.20 Td (T) Tj ET Q q 0 0 0 rg BT 207.19 300.20 Td (otal Number) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 210.70 291.20 Td (of Shar) Tj ET Q q 0 0 0 rg BT 238.87 291.20 Td (es) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 208.50 282.20 Td (Redeemed) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 266.70 300.20 Td (A) Tj ET Q q 0 0 0 rg BT 272.87 300.20 Td (verage Price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 277.20 291.20 Td (Paid per) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 282.30 282.20 Td (Shar) Tj ET Q q 0 0 0 rg BT 300.72 282.20 Td (e) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 346.70 300.20 Td (T) Tj ET Q q 0 0 0 rg BT 351.88 300.20 Td (otal Number) Tj ET Q q 0 0 0 rg BT 400.46 300.20 Td ( of Shar) Tj ET Q q 0 0 0 rg BT 430.80 300.20 Td (es) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.00 291.20 Td (Redeemed as Part of Publicly) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 333.50 282.20 Td (Announced Plans or) Tj ET Q q 0 0 0 rg BT 411.35 282.20 Td ( Pr) Tj ET Q q 0 0 0 rg BT 422.93 282.20 Td (ograms) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.55 309.20 Td (Maximum Number) Tj ET Q q 0 0 0 rg BT 550.63 309.20 Td ( of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.00 300.20 Td (Shar) Tj ET Q q 0 0 0 rg BT 492.34 300.20 Td (es that May ) Tj ET Q q 0 0 0 rg BT 539.25 300.20 Td (Y) Tj ET Q q 0 0 0 rg BT 544.75 300.20 Td (et be ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.45 291.20 Td (Redeemed Under) Tj ET Q q 0 0 0 rg BT 533.02 291.20 Td ( the Plans ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.75 282.20 Td (or) Tj ET Q q 0 0 0 rg BT 498.08 282.20 Td ( Pr) Tj ET Q q 0 0 0 rg BT 509.66 282.20 Td (ograms ) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 540.41 286.28 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 268.21 Td (January 1, 2020 to January 31, 2020) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 226.75 268.21 Td (1) Tj ET Q q 0 0 0 rg BT 231.25 268.21 Td (13,347) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 266.00 268.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 305.25 268.21 Td (6.17) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.75 268.21 Td (1) Tj ET Q q 0 0 0 rg BT 429.25 268.21 Td (13,347) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 268.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 254.21 Td (February 1, 2020 to February 29, 2020) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 226.75 254.21 Td (158,505) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 266.00 254.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 305.25 254.21 Td (6.17) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.75 254.21 Td (158,505) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 254.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 240.21 Td (March 1, 2020 to March 31, 2020) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 226.75 240.21 Td (177,431) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 266.00 240.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 305.25 240.21 Td (6.17) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.75 240.21 Td (177,431) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 240.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 172.60 226.21 Td (T) Tj ET Q q 0 0 0 rg BT 177.47 226.21 Td (otal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 226.75 226.21 Td (449,283) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 266.00 226.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 305.25 226.21 Td (6.17) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.75 226.21 Td (449,283) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.00 226.21 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 198.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 198.25 Td (Our board of directors previously suspended our share redemption program, except for the redemption requests related to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 186.25 Td (death or disability of a stockholder) Tj ET Q q 0 0 0 rg BT 192.73 186.25 Td (, ef) Tj ET Q q 0 0 0 rg BT 205.32 186.25 Td (fective February 2, 2019, in connection with the Plan of Liquidation and in line with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 174.25 Td (common practice within the industry when executing a Plan of Liquidation. In ) Tj ET Q q 0 0 0 rg BT 369.21 174.25 Td (April 2020, our board of directors suspended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 162.25 Td (redemptions related to the death or disability of a stockholder) Tj ET Q q 0 0 0 rg BT 299.36 162.25 Td (, ef) Tj ET Q q 0 0 0 rg BT 311.95 162.25 Td (fective May 17, 2020. Our share redemption program was first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 150.25 Td (announced at the commencement of our initial public of) Tj ET Q q 0 0 0 rg BT 278.19 150.25 Td (fering in February 2009. Our share redemption program did not have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 138.25 Td (fixed expiration date, but was subject to significant restrictions and limitations. Subject to the limitations and restrictions on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 126.25 Td (program and to funds being available, the number of shares repurchased during any consecutive twelve month period was limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 114.25 Td (to no more than 5% of the number of outstanding shares of common stock at the beginning of the twelve month period. ) Tj ET Q q 0 0 0 rg BT 533.44 114.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 102.25 Td (redemption price applicable to all redemption requests, including redemption requests made in connection with the death or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 90.25 Td (disability of a stockholder) Tj ET Q q 0 0 0 rg BT 157.75 90.25 Td (, was equal to the NA) Tj ET Q q 0 0 0 rg BT 243.10 90.25 Td (V) Tj ET Q q 0 0 0 rg BT 250.14 90.25 Td ( per share our common stock most recently announced by us in a public filing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 78.25 Td (with the SEC. 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ET q 0 0 0 rg BT 47.15 716.28 Td (Exhibit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 55.60 706.28 Td (No.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.25 707.23 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.15 693.12 Td (2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.00 693.12 Td (Plan of Liquidation and Dissolution \(filed as ) Tj ET Q q 0 0 0 rg BT 289.26 693.12 Td (Appendix ) Tj ET Q q 0 0 0 rg BT 330.65 693.12 Td (A) Tj ET Q q 0 0 0 rg BT 337.32 693.12 Td ( to the Registrant) Tj ET Q q 0 0 0 rg BT 408.69 693.12 Td (s Definitive Proxy Statement on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.00 683.12 Td (Schedule 14A) Tj ET Q q 0 0 0 rg BT 164.83 683.12 Td ( on May 10, 2018 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.15 669.12 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.00 669.12 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 153.43 669.12 Td (Amendment and Restatement of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 362.09 669.12 Td (, Inc. \(filed as Exhibit3.1 to Pre-Ef) Tj ET Q q 0 0 0 rg BT 502.98 669.12 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.00 659.12 Td (Amendment No.3 to the Registrant) Tj ET Q q 0 0 0 rg BT 254.53 659.12 Td (s Registration Statement on Form S-1) Tj ET Q q 0 0 0 rg BT 404.99 659.12 Td (1 \(File No. 333-156742\), as amended and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.00 649.12 Td (supplemented \(the Registration Statement\) on ) Tj ET Q q 0 0 0 rg BT 303.12 649.12 Td (August3, 2009 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 74.15 635.12 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.00 635.12 Td (Bylaws of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 229.35 635.12 Td (, Inc. \(filed as Exhibit3.2 to Pre-Ef) Tj ET Q q 0 0 0 rg BT 370.25 635.12 Td (fective ) Tj ET Q q 0 0 0 rg BT 399.40 635.12 Td (Amendment No.1 to the Registration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.00 625.12 Td (Statement on March18, 2009 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 611.12 Td (3.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.00 611.12 Td (Amendment No. 1 to Bylaws of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 316.29 611.12 Td (, Inc. \(filed as Exhibit 3.1 to the Registrant) Tj ET Q q 0 0 0 rg BT 489.86 611.12 Td (s Current Report on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.00 601.12 Td (Form 8-K on September 21, 2015 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 587.12 Td (3.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.00 587.12 Td (Amendment No. 2 to Bylaws of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 316.29 587.12 Td (, Inc. \(filed as Exhibit 3.1 to the Registrant) Tj ET Q q 0 0 0 rg BT 489.86 587.12 Td (s Current Report on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.00 577.12 Td (Form 8-K on September 7, 2017 and incorporated 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Mor) Tj ET Q q 0 0 0 rg BT 552.92 553.12 Td (gan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.00 543.12 Td (Europe Limited, as ) Tj ET Q q 0 0 0 rg BT 187.32 543.12 Td (Administrative ) Tj ET Q q 0 0 0 rg BT 249.25 543.12 Td (Agent for Foreign Currencies, Bank of ) Tj ET Q q 0 0 0 rg BT 406.16 543.12 Td (America, N.A., as Syndication ) Tj ET Q q 0 0 0 rg BT 530.58 543.12 Td (Agent, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.00 533.12 Td (and Bank of Montreal, Chicago Branch, Regions Bank and U.S. Bank National ) Tj ET Q q 0 0 0 rg BT 427.83 533.12 Td (Association, as Co-Documentation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.00 523.12 Td (Agents, J.P) Tj ET Q q 0 0 0 rg BT 153.17 523.12 Td (. Mor) Tj ET Q q 0 0 0 rg BT 175.22 523.12 Td (gan Securities LLC and Merrill L) Tj ET Q q 0 0 0 rg BT 308.79 523.12 Td (ynch, Pierce, Fenner & Smith Incorporated, as Joint Bookrunners ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.00 513.12 Td (and Joint Lead ) Tj ET Q q 0 0 0 rg BT 169.82 513.12 Td (Arrangers \(filed as Exhibit 10.3 to the Registrant) Tj ET Q q 0 0 0 rg BT 368.11 513.12 Td (s Current Report on Form 8-K on March 9, 2020 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.00 503.12 Td (and incorporated by reference herein\).) 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Pursuant to SEC Release 34-47551 this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.00 440.12 Td (Exhibit is furnished to the SEC herewith and shall not be deemed to be filed.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 426.12 Td (99.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.00 426.12 Td (Third ) Tj ET Q q 0 0 0 rg BT 133.17 426.12 Td (Amended and Restated Share Redemption Program, ef) Tj ET Q q 0 0 0 rg BT 352.09 426.12 Td (fective as of ) Tj ET Q q 0 0 0 rg BT 402.90 426.12 Td (August 20, 2018 \(filed as Exhibit 99.2 to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.00 416.12 Td (the Registrant) Tj ET Q q 0 0 0 rg BT 167.60 416.12 Td (s Current Report on Form 8-K on July 17, 2018 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 402.12 Td (101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 402.12 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.00 402.12 Td (The following materials from Hines Global REIT) Tj ET Q q 0 0 0 rg BT 306.92 402.12 Td (, Inc.) Tj ET Q q 0 0 0 rg BT 329.87 402.12 Td (s Quarterly Report on Form 10-Q for the quarter ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.00 392.12 Td (March 31, 2020, filed on May 15, 2020, formatted in XBRL) Tj ET Q q 0 0 0 rg BT 349.89 392.12 Td ( \(eXtensible Business Reporting Language\): \(i\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.00 382.12 Td (Condensed Consolidated Balance Sheets, \(ii\) Condensed Consolidated Statements of Operations and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.00 372.12 Td (Comprehensive Income \(Loss\), \(iii\) Condensed Consolidated Statements of Equity) Tj ET Q q 0 0 0 rg BT 440.56 372.12 Td (, \(iv\) Condensed Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.00 362.12 Td (Statements of Cash Flows, and \(v\) Notes to the Condensed Consolidated Financial Statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 333.12 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.00 333.12 Td (Filed herewith) 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 24.60 Td (42) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.85 749.25 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 304.78 749.25 Td (TURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 725.25 Td ( ) Tj ET Q q 0 0 0 rg BT 72.00 725.25 Td (Pursuant to the requirements of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 298.05 725.25 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 36.00 713.25 Td (its behalf by the undersigned thereunto duly authorized.) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 667.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.00 667.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.00 667.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.00 667.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.00 667.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 653.32 Td (May 15, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.00 653.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.00 653.32 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.00 653.32 Td (/s/ Sherri ) Tj ET Q q 0 0 0 rg BT 251.80 653.32 Td (W) Tj ET Q q 0 0 0 rg BT 260.69 653.32 Td (. 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 574.25 Td (3. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 574.25 Td (Based on my knowledge, the financial statements, and other financial information included in this report, fairly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 562.25 Td (present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 550.25 Td (for) Tj ET Q q 0 0 0 rg BT 97.26 550.25 Td (, the periods presented in this report.) 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Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 105.75 m 360.5 105.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 110.32 Td (May 15, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 110.32 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.00 110.32 Td (/s/ Sherri ) Tj ET Q q 0 0 0 rg BT 276.80 110.32 Td (W) Tj ET Q q 0 0 0 rg BT 285.69 110.32 Td (. Schugart) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.00 110.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 110.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 96.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 96.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.00 96.32 Td (Sherri ) Tj ET Q q 0 0 0 rg BT 264.85 96.32 Td (W) Tj ET Q q 0 0 0 rg BT 273.74 96.32 Td (. Schugart) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 96.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 82.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 82.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.00 82.32 Td (President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 372.22 82.32 Td (ficer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 82.32 Td () Tj ET Q BT /F1 10.00 Tf ET endstream endobj 93 0 obj <> endobj 94 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.35 742.25 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 541.96 742.25 Td (31.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.70 718.25 Td (CER) Tj ET Q q 0 0 0 rg BT 286.46 718.25 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 320.72 718.25 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.05 706.25 Td (PURSUANT) Tj ET Q q 0 0 0 rg BT 284.32 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 286.64 706.25 Td (T) Tj ET Q q 0 0 0 rg BT 293.13 706.25 Td (O SECTION302 OF) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.55 694.25 Td (THE SARBANES-OXLEY) Tj ET Q q 0 0 0 rg BT 333.04 694.25 Td ( ) Tj ET Q q 0 0 0 rg BT 334.99 694.25 Td (ACT) Tj ET Q q 0 0 0 rg BT 355.92 694.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 371.93 694.25 Td ( 2002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (I, J. Shea Mor) Tj ET Q q 0 0 0 rg BT 106.20 670.25 Td (genroth, certify that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 646.25 Td (1. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.25 Td (I have reviewed this Quarterly Report on Form 10-Q of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 387.41 646.25 Td (, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.25 Td (2. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 622.25 Td (Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 610.25 Td (fact necessary to make the statements made, in light of the circumstances under which such statements were made, not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 598.25 Td (misleading with respect to the period covered by this report.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 574.25 Td (3. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 574.25 Td (Based on my knowledge, the financial statements, and other financial information included in this report, fairly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 562.25 Td (present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 550.25 Td (for) Tj ET Q q 0 0 0 rg BT 97.26 550.25 Td (, the periods presented in this report.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 526.25 Td (4. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 526.25 Td (The registrant) Tj ET Q q 0 0 0 rg BT 144.59 526.25 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 223.55 526.25 Td (ficer\(s\) and I are responsible for establishing and maintaining disclosure controls ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 514.25 Td (and procedures \(as defined in Exchange ) Tj ET Q q 0 0 0 rg BT 247.60 514.25 Td (Act Rules 13a-15\(e\) and 15d-15\(e\)\) and internal control over financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 502.25 Td (reporting \(as defined in Exchange ) Tj ET Q q 0 0 0 rg BT 223.45 502.25 Td (Act Rules 13a-15\(f\) and 15d-15\(f\)\) for the registrant and have:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 478.25 Td (a. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 478.25 Td (designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 466.25 Td (designed under our supervision, to ensure that material information relating to the registrant, including its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 454.25 Td (consolidated subsidiaries, is made known to us by others within those entities, particularly during the period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 442.25 Td (in which this report is being prepared;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 418.25 Td (b. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 418.25 Td (designed such internal control over financial reporting, or caused such internal control over financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 406.25 Td (reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 394.25 Td (financial reporting and the preparation of financial statements for external purposes in accordance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 382.25 Td (generally accepted accounting principles;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 358.25 Td (c. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 358.25 Td (evaluated the ef) Tj ET Q q 0 0 0 rg BT 185.12 358.25 Td (fectiveness of the registrant) Tj ET Q q 0 0 0 rg BT 298.13 358.25 Td (s disclosure controls and procedures and presented in this report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 346.25 Td (our conclusions about the ef) Tj ET Q q 0 0 0 rg BT 234.57 346.25 Td (fectiveness of the disclosure controls and procedures, as of the end of the period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 334.25 Td (covered by this report based on such evaluation; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 310.25 Td (d. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 310.25 Td (disclosed in this report any change in the registrant) Tj ET Q q 0 0 0 rg BT 328.61 310.25 Td (s internal control over financial reporting that occurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 298.25 Td (during the registrant) Tj ET Q q 0 0 0 rg BT 205.87 298.25 Td (s most recent fiscal quarter \(the registrant) Tj ET Q q 0 0 0 rg BT 374.69 298.25 Td (s fourth fiscal quarter in the case of an annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 286.25 Td (report\) that has materially af) Tj ET Q q 0 0 0 rg BT 235.66 286.25 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 417.07 286.25 Td (fect, the registrant) Tj ET Q q 0 0 0 rg BT 492.32 286.25 Td (s internal control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 274.25 Td (over financial reporting.) 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